# EDGAR Filing Document

**Accession Number:** 0001992104
**File Stem:** 0001193125-25-153771
**Filing Date:** 2025-7
**Character Count:** 843778
**Document Hash:** b4ca869da57eed09ef6a2997eabcd80d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153771.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153771

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 124

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PGIM Rock ETF Trust
- **CENTRAL INDEX KEY:** 0001992104

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23901
- **FILM NUMBER:** 251094855

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD ST
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** 862-302-9412

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

## Series and Classes Contracts Data

### PGIM S&P 500 Buffer 20 ETF - December (Series ID: S000083268)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000246795 | PGIM S&P 500 Buffer 20 ETF - December | PBDE            |

### PGIM S&P 500 Buffer 20 ETF - March (Series ID: S000083269)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246796 | PGIM S&P 500 Buffer 20 ETF - March | PBMR            |

### PGIM S&P 500 Buffer 20 ETF - February (Series ID: S000083270)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000246797 | PGIM S&P 500 Buffer 20 ETF - February | PBFB            |

### PGIM S&P 500 Buffer 20 ETF - January (Series ID: S000083271)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000246798 | PGIM S&P 500 Buffer 20 ETF - January | PBJA            |

### PGIM S&P 500 Buffer 12 ETF - December (Series ID: S000083272)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000246799 | PGIM S&P 500 Buffer 12 ETF - December | DECP            |

### PGIM S&P 500 Buffer 12 ETF - November (Series ID: S000083273)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000246800 | PGIM S&P 500 Buffer 12 ETF - November | NOVP            |

### PGIM S&P 500 Buffer 12 ETF - October (Series ID: S000083274)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000246801 | PGIM S&P 500 Buffer 12 ETF - October | OCTP            |

### PGIM S&P 500 Buffer 12 ETF - September (Series ID: S000083275)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000246802 | PGIM S&P 500 Buffer 12 ETF - September | SEPP            |

### PGIM S&P 500 Buffer 12 ETF - August (Series ID: S000083276)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000246803 | PGIM S&P 500 Buffer 12 ETF - August | AUGP            |

### PGIM S&P 500 Buffer 12 ETF - July (Series ID: S000083277)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000246804 | PGIM S&P 500 Buffer 12 ETF - July | JULP            |

### PGIM S&P 500 Buffer 12 ETF - June (Series ID: S000083278)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000246805 | PGIM S&P 500 Buffer 12 ETF - June | JUNP            |

### PGIM S&P 500 Buffer 20 ETF - November (Series ID: S000083279)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000246806 | PGIM S&P 500 Buffer 20 ETF - November | PBNV            |

### PGIM S&P 500 Buffer 12 ETF - May (Series ID: S000083280)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000246807 | PGIM S&P 500 Buffer 12 ETF - May | MAYP            |

### PGIM S&P 500 Buffer 12 ETF - April (Series ID: S000083281)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246808 | PGIM S&P 500 Buffer 12 ETF - April | APRP            |

### PGIM S&P 500 Buffer 12 ETF - March (Series ID: S000083282)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246809 | PGIM S&P 500 Buffer 12 ETF - March | MRCP            |

### PGIM S&P 500 Buffer 12 ETF - February (Series ID: S000083283)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000246810 | PGIM S&P 500 Buffer 12 ETF - February | FEBP            |

### PGIM S&P 500 Buffer 12 ETF - January (Series ID: S000083284)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000246811 | PGIM S&P 500 Buffer 12 ETF - January | JANP            |

### PGIM S&P 500 Buffer 20 ETF - October (Series ID: S000083285)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000246812 | PGIM S&P 500 Buffer 20 ETF - October | PBOC            |

### PGIM S&P 500 Buffer 20 ETF - September (Series ID: S000083286)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000246813 | PGIM S&P 500 Buffer 20 ETF - September | PBSE            |

### PGIM S&P 500 Buffer 20 ETF - August (Series ID: S000083287)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000246814 | PGIM S&P 500 Buffer 20 ETF - August | PBAU            |

### PGIM S&P 500 Buffer 20 ETF - July (Series ID: S000083288)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000246815 | PGIM S&P 500 Buffer 20 ETF - July | PBJL            |

### PGIM S&P 500 Buffer 20 ETF - June (Series ID: S000083289)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000246816 | PGIM S&P 500 Buffer 20 ETF - June | PBJN            |

### PGIM S&P 500 Buffer 20 ETF - May (Series ID: S000083290)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000246817 | PGIM S&P 500 Buffer 20 ETF - May | PBMY            |

### PGIM S&P 500 Buffer 20 ETF - April (Series ID: S000083291)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246818 | PGIM S&P 500 Buffer 20 ETF - April | PBAP            |

### PGIM Laddered S&P 500 Buffer 12 ETF (Series ID: S000085401)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000250440 | PGIM Laddered S&P 500 Buffer 12 ETF | BUFP            |

### PGIM Laddered S&P 500 Buffer 20 ETF (Series ID: S000085402)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000250441 | PGIM Laddered S&P 500 Buffer 20 ETF | PBFR            |

### PGIM S&P 500 Max Buffer ETF - January (Series ID: S000089293)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000255810 | PGIM S&P 500 Max Buffer ETF - January | PMJA            |

### PGIM Nasdaq-100 Buffer 12 ETF - January (Series ID: S000089297)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255814 | PGIM Nasdaq-100 Buffer 12 ETF - January | PQJA            |

### PGIM Nasdaq-100 Buffer 12 ETF - April (Series ID: S000089298)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000255815 | PGIM Nasdaq-100 Buffer 12 ETF - April | PQAP            |

### PGIM Nasdaq-100 Buffer 12 ETF - July (Series ID: S000089299)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000255816 | PGIM Nasdaq-100 Buffer 12 ETF - July | PQJL            |

### PGIM Nasdaq-100 Buffer 12 ETF - October (Series ID: S000089300)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255817 | PGIM Nasdaq-100 Buffer 12 ETF - October | PQOC            |

### PGIM Laddered Nasdaq-100 Buffer 12 ETF (Series ID: S000089301)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255818 | PGIM Laddered Nasdaq-100 Buffer 12 ETF | PBQQ            |

### PGIM S&P 500 Max Buffer ETF - February (Series ID: S000089302)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255819 | PGIM S&P 500 Max Buffer ETF - February | PMFB            |

### PGIM S&P 500 Max Buffer ETF - March (Series ID: S000089303)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000255820 | PGIM S&P 500 Max Buffer ETF - March | PMMR            |

### PGIM S&P 500 Max Buffer ETF - April (Series ID: S000089304)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000255821 | PGIM S&P 500 Max Buffer ETF - April | PMAP            |

### PGIM S&P 500 Max Buffer ETF - May (Series ID: S000089305)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000255822 | PGIM S&P 500 Max Buffer ETF - May | PMMY            |

?xml version='1.0' encoding='ASCII'? PGIM Rock 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: | 811-23901 |
| Exact name of registrant as specified in charter: | PGIM Rock 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: | 10/31/2025 |
| Date of reporting period: | 4/30/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g941628g1tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - January

(Formerly, PGIM US Large-Cap Buffer 12 ETF - January Prior To February 21, 2025)

TICKER SYMBOL:

JANP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - January (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – January | $22 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7866264<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_JAN

![](g941628g1pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 103.4% |
| Affiliated Mutual Fund - Short-Term Investment | 0.7% |
| Options Written | (4.1)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g1qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - January

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

TICKER SYMBOL JANP <br> CUSIP 69420N106

ETF1018E2_JAN

![](g941628g1pgim_investments.jpg)

------

![](g941628g2tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - January

(Formerly, PGIM US Large-Cap Buffer 20 ETF - January Prior To February 21, 2025)

TICKER SYMBOL:

PBJA

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - January (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – January | $24 | 0.49% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $42993025<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_JAN

![](g941628g2pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.8% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (2.8)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g2qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - January

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

TICKER SYMBOL PBJA <br> CUSIP 69420N205

ETF1019E2_JAN

![](g941628g2pgim_investments.jpg)

------

![](g941628g3tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - February

(Formerly, PGIM US Large-Cap Buffer 12 ETF - February Prior To February 21, 2025)

TICKER SYMBOL:

FEBP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - February (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – February | $21 | 0.43% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $8229259<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_FEB

![](g941628g3pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 103.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (4.8)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g3qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - February

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

TICKER SYMBOL FEBP <br> CUSIP 69420N304

ETF1018E2_FEB

![](g941628g3pgim_investments.jpg)

------

![](g941628g4tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - February

(Formerly, PGIM US Large-Cap Buffer 20 ETF - February Prior To February 21, 2025)

TICKER SYMBOL:

PBFB

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - February (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – February | $23 | 0.46% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $13018470<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_FEB

![](g941628g4pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.0% |
| Affiliated Mutual Fund - Short-Term Investment | 1.2% |
| Options Written | (3.2)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g4qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - February

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

TICKER SYMBOL PBFB <br> CUSIP 69420N403

ETF1019E2_FEB

![](g941628g4pgim_investments.jpg)

------

![](g941628g5tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - March

(Formerly, PGIM US Large-Cap Buffer 12 ETF - March Prior To February 21, 2025)

TICKER SYMBOL:

MRCP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - March (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – March | $21 | 0.43% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7775881<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_MAR

![](g941628g5pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (4.9)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g5qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - March

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

TICKER SYMBOL MRCP <br> CUSIP 69420N502

ETF1018E2_MAR

![](g941628g5pgim_investments.jpg)

------

![](g941628g6tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - March

(Formerly, PGIM US Large-Cap Buffer 20 ETF - March Prior To February 21, 2025)

TICKER SYMBOL:

PBMR

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - March (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at **pgim.com/investments/etfs/prospectuses-fact-sheets**. You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – March | $22 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $12313927<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_MAR

![](g941628g6pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.4% |
| Affiliated Mutual Fund - Short-Term Investment | 1.1% |
| Options Written | (3.5)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g6qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - March

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

TICKER SYMBOL PBMR <br> CUSIP 69420N601

ETF1019E2_MAR

![](g941628g6pgim_investments.jpg)

------

![](g941628g7tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - April

(Formerly, PGIM US Large-Cap Buffer 12 ETF - April Prior To February 21, 2025)

TICKER SYMBOL:

APRP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - April (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – April | $21 | 0.43% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $8728903<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_APR

![](g941628g7pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.5% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (5.5)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g7qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - April

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

TICKER SYMBOL APRP <br> CUSIP 69420N700

ETF1018E2_APR

![](g941628g7pgim_investments.jpg)

------

![](g941628g8tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - April

(Formerly, PGIM US Large-Cap Buffer 20 ETF - April Prior To February 21, 2025)

TICKER SYMBOL:

PBAP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - April (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – April | $22 | 0.45% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $19362430<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_APR

![](g941628g8pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.1% |
| Affiliated Mutual Fund - Short-Term Investment | 1.1% |
| Options Written | (5.2)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g8qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - April

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

TICKER SYMBOL PBAP <br> CUSIP 69420N809

ETF1019E2_APR

![](g941628g8pgim_investments.jpg)

------

![](g941628g9tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - May

(Formerly, PGIM US Large-Cap Buffer 12 ETF - May Prior To February 21, 2025)

TICKER SYMBOL:

MAYP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - May (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – May | $21 | 0.42% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6046324<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_MAY

![](g941628g9pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 103.0% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (3.1)% |
|  | 100.9% |
| Liabilities in excess of other assets | (0.9)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g9qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - May

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

TICKER SYMBOL MAYP <br> CUSIP 69420N882

ETF1018E2_MAY

![](g941628g9pgim_investments.jpg)

------

![](g941628g10tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - May

(Formerly, PGIM US Large-Cap Buffer 20 ETF - May Prior To February 21, 2025)

TICKER SYMBOL:

PBMY

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - May (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – May | $22 | 0.43% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6600564<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_MAY

![](g941628g10pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (3.1)% |
|  | 100.8% |
| Liabilities in excess of other assets | (0.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g10qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - May

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

TICKER SYMBOL PBMY <br> CUSIP 69420N874

ETF1019E2_MAY

![](g941628g10pgim_investments.jpg)

------

![](g941628g11tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - June

(Formerly, PGIM US Large-Cap Buffer 12 ETF - June Prior To February 21, 2025)

TICKER SYMBOL:

JUNP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - June (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – June | $22 | 0.45% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6356993<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_JUN

![](g941628g11pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.4% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (0.2)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g11qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - June

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

TICKER SYMBOL JUNP <br> CUSIP 69420N866

ETF1018E2_JUN

![](g941628g11pgim_investments.jpg)

------

![](g941628g12tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - June

(Formerly, PGIM US Large-Cap Buffer 20 ETF - June Prior To February 21, 2025)

TICKER SYMBOL:

PBJN

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - June (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – June | $21 | 0.42% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $8985336<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_JUN

![](g941628g12pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.4% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (0.3)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g12qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - June

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

TICKER SYMBOL PBJN <br> CUSIP 69420N858

ETF1019E2_JUN

![](g941628g12pgim_investments.jpg)

------

![](g941628g13tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - July

(Formerly, PGIM US Large-Cap Buffer 12 ETF - July Prior To February 21, 2025)

TICKER SYMBOL:

JULP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - July (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – July | $20 | 0.41% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $8931418<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_JUL

![](g941628g13pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.4% |
| Affiliated Mutual Fund - Short-Term Investment | 1.3% |
| Options Written | (0.7)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g13qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - July

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

TICKER SYMBOL JULP <br> CUSIP 69420N841

ETF1018E2_JUL

![](g941628g13pgim_investments.jpg)

------

![](g941628g14tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - July

(Formerly, PGIM US Large-Cap Buffer 20 ETF - July Prior To February 21, 2025)

TICKER SYMBOL:

PBJL

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - July (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – July | $22 | 0.44% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10517860<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_JUL

![](g941628g14pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.3% |
| Affiliated Mutual Fund - Short-Term Investment | 1.1% |
| Options Written | (0.4)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g14qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - July

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

TICKER SYMBOL PBJL <br> CUSIP 69420N833

ETF1019E2_JUL

![](g941628g14pgim_investments.jpg)

------

![](g941628g15tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - August

(Formerly, PGIM US Large-Cap Buffer 12 ETF - August Prior To February 21, 2025)

TICKER SYMBOL:

AUGP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - August (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – August | $20 | 0.41% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5015784<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_AUG

![](g941628g15pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.6% |
| Affiliated Mutual Fund - Short-Term Investment | 1.7% |
| Options Written | (1.3)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g15qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - August

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

TICKER SYMBOL AUGP <br> CUSIP 69420N825

ETF1018E2_AUG

![](g941628g15pgim_investments.jpg)

------

![](g941628g16tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - August

(Formerly, PGIM US Large-Cap Buffer 20 ETF - August Prior To February 21, 2025)

TICKER SYMBOL:

PBAU

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - August (the "Fund") for the period of

November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – August | $20 | 0.41% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6081707<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_AUG

![](g941628g16pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (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%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g16qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - August

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

TICKER SYMBOL PBAU <br> CUSIP 69420N817

ETF1019E2_AUG

![](g941628g16pgim_investments.jpg)

------

![](g941628g17tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - September

(Formerly, PGIM US Large-Cap Buffer 12 ETF - September Prior To February 21, 2025)

TICKER SYMBOL:

SEPP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - September (the "Fund") for the

period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – September | $21 | 0.42% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6289852<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_SEP

![](g941628g17pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 100.5% |
| Affiliated Mutual Fund - Short-Term Investment | 1.4% |
| Options Written | (1.9)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g17qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - September

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

TICKER SYMBOL SEPP <br> CUSIP 69420N791

ETF1018E2_SEP

![](g941628g17pgim_investments.jpg)

------

![](g941628g18tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - September

(Formerly, PGIM US Large-Cap Buffer 20 ETF - September Prior To February 21, 2025)

TICKER SYMBOL:

PBSE

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - September (the "Fund") for the

period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – September | $21 | 0.43% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5771065<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_SEP

![](g941628g18pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 100.6% |
| Affiliated Mutual Fund - Short-Term Investment | 0.7% |
| Options Written | (1.3)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g18qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - September

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

TICKER SYMBOL PBSE <br> CUSIP 69420N783

ETF1019E2_SEP

![](g941628g18pgim_investments.jpg)

------

![](g941628g19tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - October

(Formerly, PGIM US Large-Cap Buffer 12 ETF - October Prior To February 21, 2025)

TICKER SYMBOL:

OCTP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - October (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – October | $21 | 0.42% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6800728<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_OCT

![](g941628g19pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.7% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (2.6)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g19qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - October

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

TICKER SYMBOL OCTP <br> CUSIP 69420N742

ETF1018E2_OCT

![](g941628g19pgim_investments.jpg)

------

![](g941628g20tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - October

(Formerly, PGIM US Large-Cap Buffer 20 ETF - October Prior To February 21, 2025)

TICKER SYMBOL:

PBOC

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - October (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – October | $23 | 0.45% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7339412<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_OCT

![](g941628g20pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 100.6% |
| Affiliated Mutual Fund - Short-Term Investment | 1.1% |
| Options Written | (1.7)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g20qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - October

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

TICKER SYMBOL PBOC <br> CUSIP 69420N775

ETF1019E2_OCT

![](g941628g20pgim_investments.jpg)

------

![](g941628g21tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - November

(Formerly, PGIM US Large-Cap Buffer 12 ETF - November Prior To February 21, 2025)

TICKER SYMBOL:

NOVP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - November (the "Fund") for the

period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – November | $21 | 0.42% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5039234<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_NOV

![](g941628g21pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.3% |
| Affiliated Mutual Fund - Short-Term Investment | 1.7% |
| Options Written | (3.0)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g21qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - November

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

TICKER SYMBOL NOVP <br> CUSIP 69420N734

ETF1018E2_NOV

![](g941628g21pgim_investments.jpg)

------

![](g941628g22tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - November

(Formerly, PGIM US Large-Cap Buffer 20 ETF - November Prior To February 21, 2025)

TICKER SYMBOL:

PBNV

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - November (the "Fund") for the

period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **pgim.com/investments/etfs/prospectuses-fact-sheets.** You can also request this information by contacting us at (888) 247-8090 or (973) 802-2093 from outside the US.

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – November | $20 | 0.40% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7682816<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_NOV

![](g941628g22pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.1% |
| Affiliated Mutual Fund - Short-Term Investment | 1.1% |
| Options Written | (2.2)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g22qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - November

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

TICKER SYMBOL PBNV <br> CUSIP 69420N767

ETF1019E2_NOV

![](g941628g22pgim_investments.jpg)

------

![](g941628g23tsrbanner.jpg)

PGIM S&P 500 Buffer 12 ETF - December

(Formerly, PGIM US Large-Cap Buffer 12 ETF - December Prior To February 21, 2025)

TICKER SYMBOL:

DECP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 12 ETF - December (the "Fund") for the

period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 12 ETF – December | $20 | 0.41% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6965106<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1018E2_DEC

![](g941628g23pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.2% |
| Options Written | (4.1)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g23qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 12 ETF - December

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

TICKER SYMBOL DECP <br> CUSIP 69420N726

ETF1018E2_DEC

![](g941628g23pgim_investments.jpg)

------

![](g941628g24tsrbanner.jpg)

PGIM S&P 500 Buffer 20 ETF - December

(Formerly, PGIM US Large-Cap Buffer 20 ETF - December Prior To February 21, 2025)

TICKER SYMBOL:

PBDE

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Buffer 20 ETF - December (the "Fund") for the

period of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Buffer 20 ETF – December | $23 | 0.47% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $25632480<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1019E2_DEC

![](g941628g24pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.6% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (2.4)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g24qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Buffer 20 ETF - December

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

TICKER SYMBOL PBDE <br> CUSIP 69420N759

ETF1019E2_DEC

![](g941628g24pgim_investments.jpg)

------

![](g941628g25tsrbanner.jpg)

PGIM Laddered S&P 500 Buffer 12 ETF

(Formerly, PGIM PGIM Laddered Fund of Buffer 12 ETF Prior To February 21, 2025)

TICKER SYMBOL:

BUFP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM Laddered S&P 500 Buffer 12 ETF (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Laddered S&P 500 Buffer 12 ETF | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $38541726<br>|
| Number of fund holdings | 13 |
| Portfolio turnover rate for the period | 0% |

---

ETF1022E2

![](g941628g25pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 99.6% |
| Affiliated Mutual Fund - Short-Term Investment | 0.4% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g25qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Laddered S&P 500 Buffer 12 ETF

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

TICKER SYMBOL BUFP <br> CUSIP 69420N718

ETF1022E2

![](g941628g25pgim_investments.jpg)

------

![](g941628g26tsrbanner.jpg)

PGIM Laddered S&P 500 Buffer 20 ETF

(Formerly, PGIM Laddered Fund of Buffer 20 ETF Prior To February 21, 2025)

TICKER SYMBOL:

PBFR

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM Laddered S&P 500 Buffer 20 ETF (the "Fund") for the period

of November 1, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Laddered S&P 500 Buffer 20 ETF | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $38095456<br>|
| Number of fund holdings | 13 |
| Portfolio turnover rate for the period | 0% |

---

ETF1023E2

![](g941628g26pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 99.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.5% |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g26qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Laddered S&P 500 Buffer 20 ETF

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

TICKER SYMBOL PBFR <br> CUSIP 69420N692

ETF1023E2

![](g941628g26pgim_investments.jpg)

------

![](g941628g27tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - January

TICKER SYMBOL:

PQJA

Listing Exchange:

Nasdaq Stock Market LLC

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM Nasdaq-100 Buffer 12 ETF - January (the "Fund") for the

period of December 27, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Nasdaq-100 Buffer 12 ETF - January | $17 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3873337<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1025E2_JAN

![](g941628g27pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.3% |
| Affiliated Mutual Fund - Short-Term Investment | 1.3% |
| Options Written | (5.6)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g27qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Nasdaq-100 Buffer 12 ETF - January

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

TICKER SYMBOL PQJA <br> CUSIP 69420N551

ETF1025E2_JAN

![](g941628g27pgim_investments.jpg)

------

![](g941628g28tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - April

TICKER SYMBOL:

PQAP

Listing Exchange:

Nasdaq Stock Market LLC

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM Nasdaq-100 Buffer 12 ETF - April (the "Fund") for the period

of December 27, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Nasdaq-100 Buffer 12 ETF - April | $17 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6264010<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1025E2_APR

![](g941628g28pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 107.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (7.8)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g28qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Nasdaq-100 Buffer 12 ETF - April

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

TICKER SYMBOL PQAP <br> CUSIP 69420N544

ETF1025E2_APR

![](g941628g28pgim_investments.jpg)

------

![](g941628g29tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - July

TICKER SYMBOL:

PQJL

Listing Exchange:

Nasdaq Stock Market LLC

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM Nasdaq-100 Buffer 12 ETF - July (the "Fund") for the period of

December 27, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Nasdaq-100 Buffer 12 ETF - July | $17 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2450812<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1025E2_JUL

![](g941628g29pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.7% |
| Options Written | (2.2)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g29qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Nasdaq-100 Buffer 12 ETF - July

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

TICKER SYMBOL PQJL <br> CUSIP 69420N536

ETF1025E2_JUL

![](g941628g29pgim_investments.jpg)

------

![](g941628g30tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - October

TICKER SYMBOL:

PQOC

Listing Exchange:

Nasdaq Stock Market LLC

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM Nasdaq-100 Buffer 12 ETF - October (the "Fund") for the

period of December 27, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Nasdaq-100 Buffer 12 ETF - October | $17 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2915001<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1025E2_OCT

![](g941628g30pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.1% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
| Options Written | (4.2)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g30qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Nasdaq-100 Buffer 12 ETF - October

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

TICKER SYMBOL PQOC <br> CUSIP 69420N528

ETF1025E2_OCT

![](g941628g30pgim_investments.jpg)

------

![](g941628g31tsrbanner.jpg)

PGIM Laddered Nasdaq-100 Buffer 12 ETF

TICKER SYMBOL:

PBQQ

Listing Exchange:

Nasdaq Stock Market LLC

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM Laddered Nasdaq-100 Buffer 12 ETF (the "Fund") for the

period of December 27, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Laddered Nasdaq-100 Buffer 12 ETF | $0 | 0.00% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $8344565<br>|
| Number of fund holdings | 5 |
| Portfolio turnover rate for the period | 0% |

---

ETF1024E2

![](g941628g31pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 100.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.0%\* |
|  | 100.0% |
| Other assets in excess of liabilities | 0.0%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g31qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Laddered Nasdaq-100 Buffer 12 ETF

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

TICKER SYMBOL PBQQ <br> CUSIP 69420N510

ETF1024E2

![](g941628g31pgim_investments.jpg)

------

![](g941628g32tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - January

TICKER SYMBOL:

PMJA

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Max Buffer ETF - January (the "Fund") for the period

of December 31, 2024 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Max Buffer ETF - January | $16 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2500818<br>|
| Number of fund holdings | 4 |
| Portfolio turnover rate for the period | 0% |

---

ETF1026E2_JAN

![](g941628g32pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.0% |
| Affiliated Mutual Fund - Short-Term Investment | 2.4% |
| Options Written | (1.4)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g32qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - January

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

TICKER SYMBOL PMJA <br> CUSIP 69420N684

ETF1026E2_JAN

![](g941628g32pgim_investments.jpg)

------

![](g941628g33tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - February

TICKER SYMBOL:

PMFB

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Max Buffer ETF - February (the "Fund") for the

period of January 31, 2025 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Max Buffer ETF - February | $12 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3473452<br>|
| Number of fund holdings | 4 |
| Portfolio turnover rate for the period | 0% |

---

ETF1026E2_FEB

![](g941628g33pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 99.8% |
| Affiliated Mutual Fund - Short-Term Investment | 1.2% |
| Options Written | (1.0)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g33qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - February

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

TICKER SYMBOL PMFB <br> CUSIP 69420N676

ETF1026E2_FEB

![](g941628g33pgim_investments.jpg)

------

![](g941628g34tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - March

TICKER SYMBOL:

PMMR

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Max Buffer ETF - March (the "Fund") for the period

of February 28, 2025 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Max Buffer ETF - March | $8 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2235629<br>|
| Number of fund holdings | 4 |
| Portfolio turnover rate for the period | 0% |

---

ETF1026E2_MAR

![](g941628g34pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.1% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
| Options Written | (1.7)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g34qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - March

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

TICKER SYMBOL PMMR <br> CUSIP 69420N668

ETF1026E2_MAR

![](g941628g34pgim_investments.jpg)

------

![](g941628g35tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - April

TICKER SYMBOL:

PMAP

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Max Buffer ETF - April (the "Fund") for the period of

March 31, 2025 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

.

