# EDGAR Filing Document

**Accession Number:** 0001992104
**File Stem:** 0001193125-25-337213
**Filing Date:** 2025-12
**Character Count:** 1158037
**Document Hash:** 00a152715a2009e17199837b97e0a731
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-337213.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-337213

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 186

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23901
- **FILM NUMBER:** 251614901

**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 S&P 500 Max Buffer ETF - October (Series ID: S000089294)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000255811 | PGIM S&P 500 Max Buffer ETF - October | PMOC            |

### PGIM S&P 500 Max Buffer ETF - November (Series ID: S000089295)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255812 | PGIM S&P 500 Max Buffer ETF - November | PMNV            |

### 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            |

### PGIM S&P 500 Max Buffer ETF - June (Series ID: S000089306)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255823 | PGIM S&P 500 Max Buffer ETF - June | PMJN            |

### PGIM S&P 500 Max Buffer ETF - July (Series ID: S000089307)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255824 | PGIM S&P 500 Max Buffer ETF - July | PMJL            |

### PGIM S&P 500 Max Buffer ETF - August (Series ID: S000089308)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000255825 | PGIM S&P 500 Max Buffer ETF - August | PMAU            |

### PGIM S&P 500 Max Buffer ETF - September (Series ID: S000089309)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255826 | PGIM S&P 500 Max Buffer ETF - September | PMSE            |

?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 |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup>Floor |
|  | 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: | 10/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g12127g1tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - January | $46 | 0.43% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on January 1, 2025, and will end on December 31, 2025. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_JAN

![](g12127g1pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 29, 2023 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g1uslcbuff12etfjan.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 13.46% | 14.32% (12/29/2023) |
| S&P 500 Price Return Index | 19.89% | 21.73% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $11840200<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $33896<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.1% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
| Options Written | (4.6)% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.26%

in the year ended October 31, 2024 to 0.43% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g1qrcode_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

ETF1018E_JAN

![](g12127g1pgim_investments.jpg)

------

![](g12127g2tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - January | $52 | 0.49% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on January 1, 2025 and will end on December 31, 2025. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_JAN

![](g12127g2pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 29, 2023 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g2uslcbuff20etfjan.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 10.45% | 11.12% (12/29/2023) |
| S&P 500 Price Return Index | 19.89% | 21.73% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $27633854<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $168258<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 106.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
| Options Written | (6.8)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.24%

in the year ended October 31, 2024 to 0.49% due to the expiration of a voluntary fee waiver on a waiver on a portion of the Fund's unitary

management fee on December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g2qrcode_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

ETF1019E_JAN

![](g12127g2pgim_investments.jpg)

------

![](g12127g3tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - February | $45 | 0.42% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on February 1, 2025 and will end on January 31, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_FEB

![](g12127g3pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: January 31, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g3uslcbuff12etffeb.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 12.66% | 13.61% (1/31/2024) |
| S&P 500 Price Return Index | 19.89% | 21.77% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10331400<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $32091<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 103.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (4.0)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.31%

in the year ended October 31, 2024 to 0.42% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g3qrcode_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

ETF1018E_FEB

![](g12127g3pgim_investments.jpg)

------

![](g12127g4tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - February | $47 | 0.45% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on February 1, 2025 and will end on January 31, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_FEB

![](g12127g4pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: January 31, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g4uslcbuff20etffeb.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 10.00% | 10.81% (1/31/2024) |
| S&P 500 Price Return Index | 19.89% | 21.77% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $16473298<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $54186<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 105.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
| Options Written | (5.9)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.29%

in the year ended October 31, 2024 to 0.45% due the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g4qrcode_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

ETF1019E_FEB

![](g12127g4pgim_investments.jpg)

------

![](g12127g5tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - March | $45 | 0.42% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on March 1, 2025 and will end on February 28, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncement

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_MAR

![](g12127g5pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: February 29, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g5uslcbuff12etfmar.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 14.96% | 14.72% (2/29/2024) |
| S&P 500 Price Return Index | 19.89% | 19.31% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $11955167<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $34484<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.8% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (5.7)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.33%

in the year ended October 31, 2024 to 0.42% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g5qrcode_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

ETF1018E_MAR

![](g12127g5pgim_investments.jpg)

------

![](g12127g6tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/etfs/prosp**ectuses-fact-sheets**