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Max Buffer ETF - April | $4 | 0.50% |

---

This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2506689<br>|
| Number of fund holdings | 4 |
| Portfolio turnover rate for the period | 0% |

---

ETF1026E2_APR

![](g941628g35pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.1% |
| Affiliated Mutual Fund - Short-Term Investment | 0.2% |
| Options Written | (4.5)% |
|  | 97.8% |
| Other assets in excess of liabilities | 2.2% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g35qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - April

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

TICKER SYMBOL PMAP <br> CUSIP 69420N650

ETF1026E2_APR

![](g941628g35pgim_investments.jpg)

------

![](g941628g36tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - May

TICKER SYMBOL:

PMMY

Listing Exchange:

Cboe BZX Exchange, Inc.

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the PGIM S&P 500 Max Buffer ETF - May (the "Fund") for the period of

April 30, 2025 to April 30, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prospectuses-fact-sheets

.

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

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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM S&P 500 Max Buffer ETF - May | $0\* | 0.50% |

---

\*The amount rounds to zero. This report covers a period less than six months. Expenses for a six-month period would be higher than the figures shown.

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2000043<br>|
| Number of fund holdings | 4 |
| Portfolio turnover rate for the period | 0% |

---

ETF1026E2_MAY

![](g941628g36pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.0% |
| Affiliated Mutual Fund - Short-Term Investment | 100.0% |
| Options Written | (3.1)% |
|  | 198.9% |
| Liabilities in excess of other assets | (98.9)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/etfs/prospectuses-fact-sheets

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 US.

![](g941628g36qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - May

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

TICKER SYMBOL PMMY <br> CUSIP 69420N643

ETF1026E2_MAY

![](g941628g36pgim_investments.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](g9416281.jpg)

## PGIM ROCK ETF TRUST
PGIM S&P 500 Buffer 12 ETF - January

PGIM S&P 500 Buffer 20 ETF - January

PGIM S&P 500 Buffer 12 ETF - February

PGIM S&P 500 Buffer 20 ETF - February

PGIM S&P 500 Buffer 12 ETF - March

PGIM S&P 500 Buffer 20 ETF - March

PGIM S&P 500 Buffer 12 ETF - April

PGIM S&P 500 Buffer 20 ETF - April

PGIM S&P 500 Buffer 12 ETF - May

PGIM S&P 500 Buffer 20 ETF - May

PGIM S&P 500 Buffer 12 ETF - June

PGIM S&P 500 Buffer 20 ETF - June

PGIM S&P 500 Buffer 12 ETF - July

PGIM S&P 500 Buffer 20 ETF - July

PGIM S&P 500 Buffer 12 ETF - August

PGIM S&P 500 Buffer 20 ETF - August

PGIM S&P 500 Buffer 12 ETF - September

PGIM S&P 500 Buffer 20 ETF - September

PGIM S&P 500 Buffer 12 ETF - October

PGIM S&P 500 Buffer 20 ETF - October

PGIM S&P 500 Buffer 12 ETF - November

PGIM S&P 500 Buffer 20 ETF - November

PGIM S&P 500 Buffer 12 ETF - December

PGIM S&P 500 Buffer 20 ETF - December

PGIM Laddered S&P 500 Buffer 12 ETF

PGIM Laddered S&P 500 Buffer 20 ETF

PGIM Nasdaq - 100 Buffer 12 ETF - January

PGIM Nasdaq - 100 Buffer 12 ETF - April

PGIM Nasdaq - 100 Buffer 12 ETF - July

PGIM Nasdaq - 100 Buffer 12 ETF - October

PGIM Laddered Nasdaq - 100 Buffer 12 ETF

PGIM S&P 500 Max Buffer ETF - January

PGIM S&P 500 Max Buffer ETF - February

PGIM S&P 500 Max Buffer ETF - March

PGIM S&P 500 Max Buffer ETF - April

PGIM S&P 500 Max Buffer ETF - May

Effective February 21, 2025, the PGIM US Large-Cap Buffer 12 ETFs (January through December) and the PGIM US Large-Cap Buffer 20 ETFs (January through December) were each renamed the PGIM S&P 500 Buffer 12 ETFs (January through December) and the PGIM US Large-Cap Buffer 20 ETFs (January through December), respectively; and the PGIM Laddered Fund of Buffer 12 ETF and PGIM Laddered Fund of Buffer 20 ETF were each renamed the PGIM Laddered S&P 500 Buffer 12 ETF and PGIM Laddered S&P 500 Buffer 20 ETF, respectively.

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### APRIL 30, 2025
![LOGO](g9416282.jpg)

------

<u> **Table of Contents** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> Financial Statements and Other Information &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> April 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

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

---

| | |
|:---|:---|
|  [Glossary](#edgar941628_1) | 1 |
|  [PGIM S&P 500 Buffer 12 ETF - January](#edgar941628_2) | 2 |
|  [PGIM S&P 500 Buffer 20 ETF - January](#edgar941628_3) | 10 |
|  [PGIM S&P 500 Buffer 12 ETF - February](#edgar941628_4) | 18 |
|  [PGIM S&P 500 Buffer 20 ETF - February](#edgar941628_5) | 26 |
|  [PGIM S&P 500 Buffer 12 ETF - March](#edgar941628_6) | 34 |
|  [PGIM S&P 500 Buffer 20 ETF - March](#edgar941628_7) | 42 |
|  [PGIM S&P 500 Buffer 12 ETF - April](#edgar941628_8) | 50 |
|  [PGIM S&P 500 Buffer 20 ETF - April](#edgar941628_9) | 58 |
|  [PGIM S&P 500 Buffer 12 ETF - May](#edgar941628_10) | 66 |
|  [PGIM S&P 500 Buffer 20 ETF - May](#edgar941628_11) | 74 |
|  [PGIM S&P 500 Buffer 12 ETF - June](#edgar941628_12) | 82 |
|  [PGIM S&P 500 Buffer 20 ETF - June](#edgar941628_13) | 90 |
|  [PGIM S&P 500 Buffer 12 ETF - July](#edgar941628_14) | 98 |
|  [PGIM S&P 500 Buffer 20 ETF - July](#edgar941628_15) | 106 |
|  [PGIM S&P 500 Buffer 12 ETF - August](#edgar941628_16) | 114 |
|  [PGIM S&P 500 Buffer 20 ETF - August](#edgar941628_17) | 122 |
|  [PGIM S&P 500 Buffer 12 ETF - September](#edgar941628_18) | 130 |
|  [PGIM S&P 500 Buffer 20 ETF - September](#edgar941628_19) | 138 |
|  [PGIM S&P 500 Buffer 12 ETF - October](#edgar941628_20) | 146 |
|  [PGIM S&P 500 Buffer 20 ETF - October](#edgar941628_21) | 154 |
|  [PGIM S&P 500 Buffer 12 ETF - November](#edgar941628_22) | 162 |
|  [PGIM S&P 500 Buffer 20 ETF - November](#edgar941628_23) | 170 |
|  [PGIM S&P 500 Buffer 12 ETF - December](#edgar941628_24) | 178 |
|  [PGIM S&P 500 Buffer 20 ETF - December](#edgar941628_25) | 186 |
|  [PGIM Laddered S&P 500 Buffer 12 ETF](#edgar941628_26) | 194 |
|  [PGIM Laddered S&P 500 Buffer 20 ETF](#edgar941628_27) | 200 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - January](#edgar941628_28) | 206 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - April](#edgar941628_29) | 214 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - July](#edgar941628_30) | 222 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - October](#edgar941628_31) | 230 |
|  [PGIM Laddered Nasdaq-100 Buffer 12 ETF](#edgar941628_32) | 238 |
|  [PGIM S&P 500 Max Buffer ETF - January](#edgar941628_33) | 244 |

---

------

<u> **Table of Contents** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> Financial Statements and Other Information &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>   <u> April 30, 2025 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

| | |
|:---|:---|
|  [PGIM S&P 500 Max Buffer ETF - February](#edgar941628_34) | 252 |
|  [PGIM S&P 500 Max Buffer ETF - March](#edgar941628_35) | 260 |
|  [PGIM S&P 500 Max Buffer ETF - April](#edgar941628_36) | 268 |
|  [PGIM S&P 500 Max Buffer ETF - May](#edgar941628_37) | 275 |
|  [Notes to Financial Statements](#edgar941628_38) | 282 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar941628_39)

------

#### Glossary
The following abbreviations are used in the Funds' descriptions:

USD—US Dollar

ETF—Exchange-Traded Fund

S&P—Standard & Poor's

SPDR—Standard & Poor's Depositary Receipts

------

PGIM S&P 500 Buffer 12 ETF - January

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $56,648)(wb) | 56648 | $56648 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 103.4%**<br>(cost $8,324,665) |  | 8135376 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.1%**<br>(cost $8,381,313) |  | 8192024 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (4.1)%**<br>(premiums received $276,951) |  | (322818) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br>(cost $8,104,362) |  | 7869206 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2942) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866264 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $5.86 | 138 | 14 | $7515480 |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $586.08 | 138 | 14 | 619896 |
|  **Total Options Purchased** (cost $8,324,665) |  |  |  |  |  | $8135376 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br> Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $667.19 | 138 | 14 | $(31630) |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $515.75 | 138 | 14 | (291188) |
|  **Total Options Written** (premiums received $276,951) |  |  |  |  |  | $(322818) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $56648 | $— | $— |
|  Options Purchased |  | 8135376 |  |
|  **Total** | $**56648** | $**8135376** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(322818)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 3

------

PGIM S&P 500 Buffer 12 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 103.4 |
|  Affiliated Mutual Fund | 0.7 |
|  | 104.1 |
|  Options Written | (4.1) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $8135376 | Options written outstanding, at value | $322818 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written(2)** |
|  Equity contracts | $502490 | $14424 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(3)** | **Options<br>Written** |
|  Equity contracts | $(722525) | $67399 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6536788 |
|  Options Written (2) | 22667 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 5

------

PGIM S&P 500 Buffer 12 ETF - January

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,324,665) | $8135376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $56,648) | 56648 |
| &nbsp;&nbsp; Dividends receivable | 214 |
| &nbsp;&nbsp; **Total Assets** | 8192238 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $276,951) | 322818 |
| &nbsp;&nbsp; Management fee payable | 3156 |
| &nbsp;&nbsp; **Total Liabilities** | 325974 |
| &nbsp;&nbsp; **Net Assets** | $7866264 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7601573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 264411 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $7866264 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,866,264 ÷ 280,000 shares of common stock issued and outstanding) | $28.09 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - January

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1388 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 16136 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3833) |
| &nbsp;&nbsp; **Net expenses** | 12303 |
| &nbsp;&nbsp; Net investment income (loss) | (10915) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (318869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1048065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (212282) |
|  | 516914 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (722525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 67399 |
|  | (655126) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (138212) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(149127) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 7

------

PGIM S&P 500 Buffer 12 ETF - January

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> April 30, 2025**  | **December 29, 2023\* <br>through<br> October 31, 2024**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(10915) | $(6432) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 516914 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (655126) | 419970 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (149127) | 413538 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (280,000 and 166,000 shares, respectively) | 8100541 | 4281062 |
| &nbsp;&nbsp; Shares redeemed in-kind (170,000 and 0 shares, respectively) | (4879750) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3220791 | 4281062 |
| &nbsp;&nbsp; Total increase (decrease) | 3071664 | 4694600 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period (170,000 and 4,000 shares, respectively) | 4794600 | 100000 |
| &nbsp;&nbsp; End of period | $7866264 | $4794600 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - January

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **December 29, 2023<sup>(a)</sup>through**<br>**October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $28.20 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.06) | 3.25 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.11) | 3.20 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.09 | $28.20 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.39)% | 12.81% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7866 | $4795 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6508 | $3607 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(e)</sup> | 0.26 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)%<sup>(e)</sup> | (0.21)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 9

------

PGIM S&P 500 Buffer 20 ETF - January

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 102.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $434,047)(wb) | 434047 | $434047 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.9%**<br> (cost $44,936,072) |  | 43801336 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.9%**<br> (cost $45,370,119) |  | 44235383 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (2.9)%**<br> (premiums received $1,364,309) |  | (1224627) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $44,005,810) |  | 43010756 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (17731) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42993025 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $5.86 | 743 | 74 | $40463780 |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $586.08 | 743 | 74 | 3337556 |
|  **Total Options Purchased** (cost $44,936,072) |  |  |  |  |  | $43801336 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $649.90 | 743 | 74 | $(317313) |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $468.86 | 743 | 74 | (907314) |
|  **Total Options Written** (premiums received $1,364,309) |  |  |  |  |  | $(1224627) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $434047 | $— | $— |
|  Options Purchased |  | 43801336 |  |
|  **Total** | $**434047** | $**43801336** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(1224627)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 11

------

PGIM S&P 500 Buffer 20 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.9 |
|  Affiliated Mutual Fund | 1 |
|  | 102.9 |
|  Options Written | (2.9) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100 |

---

\* 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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted**<br> **for as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Equity contracts | Unaffiliated investments | $43801336 | Options written outstanding, at value | $1224627 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written(2)** |
|  Equity contracts | $110601 | $395755 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(1576547) | $307789 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $29759265 |
|  Options Written (2) | 99533 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 13

------

PGIM S&P 500 Buffer 20 ETF - January

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $44,936,072) | $43801336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $434,047) | 434047 |
| &nbsp;&nbsp; Dividends receivable | 1696 |
| &nbsp;&nbsp; **Total Assets** | 44237079 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $1,364,309) | 1224627 |
| &nbsp;&nbsp; Management fee payable | 19427 |
| &nbsp;&nbsp; **Total Liabilities** | 1244054 |
| &nbsp;&nbsp; **Net Assets** | $42993025 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 43550020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (558555) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $42993025 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($42,993,025 ÷ 1,560,001 shares of common stock issued and outstanding) | $27.56 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - January

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $10709 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 79830 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3153) |
| &nbsp;&nbsp; **Net expenses** | 76677 |
| &nbsp;&nbsp; Net investment income (loss) | (65968) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (511536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 967137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 50755 |
|  | 506356 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1576547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 307789 |
|  | (1268758) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (762402) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(828370) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 15

------

PGIM S&P 500 Buffer 20 ETF - January

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> April 30, 2025**  | **December 29, 2023\*<br>through<br> October 31, 2024**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(65968) | $(3889) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 506356 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1268758) | 273704 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (828370) | 269815 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,870,000 and 130,001 shares, respectively) | 52307650 | 3304174 |
| &nbsp;&nbsp; Shares redeemed in-kind (440,000 and 0 shares, respectively) | (12060244) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 40247406 | 3304174 |
| &nbsp;&nbsp; Total increase (decrease) | 39419036 | 3573989 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3573989 |  |
| &nbsp;&nbsp; End of period | $42993025 | $3573989 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - January

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **December 29, 2023<sup>(a)</sup>through**<br>**October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $27.49 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.13 <sup>(c)</sup> | 2.52 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.07 | 2.49 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $27.56 | $27.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 0.25% | 9.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $42993 | $3574 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $32197 | $2953 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.49 %<sup>(f)</sup> | 0.24 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.42)%<sup>(f)</sup> | (0.16)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 17

------

PGIM S&P 500 Buffer 12 ETF - February

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $75,257)(wb) | 75257 | $75257 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 103.9%**<br> (cost $8,764,693) |  | 8553319 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.8%**<br> (cost $8,839,950) |  | 8628576 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (4.8)%**<br> (premiums received $299,606) |  | (396443) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $8,540,344) |  | 8232133 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2874) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8229259 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $6.02 | 143 | 14 | $7778516 |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $601.82 | 143 | 14 | 774803 |
|  **Total Options Purchased** (cost $8,764,693) |  |  |  |  |  | $8553319 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $682.82 | 143 | 14 | $(26697) |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $529.60 | 143 | 14 | (369746) |
|  **Total Options Written** (premiums received $299,606) |  |  |  |  |  | $(396443) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $75257 | $— | $— |
|  Options Purchased |  | 8553319 |  |
|  **Total** | $**75257** | $**8553319** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(396443)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 19

------

PGIM S&P 500 Buffer 12 ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 103.9 |
|  Affiliated Mutual Fund | 0.9 |
|  | 104.8 |
|  Options Written | (4.8) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $8553319 | Options written outstanding, at value | $396443 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $843080 | $(288988) |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(709475) | $18001 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6450067 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22067 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 21

------

PGIM S&P 500 Buffer 12 ETF - February

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,764,693) | $8553319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $75,257) | 75257 |
| &nbsp;&nbsp; Dividends receivable | 318 |
| &nbsp;&nbsp; **Total Assets** | 8628894 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $299,606) | 396443 |
| &nbsp;&nbsp; Management fee payable | 3192 |
| &nbsp;&nbsp; **Total Liabilities** | 399635 |
| &nbsp;&nbsp; **Net Assets** | $8229259 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 8000321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 228638 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $8229259 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,229,259 ÷ 300,401 shares of common stock issued and outstanding) | $27.39 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - February

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1614 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 15794 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4736) |
| &nbsp;&nbsp; **Net expenses** | 11058 |
| &nbsp;&nbsp; Net investment income (loss) | (9444) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (74551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 932072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (303429) |
|  | 554092 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (709475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 18001 |
|  | (691474) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (137382) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(146826) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 23

------

PGIM S&P 500 Buffer 12 ETF - February

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **January 31, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(9444) | $(7799) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 554092 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (691474) | 383263 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (146826) | 375464 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (260,000 and 190,401 shares, respectively) | 7380058 | 4909127 |
| &nbsp;&nbsp; Shares redeemed in-kind (150,000 and 0 shares, respectively) | (4288564) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3091494 | 4909127 |
| &nbsp;&nbsp; Total increase (decrease) | 2944668 | 5284591 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5284591 |  |
| &nbsp;&nbsp; End of period | $8229259 | $5284591 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - February

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **January 31, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $27.76 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.33) | 2.81 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.37) | 2.76 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $27.39 | $27.76 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.30)% | 11.02% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $8229 | $5285 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6370 | $4042 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43 %<sup>(e)</sup> | 0.31 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.37)%<sup>(e)</sup> | (0.26)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 25

------

PGIM S&P 500 Buffer 20 ETF - February

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 103.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.2%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $154,914)(wb) | 154914 | $154914 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 102.0%**<br> (cost $13,675,697) |  | 13278579 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 103.2%**<br> (cost $13,830,611) |  | 13433493 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (3.2)%**<br> (premiums received $450,954) |  | (410343) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $13,379,657) |  | 13023150 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (4680) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13018470 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $6.02 | 222 | 22 | $12075739 |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $601.82 | 222 | 22 | 1202840 |
|  **Total Options Purchased** (cost $13,675,697) |  |  |  |  |  | $13278579 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exchange Traded Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $665.61 | 222 | 22 | $(73666) |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $481.46 | 222 | 22 | (336677) |
|  **Total Options Written** (premiums received $450,954) |  |  |  |  |  | $(410343) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $154914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |  | 13278579 |  |
|  **Total** | $**154914** | $**13278579** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(410343)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 27

------

PGIM S&P 500 Buffer 20 ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets

as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 102.0 |
|  Affiliated Mutual Fund | 1.2 |
|  | 103.2 |
|  Options Written | (3.2) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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 Value** | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair<br> Value** |
|  Equity contracts | Unaffiliated investments | $13278579 | Options written<br> outstanding, at value | $410343 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written(2)** |
|  Equity contracts | $852900 | $(402697) |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(3)** | **Options<br> Written**  |
|  Equity contracts | $(912419) | $239011 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $8220389 |
|  Options Written (2) | 27733 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 29

------

PGIM S&P 500 Buffer 20 ETF - February

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $13,675,697) | $13278579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $154,914) | 154914 |
| &nbsp;&nbsp; Dividends receivable | 574 |
| &nbsp;&nbsp; **Total Assets** | 13434067 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $450,954) | 410343 |
| &nbsp;&nbsp; Management fee payable | 5254 |
| &nbsp;&nbsp; **Total Liabilities** | 415597 |
| &nbsp;&nbsp; **Net Assets** | $13018470 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 12946969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 71021 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $13018470 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($13,018,470 ÷ 480,401 shares of common stock issued and outstanding) | $27.10 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - February

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2057 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 21929 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3756) |
| &nbsp;&nbsp; **Net expenses** | 18173 |
| &nbsp;&nbsp; Net investment income (loss) | (16116) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (59065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 910953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (401685) |
|  | 450203 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (912419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 239011 |
|  | (673408) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (223205) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(239321) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 31

------

PGIM S&P 500 Buffer 20 ETF - February

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **January 31, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(16116) | $(6559) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 450203 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (673408) | 316901 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (239321) | 310342 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (450,000 and 170,401 shares, respectively) | 12520513 | 4325770 |
| &nbsp;&nbsp; Shares redeemed in-kind (140,000 and 0 shares, respectively) | (3898834) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 8621679 | 4325770 |
| &nbsp;&nbsp; Total increase (decrease) | 8382358 | 4636112 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 4636112 |  |
| &nbsp;&nbsp; End of period | $13018470 | $4636112 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - February

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **January 31, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $27.21 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.06) | 2.25 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.11) | 2.21 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $27.10 | $27.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.40)% | 8.83% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $13018 | $4636 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8844 | $3919 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.46 %<sup>(e)</sup> | 0.29 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.41)%<sup>(e)</sup> | (0.22)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 33

------

PGIM S&P 500 Buffer 12 ETF - March

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $68,135)(wb) | 68135 | $68135 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.1%**<br>(cost $8,243,610) |  | 8095147 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.0%**<br>(cost $8,311,745) |  | 8163282 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.0)%**<br>(premiums received $269,233) |  | (384535) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br>(cost $8,042,512) |  | 7778747 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)**%** |  | (2866) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775881 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 02/27/26 | $5.94 | 136 | 14 | $7401312 |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $594.18 | 136 | 14 | 693835 |
|  **Total Options Purchased** (cost $8,243,610) |  |  |  |  |  | $8095147 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 02/27/26 | $675.70 | 136 | 14 | $(42841) |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $522.88 | 136 | 14 | (341694) |
|  **Total Options Written** (premiums received $269,233) |  |  |  |  |  | $(384535) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $68135 | $— | $— |
|  Options Purchased |  | 8095147 |  |
|  **Total** | $**68135** | $**8095147** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(384535)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 35

------

PGIM S&P 500 Buffer 12 ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.1 |
|  Affiliated Mutual Fund | 0.9 |
|  | 105.0 |
|  Options Written | (5.0) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $8095147 | Options written outstanding, at value | $384535 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br> Written(2)**  |
|  Equity contracts | $501908 | $148619 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(3)** | **Options<br> Written**  |
|  Equity contracts | $(517540) | $(110668) |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6044255 |
|  Options Written (2) | 21467 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 37

------

PGIM S&P 500 Buffer 12 ETF - March

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,243,610) | $8095147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $68,135) | 68135 |
| &nbsp;&nbsp; Dividends receivable | 254 |
| &nbsp;&nbsp; **Total Assets** | 8163536 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $269,233) | 384535 |
| &nbsp;&nbsp; Management fee payable | 3120 |
| &nbsp;&nbsp; **Total Liabilities** | 387655 |
| &nbsp;&nbsp; **Net Assets** | $7775881 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7405893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 369708 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $7775881 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,775,881 ÷ 280,001 shares of common stock issued and outstanding) | $27.77 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - March

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1437 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 15599 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4381) |
| &nbsp;&nbsp; **Net expenses** | 11218 |
| &nbsp;&nbsp; Net investment income (loss) | (9781) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (374181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 955609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 69099 |
|  | 650527 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (517540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (110668) |
|  | (628208) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 22319 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $12538 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 39

------

PGIM S&P 500 Buffer 12 ETF - March

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **February 29, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(9781) | $(7273) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 650527 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (628208) | 364443 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 12538 | 357170 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (390,000 and 180,001 shares, respectively) | 11162999 | 4568892 |
| &nbsp;&nbsp; Shares redeemed in-kind (290,000 and 0 shares, respectively) | (8325718) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2837281 | 4568892 |
| &nbsp;&nbsp; Total increase (decrease) | 2849819 | 4926062 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 4926062 |  |
| &nbsp;&nbsp; End of period | $7775881 | $4926062 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - March

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **February 29, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $27.37 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.44 | 2.42 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.40 | 2.37 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $27.77 | $27.37 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 1.48% | 9.47% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7776 | $4926 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6291 | $4137 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43 %<sup>(e)</sup> | 0.33 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)%<sup>(e)</sup> | (0.26)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 41

------

PGIM S&P 500 Buffer 20 ETF - March

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 103.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $135,540)(wb) | 135540 | $135540 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 102.5%**<br> (cost $12,857,510) |  | 12618906 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 103.6%**<br> (cost $12,993,050) |  | 12754446 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (3.6)%**<br> (premiums received $411,026) |  | (436048) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $12,582,024) |  | 12318398 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (4471) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12313927 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 02/27/26 | $5.94 | 212 | 21 | $11537339 |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $594.18 | 212 | 21 | 1081567 |
|  **Total Options Purchased** (cost $12,857,510) |  |  |  |  |  | $12618906 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br> Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 02/27/26 | $657.94 | 212 | 21 | $(116324) |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $475.34 | 212 | 21 | (319724) |
|  **Total Options Written** (premiums received $411,026) |  |  |  |  |  | $(436048) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $135540 | $— | $— |
|  Options Purchased |  | 12618906 |  |
|  **Total** | $**135540** | $**12618906** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(436048)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 43

------

PGIM S&P 500 Buffer 20 ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 102.5 |
|  Affiliated Mutual Fund | 1.1 |
|  | 103.6 |
|  Options Written | (3.6) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset 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** | <br>**Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** |
|  Equity contracts | Unaffiliated investments | $12618906 | Options written outstanding, at value | $436048 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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>instruments, carried at fair value** | **Options<br> Purchased(1)** | **Options<br> Written(2)**  |
|  Equity contracts | $649311 | $26597 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for<br>as hedging instruments,<br><u>carried at fair value</u>** | **Options<br>Purchased(3)** | **Options<br> Written**  |
|  Equity contracts | $(703684) | $55822 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $8555722 |
| &nbsp;&nbsp; Options Written (2) | 30133 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 45

------

PGIM S&P 500 Buffer 20 ETF - March

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $12,857,510) | $12618906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $135,540) | 135540 |
| &nbsp;&nbsp; Dividends receivable | 499 |
| &nbsp;&nbsp; **Total Assets** | 12754945 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $411,026) | 436048 |
| &nbsp;&nbsp; Management fee payable | 4970 |
| &nbsp;&nbsp; **Total Liabilities** | 441018 |
| &nbsp;&nbsp; **Net Assets** | $12313927 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 11925342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 388135 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $12313927 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,313,927 ÷ 450,001 shares of common stock issued and outstanding) | $27.36 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - March

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1909 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 21253 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5040) |
| &nbsp;&nbsp; **Net expenses** | 16213 |
| &nbsp;&nbsp; Net investment income (loss) | (14304) |
|  **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (454860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1191811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (61043) |
|  | 675908 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (703684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 55822 |
|  | (647862) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 28046 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $13742 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 47

------

PGIM S&P 500 Buffer 20 ETF - March

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **February 29, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(14304) | $(9843) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 675908 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (647862) | 384236 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 13742 | 374393 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (520,000 and 220,001 shares, respectively) | 14483339 | 5554873 |
| &nbsp;&nbsp; Shares redeemed in-kind (290,000 and 0 shares, respectively) | (8112420) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6370919 | 5554873 |
| &nbsp;&nbsp; Total increase (decrease) | 6384661 | 5929266 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5929266 |  |
| &nbsp;&nbsp; End of period | $12313927 | $5929266 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - March

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **February 29, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.95 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.46 | 2.00 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 1.95 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $27.36 | $26.95 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 1.53% | 7.80% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12314 | $5929 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8571 | $5042 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(e)</sup> | 0.35 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)%<sup>(e)</sup> | (0.29)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 49

------

PGIM S&P 500 Buffer 12 ETF - April

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $87,983)(wb) | 87983 | $87983 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,984,165) |  | 9125468 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $9,072,148) |  | 9213451 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $324,399) |  | (481698) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,747,749) |  | 8731753 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2850) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728903 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 03/31/26 | $5.59 | 157 | 16 | $8526827 |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $559.39 | 157 | 16 | 598641 |
|  **Total Options Purchased** (cost $8,984,165) |  |  |  |  |  | $9125468 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 03/31/26 | $638.66 | 157 | 16 | $(174857) |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $492.26 | 157 | 16 | (306841) |
|  **Total Options Written** (premiums received $324,399) |  |  |  |  |  | $(481698) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund. | $87983 | $— | $— |
|  Options Purchased |  | 9125468 |  |
|  **Total** | $**87983** | $**9125468** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(481698)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 51

------

PGIM S&P 500 Buffer 12 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.5 |
|  Affiliated Mutual Fund | 1 |
|  | 105.5 |
|  Options Written | (5.5) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100 |

---

\* 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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $9125468 | Options written outstanding, at value | $481698 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $62704 | $175774 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(199570) | $(192223) |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6770834 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24467 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 53

------

PGIM S&P 500 Buffer 12 ETF - April

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,984,165) | $9125468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $87,983) | 87983 |
| &nbsp;&nbsp; Dividends receivable | 256 |
| &nbsp;&nbsp; **Total Assets** | 9213707 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $324,399) | 481698 |
| &nbsp;&nbsp; Management fee payable | 3106 |
| &nbsp;&nbsp; **Total Liabilities** | 484804 |
| &nbsp;&nbsp; **Net Assets** | $8728903 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 8524574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 203999 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $8728903 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,728,903 ÷ 330,001 shares of common stock issued and outstanding) | $26.45 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - April

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1305 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 16128 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4574) |
| &nbsp;&nbsp; **Net expenses** | 11554 |
| &nbsp;&nbsp; Net investment income (loss) | (10249) |
| &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 | (426677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 665053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 102 |
|  | 238478 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (199570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (192223) |
|  | (391793) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (153315) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(163564) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 55

------

PGIM S&P 500 Buffer 12 ETF - April

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025** | **March 28, 2024\***<br>**through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(10249) | $(8234) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 238478 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (391793) | 375797 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (163564) | 367563 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (350,000 and 220,001 shares, respectively) | 9475349 | 5548582 |
| &nbsp;&nbsp; Shares redeemed in-kind (240,000 and 0 shares, respectively) | (6499027) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2976322 | 5548582 |
| &nbsp;&nbsp; Total increase (decrease) | 2812758 | 5916145 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5916145 |  |
| &nbsp;&nbsp; End of period | $8728903 | $5916145 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - April

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **March 28, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.89 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.40) | 1.94 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.44) | 1.89 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.45 | $26.89 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.64)% | 7.57% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $8729 | $5916 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6505 | $4614 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43 %<sup>(e)</sup> | 0.36 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)%<sup>(e)</sup> | (0.30)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 57

------

PGIM S&P 500 Buffer 20 ETF - April

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $207,936)(wb) | 207936 | $207936 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $19,947,714) |  | 20169028 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $20,155,650) |  | 20376964 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $780,014) |  | (1008146) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $19,375,636) |  | 19368818 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (6388) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19362430 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br> **Put**  | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 03/31/26 | $5.59 | 347 | 35 | $18845917 |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $559.39 | 347 | 35 | 1323111 |
|  **Total Options Purchased** (cost $19,947,714) |  |  |  |  |  | $20169028 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 03/31/26 | $620.98 | 347 | 35 | $(585972) |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $447.51 | 347 | 35 | (422174) |
|  **Total Options Written** (premiums received $780,014) |  |  |  |  |  | $(1008146) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $207936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |  | 20169028 |  |
|  **Total** | $**207936** | $**20169028** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(1008146)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 59

------

PGIM S&P 500 Buffer 20 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.1 |
|  Affiliated Mutual Fund | 1.1 |
|  | 105.2 |
|  Options Written | (5.2) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **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** |
|  Equity contracts | Unaffiliated investments | $20169028 | Options written<br> outstanding, at value | $1008146 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $66569 | $296110 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(231752) | $(201328) |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | | |
|:---|:---|:---|
|  **Derivative Contract Type** | **Average Volume of Derivative Activities** | **\*** |
|  Options Purchased (1) | $11730815 |  |
|  Options Written (2) | 41867 |  |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 61

------

PGIM S&P 500 Buffer 20 ETF - April

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $19,947,714) | $20169028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $207,936) | 207936 |
| &nbsp;&nbsp; Dividends receivable | 610 |
| &nbsp;&nbsp; **Total Assets** | 20377574 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $780,014) | 1008146 |
| &nbsp;&nbsp; Management fee payable | 6998 |
| &nbsp;&nbsp; **Total Liabilities** | 1015144 |
| &nbsp;&nbsp; **Net Assets** | $19362430 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 19034846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 326854 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $19362430 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($19,362,430 ÷ 730,001 shares of common stock issued and outstanding) | $26.52 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - April

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $2121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 24265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4935) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 19330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (17209) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (614800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 975141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 2338 |
|  | 362679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (231752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (201328) |
|  | (433080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (70401) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(87610) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 63

------

PGIM S&P 500 Buffer 20 ETF - April

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **March 28, 2024\***<br> **through**<br> **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(17209) | $(11798) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 362679 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (433080) | 426262 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (87610) | 414464 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (820,000 and 260,001 shares, respectively) | 21988049 | 6512698 |
| &nbsp;&nbsp; Cost of shares purchased (350,000 and 0 shares, respectively) | (9465171) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 12522878 | 6512698 |
| &nbsp;&nbsp; Total increase (decrease) | 12435268 | 6927162 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 6927162 |  |
| &nbsp;&nbsp; End of period | $19362430 | $6927162 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - April

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br>**Ended**<br>**April 30, 2025** | **March 28, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.64 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.07) | 1.69 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.12) | 1.64 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.52 | $26.64 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.45)% | 6.57% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $19362 | $6927 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9786 | $5954 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45<sup></sup> %<sup>(e)</sup> | 0.39<sup></sup> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50<sup></sup> %<sup>(f)</sup> | 0.50<sup></sup> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.41<sup></sup>)%<sup>(e)</sup> | (0.33<sup></sup>)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 65

------

PGIM S&P 500 Buffer 12 ETF - May

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $59,646)(wb) | 59646 | $59646 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 103.0%**<br> (cost $6,230,962) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230510 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.0%**<br> (cost $6,290,608) |  | 6290156 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (3.1)%**<br> (premiums received $188,633) |  | (189090) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.9%**<br> (cost $6,101,975) |  | 6101066 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.9)% |  | (54742) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $6046324 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 04/30/26 | $5.55 | 110 | 11 | $5953530 |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $554.54 | 110 | 11 | 276980 |
|  **Total Options Purchased** (cost $6,230,962) |  |  |  |  |  | $6230510 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/ Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 04/30/26 | $642.71 | 110 | 11 | $(68310) |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $488.00 | 110 | 11 | (120780) |
|  **Total Options Written** (premiums received $188,633) |  |  |  |  |  | $(189090) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $59646 | $— | $— |
|  Options Purchased |  | 6230510 |  |
|  **Total** | $**59646** | $**6230510** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(189090)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 67

------

PGIM S&P 500 Buffer 12 ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 103.0% |
|  Affiliated Mutual Fund | 1 |
|  | 104 |
|  Options Written | (3.1) |
|  Liabilities in excess of other assets | (0.9) |
|  | 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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $6230510 | Options written outstanding, at value | $189090 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written(2)** |
|  Equity contracts | $212614 | $223324 |

---

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(3)** | **Options<br>Written** |
|  Equity contracts | $(284636) | $44671 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $4703455 |
|  Options Written (2) | 17200 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 69

------

PGIM S&P 500 Buffer 12 ETF - May

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,230,962) | $6230510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $59,646) | 59646 |
| &nbsp;&nbsp; Receivable for investments sold | 6178401 |
| &nbsp;&nbsp; Dividends receivable | 235 |
| &nbsp;&nbsp; **Total Assets** | 12468792 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 6230962 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $188,633) | 189090 |
| &nbsp;&nbsp; Management fee payable | 2416 |
| &nbsp;&nbsp; **Total Liabilities** | 6422468 |
| &nbsp;&nbsp; **Net Assets** | $6046324 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5622099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 424005 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6046324 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,046,324 ÷ 220,001 shares of common stock issued and outstanding) | $27.48 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - May

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1407 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 11663 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3542) |
| &nbsp;&nbsp; **Net expenses** | 8121 |
| &nbsp;&nbsp; Net investment income (loss) | (6714) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (44763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 474282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 6419 |
|  | 435938 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (284636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 44671 |
|  | (239965) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 195973 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $189259 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 71

------

PGIM S&P 500 Buffer 12 ETF - May

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **April 30, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(6714) | $(4310) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 435938 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (239965) | 239056 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 189259 | 234746 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (290,000 and 150,001 shares, respectively) | 7609870 | 3854874 |
| &nbsp;&nbsp; Shares redeemed in-kind (220,000 and 0 shares, respectively) | (5842425) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1767445 | 3854874 |
| &nbsp;&nbsp; Total increase (decrease) | 1956704 | 4089620 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 4089620 |  |
| &nbsp;&nbsp; End of period | $6046324 | $4089620 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - May

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **April 30, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $27.26 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.26 | 2.30 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.22 | 2.26 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $27.48 | $27.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.82% | 9.06% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6046 | $4090 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4704 | $3202 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42 %<sup>(e)</sup> | 0.37 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)%<sup>(e)</sup> | (0.27)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 73

------

PGIM S&P 500 Buffer 20 ETF - May

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 103.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $64,774)(wb) | 64774 | $64774 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 102.9%**<br> (cost $6,797,413) |  | 6796920 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 103.9%**<br> (cost $6,862,187) |  | 6861694 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (3.1)%**<br> (premiums received $205,781) |  | (206280) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.8%**<br> (cost $6,656,406) |  | 6655414 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.8)% |  | (54850) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600564 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 04/30/26 | $5.55 | 120 | 12 | $6494760 |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $554.54 | 120 | 12 | 302160 |
|  **Total Options Purchased** (cost $6,797,413) |  |  |  |  |  | $6796920 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 04/30/26 | $621.08 | 120 | 12 | $(129120) |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $443.63 | 120 | 12 | (77160) |
|  **Total Options Written** (premiums received $205,781) |  |  |  |  |  | $(206280) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $64774 | $— | $— |
|  Options Purchased |  | 6796920 |  |
|  **Total** | $**64774** | $**6796920** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(206280)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 75

------

PGIM S&P 500 Buffer 20 ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 102.9% |
|  Affiliated Mutual Fund | 1 |
|  | 103.9 |
|  Options Written | (3.1) |
|  Liabilities in excess of other assets | (0.8) |
|  | 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $6796920 | Options written<br>outstanding, at value | $206280 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $319734 | $304826 |

---

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **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** | **Options<br>Purchased(3)** | **Options<br>Written** |
|  Equity contracts | $(448991) | $145560 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6038237 |
|  Options Written (2) | 22200 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 77

------

PGIM S&P 500 Buffer 20 ETF - May

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,797,413) | $6796920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $64,774) | 64774 |
| &nbsp;&nbsp; Receivable for investments sold | 6745069 |
| &nbsp;&nbsp; Dividends receivable | 256 |
| &nbsp;&nbsp; **Total Assets** | 13607019 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 6797413 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $205,781) | 206280 |
| &nbsp;&nbsp; Management fee payable | 2762 |
| &nbsp;&nbsp; **Total Liabilities** | 7006455 |
| &nbsp;&nbsp; **Net Assets** | $6600564 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5993671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 606653 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6600564 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,600,564 ÷ 240,001 shares of common stock issued and outstanding) | $27.50 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - May

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1548 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 15370 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4213) |
| &nbsp;&nbsp; **Net expenses** | 11157 |
| &nbsp;&nbsp; Net investment income (loss) | (9609) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 16106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 604685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3769 |
|  | 624560 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (448991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 145560 |
|  | (303431) |
|  Net gain (loss) on investment transactions | 321129 |
|  **Net Increase (Decrease) In Net Assets Resulting From Operations** | $311520 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 79

------

PGIM S&P 500 Buffer 20 ETF - May

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | | **April 30, 2024\*** |
|  | **Six Months Ended** | **through** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025**  |  **<u>October 31, 2024</u>**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(9609) | $(7306) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 624560 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (303431) | 302439 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 311520 | 295133 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (300,000 and 190,001 shares, respectively) | 7834904 | 4806034 |
| &nbsp;&nbsp; Shares redeemed in-kind (250,000 and 0 shares, respectively) | (6647027) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1187877 | 4806034 |
| &nbsp;&nbsp; Total increase (decrease) | 1499397 | 5101167 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5101167 |  |
| &nbsp;&nbsp; End of period | $6600564 | $5101167 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - May

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **April 30, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.85 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.69 | 1.89 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.65 | 1.85 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $27.50 | $26.85 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.45% | 7.39% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6601 | $5101 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6199 | $4683 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43 %<sup>(e)</sup> | 0.39 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)%<sup>(e)</sup> | (0.31)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 81

------

PGIM S&P 500 Buffer 12 ETF - June

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 100.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $50,162)(wb) | 50162 | $50162 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.4%**<br> (cost $6,414,433) |  | 6321979 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.2%**<br> (cost $6,464,595) |  | 6372141 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.2)%**<br> (premiums received $159,422) |  | (13574) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $6,305,173) |  | 6358567 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (1574) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356993 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 05/30/25 | $5.27 | 114 | 11 | $6256925 |
|  SPDR S&P 500 ETF Trust | Put | 05/30/25 | $527.37 | 114 | 11 | 65054 |
|  **Total Options Purchased** (cost $6,414,433) |  |  |  |  |  | $6321979 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - June

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 05/30/25 | $606.74 | 114 | 11 | $(3405) |
|  SPDR S&P 500 ETF Trust | Put | 05/30/25 | $464.09 | 114 | 11 | (10169) |
|  **Total Options Written** (premiums received $159,422) |  |  |  |  |  | $(13574) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2**  | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $50162 | $— | $— |
|  Options Purchased |  | 6321979 |  |
|  **Total** | $**50162** | $**6321979** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(13574)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 83

------

PGIM S&P 500 Buffer 12 ETF - June

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.4 |
|  Affiliated Mutual Fund | 0.8 |
|  | 100.2 |
|  Options Written | (0.2) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at**<br> **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 | Unaffiliated investments | $6321979 | Options written outstanding, at value | $13574 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $315211 | $150288 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - June

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(596438) | $195848 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $8359653 |
| &nbsp;&nbsp; Options Written (2) | 30400 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 85

------

PGIM S&P 500 Buffer 12 ETF - June

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,414,433) | $6321979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $50,162) | 50162 |
| &nbsp;&nbsp; Dividends receivable | 982 |
| &nbsp;&nbsp; **Total Assets** | 6373123 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $159,422) | 13574 |
| &nbsp;&nbsp; Management fee payable | 2556 |
| &nbsp;&nbsp; **Total Liabilities** | 16130 |
| &nbsp;&nbsp; **Net Assets** | $6356993 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5868505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 488248 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6356993 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,356,993 ÷ 240,401 shares of common stock issued and outstanding) | $26.44 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - June

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2623 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 23040 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4962) |
| &nbsp;&nbsp; **Net expenses** | 18078 |
| &nbsp;&nbsp; Net investment income (loss) | (15455) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 465499 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (596438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 195848 |
|  | (400590) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 64909 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $49454 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 87

------

PGIM S&P 500 Buffer 12 ETF - June

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> <u>April 30, 2025</u>** | **May 31, 2024\*<br>through<br><u>October 31, 2024</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15455) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 465499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (400590) | 453984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 49454 | 438794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (40,000 and 360,401 shares, respectively) | 1105974 | 9109316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (160,000 and 0 shares, respectively) | (4346545) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (3240571) | 9109316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (3191117) | 9548110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 9548110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6356993 | $9548110 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - June

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 31, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.49 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | - <sup>(c)</sup> | 1.54 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.05) | 1.49 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.44 | $26.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (0.19)% | 5.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6357 | $9548 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9292 | $8519 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45 %<sup>(f)</sup> | 0.46 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)%<sup>(f)</sup> | (0.43)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 89

------

PGIM S&P 500 Buffer 20 ETF - June

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 100.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $83,341)(wb) | 83341 | $83341 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.4%**<br> (cost $8,926,255) |  | 8928410 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.3%**<br>(cost $9,009,596) |  | 9011751 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.3)%**<br>(premiums received $333,445) |  | (23255) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br>(cost $8,676,151) |  | 8988496 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (3160) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8985336 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 05/30/25 | $5.27 | 161 | 16 | $8836535 |
|  SPDR S&P 500 ETF Trust | Put | 05/30/25 | $527.37 | 161 | 16 | 91875 |
|  **Total Options Purchased** (cost $8,926,255) |  |  |  |  |  | $8928410 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - June

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 05/30/25 | $592.29 | 161 | 16 | $(16340) |
|  SPDR S&P 500 ETF Trust | Put | 05/30/25 | $421.90 | 161 | 16 | (6915) |
|  **Total Options Written** (premiums received $333,445) |  |  |  |  |  | $(23255) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2**  | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $83341 | $— | $— |
|  Options Purchased |  | 8928410 |  |
|  **Total** | $**83341** | $**8928410** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(23255)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 91

------

PGIM S&P 500 Buffer 20 ETF - June

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.4 |
|  Affiliated Mutual Fund | 0.9 |
|  | 100.3 |
|  Options Written | (0.3) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **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 | Unaffiliated investments | $8928410 | Options written outstanding, at value | $23255 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

For the six months ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - June

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(1)** | **Options<br> Written**  |
|  Equity contracts | $(369403) | $390268 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $8003432 |
|  Options Written (2) | 29000 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 93

------

PGIM S&P 500 Buffer 20 ETF - June

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,926,255) | $8928410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $83,341) | 83341 |
| &nbsp;&nbsp; Dividends receivable | 354 |
| &nbsp;&nbsp; **Total Assets** | 9012105 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $333,445) | 23255 |
| &nbsp;&nbsp; Management fee payable | 3514 |
| &nbsp;&nbsp; **Total Liabilities** | 26769 |
| &nbsp;&nbsp; **Net Assets** | $8985336 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 8694269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 290727 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $8985336 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,985,336 ÷ 340,401 shares of common stock issued and outstanding) | $26.40 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - June

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2082 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 20172 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6709) |
| &nbsp;&nbsp; **Net expenses** | 13463 |
| &nbsp;&nbsp; Net investment income (loss) | (11381) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (369403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 390268 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 20865 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $9484 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 95

------

PGIM S&P 500 Buffer 20 ETF - June

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 31, 2024\***<br> **through** <br> **<u>October 31, 2024</u>**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(11381) | $(10237) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 20865 | 291480 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 9484 | 281243 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (80,000 and 260,401 shares, respectively) | 2134431 | 6560178 |
| &nbsp;&nbsp; Total increase (decrease) | 2143915 | 6841421 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 6841421 |  |
| &nbsp;&nbsp; End of period | $8985336 | $6841421 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - June

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 31, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.27 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.17 | 1.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.13 | 1.27 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.40 | $26.27 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.47% | 5.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $8985 | $6841 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8136 | $6329 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42 %<sup>(e)</sup> | 0.45 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.37)%<sup>(e)</sup> | (0.39)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 97

------

PGIM S&P 500 Buffer 12 ETF - July

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 100.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.3%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $119,896)(wb) | 119896 | $119896 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.4%**<br> (cost $8,960,721) |  | 8874258 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.7%**<br> (cost $9,080,617) |  | 8994154 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.7)%**<br> (premiums received $242,461) |  | (59487) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $8,838,156) |  | 8934667 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (3249) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8931418 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 06/30/25 | $5.44 | 158 | 16 | $8641987 |
|  SPDR S&P 500 ETF Trust | Put | 06/30/25 | $544.22 | 158 | 16 | 232271 |
|  **Total Options Purchased** (cost $8,960,721) |  |  |  |  |  | $8874258 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/ <br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 06/30/25 | $628.96 | 158 | 16 | $(5748) |
|  SPDR S&P 500 ETF Trust | Put | 06/30/25 | $478.91 | 158 | 16 | (53739) |
|  **Total Options Written** (premiums received $242,461) |  |  |  |  |  | $(59487) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $119896 | $— | $— |
|  Options Purchased |  | 8874258 |  |
|  **Total** | $**119896** | $**8874258** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(59487)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 99

------

PGIM S&P 500 Buffer 12 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.4 |
|  Affiliated Mutual Fund | 1.3 |
|  | 100.7 |
|  Options Written | (0.7) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at<br>fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | <br>**Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Equity contracts | Unaffiliated investments | $8874258 | Options written outstanding, at value | $59487 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $11979 | $15038 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for<br>as hedging instruments,<br><u>carried at fair value</u>** | **Options<br>Purchased(3)** | **Options<br> Written**  |
| Equity contracts | $(330239) | $182570 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $7877334 |
|  Options Written (2) | 28000 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 101

------

PGIM S&P 500 Buffer 12 ETF - July

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,960,721) | $8874258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $119,896) | 119896 |
| &nbsp;&nbsp; Dividends receivable | 347 |
| &nbsp;&nbsp; **Total Assets** | 8994501 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $242,461) | 59487 |
| &nbsp;&nbsp; Management fee payable | 3596 |
| &nbsp;&nbsp; **Total Liabilities** | 63083 |
| &nbsp;&nbsp; **Net Assets** | $8931418 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 8869000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 62078 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $8931418 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,931,418 ÷ 340,001 shares of common stock issued and outstanding) | $26.27 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - July

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 20108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6901) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 13207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (11605) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 27017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (330239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 182570 |
|  | (147669) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (120652) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(132257) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 103

------

PGIM S&P 500 Buffer 12 ETF - July

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> <u>April 30, 2025</u>**  | **May 07, 2024\***<br> **through**<br> **<u>October 31, 2024</u>**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(11605) | $(10554) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 27017 | 20822 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (147669) | 244180 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (132257) | 254448 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (80,000 and 340,001 shares, respectively) | 2158975 | 8686928 |
| &nbsp;&nbsp; Shares redeemed in-kind (20,000 and 60,000 shares, respectively) | (509726) | (1526950) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1649249 | 7159978 |
| &nbsp;&nbsp; Total increase (decrease) | 1516992 | 7414426 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 7414426 |  |
| &nbsp;&nbsp; End of period | $8931418 | $7414426 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - July

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 07, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.48 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.17) | 1.53 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.21) | 1.48 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.27 | $26.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.80)% | 5.92% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $8931 | $7414 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8110 | $5327 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41 %<sup>(e)</sup> | 0.47 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)%<sup>(e)</sup> | (0.41)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 105

------

PGIM S&P 500 Buffer 20 ETF - July

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 100.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.2%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $120,633)(wb) | 120633 | $120633 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.3%**<br> (cost $10,562,835) |  | 10446911 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.5%**<br> (cost $10,683,468) |  | 10567544 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.5)%**<br> (premiums received $354,874) |  | (45884) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $10,328,594) |  | 10521660 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (3800) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10517860 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 06/30/25 | $5.44 | 186 | 19 | $10173478 |
|  SPDR S&P 500 ETF Trust | Put | 06/30/25 | $544.22 | 186 | 19 | 273433 |
|  **Total Options Purchased** (cost $10,562,835) |  |  |  |  |  | $10446911 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 06/30/25 | $610.13 | 186 | 19 | $(19885) |
|  SPDR S&P 500 ETF Trust | Put | 06/30/25 | $435.38 | 186 | 19 | (25999) |
|  **Total Options Written** (premiums received $354,874) |  |  |  |  |  | $(45884) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $120633 | $— | $— |
|  Options Purchased |  | 10446911 |  |
|  **Total** | $**120633** | $**10446911** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(45884)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 107

------

PGIM S&P 500 Buffer 20 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.3 |
|  Affiliated Mutual Fund | 1.2 |
|  | 100.5 |
|  Options Written | (0.5) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $10446911 | Options written<br>outstanding, at value | $45884 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $36762 | $9623 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(432284) | $348528 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | | |
|:---|:---|:---|
|  **Derivative Contract Type** | **Average Volume of Derivative Activities** | **\*** |
|  Options Purchased (1) | $9724315 |  |
|  Options Written (2) | 34467 |  |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 109

------

PGIM S&P 500 Buffer 20 ETF - July

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $10,562,835) | $10446911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $120,633) | 120633 |
| &nbsp;&nbsp; Dividends receivable | 446 |
| &nbsp;&nbsp; **Total Assets** | 10567990 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $354,874) | 45884 |
| &nbsp;&nbsp; Management fee payable | 4246 |
| &nbsp;&nbsp; **Total Liabilities** | 50130 |
| &nbsp;&nbsp; **Net Assets** | $10517860 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 10344599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 172861 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $10517860 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,517,860 ÷ 400,001 shares of common stock issued and outstanding) | $26.29 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - July

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 24843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6250) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 18593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (16147) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 46385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (432284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 348528 |
|  | (83756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | (37371) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(53518) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 111

------

PGIM S&P 500 Buffer 20 ETF - July

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 07, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(16147) | $(11697) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 46385 | 18771 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (83756) | 276822 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (53518) | 283896 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (80,000 and 390,001 shares, respectively) | 2164230 | 9917660 |
| &nbsp;&nbsp; Shares redeemed in-kind (10,000 and 60,000 shares, respectively) | (269927) | (1524481) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1894303 | 8393179 |
| &nbsp;&nbsp; Total increase (decrease) | 1840785 | 8677075 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 8677075 |  |
| &nbsp;&nbsp; End of period | $10517860 | $8677075 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - July