. You can also request this

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

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - March | $47 | 0.44% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on March 1, 2025 and will end on February 28, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_MAR

![](g12127g6pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: February 29, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g6uslcbuff20etfmar.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 11.38% | 11.55% (2/29/2024) |
| S&P 500 Price Return Index | 19.89% | 19.31% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $15309791<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $50315<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 106.8% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (7.7)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.35%

in the year ended October 31, 2024 to 0.44% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g6qrcode_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

ETF1019E_MAR

![](g12127g6pgim_investments.jpg)

------

![](g12127g7tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - April | $44 | 0.42% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on April 1, 2025 and will end on March 31, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_APR

![](g12127g7pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: March 28, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g7uslcbuff12etfapr.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 8.71% | 10.29% (3/28/2024) |
| S&P 500 Price Return Index | 19.89% | 18.13% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $12863577<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $35817<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 110.4% |
| Affiliated Mutual Fund - Short-Term Investment | 0.5% |
| Options Written | (11.2)% |
|  | 99.7% |
| Other assets in excess of liabilities | 0.3% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.36%

in the year ended October 31, 2024 to 0.42% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g7qrcode_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

ETF1018E_APR

![](g12127g7pgim_investments.jpg)

------

![](g12127g8tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - April | $47 | 0.45% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on April 1, 2025 and will end on March 31, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_APR

![](g12127g8pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: March 28, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g8uslcbuff20etfapr.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 7.26% | 8.73% (3/28/2024) |
| S&P 500 Price Return Index | 19.89% | 18.13% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20861871<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $70371<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 113.1% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (13.8)% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 100.0% |

---

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

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.39%

in the year ended October 31, 2024 to 0.45% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g8qrcode_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

ETF1019E_APR

![](g12127g8pgim_investments.jpg)

------

![](g12127g9tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - May | $44 | 0.42% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on May 1, 2025 and will end on April 30, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_MAY

![](g12127g9pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: April 30, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g9uslcbuff12etfmay.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 11.58% | 13.91% (4/30/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $10343301<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $27877<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 110.6% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (11.6)% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\* |
|  | 100.0% |

---

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

\* Less than 0.05%

------

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

For the year ended October 31, 2025, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.37%

in the year ended October 31, 2024 to 0.42% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on

December 31, 2024.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025

at

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent

performance data.

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.

![](g12127g9qrcode_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

ETF1018E_MAY

![](g12127g9pgim_investments.jpg)

------

![](g12127g10tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - May | $45 | 0.43% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on May 1, 2025 and will end on April 30, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_MAY

![](g12127g10pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: April 30, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g10uslcbuff20etfmay.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 10.34% | 11.92% (4/30/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $13626966<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $41859<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 113.8% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (14.6)% |
|  | 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.

![](g12127g10qrcode_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

ETF1019E_MAY

![](g12127g10pgim_investments.jpg)

------

![](g12127g11tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - June | $45 | 0.42% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on June 1, 2025 and will end on May 30, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_JUN

![](g12127g11pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 31, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g11uslcbuff12etfjun.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 13.60% | 13.93% (5/31/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $11147421<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $37658<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 107.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (8.4)% |
|  | 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.

![](g12127g11qrcode_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

ETF1018E_JUN

![](g12127g11pgim_investments.jpg)

------

![](g12127g12tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - June | $47 | 0.44% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on June 1, 2025 and will end on May 30, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_JUN

![](g12127g12pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 31, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g12uslcbuff20etfjun.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 12.38% | 12.41% (5/31/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $19794227<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $55867<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 109.4% |
| Affiliated Mutual Fund - Short-Term Investment | 0.7% |
| Options Written | (10.1)% |
|  | 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.

![](g12127g12qrcode_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

ETF1019E_JUN

![](g12127g12pgim_investments.jpg)

------

![](g12127g13tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - July | $46 | 0.43% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on July 1, 2025 and will end on June 30, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_JUL

![](g12127g13pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 7, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g13uslcbuff12etfjul.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 14.80% | 14.04% (5/7/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $16111760<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $44836<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 105.7% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (6.4)% |
|  | 100.3% |
| Liabilities in excess of other assets | (0.3)% |
|  | 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.