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 07, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.29 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.04 <sup>(c)</sup> | 1.34 |
| &nbsp;&nbsp;&nbsp; Total from investment operations |  | 1.29 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.29 | $26.29 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 0.00% | 5.18% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10518 | $8677 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10019 | $5885 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44 %<sup>(f)</sup> | 0.47 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)%<sup>(f)</sup> | (0.41)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 113

------

PGIM S&P 500 Buffer 12 ETF - August

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $83,248)(wb) | 83248 | $83248 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.6%**<br> (cost $5,082,839) |  | 4997872 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 101.3%**<br> (cost $5,166,087) |  | 5081120 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (1.3)%**<br> (premiums received $170,621) |  | (63628) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $4,995,466) |  | 5017492 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (1708) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015784 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 07/31/25 | $5.51 | 88 | 9 | $4818176 |
|  SPDR S&P 500 ETF Trust | Put | 07/31/25 | $550.81 | 88 | 9 | 179696 |
|  **Total Options Purchased** (cost $5,082,839) |  |  |  |  |  | $4997872 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - August

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 07/31/25 | $632.22 | 88 | 9 | $(7894) |
|  SPDR S&P 500 ETF Trust | Put | 07/31/25 | $484.71 | 88 | 9 | (55734) |
|  **Total Options Written** (premiums received $170,621) |  |  |  |  |  | $(63628) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $83248 | $— | $— |
|  Options Purchased |  | 4997872 |  |
|  **Total** | $**83248** | $**4997872** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(63628)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 115

------

PGIM S&P 500 Buffer 12 ETF - August

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.6 |
|  Affiliated Mutual Fund | 1.7 |
|  | 101.3 |
|  Options Written | (1.3) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **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 | Unaffiliated investments | $4997872 | Options written outstanding, at value | $63628 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

For the six months ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - August

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(1)** | **Options<br>Written** |
|  Equity contracts | $(179130) | $105185 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $4151834 |
|  Options Written (2) | 14533 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 117

------

PGIM S&P 500 Buffer 12 ETF - August

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,082,839) | $4997872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $83,248) | 83248 |
| &nbsp;&nbsp; Dividends receivable | 304 |
| &nbsp;&nbsp; **Total Assets** | 5081424 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $170,621) | 63628 |
| &nbsp;&nbsp; Management fee payable | 2012 |
| &nbsp;&nbsp; **Total Liabilities** | 65640 |
| &nbsp;&nbsp; **Net Assets** | $5015784 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5049564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (33970) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $5015784 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($5,015,784 ÷ 190,001 shares of common stock issued and outstanding) | $26.40 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - August

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1418 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 10588 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3904) |
| &nbsp;&nbsp; **Net expenses** | 6684 |
| &nbsp;&nbsp; Net investment income (loss) | (5266) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (179130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 105185 |
|  | (73945) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (73945) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(79211) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 119

------

PGIM S&P 500 Buffer 12 ETF - August

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 09, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(5266) | $(3681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions |  | 34285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (73945) | 95971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (79211) | 126575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (50,000 and 220,001 shares, respectively) | 1386205 | 5630953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (0 and 80,000 shares, respectively) |  | (2048738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1386205 | 3582215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 1306994 | 3708790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3708790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5015784 | $3708790 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - August

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 09, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.49 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.06) | 1.53 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.09) | 1.49 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.35)% | 5.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $5016 | $3709 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4270 | $2327 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41 %<sup>(e)</sup> | 0.43 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.34)%<sup>(e)</sup> | (0.33)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 121

------

PGIM S&P 500 Buffer 20 ETF - August

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 100.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $61,142)(wb) | 61142 | $61142 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,187,739) |  | 6076958 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,248,881) |  | 6138100 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.9)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $216,538) |  | (54167) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,032,343) |  | 6083933 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2226) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081707 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 07/31/25 | $5.51 | 107 | 11 | $5858464 |
|  SPDR S&P 500 ETF Trust | Put | 07/31/25 | $550.81 | 107 | 11 | 218494 |
|  **Total Options Purchased** (cost $6,187,739) |  |  |  |  |  | $6076958 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - August

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 07/31/25 | $616.14 | 107 | 11 | $(23184) |
|  SPDR S&P 500 ETF Trust | Put | 07/31/25 | $440.65 | 107 | 11 | (30983) |
|  **Total Options Written** (premiums received $216,538) |  |  |  |  |  | $(54167) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $61142 | $— | $— |
|  Options Purchased |  | 6076958 |  |
|  **Total** | $**61142** | $**6076958** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(54167)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 123

------

PGIM S&P 500 Buffer 20 ETF - August

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.9 |
|  Affiliated Mutual Fund | 1 |
|  | 100.9 |
|  Options Written | (0.9) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100 |

---

\* 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 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 April 30, 2025 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 Value** |
|  Equity contracts | Unaffiliated investments | $6076958 | Options written<br> outstanding, at value | $54167 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $34842 | $9315 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - August

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **<u>carried at fair value</u>** | **Options<br>Purchased(3)** | **Options<br>Written** |
| Equity contracts | $(232548) | $176465 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $5251324 |
|  Options Written (2) | 18267 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 125

------

PGIM S&P 500 Buffer 20 ETF - August

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,187,739) | $6076958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $61,142) | 61142 |
| &nbsp;&nbsp; Dividends receivable | 225 |
| &nbsp;&nbsp; **Total Assets** | 6138325 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $216,538) | 54167 |
| &nbsp;&nbsp; Management fee payable | 2451 |
| &nbsp;&nbsp; **Total Liabilities** | 56618 |
| &nbsp;&nbsp; **Net Assets** | $6081707 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 6043752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 37725 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6081707 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,081,707 ÷ 230,001 shares of common stock issued and outstanding) | $26.44 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - August

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1474 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 13303 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4729) |
| &nbsp;&nbsp; **Net expenses** | 8574 |
| &nbsp;&nbsp; Net investment income (loss) | (7100) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 44157 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (232548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 176465 |
|  | (56083) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (11926) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(19026) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 127

------

PGIM S&P 500 Buffer 20 ETF - August

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 09, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(7100) | $(4585) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 44157 | 30564 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (56083) | 107673 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (19026) | 133652 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (90,000 and 220,001 shares, respectively) | 2419808 | 5607217 |
| &nbsp;&nbsp; Shares redeemed in-kind (10,000 and 70,000 shares, respectively) | (270241) | (1789703) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2149567 | 3817514 |
| &nbsp;&nbsp; Total increase (decrease) | 2130541 | 3951166 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3951166 |  |
| &nbsp;&nbsp; End of period | $6081707 | $3951166 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - August

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 09, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.34 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.14 <sup>(c)</sup> | 1.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.10 | 1.34 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.44 | $26.34 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 0.38% | 5.36% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6082 | $3951 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5365 | $2657 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41 %<sup>(f)</sup> | 0.44 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)%<sup>(f)</sup> | (0.36)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 129

------

PGIM S&P 500 Buffer 12 ETF - September

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 102.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.4%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $89,455)(wb) | 89455 | $89455 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 100.6%**<br> (cost $6,393,775) |  | 6325220 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.0%**<br> (cost $6,483,230) |  | 6414675 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (2.0)%**<br> (premiums received $229,062) |  | (122627) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $6,254,168) |  | 6292048 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2196) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $6289852 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 08/29/25 | $5.64 | 110 | 11 | $6022720 |
|  SPDR S&P 500 ETF Trust | Put | 08/29/25 | $563.68 | 110 | 11 | 302500 |
|  **Total Options Purchased** (cost $6,393,775) |  |  |  |  |  | $6325220 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - September

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 08/29/25 | $639.21 | 110 | 11 | $(14383) |
|  SPDR S&P 500 ETF Trust | Put | 08/29/25 | $496.04 | 110 | 11 | (108244) |
|  **Total Options Written** (premiums received $229,062) |  |  |  |  |  | $(122627) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $89455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |  | 6325220 |  |
|  **Total** | $**89455** | $**6325220** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(122627)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 131

------

PGIM S&P 500 Buffer 12 ETF - September

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 100.6 |
|  Affiliated Mutual Fund | 1.4 |
|  | 102.0 |
|  Options Written | (2.0) |
|  Liabilities in excess of other assets | (0.0) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $6325220 | Options written<br> outstanding, at value | $122627 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

For the six months ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - September

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **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** | **Options<br>Purchased(1)** | **Options<br>Written** |
|  Equity contracts | $(162273) | $111916 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | | |
|:---|:---|:---|
|  **Derivative Contract Type** | **Average Volume of Derivative Activities** | **\*** |
|  Options Purchased (1) | $5662823 |  |
|  Options Written (2) | 19600 |  |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 133

------

PGIM S&P 500 Buffer 12 ETF - September

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,393,775) | $6325220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $89,455) | 89455 |
| &nbsp;&nbsp; Dividends receivable | 327 |
| &nbsp;&nbsp; **Total Assets** | 6415002 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $229,062) | 122627 |
| &nbsp;&nbsp; Management fee payable | 2523 |
| &nbsp;&nbsp; **Total Liabilities** | 125150 |
| &nbsp;&nbsp; **Net Assets** | $6289852 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 6313453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (23841) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6289852 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,289,852 ÷ 240,001 shares of common stock issued and outstanding) | $26.21 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - September

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1541 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 14225 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4862) |
| &nbsp;&nbsp; **Net expenses** | 9363 |
| &nbsp;&nbsp; Net investment income (loss) | (7822) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (162273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 111916 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (50357) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(58179) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 135

------

PGIM S&P 500 Buffer 12 ETF - September

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 14, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(7822) | $(5403) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions |  | 67538 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (50357) | 88237 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (58179) | 150372 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (40,000 and 290,001 shares, respectively) | 1096521 | 7437889 |
| &nbsp;&nbsp; Shares redeemed in-kind (0 and 90,000 shares, respectively) |  | (2336751) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1096521 | 5101138 |
| &nbsp;&nbsp; Total increase (decrease) | 1038342 | 5251510 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5251510 |  |
| &nbsp;&nbsp; End of period | $6289852 | $5251510 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - September

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 14, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.26 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.01)<sup>(c)</sup> | 1.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.05) | 1.26 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.21 | $26.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (0.19)% | 5.03% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6290 | $5252 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5737 | $2949 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42 %<sup>(f)</sup> | 0.44 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)%<sup>(f)</sup> | (0.39)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 137

------

PGIM S&P 500 Buffer 20 ETF - September

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $41,146)(wb) | 41146 | $41146 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 100.6%**<br> (cost $5,889,218) |  | 5807702 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 101.3%**<br> (cost $5,930,364) |  | 5848848 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (1.3)%**<br> (premiums received $200,802) |  | (75669) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br>(cost $5,729,562) |  | 5773179 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2114) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5771065 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 08/29/25 | $5.64 | 101 | 10 | $5529952 |
|  SPDR S&P 500 ETF Trust | Put | 08/29/25 | $563.68 | 101 | 10 | 277750 |
|  **Total Options Purchased** (cost $5,889,218) |  |  |  |  |  | $5807702 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - September

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 08/29/25 | $624.05 | 101 | 10 | $(27997) |
|  SPDR S&P 500 ETF Trust | Put | 08/29/25 | $450.94 | 101 | 10 | (47672) |
|  **Total Options Written** (premiums received $200,802) |  |  |  |  |  | $(75669) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund. | $41146 | $— | $— |
|  Options Purchased |  | 5807702 |  |
|  **Total** | $**41146** | $**5807702** | **$—** |
|  Liabilities |  |  |  |
|  **Options Written** | $**—** | $**(75669)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 139

------

PGIM S&P 500 Buffer 20 ETF - September

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 100.6 |
|  Affiliated Mutual Fund | 0.7 |
|  | 101.3 |
|  Options Written | (1.3) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $5807702 | Options written outstanding, at<br>value | $75669 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

For the six months ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - September

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(1)** | **Options<br>Written** |
|  Equity contracts | $(153399) | $148655 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $4708914 |
|  Options Written (2) | 16200 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 141

------

PGIM S&P 500 Buffer 20 ETF - September

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,889,218) | $5807702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $41,146) | 41146 |
| &nbsp;&nbsp; Dividends receivable | 178 |
| &nbsp;&nbsp; **Total Assets** | 5849026 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $200,802) | 75669 |
| &nbsp;&nbsp; Management fee payable | 2292 |
| &nbsp;&nbsp; **Total Liabilities** | 77961 |
| &nbsp;&nbsp; **Net Assets** | $5771065 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5784868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (14023) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $5771065 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($5,771,065 ÷ 220,001 shares of common stock issued and outstanding) | $26.23 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - September

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1122 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 11550 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3279) |
| &nbsp;&nbsp; **Net expenses** | 8271 |
| &nbsp;&nbsp; Net investment income (loss) | (7149) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (153399) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 148655 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (4744) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(11893) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 143

------

PGIM S&P 500 Buffer 20 ETF - September

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **May 14, 2024\***<br> **through**<br> **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(7149) | $(3229) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions |  | 49852 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (4744) | 48361 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (11893) | 94984 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (100,000 and 190,001 shares, respectively) | 2650543 | 4846032 |
| &nbsp;&nbsp; Shares redeemed in-kind (0 and 70,000 shares, respectively) |  | (1808601) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2650543 | 3037431 |
| &nbsp;&nbsp; Total increase (decrease) | 2638650 | 3132415 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3132415 |  |
| &nbsp;&nbsp; End of period | $5771065 | $3132415 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - September

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 14, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.10 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.17 <sup>(c)</sup> | 1.14 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.13 | 1.10 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.23 | $26.10 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 0.49% | 4.41% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $5771 | $3132 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4658 | $2051 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43 %<sup>(f)</sup> | 0.42 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)%<sup>(f)</sup> | (0.34)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 145

------

PGIM S&P 500 Buffer 12 ETF - October

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 102.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $61,907)(wb) | 61907 | $61907 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,074,437) |  | 6919811 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,136,344) |  | 6981718 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (2.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $257,188) |  | (178549) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,879,156) |  | 6803169 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2441) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800728 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 09/30/25 | $5.74 | 119 | 12 | $6504274 |
|  SPDR S&P 500 ETF Trust | Put | 09/30/25 | $573.76 | 119 | 12 | 415537 |
|  **Total Options Purchased** (cost $7,074,437) |  |  |  |  |  | $6919811 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 09/30/25 | $651.22 | 119 | 12 | $(14769) |
|  SPDR S&P 500 ETF Trust | Put | 09/30/25 | $504.91 | 119 | 12 | (163780) |
|  **Total Options Written** (premiums received $257,188) |  |  |  |  |  | $(178549) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $61907 | $— | $— |
|  Options Purchased |  | 6919811 |  |
|  **Total** | $**61907** | $**6919811** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(178549)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 147

------

PGIM S&P 500 Buffer 12 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.7 |
|  Affiliated Mutual Fund | 0.9 |
|  | 102.6 |
|  Options Written | (2.6) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $6919811 | Options written<br> outstanding, at value | $178549 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $37885 | $10743 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(3)** | **Options<br>Written** |
| Equity contracts | $(128367) | $67063 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6341217 |
|  Options Written (2) | 21400 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 149

------

PGIM S&P 500 Buffer 12 ETF - October

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $7,074,437) | $6919811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $61,907) | 61907 |
| &nbsp;&nbsp; Dividends receivable | 253 |
| &nbsp;&nbsp; **Total Assets** | 6981971 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $257,188) | 178549 |
| &nbsp;&nbsp; Management fee payable | 2694 |
| &nbsp;&nbsp; **Total Liabilities** | 181243 |
| &nbsp;&nbsp; **Net Assets** | $6800728 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 6933896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (133428) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6800728 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,800,728 ÷ 260,001 shares of common stock issued and outstanding) | $26.16 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - October

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1219 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 15194 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5097) |
| &nbsp;&nbsp; **Net expenses** | 10097 |
| &nbsp;&nbsp; Net investment income (loss) | (8878) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 48628 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (128367) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 67063 |
|  | (61304) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (12676) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(21554) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 151

------

PGIM S&P 500 Buffer 12 ETF - October

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> April 30, 2025**  | **May 16, 2024\* <br>through<br> October 31, 2024**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(8878) | $(5265) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 48628 | 150337 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (61304) | (14683) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (21554) | 130389 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (70,000 and 350,001 shares, respectively) | 1884200 | 9043783 |
| &nbsp;&nbsp; Shares redeemed in-kind (30,000 and 130,000 shares, respectively) | (822772) | (3413318) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1061428 | 5630465 |
| &nbsp;&nbsp; Total increase (decrease) | 1039874 | 5760854 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5760854 |  |
| &nbsp;&nbsp; End of period | $6800728 | $5760854 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - October

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 16, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.19 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.01 <sup>(c)</sup> | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.03) | 1.19 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.16 | $26.19 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (0.11)% | 4.74% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6801 | $5761 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6128 | $3325 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42 %<sup>(f)</sup> | 0.42 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)%<sup>(f)</sup> | (0.35)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 153

------

PGIM S&P 500 Buffer 20 ETF - October

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $83,881)(wb) | 83881 | $83881 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 100.6%**<br>(cost $7,497,145) |  | 7385008 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 101.7%**<br>(cost $7,581,026) |  | 7468889 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (1.7)%**<br>(premiums received $277,500) |  | (126829) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br>(cost $7,303,526) |  | 7342060 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2648) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339412 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 09/30/25 | $5.74 | 127 | 13 | $6941535 |
|  SPDR S&P 500 ETF Trust | Put | 09/30/25 | $573.76 | 127 | 13 | 443473 |
|  **Total Options Purchased** (cost $7,497,145) |  |  |  |  |  | $7385008 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 09/30/25 | $631.71 | 127 | 13 | $(37572) |
|  SPDR S&P 500 ETF Trust | Put | 09/30/25 | $459.01 | 127 | 13 | (89257) |
|  **Total Options Written** (premiums received $277,500) |  |  |  |  |  | $(126829) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $83881 | $— | $— |
|  Options Purchased |  | 7385008 |  |
|  **Total** | $**83881** | $**7385008** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(126829)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 155

------

PGIM S&P 500 Buffer 20 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 100.6% |
|  Affiliated Mutual Fund | <u>1.1</u> |
|  | 101.7 |
|  Options Written | (1.7) |
|  Liabilities in excess of other assets | <u>(0.0)</u> \* |
|  | 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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $7385008 | Options written outstanding, at value | $126829 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

For the six months ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(1)** | **Options<br>Written** |
|  Equity contracts | $(120746) | $163450 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $7135062 |
|  Options Written (2) | 24200 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 157

------

PGIM S&P 500 Buffer 20 ETF - October

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $7,497,145) | $7385008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $83,881) | 83881 |
| &nbsp;&nbsp; Dividends receivable | 309 |
| &nbsp;&nbsp; **Total Assets** | 7469198 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $277,500) | 126829 |
| &nbsp;&nbsp; Management fee payable | 2957 |
| &nbsp;&nbsp; **Total Liabilities** | 129786 |
| &nbsp;&nbsp; **Net Assets** | $7339412 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7366144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (27012) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $7339412 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,339,412 ÷ 280,001 shares of common stock issued and outstanding) | $26.21 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - October

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1780 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 17457 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3360) |
| &nbsp;&nbsp; **Net expenses** | 14097 |
| &nbsp;&nbsp; Net investment income (loss) | (12317) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (120746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 163450 |
|  | 42704 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 42704 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $30387 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 159

------

PGIM S&P 500 Buffer 20 ETF - October

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025** | **May 16, 2024\***<br> **through**<br> **<u>October 31, 2024</u>**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(12317) | $(4044) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions |  | 67757 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 42704 | (4170) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 30387 | 59543 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (50,000 and 310,001 shares, respectively) | 1330079 | 8012516 |
| &nbsp;&nbsp; Shares redeemed in-kind |  | (1826149) |
| &nbsp;&nbsp; Cost of shares purchased (10,000 and 0 shares, respectively) | (266964) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1063115 | 6186367 |
| &nbsp;&nbsp; Total increase (decrease) | 1093502 | 6245910 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 6245910 |  |
| &nbsp;&nbsp; End of period | $7339412 | $6245910 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - October

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 16, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.02 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.24 | 1.07 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.19 | 1.02 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.21 | $26.02 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.72% | 4.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7339 | $6246 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7041 | $2320 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45<sup></sup> %<sup>(e)</sup> | 0.43<sup></sup> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50<sup></sup> %<sup>(f)</sup> | 0.50<sup></sup> %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40<sup></sup>)%<sup>(e)</sup> | (0.38<sup></sup>)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 161

------

PGIM S&P 500 Buffer 12 ETF - November

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 103.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $83,966)(wb) | 83966 | $83966 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,234,178) |  | 5105848 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 103.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,318,144) |  | 5189814 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (3.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $185,945) |  | (148868) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,132,199) |  | 5040946 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (1712) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5039234 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 10/31/25 | $5.69 | 88 | 9 | $4804888 |
|  SPDR S&P 500 ETF Trust | Put | 10/31/25 | $568.64 | 88 | 9 | 300960 |
|  **Total Options Purchased** (cost $5,234,178) |  |  |  |  |  | $5105848 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - November

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/ Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call | 10/31/25 | $648.53 | 88 | 9 | $(20670) |
|  SPDR S&P 500 ETF Trust | Put | 10/31/25 | $500.40 | 88 | 9 | (128198) |
|  **Total Options Written** (premiums received $185,945) |  |  |  |  |  | $(148868) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $83966 | $— | $— |
|  Options Purchased |  | 5105848 |  |
|  **Total** | $**83966** | $**5105848** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(148868)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 163

------

PGIM S&P 500 Buffer 12 ETF - November

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.3 |
|  Affiliated Mutual Fund | 1.7 |
|  | 103.0 |
|  Options Written | (3.0) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair<br> Value** | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair<br> Value** |
|  Equity contracts | Unaffiliated investments | $5105848 | Options written<br> outstanding, at value | $148868 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 are as follows:

For the six months ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - November

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(1)** | **Options<br>Written** |
|  Equity contracts | $(128142) | $37268 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $3910656 |
|  Options Written (2) | 13267 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 165

------

PGIM S&P 500 Buffer 12 ETF - November

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,234,178) | $5105848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $83,966) | 83966 |
| &nbsp;&nbsp; Dividends receivable | 308 |
| &nbsp;&nbsp; **Total Assets** | 5190122 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $185,945) | 148868 |
| &nbsp;&nbsp; Management fee payable | 2020 |
| &nbsp;&nbsp; **Total Liabilities** | 150888 |
| &nbsp;&nbsp; **Net Assets** | $5039234 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5207752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (168708) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $5039234 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($5,039,234 ÷ 190,001 shares of common stock issued and outstanding) | $26.52 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - November

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1477 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 10409 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3380) |
| &nbsp;&nbsp; **Net expenses** | 7029 |
| &nbsp;&nbsp; Net investment income (loss) | (5552) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (128142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 37268 |
|  | (90874) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (90874) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(96426) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 167

------

PGIM S&P 500 Buffer 12 ETF - November

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 21, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(5552) | $(3144) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions |  | 127737 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (90874) | (379) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (96426) | 124214 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (90,000 and 200,001 shares, respectively) | 2480525 | 5185905 |
| &nbsp;&nbsp; Shares redeemed in-kind (0 and 100,000 shares, respectively) |  | (2654984) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2480525 | 2530921 |
| &nbsp;&nbsp; Total increase (decrease) | 2384099 | 2655135 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 2655135 |  |
| &nbsp;&nbsp; End of period | $5039234 | $2655135 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - November

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 21, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.55 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.01 &nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup> | 1.59 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.03) | 1.55 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.52 | $26.55 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (0.13)% | 6.22% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $5039 | $2655 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4198 | $2127 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42 %<sup>(f)</sup> | 0.43 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35)%<sup>(f)</sup> | (0.33)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 169

------

PGIM S&P 500 Buffer 20 ETF - November

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 102.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $81,161)(wb) | 81161 | $81161 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.2%**<br> (cost $8,002,631) |  | 7774814 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.2%**<br> (cost $8,083,792) |  | 7855975 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (2.2)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $349,381) |  | (170620) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $7,734,411) |  | 7685355 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2539) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7682816 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 10/31/25 | $5.69 | 134 | 13 | $7316534 |
|  SPDR S&P 500 ETF Trust | Put | 10/31/25 | $568.64 | 134 | 13 | 458280 |
|  **Total Options Purchased** (cost $8,002,631) |  |  |  |  |  | $7774814 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - November

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br> Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 10/31/25 | $631.30 | 134 | 13 | $(63646) |
|  SPDR S&P 500 ETF Trust | Put | 10/31/25 | $454.91 | 134 | 13 | (106974) |
|  **Total Options Written** (premiums received $349,381) |  |  |  |  |  | $(170620) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $81161 | $— | $— |
|  Options Purchased |  | 7774814 |  |
|  **Total** | $**81161** | $**7774814** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(170620)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 171

------

PGIM S&P 500 Buffer 20 ETF - November

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.2 |
|  Affiliated Mutual Fund | 1 |
|  | 102.2 |
|  Options Written | (2.2) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100 |

---

\* 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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $7774814 | Options written outstanding, at value | $170620 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $5424 | $11958 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - November

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(227649) | $178931 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6224293 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20933 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 173

------

PGIM S&P 500 Buffer 20 ETF - November

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,002,631) | $7774814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $81,161) | 81161 |
| &nbsp;&nbsp; Dividends receivable | 300 |
| &nbsp;&nbsp; **Total Assets** | 7856275 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $349,381) | 170620 |
| &nbsp;&nbsp; Management fee payable | 2839 |
| &nbsp;&nbsp; **Total Liabilities** | 173459 |
| &nbsp;&nbsp; **Net Assets** | $7682816 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7998748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (316222) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $7682816 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,682,816 ÷ 290,001 shares of common stock issued and outstanding) | $26.49 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - November

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1651 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 18211 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6813) |
| &nbsp;&nbsp; **Net expenses** | 11398 |
| &nbsp;&nbsp; Net investment income (loss) | (9747) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 17382 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (227649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 178931 |
|  | (48718) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (31336) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(41083) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 175

------

PGIM S&P 500 Buffer 20 ETF - November

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 21, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(9747) | $(10354) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 17382 | 321224 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (48718) | (338) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (41083) | 310532 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (210,000 and 540,001 shares, respectively) | 5622034 | 13899513 |
| &nbsp;&nbsp; Shares redeemed in-kind (10,000 and 270,000 shares, respectively) | (266540) | (7104029) |
| &nbsp;&nbsp; Cost of shares purchased (0 and 180,000 shares, respectively) |  | (4737611) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5355494 | 2057873 |
| &nbsp;&nbsp; Total increase (decrease) | 5314411 | 2368405 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 2368405 |  |
| &nbsp;&nbsp; End of period | $7682816 | $2368405 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - November

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 21, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.32 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.21 <sup>(c)</sup> | 1.36 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.17 | 1.32 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.49 | $26.32 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 0.65% | 5.28% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7683 | $2368 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7423 | $5986 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.40 %<sup>(f)</sup> | 0.45 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)%<sup>(f)</sup> | (0.39)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 177

------

PGIM S&P 500 Buffer 12 ETF - December

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $81,012)(wb) | 81012 | $81012 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 103.0%**<br> (cost $7,399,668) |  | 7172520 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.1%**<br> (cost $7,480,680) |  | 7253532 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (4.1)%**<br> (premiums received $234,160) |  | (285928) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $7,246,520) |  | 6967604 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2498) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6965106 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/** <br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 11/28/25 | $6.03 | 120 | 12 | $6548640 |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $602.55 | 120 | 12 | 623880 |
|  **Total Options Purchased** (cost $7,399,668) |  |  |  |  |  | $7172520 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - December

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/** <br> **Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 11/28/25 | $685.16 | 120 | 12 | $(11244) |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $530.24 | 120 | 12 | (274684) |
|  **Total Options Written** (premiums received $234,160) |  |  |  |  |  | $(285928) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $81012 | $— | $— |
|  Options Purchased |  | 7172520 |  |
|  **Total** | $**81012** | $**7172520** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(285928)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 179

------

PGIM S&P 500 Buffer 12 ETF - December

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 103.0 |
|  Affiliated Mutual Fund | 1.1 |
|  | 104.1 |
|  Options Written | (4.1) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $7172520 | Options written<br>outstanding, at value | $285928 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $652805 | $(265052) |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - December

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(508262) | $(37280) |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $6885811 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23333 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 181

------

PGIM S&P 500 Buffer 12 ETF - December

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $7,399,668) | $7172520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $81,012) | 81012 |
| &nbsp;&nbsp; Dividends receivable | 299 |
| &nbsp;&nbsp; **Total Assets** | 7253831 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $234,160) | 285928 |
| &nbsp;&nbsp; Management fee payable | 2797 |
| &nbsp;&nbsp; **Total Liabilities** | 288725 |
| &nbsp;&nbsp; **Net Assets** | $6965106 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 6873527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 91309 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6965106 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,965,106 ÷ 270,001 shares of common stock issued and outstanding) | $25.80 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - December

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1786 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 15254 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5711) |
| &nbsp;&nbsp; **Net expenses** | 9543 |
| &nbsp;&nbsp; Net investment income (loss) | (7757) |
| &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 | 104294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 454393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (170934) |
|  | 387753 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (508262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (37280) |
|  | (545542) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (157789) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(165546) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 183

------

PGIM S&P 500 Buffer 12 ETF - December

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **May 23, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7757) | $(9771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 387753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (545542) | 266626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (165546) | 256855 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (200,000 and 270,001 shares, respectively) | 5367428 | 6861542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (200,000 and 0 shares, respectively) | (5355173) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 12255 | 6861542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (153291) | 7118397 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 7118397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6965106 | $7118397 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - December

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 23, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.36 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.53) | 1.41 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.56) | 1.36 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.80 | $26.36 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (2.15)% | 5.46% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6965 | $7118 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6152 | $5488 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41 %<sup>(e)</sup> | 0.45 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35)%<sup>(e)</sup> | (0.40)%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 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, with the exception of certain non-recurring expense waivers.

(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 Rock ETF Trust 185

------

PGIM S&P 500 Buffer 20 ETF - December

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 102.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $200,791)(wb) | 200791 | $200791 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.6%**<br> (cost $26,396,051) |  | 26060156 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.4%**<br> (cost $26,596,842) |  | 26260947 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (2.4)%**<br> (premiums received $869,550) |  | (621544) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $25,727,292) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25639403 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (6923) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $25632480 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 11/28/25 | $6.03 | 436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $23793392 |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $602.55 | 436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | 2266764 |
|  **Total Options Purchased** (cost $26,396,051) |  |  |  |  |  | $26060156 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - December

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/ <br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 11/28/25 | $668.71 | 436 | 44 | $(70017) |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $482.04 | 436 | 44 | (551527) |
|  **Total Options Written** (premiums received $869,550) |  |  |  |  |  | $(621544) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $200791 | $— | $— |
|  Options Purchased |  | 26060156 |  |
|  **Total** | $**200791** | $**26060156** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(621544)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 187

------

PGIM S&P 500 Buffer 20 ETF - December

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.6 |
|  Affiliated Mutual Fund | 0.8 |
|  | 102.4 |
|  Options Written | (2.4) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $26060156 | Options written<br> outstanding, at value | $621544 |

---

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $388133 | $(189589) |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - December

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(475926) | $282726 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | | |
|:---|:---|:---|
|  **Derivative Contract Type** | **Average Volume of Derivative Activities** | **\*** |
|  Options Purchased (1) | $15046453 |  |
|  Options Written (2) | 49867 |  |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 189

------

PGIM S&P 500 Buffer 20 ETF - December

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $26,396,051) | $26060156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $200,791) | 200791 |
| &nbsp;&nbsp; Dividends receivable | 617 |
| &nbsp;&nbsp; **Total Assets** | 26261564 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $869,550) | 621544 |
| &nbsp;&nbsp; Management fee payable | 7540 |
| &nbsp;&nbsp; **Total Liabilities** | 629084 |
| &nbsp;&nbsp; **Net Assets** | $25632480 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 25549079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 82411 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $25632480 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($25,632,480 ÷ 990,001 shares of common stock issued and outstanding) | $25.89 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - December

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3008 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 31461 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3773) |
| &nbsp;&nbsp; **Net expenses** | 27688 |
| &nbsp;&nbsp; Net investment income (loss) | (24680) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 22284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 373785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (197525) |
|  | 198544 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (475926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 282726 |
|  | (193200) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 5344 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(19336) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 191

------

PGIM S&P 500 Buffer 20 ETF - December

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> <u>April 30, 2025</u>**  | **May 23, 2024\*<br>through<br> <u>October 31, 2024</u>**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(24680) | $(3564) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 198544 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (193200) | 105311 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (19336) | 101747 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,010,000 and 140,001 shares, respectively) | 26206640 | 3560251 |
| &nbsp;&nbsp; Shares redeemed in-kind (160,000 and 0 shares, respectively) | (4216822) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 21989818 | 3560251 |
| &nbsp;&nbsp; Total increase (decrease) | 21970482 | 3661998 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3661998 |  |
| &nbsp;&nbsp; End of period | $25632480 | $3661998 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - December

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **May 23, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.16 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.22<sup></sup>)<sup>(c)</sup> | 1.20 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.27) | 1.16 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.89 | $26.16 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (1.02)% | 4.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $25632 | $3662 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $12691 | $2272 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.47 %<sup>(f)</sup> | 0.44 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(g)</sup> | 0.50 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.42)%<sup>(f)</sup> | (0.36)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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, with the exception of certain non-recurring expense waivers.

(g) Annualized.

(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 Rock ETF Trust 193

------

PGIM Laddered S&P 500 Buffer 12 ETF

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January\* | 113513 | $3194767 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February\* | 115139 | 3156720 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March\* | 117955 | 3278441 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April\* | 120183 | 3183888 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May\* | 117809 | 3238569 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June\* | 121515 | 3215858 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July\* | 121056 | 3181933 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August\* | 120927 | 3194928 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September\* | 121212 | 3179585 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October\* | 121663 | 3183957 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November\* | 121949 | 3239685 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December\* | 121497 | 3137028 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $38,109,757) |  | 38385359 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $154,767) | 154767 | 154767 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $38,264,524)(wa) |  | 38540126 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.0% |  | 1600 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $38541726 |

---

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

\* Non-income producing security.

(wa) Represents investments in Funds 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 Laddered S&P 500 Buffer 12 ETF

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $38385359 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 154767 |  |  |
|  **Total** | $**38540126** | $**—** | $**—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Funds | 99.6% |
|  Affiliated Mutual Fund | 0.4 |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Rock ETF Trust 195

------

PGIM Laddered S&P 500 Buffer 12 ETF

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Affiliated investments (cost $38,264,524) | $38540126 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 1057 |
| &nbsp;&nbsp; Dividends receivable | 543 |
| &nbsp;&nbsp; **Total Assets** | 38541726 |
| &nbsp;&nbsp; **Net Assets** | $38541726 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 38262820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 277426 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $38541726 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($38,541,726 ÷ 1,480,000 shares of common stock issued and outstanding) | $26.04 |

---

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 12 ETF

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2670 |
| &nbsp;&nbsp; Net investment income (loss) | 2670 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (452213) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (452213) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(449543) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 197

------

PGIM Laddered S&P 500 Buffer 12 ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> <u>April 30, 2025</u>**  | **June 11, 2024\*<br>through<br><u>October 31, 2024</u>** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $2670 | $3628 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (452213) | 727815 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (449543) | 731443 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (4474) |  |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (0 and 280,000 shares, respectively) |  | 7000000 |
| &nbsp;&nbsp; Shares sold in-kind (540,000 and 660,000 shares, respectively) | 14415323 | 16848977 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 14415323 | 23848977 |
| &nbsp;&nbsp; Total increase (decrease) | 13961306 | 24580420 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 24580420 |  |
| &nbsp;&nbsp; End of period | $38541726 | $24580420 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 12 ETF

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **June 11, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.15 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | - <sup>(c)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.11) | 1.14 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.11) | 1.15 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - <sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.04 | $26.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (0.39)% | 4.60% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $38542 | $24580 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $30211 | $18568 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | - % | - % |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | - % | - % |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 %<sup>(f)</sup> | 0.05 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 0% | 0% |

---

(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 Rock ETF Trust 199

------

PGIM Laddered S&P 500 Buffer 20 ETF

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January\* | 114019 | $3143641 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February\* | 115187 | 3124747 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March\* | 116953 | 3202559 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April\* | 118840 | 3155606 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May\* | 117247 | 3224292 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June\* | 120158 | 3176785 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July\* | 119565 | 3147955 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August\* | 119438 | 3157774 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September\* | 119728 | 3139041 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October\* | 120146 | 3149603 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November\* | 120437 | 3189413 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December\* | 120010 | 3106771 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $38,024,446) |  | 37918187 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $176,622) | 176622 | 176622 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $38,201,068)(wa) |  | 38094809 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.0% |  | 647 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38095456 |

---

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

\* Non-income producing security.

(wa) Represents investments in Funds 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 Laddered S&P 500 Buffer 20 ETF

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $37918187 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 176622 |  |  |
|  **Total** | $**38094809** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Funds | 99.5% |
|  Affiliated Mutual Fund | 0.5 |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Rock ETF Trust 201

------

PGIM Laddered S&P 500 Buffer 20 ETF

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Affiliated investments (cost $38,201,068) | $38094809 |
| &nbsp;&nbsp; Dividends receivable | 647 |
| &nbsp;&nbsp; **Total Assets** | 38095456 |
| &nbsp;&nbsp; **Net Assets** | $38095456 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 37843631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 250365 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $38095456 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($38,095,456 ÷ 1,460,000 shares of common stock issued and outstanding) | $26.09 |

---

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 20 ETF

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3371 |
| &nbsp;&nbsp; Net investment income (loss) | 3371 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 354144 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (633203) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (279059) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(275688) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 203

------

PGIM Laddered S&P 500 Buffer 20 ETF

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **June 11, 2024\*<br>through**<br>**October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $3371 | $3511 |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 354144 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (633203) | 526944 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (275688) | 530455 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (4402) |  |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (0 and 280,000 shares, respectively) |  | 7000000 |
| &nbsp;&nbsp; Shares sold in-kind (990,000 and 400,000 shares, respectively) | 26303127 | 10147766 |
| &nbsp;&nbsp; Shares redeemed in-kind (210,000 and 0 shares, respectively) | (5605802) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 20697325 | 17147766 |
| &nbsp;&nbsp; Total increase (decrease) | 20417235 | 17678221 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 17678221 |  |
| &nbsp;&nbsp; End of period | $38095456 | $17678221 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 20 ETF

Financial Highlights (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months<br>Ended<br>April 30, 2025** | **June 11, 2024<sup>(a)</sup>through<br>October 31, 2024** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.00 | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | - <sup>(c)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.09 <sup>(d)</sup> | 0.99 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.09 | 1.00 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - <sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.09 | $26.00 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(e)</sup>:** | 0.38% | 3.99% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $38095 | $17678 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $33216 | $14920 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(f)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | - % | - % |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | - % | - % |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 %<sup>(g)</sup> | 0.06 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% |

---

(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) 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 Rock ETF Trust 205

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.3%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $49,725)(wb) | 49725 | $49725 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.4%**<br> (cost $4,186,940) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4043664 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.7%**<br> (cost $4,236,665) |  | 4093389 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.7)%**<br> (premiums received $232,627) |  | (218696) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $4,004,038) |  | 3874693 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (1356) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $3873337 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 12/31/25 | $5.11 | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $3658070 |
|  Invesco QQQ ETF Trust | Put | 12/31/25 | $511.23 | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | 385594 |
|  **Total Options Purchased** (cost $4,186,940) |  |  |  |  |  | $4043664 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 12/31/25 | $598.55 | 78 | 8 | $(27465) |
|  Invesco QQQ ETF Trust | Put | 12/31/25 | $449.88 | 78 | 8 | (191231) |
|  **Total Options Written** (premiums received $232,627) |  |  |  |  |  | $(218696) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $49725 | $— | $— |
|  Options Purchased |  | 4043664 |  |
|  **Total** | $**49725** | $**4043664** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(218696)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 207

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.4 |
|  Affiliated Mutual Fund | 1.3 |
|  | 105.7 |
|  Options Written | (5.7) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $4043664 | Options written outstanding, at value | $218696 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 are as follows:

For the period ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **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** | **Options<br>Purchased(1)** | **Options<br>Written** |
|  Equity contracts | $(143276) | $13931 |

---

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

For the period ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | | |
|:---|:---|:---|
|  **Derivative Contract Type** | **Average Volume of Derivative Activities** | **\*** |
|  Options Purchased (1) | $3652997 |  |
|  Options Written (2) | 13600 |  |

---

\* Average volume is based on average quarter end balances for the period ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 209

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,186,940) | $4043664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $49,725) | 49725 |
| &nbsp;&nbsp; Dividends receivable | 184 |
| &nbsp;&nbsp; **Total Assets** | 4093573 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $232,627) | 218696 |
| &nbsp;&nbsp; Management fee payable | 1540 |
| &nbsp;&nbsp; **Total Liabilities** | 220236 |
| &nbsp;&nbsp; **Net Assets** | $3873337 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 4006475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (133298) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $3873337 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,873,337 ÷ 160,000 shares of common stock issued and outstanding) | $24.21 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Statement of Operations (unaudited)

For the Period December 27, 2024\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1525 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 5457 |
| &nbsp;&nbsp; Miscellaneous | 21 |
| &nbsp;&nbsp; **Total expenses** | 5478 |
| &nbsp;&nbsp; Net investment income (loss) | (3953) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (143276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 13931 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (129345) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(133298) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 211

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024\*<br>through**<br>**April 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(3953) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (129345) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (133298) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (170,000 shares) | 4260169 |
| &nbsp;&nbsp; Cost of shares purchased (10,000 shares) | (253534) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4006635 |
| &nbsp;&nbsp; Total increase (decrease) | 3873337 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $3873337 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024<sup>(a)</sup>through**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.76) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.79) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $24.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (3.17)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3873 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3212 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50<sup></sup> %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50<sup></sup> %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36<sup></sup>)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 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.

PGIM Rock ETF Trust 213

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 107.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $52,547)(wb) | 52547 | $52547 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 107.0%**<br> (cost $6,611,074) |  | 6704698 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 107.9%**<br> (cost $6,663,621) |  | 6757245 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (7.9)%**<br> (premiums received $424,882) |  | (490981) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $6,238,739) |  | 6266264 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (2254) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264010 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 03/31/26 | $4.69 | 133 | 13 | $6241801 |
|  Invesco QQQ ETF Trust | Put | 03/31/26 | $468.92 | 133 | 13 | 462897 |
|  **Total Options Purchased** (cost $6,611,074) |  |  |  |  |  | $6704698 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 03/31/26 | $551.22 | 133 | 13 | $(245012) |
|  Invesco QQQ ETF Trust | Put | 03/31/26 | $412.65 | 133 | 13 | (245969) |
|  **Total Options Written** (premiums received $424,882) |  |  |  |  |  | $(490981) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $52547 | $— | $— |
|  Options Purchased |  | 6704698 |  |
|  **Total** | $**52547** | $**6704698** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(490981)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 215

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 107.0 |
|  Affiliated Mutual Fund | 0.9 |
|  | 107.9 |
|  Options Written | (7.9) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br> **Value** |
|  Equity contracts | Unaffiliated investments | $6704698 | Options written outstanding, at value | $490981 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 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)** | **Options**<br>**Written(2)** |
|  Equity contracts | $(82289) | $60180 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options**<br>**Purchased(3)** | **Options**<br> **Written**  |
|  Equity contracts | $93624 | $(66099) |

---

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

For the period ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $4457023 |
|  Options Written (2) | 17700 |

---

\* Average volume is based on average quarter end balances for the period ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 217

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,611,074) | $6704698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $52,547) | 52547 |
| &nbsp;&nbsp; Dividends receivable | 188 |
| &nbsp;&nbsp; **Total Assets** | 6757433 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $424,882) | 490981 |
| &nbsp;&nbsp; Management fee payable | 2442 |
| &nbsp;&nbsp; **Total Liabilities** | 493423 |
| &nbsp;&nbsp; **Net Assets** | $6264010 |
| &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 | 6262384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1376 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6264010 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,264,010 ÷ 250,000 shares of common stock issued and outstanding) | $25.06 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Statement of Operations (unaudited)

For the Period December 27, 2024\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1269 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 5288 |
| &nbsp;&nbsp; Miscellaneous | 21 |
| &nbsp;&nbsp; **Total expenses** | 5309 |
| &nbsp;&nbsp; Net investment income (loss) | (4040) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (84064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (9904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 71859 |
|  | (22109) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investments | 93624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (66099) |
|  | 27525 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 5416 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1376 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 219

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024\***<br>**through**<br>**April 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(4040) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | (22109) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 27525 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1376 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (290,000 shares) | 7194780 |
| &nbsp;&nbsp; Shares redeemed in-kind (40,000 shares) | (932146) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6262634 |
| &nbsp;&nbsp; Total increase (decrease) | 6264010 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $6264010 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024<sup>(a)</sup>through**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.09 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.06 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.06 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.22% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6264 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3113 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 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.

PGIM Rock ETF Trust 221

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 102.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $17,614)(wb) | 17614 | $17614 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.5%**<br> (cost $2,589,044) |  | 2486925 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.2%**<br> (cost $2,606,658) |  | 2504539 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (2.2)%**<br> (premiums received $108,020) |  | (52815) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $2,498,638) |  | 2451724 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (912) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $2450812 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 06/30/25 | $5.11 | 49 | 5 | $2301955 |
|  Invesco QQQ ETF Trust | Put | 06/30/25 | $511.23 | 49 | 5 | 184970 |
|  **Total Options Purchased** (cost $2,589,044) |  |  |  |  |  | $2486925 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 06/30/25 | $552.59 | 49 | 5 | $(2517) |
|  Invesco QQQ ETF Trust | Put | 06/30/25 | $449.88 | 49 | 5 | (50298) |
|  **Total Options Written** (premiums received $108,020) |  |  |  |  |  | $(52815) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $17614 | $— | $— |
|  Options Purchased |  | 2486925 |  |
|  **Total** | $**17614** | $**2486925** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(52815)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 223

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.5 |
|  Affiliated Mutual Fund | 0.7 |
|  | 102.2 |
|  Options Written | (2.2) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **fair value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br> **Value** |
|  Equity contracts | Unaffiliated investments | $2486925 | Options written outstanding, at value | $52815 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 are as follows:

For the period ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **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** | **Options**<br>**Purchased(1)** | **Options**<br>**Written** |
|  Equity contracts | $(102119) | $55205 |

---

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

For the period ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $2460097 |
|  Options Written (2) | 9300 |

---

\* Average volume is based on average quarter end balances for the period ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 225

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,589,044) | $2486925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $17,614) | 17614 |
| &nbsp;&nbsp; Dividends receivable | 67 |
| &nbsp;&nbsp; **Total Assets** | 2504606 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $108,020) | 52815 |
| &nbsp;&nbsp; Management fee payable | 979 |
| &nbsp;&nbsp; **Total Liabilities** | 53794 |
| &nbsp;&nbsp; **Net Assets** | $2450812 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2500319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (49607) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $2450812 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,450,812 ÷ 100,000 shares of common stock issued and outstanding) | $24.51 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Statement of Operations (unaudited)

For the Period December 27, 2024\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1143 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3815 |
| &nbsp;&nbsp; Miscellaneous | 21 |
| &nbsp;&nbsp; **Total expenses** | 3836 |
| &nbsp;&nbsp; Net investment income (loss) | (2693) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (102119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 55205 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (46914) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(49607) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 227

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024\***<br>**through**<br>**April 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(2693) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (46914) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (49607) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (100,000 shares) | 2500419 |
| &nbsp;&nbsp; Total increase (decrease) | 2450812 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2450812 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024<sup>(a)</sup>**<br>**through**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.46) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.49) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $24.51 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.97)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2451 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2246 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 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.

PGIM Rock ETF Trust 229

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $60,132)(wb) | 60132 | $60132 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 102.2%**<br> (cost $3,088,624) |  | 2979620 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.3%**<br> (cost $3,148,756) |  | 3039752 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (4.3)%**<br> (premiums received $144,992) |  | (123809) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $3,003,764) |  | 2915943 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (942) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915001 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 09/30/25 | $5.11 | 58 | 6 | $2721689 |
|  Invesco QQQ ETF Trust | Put | 09/30/25 | $511.23 | 58 | 6 | 257931 |
|  **Total Options Purchased** (cost $3,088,624) |  |  |  |  |  | $2979620 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Invesco QQQ ETF Trust | Call | 09/30/25 | $575.44 | 58 | 6 | $(12912) |
|  Invesco QQQ ETF Trust | Put | 09/30/25 | $449.88 | 58 | 6 | (110897) |
|  **Total Options Written** (premiums received $144,992) |  |  |  |  |  | $(123809) |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $60132 | $— | $— |
|  Options Purchased |  | 2979620 |  |
|  **Total** | $**60132** | $**2979620** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(123809)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 231

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 102.2 |
|  Affiliated Mutual Fund | 2.1 |
|  | 104.3 |
|  Options Written | (4.3) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $2979620 | Options written outstanding, at value | $123809 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 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)** | **Options<br>Written(2)** |
|  Equity contracts | $12262 | $9189 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(2) Included in net realized gain (loss) on Options written transactions and net realized gain (loss) on in-kind redemptions 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** | **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(3)** | **Options<br>Written** |
|  Equity contracts | $(109004) | $21183 |

---

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

For the period ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $2720308 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 |

---

\* Average volume is based on average quarter end balances for the period ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 233

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,088,624) | $2979620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $60,132) | 60132 |
| &nbsp;&nbsp; Dividends receivable | 219 |
| &nbsp;&nbsp; **Total Assets** | 3039971 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $144,992) | 123809 |
| &nbsp;&nbsp; Management fee payable | 1161 |
| &nbsp;&nbsp; **Total Liabilities** | 124970 |
| &nbsp;&nbsp; **Net Assets** | $2915001 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2984026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (69145) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $2915001 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,915,001 ÷ 120,000 shares of common stock issued and outstanding) | $24.29 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Statement of Operations (unaudited)

For the Period December 27, 2024\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1369 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 4122 |
| &nbsp;&nbsp; Miscellaneous | 22 |
| &nbsp;&nbsp; **Total expenses** | 4144 |
| &nbsp;&nbsp; Net investment income (loss) | (2775) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 21451 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (109004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 21183 |
|  | (87821) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (66370) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(69145) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 235

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024\*<br>through**<br> **April 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(2775) |
| &nbsp;&nbsp; Net realized gain (loss) on in-kind redemptions | 21451 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (87821) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (69145) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (130,000 shares) | 3228336 |
| &nbsp;&nbsp; Shares redeemed in-kind (10,000 shares) | (244190) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2984146 |
| &nbsp;&nbsp; Total increase (decrease) | 2915001 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2915001 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024<sup>(a)</sup>through**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.68) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.71) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $24.29 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (2.83)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2915 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2426 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.34)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 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.

PGIM Rock ETF Trust 237

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January\* | 84976 | $2058527 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April\* | 84976 | 2130850 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July\* | 84976 | 2085812 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October\* | 84976 | 2067823 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,477,841) |  | 8343012 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,474) | 1474 | 1474 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,479,315)(wa) |  | 8344486 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.0% |  | 79 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344565 |

---

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

\* Non-income producing security.

(wa) Represents investments in Funds 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 Laddered Nasdaq-100 Buffer 12 ETF

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

The following is a summary of the inputs used as of April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $8343012 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1474 |  |  |
|  **Total** | $**8344486** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Funds | 100.0% |
|  Affiliated Mutual Fund | 0.0 \* |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Rock ETF Trust 239

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Affiliated investments (cost $8,479,315) | $8344486 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 74 |
| &nbsp;&nbsp; Dividends receivable | 5 |
| &nbsp;&nbsp; **Total Assets** | 8344565 |
| &nbsp;&nbsp; **Net Assets** | $8344565 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 8476598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (132373) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $8344565 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,344,565 ÷ 340,000 shares of common stock issued and outstanding) | $24.54 |

---

See Notes to Financial Statements.

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Statement of Operations (unaudited)

For the Period December 27, 2024\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2612 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Miscellaneous | 102 |
| &nbsp;&nbsp; Net investment income (loss) | 2510 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (54) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (134829) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (134883) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(132373) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 241

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024\*<br>through**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $2510 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (54) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (134829) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (132373) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (280,000 shares) | 7000000 |
| &nbsp;&nbsp; Shares sold in-kind (70,000 shares) | 1705106 |
| &nbsp;&nbsp; Shares redeemed in-kind (10,000 shares) | (228168) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 8476938 |
| &nbsp;&nbsp; Total increase (decrease) | 8344565 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $8344565 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **December 27, 2024<sup>(a)</sup>through<br>April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.01 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.47) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.46) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $24.54 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.83)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $8345 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7313 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | - %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | - %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.10 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 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) Amount rounds to zero.