![](g12127g13qrcode_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

ETF1018E_JUL

![](g12127g13pgim_investments.jpg)

------

![](g12127g14tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - July | $48 | 0.45% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on July 1, 2025 and will end on June 30, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_JUL

![](g12127g14pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 7, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g14uslcbuff20etfjul.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 12.51% | 11.98% (5/7/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $26330124<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $67409<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 107.1% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (7.9)% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 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.

![](g12127g14qrcode_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

ETF1019E_JUL

![](g12127g14pgim_investments.jpg)

------

![](g12127g15tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - August | $45 | 0.42% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on August 1, 2025 and will end on July 31, 2026. Within each target outcome period, performance is

primarily driven by the return of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_AUG

![](g12127g15pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 9, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g15uslcbuff12etfaug.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 15.94% | 14.90% (5/9/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $11364075<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $30636<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 105.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (5.9)% |
|  | 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.

![](g12127g15qrcode_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

ETF1018E_AUG

![](g12127g15pgim_investments.jpg)

------

![](g12127g16tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - August | $47 | 0.44% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on August 1, 2025 and will end on July 31, 2026. Within each target outcome period, performance is

primarily driven by the return of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_AUG

![](g12127g16pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 9, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g16uslcbuff20etfaug.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 12.37% | 12.07% (5/9/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $18055601<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $38338<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 106.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (6.8)% |
|  | 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.

![](g12127g16qrcode_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

ETF1019E_AUG

![](g12127g16pgim_investments.jpg)

------

![](g12127g17tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - September | $44 | 0.41% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on September 1, 2025 and will end on August 31, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_SEP

![](g12127g17pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 14, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g17uslcbuff12etfsep.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 15.13% | 13.81% (5/14/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $12394548<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $30679<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.7% |
| Affiliated Mutual Fund - Short-Term Investment | 1.2% |
| Options Written | (5.9)% |
|  | 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.

![](g12127g17qrcode_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

ETF1018E_SEP

![](g12127g17pgim_investments.jpg)

------

![](g12127g18tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - September | $48 | 0.45% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on September 1, 2025 and will end on August 31, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_SEP

![](g12127g18pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 14, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g18uslcbuff20etfsep.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 11.56% | 10.95% (5/14/2024) |
| S&P 500 Price Return Index | 19.89% | 22.65% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $34072575<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $43971<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 105.8% |
| Affiliated Mutual Fund - Short-Term Investment | 1.0% |
| Options Written | (6.8)% |
|  | 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.

![](g12127g18qrcode_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

ETF1019E_SEP

![](g12127g18pgim_investments.jpg)

------

![](g12127g19tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - October | $46 | 0.43% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that invests in as many of the stocks in the S&P 500® Index as

is practicable.

■

The current target outcome period began on October 1, 2025 and will end on September 30, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_OCT

![](g12127g19pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 16, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g19uslcbuff12etfoct.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 14.54% | 13.25% (5/16/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $18296036<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $42868<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (5.4)% |
|  | 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.

![](g12127g19qrcode_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

ETF1018E_OCT

![](g12127g19pgim_investments.jpg)

------

![](g12127g20tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - October | $46 | 0.44% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on October 1, 2025 and will end on September 30, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_OCT

![](g12127g20pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 16, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g20uslcbuff20etfoct.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 10.86% | 10.29% (5/16/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $20196579<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $38457<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.1% |
| Options Written | (5.7)% |
|  | 100.3% |
| Liabilities in excess of other assets | (0.3)% |
|  | 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.

![](g12127g20qrcode_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

ETF1019E_OCT

![](g12127g20pgim_investments.jpg)

------

![](g12127g21tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - November | $44 | 0.41% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The target outcome period for the reporting period began on November 1, 2024 and ended on October 31, 2025. Within each target outcome

period, performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact

the value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_NOV

![](g12127g21pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 21, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g21uslcbuff12etfnov.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 13.49% | 13.77% (5/21/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $8438125<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $21490<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.2% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
| Options Written | (5.0)% |
|  | 99.5% |
| Other assets in excess of liabilities | 0.5% |
|  | 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.

![](g12127g21qrcode_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

ETF1018E_NOV

![](g12127g21pgim_investments.jpg)

------

![](g12127g22tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - November | $43 | 0.41% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The target outcome period for the reporting period began on November 1, 2024 and ended on October 31, 2025. Within each target outcome

period, performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact

the value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_NOV

![](g12127g22pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 21, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g22uslcbuff20etfnov.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 10.54% | 11.03% (5/21/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $13091233<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $34260<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 104.7% |
| Affiliated Mutual Fund - Short-Term Investment | 0.7% |
| Options Written | (5.1)% |
|  | 100.3% |
| Liabilities in excess of other assets | (0.3)% |
|  | 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.

![](g12127g22qrcode_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

ETF1019E_NOV

![](g12127g22pgim_investments.jpg)

------

![](g12127g23tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 12 ETF - December | $43 | 0.40% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 12% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The target outcome period for the reporting period began on December 1, 2024 and will end on November 30, 2025. Within each target

outcome period, performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can

impact the value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1018E_DEC

![](g12127g23pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 23, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g23uslcbuff12etfdec.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 13.23% | 13.07% (5/23/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $9851516<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $28443<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
| Options Written | (1.6)% |
|  | 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.

![](g12127g23qrcode_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

ETF1018E_DEC

![](g12127g23pgim_investments.jpg)

------

![](g12127g24tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Buffer 20 ETF - December | $50 | 0.47% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing a downside buffer against the first 20% (before fees and expenses) of the SPY losses over the one-year target

outcome period. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options

(FLEX Options) on the SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before expenses,

correspond generally to the price and yield performance of the S&P 500® Index.

■

The target outcome period for the reporting period began on December 1, 2024 and will end on November 30, 2025. Within each target

outcome period, performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can

impact the value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1019E_DEC

![](g12127g24pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 23, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g24uslcbuff20etfdec.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 10.80% | 10.78% (5/23/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $23765343<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $89917<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 102.8% |
| Affiliated Mutual Fund - Short-Term Investment | 0.5% |
| Options Written | (3.3)% |
|  | 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.

![](g12127g24qrcode_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

ETF1019E_DEC

![](g12127g24pgim_investments.jpg)

------

![](g12127g25tsrbanner.jpg)

PGIM Laddered S&P 500 Buffer 12 ETF

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

TICKER SYMBOL:

BUFP

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund buys and holds an equal-weighted portfolio of the twelve PGIM S&P 500 Buffer 12 ETFs (January to December) (the Underlying

ETFs). The Fund itself does not provide any stated buffer against losses. Because each Underlying ETF invests substantially all of its assets in

customized equity or index option contracts known as FLexible EXchange® Options (FLEX Options) on the SPDR® S&P 500® ETF Trust

(SPY), its performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can

impact the value of an Underlying Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1022E

![](g12127g25pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: June 11, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g25ladfuff12etf.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 13.37% | 13.02% (6/11/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $79135672<br>|
| Number of fund holdings | 13 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 99.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.3% |
|  | 100.2% |
| Liabilities in excess of other assets | (0.2)% |
|  | 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.

![](g12127g25qrcode_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

ETF1022E

![](g12127g25pgim_investments.jpg)

------

![](g12127g26tsrbanner.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.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund buys and holds an equal-weighted portfolio of the twelve S&P 500 Buffer 20 ETFs (January to December) (the Underlying ETFs).

The Fund itself does not provide any stated buffer against losses. Because each Underlying ETF invests substantially all of its assets in

customized equity or index option contracts known as FLexible EXchange® Options (FLEX Options) on the SPDR® S&P 500® ETF Trust

(SPY), its performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can

impact the value of an Underlying Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1023E

![](g12127g26pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: June 11, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g26ladfuff20etf.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Net Asset Value (NAV) | 10.73% | 10.67% (6/11/2024) |
| S&P 500 Price Return Index | 19.89% | 20.09% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $69943920<br>|
| Number of fund holdings | 13 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 99.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
|  | 100.5% |
| Liabilities in excess of other assets | (0.5)% |
|  | 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.

![](g12127g26qrcode_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

ETF1023E

![](g12127g26pgim_investments.jpg)

------

![](g12127g27tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - January

TICKER SYMBOL:

PQJA

Listing Exchange:

Nasdaq Stock Market LLC

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

December 27, 2024 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Nasdaq-100 Buffer 12 ETF - January | $45 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the Invesco QQQ Trust

SM

, 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. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible

EXchange® Options (FLEX Options) on the QQQ. QQQ is an exchange-traded unit investment trust that seeks to track the investment results,

before fees and expenses, of all the stocks in the Nasdaq-100 Index®.