(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 Rock ETF Trust 243

------

PGIM S&P 500 Max Buffer ETF - January

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.4%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $60,310)(wb) | 60310 | $60310 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,519,511) |  | 2475984 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 101.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,579,821) |  | 2536294 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (1.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $80,802) |  | (34676) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,499,019) |  | 2501618 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (800) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500818 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $5.86 | 42 | 4 | $2287320 |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $586.08 | 42 | 4 | 188664 |
|  **Total Options Purchased** (cost $2,519,511) |  |  |  |  |  | $2475984 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br> Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $630.27 | 42 | 4 | $(34676) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $80,802) |  |  |  |  |  |  |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2**  | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $60310 | $— | $— |
|  Options Purchased |  | 2475984 |  |
|  **Total** | $**60310** | $**2475984** | **$—** |
|  **Liabilities** |  |  |  |
|  Option Written | $**—** | $**(34676)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 245

------

PGIM S&P 500 Max Buffer ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.0 |
|  Affiliated Mutual Fund | 2.4 |
|  | 101.4 |
|  Option Written | (1.4) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **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 | Unaffiliated investments | $2475984 | Options written outstanding, at value | $34676 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 are as follows:

For the period ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - January

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **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** | **Options<br>Purchased(1)** | **Options<br>Written** |
|  Equity contracts | $(43527) | $46126 |

---

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

For the period ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $2519511 |
| &nbsp;&nbsp; Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 |

---

\* Average volume is based on average quarter end balances for the period ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 247

------

PGIM S&P 500 Max Buffer ETF - January

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,519,511) | $2475984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $60,310) | 60310 |
| &nbsp;&nbsp; Dividends receivable | 219 |
| &nbsp;&nbsp; **Total Assets** | 2536513 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $80,802) | 34676 |
| &nbsp;&nbsp; Management fee payable | 1019 |
| &nbsp;&nbsp; **Total Liabilities** | 35695 |
| &nbsp;&nbsp; **Net Assets** | $2500818 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2500805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (87) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $2500818 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,500,818 ÷ 100,001 shares of common stock issued and outstanding) | $25.01 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - January

Statement of Operations (unaudited)

For the Period December 31, 2024\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1364 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 4050 |
| &nbsp;&nbsp; Net investment income (loss) | (2686) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (43527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 46126 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 2599 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(87) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 249

------

PGIM S&P 500 Max Buffer ETF - January

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **December 31, 2024\*<br>through**<br>**April 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(2686) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2599 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (87) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (100,001 shares) | 2500905 |
| &nbsp;&nbsp; Total increase (decrease) | 2500818 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2500818 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - January

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **December 31, 2024<sup>(a)</sup><br>through**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.04 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.01 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.01 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.03% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2501 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2464 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.33)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 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.

PGIM Rock ETF Trust 251

------

PGIM S&P 500 Max Buffer ETF - February

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.2%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $41,607)(wb) | 41607 | $41607 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 99.9%**<br> (cost $3,566,923) |  | 3469178 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 101.1%**<br> (cost $3,608,530) |  | 3510785 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (1.1)%**<br> (premiums received $110,789) |  | (36072) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%**<br> (cost $3,497,741) |  | 3474713 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (1261) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473452 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $6.02 | 58 | 6 | $3154923 |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $601.82 | 58 | 6 | 314255 |
|  **Total Options Purchased** (cost $3,566,923) |  |  |  |  |  | $3469178 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call | 01/30/26 | $646.48 | 58 | 6 | $(36072) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $110,789) |  |  |  |  |  |  |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $41607 | $— | $— |
|  Options Purchased |  | 3469178 |  |
|  **Total** | $**41607** | $**3469178** | **$—** |
|  **Liabilities** |  |  |  |
|  Option Written | $**—** | $**(36072)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 253

------

PGIM S&P 500 Max Buffer ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 99.9 |
|  Affiliated Mutual Fund | 1.2 |
|  | 101.1 |
|  Option Written | (1.1) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **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 | Unaffiliated investments | $3469178 | Options written outstanding, at value | $36072 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 are as follows:

For the period ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - February

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(1)** | **Options<br>Written** |
|  Equity contracts | $(97745) | $74717 |

---

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

For the period ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $2797784 |
|  Options Written (2) | 4550 |

---

\* Average volume is based on average quarter end balances for the period ended April 30, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 255

------

PGIM S&P 500 Max Buffer ETF - February

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,566,923) | $3469178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $41,607) | 41607 |
| &nbsp;&nbsp; Dividends receivable | 154 |
| &nbsp;&nbsp; **Total Assets** | 3510939 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $110,789) | 36072 |
| &nbsp;&nbsp; Management fee payable | 1415 |
| &nbsp;&nbsp; **Total Liabilities** | 37487 |
| &nbsp;&nbsp; **Net Assets** | $3473452 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 3498917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (25605) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $3473452 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,473,452 ÷ 140,001 shares of common stock issued and outstanding) | $24.81 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - February

Statement of Operations (unaudited)

For the Period January 31, 2025\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1263 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3840 |
| &nbsp;&nbsp; Net investment income (loss) | (2577) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (97745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 74717 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (23028) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(25605) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 257

------

PGIM S&P 500 Max Buffer ETF - February

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **January 31, 2025\*<br>through**<br>**April 30, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(2577) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (23028) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (25605) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (140,001 shares) | 3499057 |
| &nbsp;&nbsp; Total increase (decrease) | 3473452 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $3473452 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - February

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **January 31, 2025<sup>(a)</sup><br>through**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.17) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.19) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $24.81 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.76)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3473 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3150 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.34)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 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.

PGIM Rock ETF Trust 259

------

PGIM S&P 500 Max Buffer ETF - March

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.6%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $13,547)(wb) | 13547 | $13547 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.2%**<br> (cost $2,301,672) |  | 2261879 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 101.8%**<br> (cost $2,315,219) |  | 2275426 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (1.8)%**<br> (premiums received $67,616) |  | (38937) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%**<br> (cost $2,247,603) |  | 2236489 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.0)% |  | (860) |
| &nbsp;&nbsp; **NET ASSETS 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;2235629 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 02/27/26 | $5.94 | 38 | 4 | $2068013 |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $594.18 | 38 | 4 | 193866 |
|  **Total Options Purchased** (cost $2,301,672) |  |  |  |  |  | $2261879 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call | 02/27/26 | $636.37 | 38 | 4 | $(38937) |
|  (premiums received $67,616) |  |  |  |  |  |  |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund. | $13547 | $— | $— |
|  Options Purchased |  | 2261879 |  |
|  **Total** | $**13547** | $**2261879** | **$—** |
|  **Liabilities** |  |  |  |
|  Option Written | $**—** | $**(38937)** | **$—** |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 261

------

PGIM S&P 500 Max Buffer ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.2 |
|  Affiliated Mutual Fund | 0.6 |
|  | 101.8 |
|  Option Written | (1.8) |
|  Liabilities in excess of other assets | (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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **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 | Unaffiliated investments | $2261879 | Options written outstanding, at value | $38937 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 are as follows:

For the period ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives in the Statement of Operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - March

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| &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(1)** | **Options<br>Written** |
|  Equity contracts | $(39793) | $28679 |

---

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

The derivative instruments outstanding as of period-end serve as indicators of the volume of derivative activities for the Fund.

See Notes to Financial Statements.

PGIM Rock ETF Trust 263

------

PGIM S&P 500 Max Buffer ETF - March

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,301,672) | $2261879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $13,547) | 13547 |
| &nbsp;&nbsp; Dividends receivable | 51 |
| &nbsp;&nbsp; **Total Assets** | 2275477 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $67,616) | 38937 |
| &nbsp;&nbsp; Management fee payable | 911 |
| &nbsp;&nbsp; **Total Liabilities** | 39848 |
| &nbsp;&nbsp; **Net Assets** | $2235629 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2247423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (11884) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $2235629 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,235,629 ÷ 90,001 shares of common stock issued and outstanding) | $24.84 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - March

Statement of Operations (unaudited)

For the Period February 28, 2025\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1055 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1825 |
| &nbsp;&nbsp; Net investment income (loss) | (770) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (39793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 28679 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (11114) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(11884) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 265

------

PGIM S&P 500 Max Buffer ETF - March

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **February 28, 2025\***<br> **through**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>April 30, 2025</u>**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(770) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (11114) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (11884) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (90,001 shares) | 2247513 |
| &nbsp;&nbsp; Total increase (decrease) | 2235629 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2235629 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - March

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **February 28, 2025<sup>(a)</sup><br>through**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.16) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $24.84 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (0.64)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2236 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2184 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.21)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 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.

PGIM Rock ETF Trust 267

------

PGIM S&P 500 Max Buffer ETF - April

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS 102.3%** |  |  |
|  **AFFILIATED MUTUAL FUND 0.2%** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $5,571)(wb) | 5571 | $5571 |
|  **OPTIONS PURCHASED\*~ 102.1%**<br> (cost $2,522,068) |  | 2557456 |
|  **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 102.3%**<br> (cost $2,527,639) |  | 2563027 |
|  **OPTION WRITTEN\*~ (4.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $82,739) |  | (112244) |
|  **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 97.8%**<br> (cost $2,444,900) |  | 2450783 |
|  Other assets in excess of liabilities(z) 2.2% |  | 55906 |
|  **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506689 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br> Put**  | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 03/31/26 | $5.59 | 44 | 4 | $2389684 |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $559.39 | 44 | 4 | 167772 |
|  **Total Options Purchased** (cost $2,522,068) |  |  |  |  |  | $2557456 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 03/31/26 | $600.23 | 44 | 4 | $(112244) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $82,739) |  |  |  |  |  |  |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund. | $5571 | $— | $— |
|  Options Purchased |  | 2557456 |  |
|  **Total** | $**5571** | $**2557456** | $**—** |
|  **Liabilities** |  |  |  |
|  Option Written | $**—** | $**(112244)** | $**—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Options Purchased | 102.1 | % |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 269

------

PGIM S&P 500 Max Buffer ETF - April

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation (continued) :

---

| | |
|:---|:---|
|  Affiliated Mutual Fund | 0.2% |
|  | 102.3 |
|  Option Written | (4.5) |
|  Other assets in excess of liabilities | 2.2 |
|  | 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 April 30, 2025 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** |
|  Equity contracts | Unaffiliated investments | $2557456 | Options written outstanding, at value | $112244 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 are as follows:

For the period ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives 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** | **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(1)** | **Options<br>Written** |
|  Equity contracts | $35388 | $(29505) |

---

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

The derivative instruments outstanding as of period-end serve as indicators of the volume of derivative activities for the Fund.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - April

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,522,068) | $2557456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $5,571) | 5571 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 501344 |
| &nbsp;&nbsp; Receivable for investments sold | 20391 |
| &nbsp;&nbsp; Dividends receivable | 20 |
| &nbsp;&nbsp; **Total Assets** | 3084782 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 465025 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $82,739) | 112244 |
| &nbsp;&nbsp; Management fee payable | 824 |
| &nbsp;&nbsp; **Total Liabilities** | 578093 |
| &nbsp;&nbsp; **Net Assets** | $2506689 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2501269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5320 |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $2506689 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,506,689 ÷ 100,001 shares of common stock issued and outstanding) | $25.07 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 271

------

PGIM S&P 500 Max Buffer ETF - April

Statement of Operations (unaudited)

For the Period March 31, 2025\* through April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $261 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 824 |
| &nbsp;&nbsp; Net investment income (loss) | (563) |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 35388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (29505) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 5883 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $5320 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - April

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **March 31, 2025\* <br>through <br> <u>April 30, 2025</u>** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(563) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 5883 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 5320 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (100,001 shares) | 2501369 |
| &nbsp;&nbsp; Total increase (decrease) | 2506689 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2506689 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 273

------

PGIM S&P 500 Max Buffer ETF - April

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **March 31, 2025<sup>(a)</sup><br>through<br>April 30, 2025** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.08 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.07 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.07 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.27% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2507 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1989 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.34)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 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.

------

PGIM S&P 500 Max Buffer ETF - May

Schedule of Investments (unaudited)

as of April 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 202.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 100.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<br>(cost $2,000,025)(wb) | 2000025 | $2000025 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 102.0%**<br> (cost $2,039,224) |  | 2039076 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 202.0%**<br> (cost $4,039,249) |  | 4039101 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (3.1)%**<br> (premiums received $61,808) |  | (61884) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 198.9%**<br> (cost $3,977,441) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977217 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (98.9)% |  | (1977201) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $2000016 |

---

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

(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:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 04/30/26 | $5.55 | 36 | 4 | $1948428 |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $554.54 | 36 | 4 | 90648 |
|  **Total Options Purchased** (cost $2,039,224) | **Total Options Purchased** (cost $2,039,224) |  |  |  |  | $2039076 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 275

------

PGIM S&P 500 Max Buffer ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/**<br>**Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  SPDR S&P 500 ETF Trust | Call | 04/30/26 | $592.91 | 36 | 4 | $(61884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $61,808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $61,808) |  |  |  |  |  |

---

#### 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 April 30, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $2000025 | $— | $— |
|  Options Purchased |  | 2039076 |  |
|  **Total** | $**2000025** | $**2039076** | **$—** |
|  **Liabilities** |  |  |  |
|  Option Written | $**—** | $**(61884)** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Options Purchased | 102.0 | % |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - May

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

#### Investment Allocation (continued) :

---

| | |
|:---|:---|
|  Affiliated Mutual Fund | 100.0% |
|  | 202.0 |
|  Option Written | (3.1) |
|  Liabilities in excess of other assets | (98.9) |
|  | 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 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **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 | Unaffiliated investments | $2039076 | Options written<br> outstanding, at value | $61884 |

---

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2025 are as follows:

For the period ended April 30, 2025, the Fund did not have any net realized gain (loss) on derivatives 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** | **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(1)** | **Options<br>Written** |
|  Equity contracts | $(148) | $(76) |

---

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

The derivative instruments outstanding as of period-end serve as indicators of the volume of derivative activities for the Fund.

See Notes to Financial Statements.

PGIM Rock ETF Trust 277

------

PGIM S&P 500 Max Buffer ETF - May

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,039,224) | $2039076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,000,025) | 2000025 |
| &nbsp;&nbsp; Receivable for investments sold | 61808 |
| &nbsp;&nbsp; Dividends receivable | 242 |
| &nbsp;&nbsp; **Total Assets** | 4101151 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 2039224 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $61,808) | 61884 |
| &nbsp;&nbsp; Management fee payable | 27 |
| &nbsp;&nbsp; **Total Liabilities** | 2101135 |
| &nbsp;&nbsp; **Net Assets** | $2000016 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 1999945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (9) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $2000016 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,000,016 ÷ 80,001 shares of common stock issued and outstanding) | $25.00 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - May

Statement of Operations (unaudited)

As of April 30, 2025 \*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $242 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 27 |
| &nbsp;&nbsp; Net investment income (loss) | 215 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (76) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (224) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(9) |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 279

------

PGIM S&P 500 Max Buffer ETF - May

Statement of Changes in Net Assets (unaudited)

---

| | |
|:---|:---|
|  | **As of<br> April 30, 2025\*** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $215 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (224) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (9) |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (80,001 shares) | 2000025 |
| &nbsp;&nbsp; Total increase (decrease) | 2000016 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2000016 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - May

Financial Highlights (unaudited)

---

| | |
|:---|:---|
|  | **As of<br>April 30, 2025<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $25.00 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | - <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | - <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.00 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 0.00% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2000 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2000 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.92 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 0% |

---

(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 Rock ETF Trust 281

------

Notes to Financial Statements (unaudited)

**1.** **Organization** 

PGIM Rock 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 series of the RIC listed below (each a "Fund" and collectively the "Funds"). Each Fund operates as an exchange-traded fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December |
| &nbsp;&nbsp; **(collectively, the "S&P 500 Buffer 12 ETFs")** | &nbsp;&nbsp; **(collectively, the "S&P 500 Buffer 20 ETFs")** |
| &nbsp;&nbsp; **(the S&P 500 Buffer 12 ETFs and S&P 500 Buffer 20 ETFs are collectively referred to as the "S&P 500 Buffer ETFs")** | &nbsp;&nbsp; **(the S&P 500 Buffer 12 ETFs and S&P 500 Buffer 20 ETFs are collectively referred to as the "S&P 500 Buffer ETFs")** |

---

The investment objective of each S&P 500 Buffer ETF is to provide investors with returns that match the price return of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("SPY") up to a predetermined upside cap while providing a downside buffer against the first 12% or 20%, as applicable (before fees and expenses) of SPY's losses over the one-year Target Outcome Period. Each S&P 500 Buffer ETF seeks to produce a targeted range of potential returns (a "target outcome") based upon the share price performance (the "price return") of SPY. The returns sought by each S&P 500 Buffer ETF, which include limited downside protection (a "limited buffer") against the first 12% or 20%, as applicable, (before fees and expenses) of SPY losses and an upside limit on share price return of SPY (a "cap") (before fees and expenses), are based on the price return of SPY over an approximate one-year period (the "Target Outcome Period").

---

| | |
|:---|:---|
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF  |
| &nbsp;&nbsp; **(collectively, the "Laddered S&P 500 Buffer ETFs")** | |

---

The investment objective of each Laddered S&P 500 Buffer ETF is to provide investors with capital appreciation. The PGIM Laddered S&P 500 Buffer 12 ETF seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure through a "laddered portfolio" of the twelve S&P 500 Buffer 12 ETFs. The PGIM Laddered S&P 500 Buffer 20 ETF seeks to achieve its investment objective by providing investors with U.S. large-cap equity market exposure through a "laddered portfolio" of the twelve S&P 500

------

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

Buffer 20 ETFs.

---

| | |
|:---|:---|
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October  |
| &nbsp;&nbsp; **(collectively, the "Nasdaq-100 Buffer ETFs")** | |

---

The investment objective of each Nasdaq-100 Buffer ETF is to provide investors with returns that match the price return of the Invesco QQQ Trust, Series 1 ("QQQ") up to a predetermined upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the QQQ losses over the one-year Target Outcome Period. Each Nasdaq-100 Buffer ETF seeks to produce a targeted range of potential returns (a "target outcome") based upon the share price performance (the "price return") of QQQ. The returns sought by the Fund, which include limited downside protection (a "limited buffer") against the first 12% (before fees and expenses) of QQQ losses and an upside limit on share price return of QQQ (a "cap") (before fees and expenses), are based on the price return of QQQ over an approximate one-year period (the "Target Outcome Period").

---

| |
|:---|
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF |
| &nbsp;&nbsp; **("Laddered Nasdaq ETF")** |

---

The investment objective of the Laddered Nasdaq ETF is to seek to provide investors with capital appreciation. The fund seeks to achieve its investment by providing investors with exposure to the stocks included in the Nasdaq-100 Index while attempting to limit downside risk by investing in a "laddered portfolio" of the four Nasdaq-100 Buffer ETFs.

---

| | |
|:---|:---|
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March |  |
| &nbsp;&nbsp; **(collectively, the "S&P 500 Max Buffer ETFs")** |  |

---

The investment objective of each S&P 500 Max Buffer ETF is to provide investors with returns that match the price return of SPY up to a predetermined upside cap while seeking to maximize the downside protection against SPY's losses over the one-year Target Outcome Period. Each S&P 500 Max Buffer ETF seeks to provide downside protection against approximately 100% (before fees and expenses) of SPY losses (the "approximate buffer"). At the same time each S&P 500 Max Buffer ETF allows shareholders the potential to experience gains up to a predetermined upside cap on share price return of SPY (a "cap") (before fees and expenses), in each case based on the price return of SPY (a "target outcome") over an approximate one-year period (the "Target Outcome Period").

Each Fund is a non-diversified fund for purposes of the 1940 Act, except for each Laddered S&P 500 Buffer ETF and PGIM Laddered Nasdaq-100 Buffer 12 ETF, which are diversified funds for purposes of the 1940 Act.

**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

PGIM Rock ETF Trust 283

------

Notes to Financial Statements (unaudited) (continued)

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.

During the reporting period, 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. PGIM Investments LLC ("PGIM Investments" or the "Manager") acts 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 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 as 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.

------

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

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 (other than Flexible Exchange Options "FLEX Options"), 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. FLEX Options are valued at an evaluated price provided by an independent pricing agent. Such price is model-based with consideration for trade activity provided by the exchange. 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.

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 invest substantially all of their assets in customized equity or index option contracts known as FLexible EXchange<sup>®</sup> Options ("FLEX Options") on the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF"). FLEX Options trade on an exchange, but

PGIM Rock ETF Trust 285

------

Notes to Financial Statements (unaudited) (continued)

provide investors with the ability to customize key contract terms like expiration date, option type (put or call), exercise style, strike price, premium, trading hours and exercise settlement.

For each Target Outcome Period, the Funds invest in a combination of purchased and written (sold) FLEX Options that reference the Underlying ETF. Because a portion of the value of the Funds is based on FLEX Options that reference the Underlying ETF and not the Underlying ETF directly, variations in the value of the FLEX Options affect the correlation between the Funds' net asset value ("NAV") and the price of the Underlying ETF. The Funds utilize European style option contracts, which are exercisable only on the expiration date of the option contract.

The Funds intend to structure the FLEX Options so that any amount owed by the Funds on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. As a result, the FLEX Options written by the Funds will be fully covered and no additional collateral will be necessary at expiration. Each of the FLEX Options purchased and sold throughout the Target Outcome Period will have the same terms, such as strike price and expiration date, as the FLEX Options purchased and sold on the first day of the Target Outcome Period. On the termination date of an Outcome Period, the Fund will invest in a new set of FLEX Options and another Outcome Period will commence.

When the Funds purchase an option, they pay a premium and an amount equal to that premium is recorded as an asset. When the Funds write an option, they receive 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 Funds realize 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 Funds have 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.

To the extent that the Funds write, or sell, an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Fund could experience a substantial or unlimited loss. As a result, the Funds bear the market risk of an unfavorable change in the price of the asset underlying the written option. Exchange-traded options contracts present minimal counterparty credit risk to the Funds since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

------

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

*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 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.

---

| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **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.

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, excluding payments under the Funds' 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding

PGIM Rock ETF Trust 287

------

Notes to Financial Statements (unaudited) (continued)

shareholder meetings, litigation, indemnification 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 0.50% of each Fund's average daily net assets with the exception of the Laddered S&P 500 Buffer ETFs and Laddered Nasdaq ETF. The Laddered S&P 500 Buffer ETFs and Laddered Nasdaq ETF do not pay the Manager a unitary fee. For the reporting period ended April 30, 2025, the unitary fee rates for each of the Laddered S&P 500 Buffer ETFs and Laddered Nasdaq ETF were 0.00% of each Fund's average daily net assets. The Manager voluntarily agreed to reduce a portion of the Funds' respective unitary management fees through December 31, 2024, by the following amounts for the period ended April 30, 2025 (which is not subject to recoupment by the Manager):

---

| | |
|:---|:---|
| **Fund** | **Unitary <br>Fee Waiver** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | $3833 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 3153 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 4736 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 3756 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 4381 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 5040 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 4574 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 4935 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 3542 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 4213 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 4962 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 6709 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 6901 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 6250 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 3904 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 4729 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 4862 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 3279 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 5097 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 3360 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 3380 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 6813 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 5711 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 3773 |

---

------

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

The Manager has entered into subadvisory agreements (Subadvisory Agreements) with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions" or the "subadviser"). The Manager pays for the services of the subadviser.

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 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".

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

There were no purchases or sales of portfolio securities, other than short-term investments, for the reporting period ended April 30, 2025.