■

The current target outcome period began on January 1, 2025 and will end on December 31, 2025. Within each target outcome period,

performance is primarily driven by the returns of QQQ, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In early 2025, equities provided lackluster returns as the US Federal Reserve slowed the pace of interest rate cuts amid

ongoing concerns about inflation, and the US administration's pronouncements regarding its new trade and immigration priorities. This came to

a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The US administration later softened its position on its

trade and tariff policies, enabling equity markets to recover and gain additional ground through the end of the reporting period.

ETF1025E_JAN

![](g12127g27pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 27, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g27nasdaq100etf_jan.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 14.12% (12/27/2024) |
| NASDAQ 100 Price Return Index | 23.06% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $5991535<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $17666<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 106.4% |
| Affiliated Mutual Fund - Short-Term Investment | 1.3% |
| Options Written | (7.7)% |
|  | 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.

![](g12127g27qrcode_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

ETF1025E_JAN

![](g12127g27pgim_investments.jpg)

------

![](g12127g28tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - April

TICKER SYMBOL:

PQAP

Listing Exchange:

Nasdaq Stock Market LLC

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

December 27, 2024 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Nasdaq-100 Buffer 12 ETF - April | $45 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the Invesco QQQ Trust

SM

, 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. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible

EXchange® Options (FLEX Options) on the QQQ. QQQ is an exchange-traded unit investment trust that seeks to track the investment results,

before fees and expenses, of all the stocks in the Nasdaq-100 Index®.

■

The current target outcome period began on April 1, 2025 and will end on March 31, 2026. Within each target outcome period, performance is

primarily driven by the returns of QQQ, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In early 2025, equities provided lackluster returns as the US Federal Reserve slowed the pace of interest rate cuts amid

ongoing concerns about inflation, and the US administration's pronouncements regarding its new trade and immigration priorities. This came to

a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The US administration later softened its position on its

trade and tariff policies, enabling equity markets to recover and gain additional ground through the end of the reporting period.

ETF1025E_APR

![](g12127g28pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 27, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g28nasdaq100etf_apr.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 12.80% (12/27/2024) |
| NASDAQ 100 Price Return Index | 23.06% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7331966<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $22344<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 118.1% |
| Affiliated Mutual Fund - Short-Term Investment | 0.8% |
| Options Written | (18.9)% |
|  | 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.

![](g12127g28qrcode_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

ETF1025E_APR

![](g12127g28pgim_investments.jpg)

------

![](g12127g29tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - July

TICKER SYMBOL:

PQJL

Listing Exchange:

Nasdaq Stock Market LLC

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

December 27, 2024 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Nasdaq-100 Buffer 12 ETF - July | $45 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the Invesco QQQ Trust

SM

, 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. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible

EXchange® Options (FLEX Options) on the QQQ. QQQ is an exchange-traded unit investment trust that seeks to track the investment results,

before fees and expenses, of all the stocks in the Nasdaq-100 Index®.

■

The current target outcome period began on July 1, 2025 and will end on June 30, 2026. Within each target outcome period, performance is

primarily driven by the returns of QQQ, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In early 2025, equities provided lackluster returns as the US Federal Reserve slowed the pace of interest rate cuts amid

ongoing concerns about inflation, and the US administration's pronouncements regarding its new trade and immigration priorities. This came to

a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The US administration later softened its position on its

trade and tariff policies, enabling equity markets to recover and gain additional ground through the end of the reporting period.

ETF1025E_JUL

![](g12127g29pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 27, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g29nasdaq100etf_jul.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 15.05% (12/27/2024) |
| NASDAQ 100 Price Return Index | 23.06% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $4889710<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $13292<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 108.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.6% |
| Options Written | (9.1)% |
|  | 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.

![](g12127g29qrcode_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

ETF1025E_JUL

![](g12127g29pgim_investments.jpg)

------

![](g12127g30tsrbanner.jpg)

PGIM Nasdaq-100 Buffer 12 ETF - October

TICKER SYMBOL:

PQOC

Listing Exchange:

Nasdaq Stock Market LLC

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

December 27, 2024 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Nasdaq-100 Buffer 12 ETF - October | $45 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the Invesco QQQ Trust

SM

, 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. The Fund invests substantially all of its assets in customized equity option contracts known as FLexible

EXchange® Options (FLEX Options) on the QQQ. QQQ is an exchange-traded unit investment trust thatseeks to track the investment results,

before fees and expenses, of the Nasdaq-100 Index®.

■

The current target outcome period began on October 1, 2025 and will end on September 30, 2026. Within each target outcome period,

performance is primarily driven by the returns of QQQ, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In early 2025, equities provided lackluster returns as the US Federal Reserve slowed the pace of interest rate cuts amid

ongoing concerns about inflation, and the US administration's pronouncements regarding its new trade and immigration priorities. This came to

a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The US administration later softened its position on its

trade and tariff policies, enabling equity markets to recover and gain additional ground through the end of the reporting period.

ETF1025E_OCT

![](g12127g30pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 27, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g30nasdaq100etf_oct.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 14.13% (12/27/2024) |
| NASDAQ 100 Price Return Index | 23.06% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7418949<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $13316<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 106.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.1% |
| Options Written | (8.0)% |
|  | 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.

![](g12127g30qrcode_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

ETF1025E_OCT

![](g12127g30pgim_investments.jpg)

------

![](g12127g31tsrbanner.jpg)

PGIM Laddered Nasdaq-100 Buffer 12 ETF

TICKER SYMBOL:

PBQQ

Listing Exchange:

Nasdaq Stock Market LLC

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

December 27, 2024 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund buys and holds an equal-weighted portfolio of the four PGIM Nasdaq-100 Buffer 12 ETFs (January, April, July and October) (the

Underlying ETFs). The Fund itself does not provide any stated buffer against losses. Because each Underlying ETF invests substantially all of

its assets in customized equity or index option contracts known as FLexible EXchange® Options (FLEX Options) on the Invesco QQQ Trust

SM

,

Series 1 (QQQ), its performance is primarily driven by the returns of QQQ, although other factors, such as changes in volatility or interest rates,

can impact the value of the Underlying Funds' FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on the US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of interest rate cuts amid ongoing concerns about inflation, and the US administration's pronouncements

regarding its new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were

announced. The US administration later softened its position on its trad and tariff policies, enabling equity markets to recover and gain

additional ground through the end of the reporting period.

ETF1024E

![](g12127g31pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 27, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g31ladnasdaq100etf.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 13.96% (12/27/2024) |
| NASDAQ 100 Price Return Index | 23.06% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $15099874<br>|
| Number of fund holdings | 5 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Exchange-Traded Funds - Equity | 99.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
|  | 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.

![](g12127g31qrcode_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

ETF1024E

![](g12127g31pgim_investments.jpg)

------

![](g12127g32tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - January

TICKER SYMBOL:

PMJA

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - January | $43 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing 100% downside protection (before fees and expenses) of SPY losses over the one-year target outcome period. The

Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options (FLEX Options) on the

SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before fees and expenses, correspond

generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on January 1, 2025 and will end on December 31, 2025. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on the US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of cuts amid ongoing concerns about inflation, and the US administration's pronouncements regarding its

new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The

US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain additional ground

through the end of the reporting period.

ETF1026E_JAN

![](g12127g32pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: December 31, 2024 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g32sp500maxetf_jan.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 5.83% (12/31/2024) |
| S&P 500 Price Return Index | 16.30% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2381215<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $10011<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 107.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.6% |
| Options Written | (9.5)% |
|  | 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.

![](g12127g32qrcode_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

ETF1026E_JAN

![](g12127g32pgim_investments.jpg)

------

![](g12127g33tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - February

TICKER SYMBOL:

PMFB

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - February | $38 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing 100% downside protection (before fees and expenses) of SPY losses over the one-year target outcome period. The

Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options (FLEX Options) on the

SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before fees and expenses, correspond

generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on February 1, 2025 and will end on January 31, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on the US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of cuts amid ongoing concerns about inflation, and the US administration's pronouncements regarding its

new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The

US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain additional ground

through the end of the reporting period.

ETF1026E_FEB

![](g12127g33pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: January 31, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g33sp500maxetf_feb.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 5.04% (1/31/2025) |
| S&P 500 Price Return Index | 13.24% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3676416<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $12892<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 107.3% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (8.2)% |
|  | 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.