The aggregate cost of purchases and proceeds from sales of in-kind creation and redemption transactions for the reporting period ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of**<br> **Purchases** | **Proceeds** <br> **from Sales**  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | $– $| 4829331 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | – | 12299211 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | – | 4232444 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | – | 3852606 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | – | 8326561 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | – | 8056261 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | – | 6425368 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | – | 9401128 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | – | 5784464 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | – | 6583630 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | – | 4554941 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | – |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | – | 541005 |

---

PGIM Rock ETF Trust 289

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds <br>from Sales** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | $— | $286867 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August |  | 287578 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October |  | 890777 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November |  | 285387 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December |  | 5314026 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December |  | 4113568 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 14358613 |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 26183507 | 5580592 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April |  | 867982 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October |  | 247392 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 1704779 | 228096 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May |  |  |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2025, is presented as follows:

#### PGIM S&P 500 Buffer 12 ETF - January

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $54795 | $82982 | $81129 | $— | $— | $56648 | 56648 | $1388 |

---

------

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

#### PGIM S&P 500 Buffer 20 ETF - January

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of<br>Period** | **Cost of<br>Purchases** | **Proceeds<br>from<br>Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $43320 | $26096625 | $25705898 | $— | $— | $434047 | 434047 | $10709 |

---

#### PGIM S&P 500 Buffer 12 ETF - February

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $64391 | $155460 | $144594 | $— | $— | $75257 | 75257 | $1614 |

---

#### PGIM S&P 500 Buffer 20 ETF - February

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $42753 | $291408 | $179247 | $— | $— | $154914 | 154914 | $2057 |

---

#### PGIM S&P 500 Buffer 12 ETF - March

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $65427 | $189040 | $186332 | $— | $— | $68135 | 68135 | $1437 |

---

#### PGIM S&P 500 Buffer 20 ETF - March

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $53748 | $228999 | $147207 | $— | $— | $135540 | 135540 | $1909 |

---

PGIM Rock ETF Trust 291

------

Notes to Financial Statements (unaudited) (continued)

#### PGIM S&P 500 Buffer 12 ETF - April

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $47977 | $152836 | $112830 | $— | $— | $87983 | 87983 | $1305 |

---

#### PGIM S&P 500 Buffer 20 ETF - April

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $63494 | $367147 | $222705 | $— | $— | $207936 | 207936 | $2121 |

---

#### PGIM S&P 500 Buffer 12 ETF - May

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $63872 | $60025 | $64251 | $— | $— | $59646 | 59646 | $1407 |

---

#### PGIM S&P 500 Buffer 20 ETF - May

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $69436 | $68077 | $72739 | $— | $— | $64774 | 64774 | $1548 |

---

------

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

#### PGIM S&P 500 Buffer 12 ETF - June

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $68481 | $287027 | $305346 | $— | $— | $50162 | 50162 | $2623 |

---

#### PGIM S&P 500 Buffer 20 ETF - June

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $79878 | $86712 | $83249 | $— | $— | $83341 | 83341 | $2082 |

---

#### PGIM S&P 500 Buffer 12 ETF - July

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $59776 | $88861 | $28741 | $— | $— | $119896 | 119896 | $1602 |

---

#### PGIM S&P 500 Buffer 20 ETF - July

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $81566 | $107073 | $68006 | $— | $— | $120633 | 120633 | $2445 |

---

#### PGIM S&P 500 Buffer 12 ETF - August

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $56938 | $41952 | $15642 | $— | $— | $83248 | 83248 | $1418 |

---

PGIM Rock ETF Trust 293

------

Notes to Financial Statements (unaudited) (continued)

#### PGIM S&P 500 Buffer 20 ETF - August

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $30825 | $105414 | $75097 | $— | $— | $61142 | 61142 | $1474 |

---

#### PGIM S&P 500 Buffer 12 ETF - September

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $62316 | $38819 | $11680 | $— | $— | $89455 | 89455 | $1541 |

---

#### PGIM S&P 500 Buffer 20 ETF - September

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $31413 | $102248 | $92515 | $— | $— | $41146 | 41146 | $1122 |

---

#### PGIM S&P 500 Buffer 12 ETF - October

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $41898 | $118288 | $98279 | $— | $— | $61907 | 61907 | $1219 |

---

------

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

#### PGIM S&P 500 Buffer 20 ETF - October

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $73704 | $44207 | $34030 | $— | $— | $83881 | 83881 | $1780 |

---

#### PGIM S&P 500 Buffer 12 ETF - November

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $22970 | $133477 | $72481 | $— | $— | $83966 | 83966 | $1477 |

---

#### PGIM S&P 500 Buffer 20 ETF - November

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $53990 | $130823 | $103652 | $— | $— | $81161 | 81161 | $1651 |

---

#### PGIM S&P 500 Buffer 12 ETF - December

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $71413 | $999131 | $989532 | $— | $— | $81012 | 81012 | $1786 |

---

#### PGIM S&P 500 Buffer 20 ETF - December

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup> |
| $55595 | $1783393 | $1638197 | $— | $— | $200791 | 200791 | $3008 |

---

PGIM Rock ETF Trust 295

------

Notes to Financial Statements (unaudited) (continued)

#### PGIM Laddered S&P 500 Buffer 12 ETF

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** |
|  **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 S&P 500 Buffer 12 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - January<sup>\*(1)</sup> |  |  |
| $2033757 | $1193633 | $— | $(32623) | $— | $3194767 | 113513 | $— |
|  PGIM S&P 500 Buffer 12 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - February<sup>\*(1)</sup> |  |  |
| $2028002 | $1182841 | $— | $(54123) | $— | $3156720 | 115139 | $— |
|  PGIM S&P 500 Buffer 12 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - March<sup>\*(1)</sup> |  |  |
| $2051902 | $1216205 | $— | $10334 | $— | $3278441 | 117955 | $— |
|  PGIM S&P 500 Buffer 12 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - April<sup>\*(1)</sup> |  |  |
| $2055244 | $1207846 | $— | $(79202) | $— | $3183888 | 120183 | $— |
|  PGIM S&P 500 Buffer 12 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - May<sup>\*(1)</sup> |  |  |
| $2041772 | $1199582 | $— | $(2785) | $— | $3238569 | 117809 | $— |
|  PGIM S&P 500 Buffer 12 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - June<sup>\*(1)</sup> |  |  |
| $2048808 | $1203034 | $— | $(35984) | $— | $3215858 | 121515 | $— |
|  PGIM S&P 500 Buffer 12 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - July<sup>\*(1)</sup> |  |  |
| $2039117 | $1197793 | $— | $(54977) | $— | $3181933 | 121056 | $— |
|  PGIM S&P 500 Buffer 12 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - August<sup>\*(1)</sup> |  |  |
| $2039110 | $1196484 | $— | $(40666) | $— | $3194928 | 120927 | $— |
|  PGIM S&P 500 Buffer 12 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - September<sup>\*(1)</sup> |  |  |
| $2025063 | $1187884 | $— | $(33362) | $— | $3179585 | 121212 | $— |
|  PGIM S&P 500 Buffer 12 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - October<sup>\*(1)</sup> |  |  |
| $2023229 | $1189808 | $— | $(29080) | $— | $3183957 | 121663 | $— |
|  PGIM S&P 500 Buffer 12 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - November<sup>\*(1)</sup> |  |  |
| $2060242 | $1208601 | $— | $(29158) | $— | $3239685 | 121949 | $— |
|  PGIM S&P 500 Buffer 12 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 12 ETF - December<sup>\*(1)</sup> |  |  |
| $2032713 | $1174902 | $— | $(70587) | $— | $3137028 | 121497 | $— |
| $24478959 | $14358613 | $— | $(452213) | $— | $38385359 |  | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> |  |  |
| $101060 | $58182 | $4475 | $— | $— | $154767 | 154767 | $2670 |
| $24580019 | $14416795 | $4475 | $(452213) | $— | $38540126 |  | $2670 |

---

------

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

#### PGIM Laddered S&P 500 Buffer 20 ETF

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 S&P 500 Buffer 20 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - January<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - January<sup>\*(1)</sup> |  |  |
| $1462295 | $2163869 | $463265 | $(46798) | $27540 | $3143641 | 114019 | $— |
|  PGIM S&P 500 Buffer 20 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - February<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - February<sup>\*(1)</sup> |  |  |
| $1461719 | $2161839 | $460953 | $(63113) | $25255 | $3124747 | 115187 | $— |
|  PGIM S&P 500 Buffer 20 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - March<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - March<sup>\*(1)</sup> |  |  |
| $1469599 | $2191019 | $468098 | $(22967) | $33006 | $3202559 | 116953 | $— |
|  PGIM S&P 500 Buffer 20 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - April<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - April<sup>\*(1)</sup> |  |  |
| $1475583 | $2206506 | $469891 | $(90637) | $34045 | $3155606 | 118840 | $— |
|  PGIM S&P 500 Buffer 20 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - May<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - May<sup>\*(1)</sup> |  |  |
| $1466862 | $2182963 | $466591 | $10291 | $30767 | $3224292 | 117247 | $— |
|  PGIM S&P 500 Buffer 20 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - June<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - June<sup>\*(1)</sup> |  |  |
| $1473246 | $2192171 | $467826 | $(52824) | $32018 | $3176785 | 120158 | $— |
|  PGIM S&P 500 Buffer 20 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - July<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - July<sup>\*(1)</sup> |  |  |
| $1465571 | $2187163 | $465557 | $(69472) | $30250 | $3147955 | 119565 | $— |
|  PGIM S&P 500 Buffer 20 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - August<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - August<sup>\*(1)</sup> |  |  |
| $1467825 | $2188086 | $465900 | $(63121) | $30884 | $3157774 | 119438 | $— |
|  PGIM S&P 500 Buffer 20 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - September<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - September<sup>\*(1)</sup> |  |  |
| $1454190 | $2171083 | $461945 | $(50945) | $26658 | $3139041 | 119728 | $— |
|  PGIM S&P 500 Buffer 20 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - October<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - October<sup>\*(1)</sup> |  |  |
| $1456722 | $2172391 | $462224 | $(43926) | $26640 | $3149603 | 120146 | $— |
|  PGIM S&P 500 Buffer 20 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - November<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - November<sup>\*(1)</sup> |  |  |
| $1476889 | $2204524 | $469024 | $(56293) | $33317 | $3189413 | 120437 | $— |
|  PGIM S&P 500 Buffer 20 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - December<sup>\*(1)</sup> | PGIM S&P 500 Buffer 20 ETF - December<sup>\*(1)</sup> |  |  |
| $1463830 | $2161894 | $459319 | $(83398) | $23764 | $3106771 | 120010 | $— |
| $17594331 | $26183508 | $5580593 | $(633203) | $354144 | $37918187 |  | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup> |  |  |
| $83550 | $147047 | $53975 | $— | $— | $176622 | 176622 | $3371 |
| $17677881 | $26330555 | $5634568 | $(633203) | $354144 | $38094809 |  | $3371 |

---

PGIM Rock ETF Trust 297

------

Notes to Financial Statements (unaudited) (continued)

#### PGIM Nasdaq-100 Buffer 12 ETF - January

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2056784 | $2007059 | $— | $— | $49725 | 49725 | $1525 |

---

#### PGIM Nasdaq-100 Buffer 12 ETF - April

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2075842 | $2023295 | $— | $— | $52547 | 52547 | $1269 |

---

#### PGIM Nasdaq-100 Buffer 12 ETF - July

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2001872 | $1984258 | $— | $— | $17614 | 17614 | $1143 |

---

#### PGIM Nasdaq-100 Buffer 12 ETF - October

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End**<br> **of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2047791 | $1987659 | $— | $— | $60132 | 60132 | $1369 |

---

------

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

#### PGIM Laddered Nasdaq-100 Buffer 12 ETF

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - January<sup>\*(1)</sup>  |
|  $— | $2172657 | $56423 | $(57690) | $(17) | $2058527 | 84976 | $— |
|  PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - April<sup>\*(1)</sup>  |
|  $— | $2183907 | $59043 | $5995 | $(9) | $2130850 | 84976 | $— |
|  PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - July<sup>\*(1)</sup>  |
|  $— | $2177324 | $57728 | $(33771) | $(13) | $2085812 | 84976 | $— |
|  PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  | PGIM Nasdaq-100 Buffer 12 ETF - October<sup>\*(1)</sup>  |
|  $— | $2174073 | $56872 | $(49363) | $(15) | $2067823 | 84976 | $— |
|  $— | $8707961 | $230066 | $(134829) | $(54) | $8343012 |  | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)</sup>  |
|  $— | $7004179 | $7002705 | $— | $— | $1474 | 1474 | $2612 |
|  $— | $15712140 | $7232771 | $(134829) | $(54) | $8344486 |  | $2612 |

---

#### PGIM S&P 500 Max Buffer ETF - January

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2209839 | $2149529 | $— | $— | $60310 | 60310 | $1364 |

---

#### PGIM S&P 500 Max Buffer ETF - February

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2059101 | $2017494 | $— | $— | $41607 | 41607 | $1263 |

---

PGIM Rock ETF Trust 299

------

Notes to Financial Statements (unaudited) (continued)

#### PGIM S&P 500 Max Buffer ETF - March

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2015212 | $2001665 | $— | $— | $13547 | 13547 | $1055 |

---

#### PGIM S&P 500 Max Buffer ETF - April

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2000266 | $1994695 | $— | $— | $5571 | 5571 | $261 |

---

#### PGIM S&P 500 Max Buffer ETF - May

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **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 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(1)(wb)</sup>  |
| $— | $2000025 | $— | $— | $— | $2000025 | 2000025 | $242 |

---

\* Non-income producing security.

(1) The Fund did not have any capital gain distributions during the reporting period.

(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 April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | $8104362 | $343939 | $(579095) | $(235156) |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | $44005810 | $1767463 | $(2762517) | $(995054) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 8540344 | 393970 | (702181) | (308211) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 13379657 | 785424 | (1141931) | (356507) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 8042512 | 308417 | (572182) | (263765) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 12582024 | 526642 | (790268) | (263626) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 8747749 | 141303 | (157299) | (15996) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 19375636 | 221314 | (228132) | (6818) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 6101975 |  | (909) | (909) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 6656406 |  | (992) | (992) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 6305173 | 218821 | (165427) | 53394 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 8676151 | 492691 | (180346) | 312345 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 8838156 | 182974 | (86463) | 96511 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 10328594 | 308990 | (115924) | 193066 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 4995466 | 106993 | (84967) | 22026 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 6032343 | 162371 | (110781) | 51590 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 6254168 | 120930 | (83050) | 37880 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 5729562 | 144636 | (101019) | 43617 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 6879156 | 177728 | (253715) | (75987) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 7303526 | 240308 | (201774) | 38534 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 5132199 | 191201 | (282454) | (91253) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 7734411 | 357540 | (406596) | (49056) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 7246520 | 371003 | (649919) | (278916) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 25727292 | 383348 | (471237) | (87889) |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 38264524 | 306386 | (30784) | 275602 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 38201068 | 77044 | (183303) | (106259) |

---

PGIM Rock ETF Trust 301

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | $4004038 | $204247 | $(333592) | $(129345) |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 6238739 | 121658 | (94133) | 27525 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | 2498638 | 125654 | (172568) | (46914) |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 3003764 | 113907 | (201728) | (87821) |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 8479315 | 5995 | (140824) | (134829) |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 2499019 | 122046 | (119447) | 2599 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 3497741 | 220994 | (244022) | (23028) |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 2247603 | 112443 | (123557) | (11114) |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 2444900 | 45738 | (39855) | 5883 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | 3977441 |  | (224) | (224) |

---

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 October 31, 2024 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; PGIM S&P 500 Buffer 12 ETF - January | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June |  |  |

---

------

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss <br> Carryforward Utilized** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | $— | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | (39000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | (39000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | (47000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | (46000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | (48000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | (47000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | (92000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | (49000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | (69000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | (264000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December |  |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF |  |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October |  |  |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May |  |  |

---

The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (October 31, 2025).

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified Late-Year<br>Losses** | **Post-October <br> Capital Losses** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | $(6000) | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | (4000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | (8000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | (7000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | (7000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | (10000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | (8000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | (12000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | (4000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | (7000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | (15000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | (10000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | (11000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | (12000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | (4000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | (5000) |  |

---

PGIM Rock ETF Trust 303

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified Late-Year<br>Losses** | **Post-October <br> Capital Losses** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | $(5000) | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | (3000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | (5000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | (4000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | (3000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | (10000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | (10000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | (4000) |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF |  |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October |  |  |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May |  |  |

---

The Manager has analyzed the Funds' tax positions and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period.

**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 Cboe BZX Exchange, Inc. except for Nasdaq-100 Buffer ETFs and Laddered Nasdaq ETF, which list their shares on the Nasdaq Stock Market LLC. (together with Cboe BZX Exchange, 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

------

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

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.

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 April 30, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of <br> Outstanding Shares** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | 185273 | 66.2% |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 137369 | 8.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 155983 | 51.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 146503 | 30.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 156844 | 56.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 153519 | 34.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 159629 | 48.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 161553 | 22.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 151725 | 69.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 120769 | 50.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 163100 | 67.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 161518 | 47.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 137343 | 40.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 135643 | 33.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 130224 | 68.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 129525 | 56.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 125462 | 52.3 |

---

PGIM Rock ETF Trust 305

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of <br> Outstanding Shares** |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 125761 | 57.2% |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 153819 | 59.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 136115 | 48.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 129926 | 68.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 125351 | 43.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 129700 | 48.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 120010 | 12.1 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 522000 | 35.3 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 471500 | 32.3 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 92477 | 57.8 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 92877 | 37.2 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | 92477 | 92.5 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 92477 | 77.1 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 280000 | 82.4 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 77001 | 77.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 76001 | 54.3 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 80001 | 88.9 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 69001 | 69.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | 80001 | 100.0 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | 1 | 66.2% |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 1 | 8.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 1 | 51.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 1 | 30.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 1 | 56.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 1 | 34.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 1 | 48.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 1 | 22.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 1 | 69.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 1 | 50.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 1 | 67.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 1 | 47.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 1 | 40.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 1 | 33.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 1 | 68.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 1 | 56.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 1 | 52.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 1 | 57.2 |

---

------

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 1 | 59.2% |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 1 | 48.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 1 | 68.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 1 | 43.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 1 | 48.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 1 | 12.1 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 1 | 35.3 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 1 | 32.3 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 1 | 57.8 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 1 | 37.2 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | 1 | 92.5 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 1 | 77.1 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 1 | 82.4 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 1 | 77.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 1 | 54.3 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 1 | 88.9 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 1 | 69.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | 1 | 100.0 |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | 2 | 31.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 1 | 82.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 3 | 42.7 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 3 | 55.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 3 | 37.7 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 2 | 51.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 3 | 48.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 2 | 74.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 3 | 24.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 2 | 40.7 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 3 | 26.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 2 | 41.7 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 3 | 52.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 2 | 56.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 3 | 22.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 3 | 37.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 2 | 42.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 4 | 29.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 3 | 36.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 2 | 41.7 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 3 | 27.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 2 | 43.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 3 | 47.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 3 | 80.4 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 3 | 57.8 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 3 | 62.8 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 1 | 30.1 |

---

PGIM Rock ETF Trust 307

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 1 | 56.2% |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 1 | 16.7 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 1 | 13.1 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 2 | 13.7 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 3 | 39.2 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 1 | 5.8 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 3 | 30.9 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May |  |  |

---

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 ended April 30, 2025, certain funds had subscriptions in-kind and/or redemptions in-kind with total proceeds in the amounts presented on the Statement of Changes in Net Assets.

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

#### S&P 500 Buffer ETFs and S&P 500 Max Buffer ETFs:
Each S&P 500 Buffer ETF's and S&P 500 Max Buffer ETF's principal risks include, but are not limited to, some or all of the risks discussed below. With respect to the S&P 500 Buffer ETFs and the S&P 500 Max Buffer ETFs, the term "Underlying ETF" means SPY. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

*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.

*Buffered Loss Risk:* There can be no guarantee that the Fund will be successful in its strategy to provide limited downside protection against Underlying ETF losses. The Fund does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. The Fund's strategy seeks to deliver returns that

------

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

match the price return of the Underlying ETF (up to the cap), while limiting downside losses, if shares are bought on the first day of the Target Outcome Period and held until the end of the Target Outcome Period. If an investor purchases shares after the first day of the Target Outcome Period or sells shares prior to the end of the Target Outcome Period, the buffer that the Fund seeks to provide may not be available. A shareholder may also bear losses against which the buffer is intended to protect. In periods of extreme market volatility, the Fund's downside protection may be significantly less than the limited buffer. In addition, because the buffer is structured to protect the Fund's loss of NAV, to the extent an investor sells Fund shares on an exchange and the Fund's shares are trading at prices that deviate from NAV, a shareholder may not realize the full value of the of the downside protection or benefit from the full value of any appreciation up to the cap.

*Cap Change Risk:* A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods. In addition, depending on market conditions for the FLEX Options and the establishment of the cap, the S&P 500 Max Buffer ETFs may have a buffer significantly below 100% in certain Target Outcome Periods.

*Capped Upside Risk:* The Fund's strategy seeks to provide returns subject to a pre-determined upside cap. The upside cap is the approximate maximum return that an investor can achieve from an investment in the Fund over an entire Target Outcome Period. If the Underlying ETF experiences gains during a Target Outcome Period, the Fund will not participate in those gains beyond the cap. If an investor does not hold its Fund shares for an entire Target Outcome Period, the returns realized by that investor may not match those the Fund seeks to achieve. As a result of the Fund's fees and expenses and because the Fund's returns are subject to a cap, the return of the Fund could represent a return that is worse than the price performance of the Underlying ETF. In periods of heightened market volatility, the Fund's upside limit may be significantly lower than the cap.

*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.

*Counterparty Risk:* Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

PGIM Rock ETF Trust 309

------

Notes to Financial Statements (unaudited) (continued)

*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.

*Equity and Equity-Related Securities Risk:* The Fund is exposed to the performance of the equity markets through its exposure to options on the Underlying ETF. 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.

------

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

*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 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 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 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 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.

*FLEX Options Risk:* When the Fund purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Fund could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid secondary trading market will exist for the FLEX Options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of

PGIM Rock ETF Trust 311

------

Notes to Financial Statements (unaudited) (continued)

a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective.

*FLEX Options Trading Risk:* Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, the Fund's counterparty is the OCC, rather than a bank or broker. Since the Fund is not a member of the OCC and only members ("clearing members") can participate directly in the OCC, the Fund will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Fund will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by the Fund with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of the Fund's clearing member. There is a risk that the assets of the Fund might not be fully protected in the event of a clearing member's default and the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account. Therefore, the Fund could experience and significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of the Fund.

*FLEX Options Valuation Risk:* The FLEX Options held by a Fund will be exercisable at the strike price only on their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the Underlying ETF. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the Underlying ETF's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by a Fund typically do not increase or decrease at the same rate as the Underlying ETF's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Fund's NAV may not increase or decrease at the same rate as the Underlying ETF's share price.

------

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

*Large Capitalization Companies 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.

*Leverage Risk:* FLEX Options and other derivatives may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund's holdings, and makes any change in the Fund's net asset value greater than it would be without the use of leverage. This could result in increased volatility of investment return. The Fund may be required to pledge its assets or post margin in connection with certain borrowings or derivatives transactions that involve leverage. There is a possibility that posting or pledging a large portion of the assets of the Fund could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations or that the Fund may be required to dispose of some of its investment at unfavorable prices or times.

*Liquidity Risk:* 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.

PGIM Rock ETF Trust 313

------

Notes to Financial Statements (unaudited) (continued)

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

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:* The markets for securities and other financial instruments may be volatile and the market prices of the Fund's holdings may decline. Securities and other financial instruments 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 or other assets owned by the Fund or the Underlying ETF fall, the value of your investment in the Fund will decline.

*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

------

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

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.

*Target Outcome Period Risk:* The Fund is designed to deliver returns that approximate the Underlying ETF if Fund shares are bought on the first day of a Target Outcome Period and held until the end of the Target Outcome Period, subject to the limited buffer and the cap. If an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the returns realized by the investor will not match those that the Fund seeks to provide. An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Underlying ETF due to the annual imposition of a new cap and may be unable to recapture losses from a prior Target Outcome Period as a result of the Fund resetting its cap, and to the extent applicable its buffer, each Target Outcome Period.

*Tax Risk:* The Fund intends to qualify as a "Regulated Investment Company" under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"); however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not clear. This includes the tax aspects of the Fund's options strategy (including the distribution of options as part of the Fund's in-kind redemptions), the possible application of the "straddle" rules, and various loss limitation provisions of the Code. To qualify and maintain its status as a Regulated Investment Company, the Fund must meet certain income, diversification and distribution tests. If the Fund did not qualify as a Regulated Investment Company for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a Regulated Investment Company, a Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, a Fund may reorganize, close or materially change its investment objective and strategies.

The Fund's investments in offsetting positions with respect to the Underlying ETF may affect the character of gains or losses realized by the Fund under the Code's "straddle" rules and may increase the amount of short-term capital gain realized by the Fund. Short-term capital gains are taxed as ordinary income when distributed to U.S. shareholders in a non-liquidating distribution. As a result, if the Fund makes a non-liquidating distribution of its short-term capital gain, the amount which U.S. shareholders must treat as ordinary

PGIM Rock ETF Trust 315

------

Notes to Financial Statements (unaudited) (continued)

income may be increased substantially as compared to a fund that did not engage in such transactions. Accordingly, shareholders could have a lower after-tax return from investing in the Fund than investing directly in the Underlying ETF (even if the value of the Underlying ETF does not exceed the cap).

The FLEX Options included in the Fund's portfolio are exchange-traded options. The tax treatment of certain derivatives contracts including listed non-equity options written or purchased by the Fund on U.S. exchanges (such as options on futures contracts, broad-based equity indices and debt securities) may be governed by Section 1256 of the Code ("Section 1256 Contracts"). Section 1256 Contracts are treated as if they were sold (i.e., "marked to market") at the end of each year. Gain or loss is recognized on this deemed sale. Such treatment could cause the Fund to recognize taxable income without receiving cash. In order to maintain its Regulated Investment Company qualification, the Fund must distribute at least 90% of its income annually. If FLEX Options held by the Fund are subject to Section 1256 of the Code, and the Fund is unable to distribute marked-to-market gains to its shareholders, the Fund may lose its Regulated Investment Company qualification and be taxed as a regular corporation. The Fund believes that the FLEX Options typically held in its portfolio will not be subject to Section 1256, and disposition of such options will likely result in short-term capital gains or losses.

In addition, the Fund generally does not expect to recognize taxable gains on the in-kind distribution of appreciated portfolio securities to a redeeming shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute. However, certain tax aspects of the Fund's in-kind distributions, including the treatment of certain options, are not clear. If the Fund were required to recognize gain on its in-kind distributions, the effect on the Fund would be similar to the Fund effecting a portion of its redemptions for cash. This generally would cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise have been required, and would increase the amount required to be distributed by the Fund in order to maintain its qualification as a Regulated Investment Company.

Additionally, buying securities shortly before the record date for a taxable dividend or capital gain distribution is commonly known as "buying a dividend." If a shareholder purchases Fund shares after the Hedge Period has begun and shortly thereafter a Fund issues a dividend, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.

*Underlying ETF Risk:* The value of an investment in the Fund will be related, to a degree, to the investment performance of the Underlying ETF. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETF will also expose the Fund to a pro rata

------

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

portion of the Underlying ETF's fees and expenses. The Fund's value may not directly correlate to the value of the Underlying ETF due to the Fund's fees and transaction expenses related to the FLEX Options and that the FLEX Options are only exercisable on the expiration date. The fluctuating value of the FLEX Options will affect the Fund's value.

#### Laddered S&P 500 Buffer ETFs:
Each Laddered S&P 500 Buffer ETF's principal risks include, but are not limited to, some or all of the risks discussed below. With respect to the Laddered S&P 500 Buffer ETFs, the term "Underlying ETFs" means the S&P 500 Buffer 12 ETFs or the S&P 500 Buffer 20 ETFs, as applicable. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

*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.

*Buffered Loss Risk:* There can be no guarantee that the Fund will provide downside protection against SPY losses. The buffer is only provided by the Underlying ETFs and the Fund itself does not provide any stated buffer against losses. The Fund likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Fund does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. Each Underlying ETF's strategy seeks to deliver returns that match the price return of SPY (up to the cap), while limiting downside losses, if shares are bought on the first day of a Target Outcome Period and held until the end of that Target Outcome Period. To the extent the Fund acquires shares of the Underlying ETFs in connection with creations of new shares of the Fund and during each quarterly rebalancing, the Fund typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, to the extent the Fund disposes of shares of the Underlying ETFs in connection with redemptions of shares of the Fund and during each quarterly rebalancing, any such dispositions typically will not occur on the last day of a Target Outcome Period. In the event that the Fund acquires shares after the first day of a Target Outcome Period or disposes of shares prior to the end of a Target Outcome Period, the buffer that the Underlying ETF seeks to provide may not be available. If the Fund purchases Underlying ETF shares during a Target Outcome Period at a time when the Underlying ETF has decreased in value by 12% or 20%, as applicable, or more, from the value of the Underlying ETF on the first day of the Target Outcome Period (the "Initial Underlying ETF Value"), the buffer protection received by the Fund from its investments in

PGIM Rock ETF Trust 317

------

Notes to Financial Statements (unaudited) (continued)

the Underlying ETF will essentially be zero (meaning the Fund can lose its entire investment). If the Fund purchases Underlying ETF shares at a time when the Underlying ETF has decreased in value by less than 12% or 20%, as applicable, from the Initial Underlying ETF Value, the Underlying ETF's buffer protection received by the Fund from its investments in the Underlying ETF will be reduced by the difference between the Initial Underlying ETF Value and the NAV of the Underlying ETF on the date the Fund purchases the shares.