![](g12127g33qrcode_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

ETF1026E_FEB

![](g12127g33pgim_investments.jpg)

------

![](g12127g34tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - March

TICKER SYMBOL:

PMMR

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - March | $34 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing 100% downside protection (before fees and expenses) of SPY losses over the one-year target outcome period. The

Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options (FLEX Options) on the

SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before fees and expenses, correspond

generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on March 1, 2025 and will end on February 28, 2026. Within each target outcome period,

performance is primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the

value of the Fund's FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on the US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of cuts amid ongoing concerns about inflation, and the US administration's pronouncements regarding its

new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The

US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain additional ground

through the end of the reporting period.

ETF1026E_MAR

![](g12127g34pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: February 28, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g34sp500maxetf_mar.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 4.46% (2/28/2025) |
| S&P 500 Price Return Index | 14.87% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2611542<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $8080<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 109.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (10.4)% |
|  | 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.

![](g12127g34qrcode_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

ETF1026E_MAR

![](g12127g34pgim_investments.jpg)

------

![](g12127g35tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - April

TICKER SYMBOL:

PMAP

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

April 1, 2025 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - April | $30 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

The Fund seeks to provide investors with returns that match the price return of the SPDR® S&P 500® ETF Trust (SPY) up to a predetermined

upside cap while providing 100% downside protection (before fees and expenses) of SPY losses over the one-year target outcome period. The

Fund invests substantially all of its assets in customized equity option contracts known as FLexible EXchange® Options (FLEX Options) on the

SPY. SPY is an exchange-traded unit investment trust that seeks to provide investment results that, before fees and expenses, correspond

generally to the price and yield performance of the S&P 500® Index.

■

The current target outcome period began on April 1, 2025 and will end on March 31, 2026. Within each target outcome period, performance is

primarily driven by the returns of SPY, although other factors, such as changes in volatility or interest rates, can impact the value of the Fund's

FLEX Options.

■

Robust earnings growth and expectations that the artificial intelligence (AI) boom would fuel future growth helped boost US stocks over this

reporting period. In late 2024, equities rallied on the US Federal Reserve (Fed) interest rate cuts and the US presidential election. Heading into

early 2025, the Fed slowed the pace of cuts amid ongoing concerns about inflation, and the US administration's pronouncements regarding its

new trade and immigration priorities. This came to a head with a sharp sell-off in April when the "Liberation Day" tariffs were announced. The

US administration later softened its position on its trade and tariff policies, enabling equity markets to recover and gain additional ground

through the end of the reporting period.

ETF1026E_APR

![](g12127g35pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: March 31, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g35sp500maxetf_apr.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 4.46% (4/1/2025) |
| S&P 500 Price Return Index | 21.89% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2611608<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $7298<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 114.5% |
| Affiliated Mutual Fund - Short-Term Investment | 2.2% |
| Options Written | (16.7)% |
|  | 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.

![](g12127g35qrcode_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

ETF1026E_APR

![](g12127g35pgim_investments.jpg)

------

![](g12127g36tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - May

TICKER SYMBOL:

PMMY

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - May | $26 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

The Fund was launched on April 30, 2025. As a result of the Fund's limited operating history, a discussion of the Fund's investment performance

is not included in this report.

ETF1026E_MAY

![](g12127g36pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: April 30, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g36sp500maxetf_may.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 3.81% (4/30/2025) |
| S&P 500 Price Return Index | 22.82% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2595439<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $6366<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 118.0% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
| Options Written | (18.9)% |
|  | 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.

![](g12127g36qrcode_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

ETF1026E_MAY

![](g12127g36pgim_investments.jpg)

------

![](g12127g37tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - June

TICKER SYMBOL:

PMJN

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

May 30, 2025 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - June | $21 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

The Fund was launched on May 30, 2025. As a result of the Fund's limited operating history, a discussion of the Fund's investment performance

is not included in this report.

ETF1026E_JUN

![](g12127g37pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: May 30, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g37sp500maxetf_jun.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 3.51% (5/30/2025) |
| S&P 500 Price Return Index | 15.71% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3105299<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $6267<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 111.5% |
| Affiliated Mutual Fund - Short-Term Investment | 1.3% |
| Options Written | (12.8)% |
|  | 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.

![](g12127g37qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - June

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

TICKER SYMBOL PMJN <br> CUSIP 69420N635

ETF1026E_JUN

![](g12127g37pgim_investments.jpg)

------

![](g12127g38tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - July

TICKER SYMBOL:

PMJL

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

June 30, 2025 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - July | $17 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

The Fund was launched on June 30, 2025. As a result of the Fund's limited operating history, a discussion of the Fund's investment performance

is not included in this report.