*Cap Change Risk:* A new cap for an Underlying ETF is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

*Capped Upside Risk:* Each Underlying ETF's strategy seeks to provide returns that match the price return of SPY for shares acquired on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. Because the Fund will acquire shares of the Underlying ETFs in connection with creations of new shares of the Fund and during each quarterly rebalance, the Fund typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Fund will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Fund and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event that the Fund acquires Underlying ETF shares after the first day of a Target Outcome Period and the Underlying ETF has risen in value to a level near or at the cap (because the Fund's potential gain will be limited to the difference between the Underlying ETF's NAV on the date the Fund purchases Underlying ETF shares and the cap), there may be little or no ability for the Fund to experience an investment gain on those Underlying ETF shares; however, the Fund will remain vulnerable to downside risks. This could be true for all of the Underlying ETFs held by the Fund at a certain point in time severely limiting the Fund's ability to participate in gains during that time. If SPY experiences gains during a Target Outcome Period, an Underlying ETF will not participate in those gains beyond the cap. If the Fund buys Underlying ETF shares when the price exceeds the cap, the Fund will not experience any gain in respect of those Underlying ETF shares regardless of the performance of SPY.

*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.

------

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

*Counterparty Risk:* Underlying ETF transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Underlying ETF. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to an Underlying ETF and, in turn, the Fund. An Underlying ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of an Underlying ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, an Underlying ETF and, in turn, the Fund could suffer significant losses.

*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.

*Equity and Equity-Related Securities Risk:* The Fund is exposed to the performance of the equity markets through investments in the Underlying ETFs which have exposure to FLEX Options on the SPY. 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 Underlying ETFs invest 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.

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 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 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

PGIM Rock ETF Trust 319

------

Notes to Financial Statements (unaudited) (continued)

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 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.

*FLEX Options Risk:* The Underlying ETFs invest in FLEX Options. When an Underlying ETF purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Underlying ETF were permitted to expire without being sold or exercised, its premium would represent a loss to the Underlying ETF. To the extent that the Underlying ETF writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Underlying ETF and, in turn, the Fund could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid secondary trading market will exist for the FLEX Options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options, Underlying ETF shares and, in turn, Fund shares and result in the Fund being unable to achieve its investment objective.

*FLEX Options Trading Risk:* Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, an Underlying ETF's counterparty is the OCC, rather than a bank or broker. Since no Underlying ETF is a member of the OCC and only members ("clearing members") can participate directly in the OCC, each Underlying ETF will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Underlying ETF will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although

------

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

clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by an Underlying ETF with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of such Underlying ETF's clearing member. There is a risk that the assets of an Underlying ETF might not be fully protected in the event of a clearing member's default and an Underlying ETF would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account. Therefore, an Underlying ETF could experience and significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of an Underlying ETF.

*FLEX Options Valuation Risk:* The FLEX Options held by the Underlying ETFs will be exercisable at the strike price only on their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the SPY. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the SPY. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the SPY's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by an Underlying ETF typically do not increase or decrease at the same rate as the SPY's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Underlying ETF's NAV (and, in turn, the Fund's NAV) may not increase or decrease at the same rate as the SPY's share price.

*Large Capitalization Companies Risk:* SPY invests in the securities of large capitalization companies. 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, an Underlying ETF's and, in turn, 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

PGIM Rock ETF Trust 321

------

Notes to Financial Statements (unaudited) (continued)

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.

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

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.

*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. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. 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.

*Portfolio Turnover Risk:* The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other ETFs. Portfolio turnover generally

------

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

involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Target Outcome Period Risk:* Each Underlying ETF's investment strategy is designed to deliver returns that match the price return of SPY if shares are bought on the day on which the Underlying ETF enters into the FLEX Options (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to the cap. Because the Fund will acquire shares of the Underlying ETFs in connection with creations of new shares of the Fund and during each quarterly rebalance, the Fund typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Fund will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Fund and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event the Fund acquires shares of an Underlying ETF after the first day of a Target Outcome Period or disposes of shares prior to the expiration of the Target Outcome Period, the value of the Fund's investment in Underlying ETF shares may not be buffered against a decline in the value of SPY and may not participate in a gain in the value of SPY for the Fund's investment period.

*Tax Risk:* The Fund intends to qualify as a "Regulated Investment Company" under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). To qualify and maintain its status as a Regulated Investment Company, the Fund must meet certain income, diversification and distribution tests. The Fund's qualification as a Regulated Investment Company depends on the qualification of the Underlying ETFs as Regulated Investment Companies. If one or more of the Underlying ETFs were to lose its status as a Regulated Investment Company, the Fund might fail its requirement to have a diversified portfolio, and, thus, lose its own Regulated Investment Company status. If the Fund did not qualify as a Regulated Investment Company for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a Regulated Investment Company, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund may reorganize, close or materially change its investment objective and strategies.

Additionally, buying securities shortly before the record date for a taxable dividend or capital gain distribution is commonly known as "buying a dividend." If a shareholder purchases Fund shares and shortly thereafter a Fund issues a dividend, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.

PGIM Rock ETF Trust 323

------

Notes to Financial Statements (unaudited) (continued)

*Underlying ETFs and SPY Risk:* The value of an investment in the Fund will be related to the investment performance of the Underlying ETFs and, in turn, SPY. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying ETFs and its investments. Exposure to the Underlying ETFs will also expose the Fund to a pro rata portion of the Underlying ETFs' fees and expenses. The fluctuating value of the FLEX Options will affect the Underlying ETFs' value and, in turn, the Fund's value.

The Fund intends to generally rebalance its portfolio to equal weight (i.e., 81/3% per Underlying ETF) quarterly, in connection with the reset of the cap of each Underlying ETF. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Fund having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Fund's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures.

#### Nasdaq-100 Buffer ETFs:
Each Nasdaq-100 Buffer ETF's principal risks include, but are not limited to, some or all of the risks discussed below. With respect to the Nasdaq-100 Buffer ETFs, the term "Underlying ETF" means QQQ. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

*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.

*Buffered Loss Risk:* There can be no guarantee that the Fund will be successful in its strategy to provide limited downside protection against Underlying ETF losses. The Fund does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. The Fund's strategy seeks to deliver returns that match the price return of the Underlying ETF (up to the cap), while limiting downside losses, if shares are bought on the first day of the Target Outcome Period and held until the end of the Target Outcome Period. If an investor purchases shares after the first day of the Target Outcome Period or sells shares prior to the end of the Target Outcome Period, the buffer that the Fund seeks to provide may not be available. A shareholder may also bear losses against

------

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

which the buffer is intended to protect. In periods of extreme market volatility, the Fund's downside protection may be significantly less than the limited buffer. In addition, because the buffer is structured to protect the Fund's loss of NAV, to the extent an investor sells Fund shares on an exchange and the Fund's shares are trading at prices that deviate from NAV, a shareholder may not realize the full value of the of the downside protection or benefit from the full value of any appreciation up to the cap.

*Cap Change Risk:* A new cap is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

*Capped Upside Risk:* The Fund's strategy seeks to provide returns subject to a predetermined upside cap. The cap is the approximate maximum return that an investor can achieve from an investment in the Fund over an entire Target Outcome Period. If the Underlying ETF experiences gains during a Target Outcome Period, the Fund will not participate in those gains beyond the cap. If an investor does not hold its Fund shares for an entire Target Outcome Period, the returns realized by that investor may not match those the Fund seeks to achieve. As a result of the Fund's fees and expenses and because the Fund's returns are subject to a cap, the return of the Fund could represent a return that is worse than the price performance of the Underlying ETF. In periods of heightened market volatility, the Fund's upside limit may be significantly lower than the cap.

*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.

*Counterparty Risk:* Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

*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

PGIM Rock ETF Trust 325

------

Notes to Financial Statements (unaudited) (continued)

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.

*Equity and Equity-Related Securities Risk:* The Fund is exposed to the performance of the equity markets through its exposure to options on the Underlying ETF. 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

------

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

the shares of the Fund may become less liquid in response to deteriorating liquidity in the markets for the Fund 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 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 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 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.

*FLEX Options Risk:* When the Fund purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Fund could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid secondary trading market will exist for the FLEX Options. In a less liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options and Fund shares and result in the Fund being unable to achieve its investment objective.

PGIM Rock ETF Trust 327

------

Notes to Financial Statements (unaudited) (continued)

*FLEX Options Trading Risk:* Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, the Fund's counterparty is the OCC, rather than a bank or broker. Since the Fund is not a member of the OCC and only members ("clearing members") can participate directly in the OCC, the Fund will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Fund will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by the Fund with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of the Fund's clearing member. There is a risk that the assets of the Fund might not be fully protected in the event of a clearing member's default and the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account. Therefore, the Fund could experience and significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of the Fund.

*FLEX Options Valuation Risk:* The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the Underlying ETF. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the Underlying ETF. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the Underlying ETF's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by the Fund typically do not increase or decrease at the same rate as the Underlying ETF's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Fund's NAV may not increase or decrease at the same rate as the Underlying ETF's share price.

*Large Capitalization Companies 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.

------

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

*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.

*Leverage Risk:* FLEX Options and other derivatives may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund's holdings, and makes any change in the Fund's net asset value greater than it would be without the use of leverage. This could result in increased volatility of investment return. The Fund may be required to pledge its assets or post margin in connection with certain borrowings or derivatives transactions that involve leverage. There is a possibility that posting or pledging a large portion of the assets of the Fund could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations or that the Fund may be required to dispose of some of its investment at unfavorable prices or times.

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

PGIM Rock ETF Trust 329

------

Notes to Financial Statements (unaudited) (continued)

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:* The markets for securities and other financial instruments may be volatile and the market prices of the Fund's holdings may decline. Securities and other financial instruments 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 or other assets owned by the Fund or the Underlying ETF fall, the value of your investment in the Fund will decline.

*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

------

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

resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

*Target Outcome Period Risk:* The Fund is designed to deliver returns that approximate the Underlying ETF if Fund shares are bought on the first day of a Target Outcome Period and held until the end of the Target Outcome Period, subject to the limited buffer and the cap. If an investor purchases Fund shares after the first day of a Target Outcome Period or sells shares prior to the expiration of the Target Outcome Period, the returns realized by the investor will not match those that the Fund seeks to provide. An investor that holds Fund shares through multiple Target Outcome Periods may fail to experience gains comparable to those of the Underlying ETF due to the annual imposition of a new cap and may be unable to recapture losses from a prior Target Outcome Period as a result of the Fund resetting its cap each Target Outcome Period.

*Tax Risk:* The Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"); however, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not clear. This includes the tax aspects of the Fund's options strategy (including the distribution of options as part of the Fund's in-kind redemptions), the possible application of the "straddle" rules, and various loss limitation provisions of the Code. To qualify and maintain its status as a RIC, the Fund must meet certain income, diversification and distribution tests. If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, a Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, a Fund may reorganize, close or materially change its investment objective and strategies.

The Fund's investments in offsetting positions with respect to the Underlying ETF may affect the character of gains or losses realized by the Fund under the Code's "straddle" rules and may increase the amount of short-term capital gain realized by the Fund. Short-term capital gains are taxed as ordinary income when distributed to U.S. shareholders in a non-liquidating distribution. As a result, if the Fund makes a non-liquidating distribution of its short-term capital gain, the amount which U.S. shareholders must treat as ordinary income may be increased substantially as compared to a fund that did not engage in such transactions. Accordingly, shareholders could have a lower after-tax return from investing in the Fund than investing directly in the Underlying ETF (even if the value of the Underlying ETF does not exceed the cap).

The FLEX Options included in the Fund's portfolio are exchange-traded options. The tax treatment of certain derivatives contracts including listed non-equity options written or purchased by the Fund on U.S. exchanges (such as options on futures contracts, broad-based equity indices and debt securities) may be governed by Section 1256 of the

PGIM Rock ETF Trust 331

------

Notes to Financial Statements (unaudited) (continued)

Code ("Section 1256 Contracts"). Section 1256 Contracts are treated as if they were sold (i.e., "marked to market") at the end of each year. Gain or loss is recognized on this deemed sale. Such treatment could cause the Fund to recognize taxable income without receiving cash. In order to maintain its RIC qualification, the Fund must distribute at least 90% of its income annually. If FLEX Options held by the Fund are subject to Section 1256 of the Code, and the Fund is unable to distribute marked-to-market gains to its shareholders, the Fund may lose its RIC qualification and be taxed as a regular corporation. The Fund believes that the FLEX Options typically held in its portfolio will not be subject to Section 1256, and disposition of such options will likely result in short-term capital gains or losses.

In addition, the Fund generally does not expect to recognize taxable gains on the in-kind distribution of appreciated portfolio securities to a redeeming shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute. However, certain tax aspects of the Fund's in-kind distributions, including the treatment of certain options, are not clear. If the Fund were required to recognize gain on its in-kind distributions, the effect on the Fund would be similar to the Fund effecting a portion of its redemptions for cash. This generally would cause the Fund to recognize gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise have been required, and would increase the amount required to be distributed by the Fund in order to maintain its qualification as a RIC.

Additionally, buying securities shortly before the record date for a taxable dividend or capital gain distribution is commonly known as "buying a dividend." If a shareholder purchases Fund shares after the Hedge Period has begun and shortly thereafter a Fund issues a dividend, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.

*Technology Sector Risk:* QQQ's assets may be concentrated in the technology sector and in the securities of technology-related companies in other sectors, which means it will be more affected by the performance of the technology sector than a fund that is less concentrated. Market or economic factors impacting technology companies and companies that rely heavily on technology advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology advances is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, consumer preferences, excessive investor optimism or pessimism, government regulation or scrutiny, competition, both domestically and internationally, including competition from foreign competitors with lower production costs, actual or perceived security vulnerabilities in products and services and the availability and price of computer software technology components. Stocks of technology companies and companies that rely heavily on technology advances, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology

------

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

companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, technology companies and companies that rely heavily on technology advances may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

*Underlying ETF Risk:* The value of an investment in the Fund will be related, to a degree, to the investment performance of the Underlying ETF. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETF will also expose the Fund to a pro rata portion of the Underlying ETF's fees and expenses. The Fund's value may not directly correlate to the value of the Underlying ETF due to the Fund's fees and transaction expenses related to the FLEX Options and that the FLEX Options are only exercisable on the expiration date. The fluctuating value of the FLEX Options will affect the Fund's value.

#### Laddered Nasdaq ETF:
The Laddered Nasdaq ETF's principal risks include, but are not limited to, some or all of the risks discussed below. With respect to the Laddered Nasdaq ETF, the term "Underlying ETFs" means the Nasdaq-100 Buffer ETFs. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

*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.

*Buffered Loss Risk:* There can be no guarantee that the Fund will be successful in its strategy to provide limited downside protection against QQQ losses. The buffer is only provided by the Underlying ETFs and the Fund itself does not provide any stated buffer against losses. The Fund likely will not receive the full benefit of the Underlying ETF buffers and could have limited upside potential. The Fund does not provide principal protection and a shareholder may experience significant losses including losing their entire investment. Each Underlying ETF's strategy seeks to deliver returns that match the price return of QQQ (up to the cap), while limiting downside losses, if shares are bought on the first day of a Target Outcome Period and held until the end of that Target Outcome Period. To the extent the Fund acquires shares of the Underlying ETFs in connection with creations of new shares of the Fund and during each quarterly rebalancing, the Fund typically will not acquire

PGIM Rock ETF Trust 333

------

Notes to Financial Statements (unaudited) (continued)

Underlying ETF shares on the first day of a Target Outcome Period. Likewise, to the extent the Fund disposes of shares of the Underlying ETFs in connection with redemptions of shares of the Fund and during each quarterly rebalancing, any such dispositions typically will not occur on the last day of a Target Outcome Period. In the event that the Fund acquires shares after the first day of a Target Outcome Period or disposes of shares prior to the end of a Target Outcome Period, the buffer that the Underlying ETF seeks to provide may not be available. If the Fund purchases Underlying ETF shares during a Target Outcome Period at a time when the Underlying ETF has decreased in value by 12% or more from the value of the Underlying ETF on the first day of the Target Outcome Period (the "Initial Underlying ETF Value"), the buffer protection received by the Fund from its investments in the Underlying ETF will essentially be zero (meaning the Fund can lose its entire investment). If the Fund purchases Underlying ETF shares at a time when the Underlying ETF has decreased in value by less than 12% from the Initial Underlying ETF Value, the Fund's ability to benefit from the buffer will be reduced by the difference between the Initial Underlying ETF Value and the NAV of the Underlying ETF on the date the Fund purchases the shares.

*Cap Change Risk:* A new cap for an Underlying ETF is established at the beginning of each Target Outcome Period and is dependent on prevailing market conditions. As a result, the cap may rise or fall from one Target Outcome Period to the next and is unlikely to remain the same for consecutive Target Outcome Periods.

*Capped Upside Risk:* Each Underlying ETF's strategy seeks to provide returns that match the price return of QQQ for shares acquired on the first day of a Target Outcome Period and held for the entire Target Outcome Period, subject to a pre-determined upside cap. Because the Fund will acquire shares of the Underlying ETFs in connection with creations of new shares of the Fund and during each quarterly rebalance, the Fund typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Fund will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Fund and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event that the Fund acquires Underlying ETF shares after the first day of a Target Outcome Period and the Underlying ETF has risen in value to a level near or at the cap (because the Fund's potential gain will be limited to the difference between the Underlying ETF's NAV on the date the Fund purchases Underlying ETF shares and the cap), there may be little or no ability for the Fund to experience an investment gain on those Underlying ETF shares; however, the Fund will remain vulnerable to downside risks. This could be true for all of the Underlying ETFs held by the Fund at a certain point in time severely limiting the Fund's ability to participate in gains during that time. If QQQ experiences gains during a Target Outcome Period, an Underlying ETF will not participate in those gains beyond the cap. If the Fund buys Underlying ETF shares when the

------

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

price exceeds the cap, the Fund will not experience any gain in respect of those Underlying ETF shares regardless of the performance of QQQ.

*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.

*Counterparty Risk:* Underlying ETF transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Underlying ETF. Counterparty risk may arise because of the counterparty's financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty's inability to fulfill its obligation may result in significant financial loss to an Underlying ETF and, in turn, the Fund. An Underlying ETF may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. The Options Clearing Corporation ("OCC") acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of an Underlying ETF to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, an Underlying ETF and, in turn, the Fund could suffer significant losses.

*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.

*Equity and Equity-Related Securities Risk:* The Fund is exposed to the performance of the equity markets through investments in the Underlying ETFs which have exposure to FLEX Options on the QQQ. 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 Underlying ETFs invest 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

PGIM Rock ETF Trust 335

------

Notes to Financial Statements (unaudited) (continued)

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 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 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 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 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.

*FLEX Options Risk:* The Underlying ETFs invest in FLEX Options. When an Underlying ETF purchases an option, it may lose the premium paid for it if the price of the underlying security, commodity or other asset decreases or remains the same (in the case of a call option) or increases or remains the same (in the case of a put option). If a put or call option purchased by the Underlying ETF were permitted to expire without being sold or exercised, its premium would represent a loss to the Underlying ETF. To the extent that the Underlying ETF writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Underlying ETF and, in turn, the Fund could experience a substantial or unlimited loss. Options pricing is volatile, and the price may fluctuate based on movements in the value of the underlying asset or for reasons other than changes in the value of the underlying asset. Investments in options are considered speculative.

FLEX Options are subject to the risk that they may be less liquid than other securities, including standardized options. FLEX Options are listed on an exchange; however, there is no guarantee that a liquid secondary trading market will exist for the FLEX Options. In a less

------

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

liquid market for the FLEX Options, liquidating the FLEX Options may require the payment of a premium (for written FLEX Options) or acceptance of a discounted price (for purchased FLEX Options) and may take longer to complete. A less liquid trading market may adversely impact the value of the FLEX Options, Underlying ETF shares and, in turn, Fund shares and result in the Fund being unable to achieve its investment objective.

*FLEX Options Trading Risk:* Transactions in FLEX Options are required to be centrally cleared. In a transaction involving FLEX Options, an Underlying ETF's counterparty is the OCC, rather than a bank or broker. Since no Underlying ETF is a member of the OCC and only members ("clearing members") can participate directly in the OCC, each Underlying ETF will hold its FLEX Options through accounts at clearing members. For FLEX Options positions, the Underlying ETF will make payments (including margin payments) to and receive payments from the OCC through its accounts at clearing members. Although clearing members guarantee their clients' obligations to the OCC, there is a risk that a clearing member may default. The OCC collects margin, maintains a clearing fund specifically to mitigate a clearing member default and segregates all customer accounts from a clearing member's proprietary accounts, however customer accounts are held in an omnibus account and are not identified with the name of an individual customer. As a result, assets deposited by an Underlying ETF with a clearing member as margin for FLEX Options may be used to satisfy losses of other clients of such Underlying ETF's clearing member. There is a risk that the assets of an Underlying ETF might not be fully protected in the event of a clearing member's default and an Underlying ETF would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account. Therefore, an Underlying ETF could experience and significant loss in the event of a clearing member's default. Additionally, the OCC may be unable to perform its obligations under the FLEX Options contracts due to unexpected events, which could negatively impact the value of an Underlying ETF.

*FLEX Options Valuation Risk:* The FLEX Options held by the Underlying ETFs will be exercisable at the strike price only on their expiration date. As an in-the-money FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the QQQ. However, the value of the FLEX Options prior to the expiration date may vary because of related factors other than the value of the QQQ. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options generally include interest rate changes, dividends, the actual and implied volatility levels of the QQQ's share price, and the remaining time until the FLEX Options expire, among others. The value of the FLEX Options held by an Underlying ETF typically do not increase or decrease at the same rate as the QQQ's share price on a day-to-day basis due to these factors (although they generally move in the same direction), and, as a result, the Underlying ETF's NAV (and, in turn, the Fund's NAV) may not increase or decrease at the same rate as the QQQ's share price.

*Large Capitalization Companies Risk:* QQQ invests in the securities of large capitalization companies. 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

PGIM Rock ETF Trust 337

------

Notes to Financial Statements (unaudited) (continued)

with smaller market capitalizations. In exchange for this potentially lower risk, an Underlying ETF's and, in turn, 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.

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

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.

*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

------

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

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.

*Portfolio Turnover Risk:* The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other ETFs. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Target Outcome Period Risk:* Each Underlying ETF's investment strategy is designed to deliver returns that match the price return of QQQ if shares are bought on the day on which the Underlying ETF enters into the FLEX Options (i.e., the first day of a Target Outcome Period) and held until those FLEX Options expire at the end of the Target Outcome Period subject to the cap. Because the Fund will acquire shares of the Underlying ETFs in connection with creations of new shares of the Fund and during each quarterly rebalance, the Fund typically will not acquire Underlying ETF shares on the first day of a Target Outcome Period. Likewise, the Fund will dispose of shares of the Underlying ETFs in connection with redemptions of shares of the Fund and during each quarterly rebalance, and such disposals typically will not occur on the last day of a Target Outcome Period. In the event the Fund acquires shares of an Underlying ETF after the first day of a Target Outcome Period or disposes of shares prior to the expiration of the Target Outcome Period, the value of the Fund's investment in Underlying ETF shares may not be buffered against a decline in the value of QQQ and may not participate in a gain in the value of QQQ for the Fund's investment period.

*Tax Risk:* The Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). To qualify and maintain its status as a RIC, the Fund must meet certain income, diversification and distribution tests. The Fund's qualification as a RIC depends on the qualification of the Underlying ETFs as RICs. If one or more of the Underlying ETFs were to lose its status as a RIC, the Fund might fail its requirement to have a diversified portfolio, and, thus, lose its own RIC status. If the Fund did not qualify as a RIC for any taxable year and certain relief

PGIM Rock ETF Trust 339

------

Notes to Financial Statements (unaudited) (continued)

provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Fund may reorganize, close or materially change its investment objective and strategies.

Additionally, buying securities shortly before the record date for a taxable dividend or capital gain distribution is commonly known as "buying a dividend." If a shareholder purchases Fund shares and shortly thereafter the Fund issues a dividend, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.

*Technology Sector Risk:* QQQ's assets may be concentrated in the technology sector and in the securities of technology-related companies in other sectors, which means it will be more affected by the performance of the technology sector than a fund that is less concentrated. Market or economic factors impacting technology companies and companies that rely heavily on technology advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology advances is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, consumer preferences, excessive investor optimism or pessimism, government regulation or scrutiny, competition, both domestically and internationally, including competition from foreign competitors with lower production costs, actual or perceived security vulnerabilities in products and services and the availability and price of computer software technology components. Stocks of technology companies and companies that rely heavily on technology advances, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, technology companies and companies that rely heavily on technology advances may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.

*Underlying ETFs and QQQ Risk:* The value of an investment in the Fund will be related, to a degree, to the investment performance of the Underlying ETFs, and, in turn, QQQ. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying Fund and its investments. Exposure to the Underlying ETFs will also expose the Fund to a pro rata portion of the Underlying ETFs' fees and expenses. The fluctuating value of the FLEX Options will affect the Underlying ETFs' value, and, in turn, the Fund's value.

------

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

The Fund intends to generally rebalance its portfolio to equal weight (i.e., 25% per Underlying ETF) quarterly, in connection with the reset of the cap of each Underlying ETF. In between such rebalances, market movements in the prices of the Underlying ETFs may result in the Fund having temporary larger exposures to certain Underlying ETFs compared to others. Under such circumstances, the Fund's returns would be more greatly influenced by the returns of the Underlying ETFs with the larger exposures.

**9.** **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 April 30, 2025.

PGIM Rock ETF Trust 341

------

#### 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 - Directors, Officers, and Others of Open-End Management Investment Companies are compensated through the unitary management fee paid by the Fund to the Manager and not directly by the Fund. The advisory fee paid 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 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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) | Code of Ethics – Not required, as this is not an annual filing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d941628dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d941628dex99906cert.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 Rock ETF Trust</u> |
| By: | <u>/s/Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | June 23, 2025 |

---

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: | June 23, 2025 |
| By: | <u>/s/Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 23, 2025 |

---

## Ex-99.Cert

Item 19

**PGIM Rock ETF Trust** 

Semi-Annual period ending 4/30/25

File No. 811-23901

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&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;&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;&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;&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;&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.

June 23, 2025

---

| |
|:---|
| <u>/s/Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**PGIM Rock ETF Trust** 

Semi-Annual period ending 4/30/25

File No. 811-23901

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&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;&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;&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;&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;&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.

June 23, 2025

---

| |
|:---|
| <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 Rock 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.

---

| | |
|:---|:---|
| June 23, 2025 | /s/Stuart S. Parker |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| June 23, 2025 | /s/Christian J. Kelly |
|  | 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.*