ETF1026E_JUL

![](g12127g38pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: June 30, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g38sp500maxetf_jul.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 2.51% (6/30/2025) |
| S&P 500 Price Return Index | 10.24% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2306497<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $3815<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 106.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.7% |
| Options Written | (9.4)% |
|  | 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.

![](g12127g38qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - July

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

TICKER SYMBOL PMJL <br> CUSIP 69420N627

ETF1026E_JUL

![](g12127g38pgim_investments.jpg)

------

![](g12127g39tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - August

TICKER SYMBOL:

PMAU

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

July 31, 2025 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - August | $13 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

The Fund was launched on July 31, 2025. As a result of the Fund's limited operating history, a discussion of the Fund's investment performance is

not included in this report.

ETF1026E_AUG

![](g12127g39pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: July 31, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g39sp500maxetf_aug.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 2.19% (7/31/2025) |
| S&P 500 Price Return Index | 7.90% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3576648<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $4357<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 105.7% |
| Affiliated Mutual Fund - Short-Term Investment | 2.1% |
| 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.

![](g12127g39qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - August

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

TICKER SYMBOL PMAU <br> CUSIP 69420N619

ETF1026E_AUG

![](g12127g39pgim_investments.jpg)

------

![](g12127g40tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - September

TICKER SYMBOL:

PMSE

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

of August 29, 2025 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - September | $9 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

The Fund was launched on August 29, 2025. As a result of the Fund's limited operating history, a discussion of the Fund's investment

performance is not included in this report.

ETF1026E_SEP

![](g12127g40pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: August 29, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g40sp500maxetf_sep.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 1.35% (8/29/2025) |
| S&P 500 Price Return Index | 5.88% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $4054113<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $3061<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 105.8% |
| Affiliated Mutual Fund - Short-Term Investment | 1.7% |
| Options Written | (7.5)% |
|  | 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.

![](g12127g40qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - September

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

TICKER SYMBOL PMSE <br> CUSIP 69420N593

ETF1026E_SEP

![](g12127g40pgim_investments.jpg)

------

![](g12127g41tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - October

TICKER SYMBOL:

PMOC

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

September 30, 2025 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - October | $4 | 0.50% |

---

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

The Fund was launched on September 30, 2025. As a result of the Fund's limited operating history, a discussion of the Fund's investment

performance is not included in this report.

ETF1026E_OCT

![](g12127g41pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (888) 247-8090 or (973) 802-2093 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in the Fund and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower.

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

Cumulative Performance: September 30, 2025 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g12127g41sp500maxetf_oct.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of 10/31/2025 | Total Returns as of 10/31/2025 |
|  | Since Inception (%) |
| Net Asset Value (NAV) | 0.44% (9/30/2025) |
| S&P 500 Price Return Index | 2.27% |

---

Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to

the Fund's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3515411<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $1173<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 103.1% |
| Affiliated Mutual Fund - Short-Term Investment | 2.8% |
| Options Written | (5.9)% |
|  | 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.

![](g12127g41qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - October

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

TICKER SYMBOL PMOC <br> CUSIP 69420N585

ETF1026E_OCT

![](g12127g41pgim_investments.jpg)

------

![](g12127g42tsrbanner.jpg)

PGIM S&P 500 Max Buffer ETF - November

TICKER SYMBOL:

PMNV

Listing Exchange:

Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

October 31, 2025 to October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM S&P 500 Max Buffer ETF - November | $0\* | 0.50% |

---

\*The amount rounds to zero. This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

The Fund was launched on October 31, 2025. As a result of the Fund's limited operating history, a discussion of the Fund's investment

performance is not included in this report.

ETF1026E_NOV

![](g12127g42pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund was launched on October 31, 2025. As a result of the Fund's limited operating history, the Fund's investment performance is not

included in this report.

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $2000046<br>|
| Number of fund holdings | 4 |
| Total advisory fees paid for the year | $27<br>|
| Portfolio turnover rate for the year | 0% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Options Purchased | 101.9% |
| Affiliated Mutual Fund - Short-Term Investment | 100.0% |
| Options Written | (4.8)% |
|  | 197.1% |
| Liabilities in excess of other assets | (97.1)% |
|  | 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.

![](g12127g42qrcode_retetf.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM S&P 500 Max Buffer ETF - November

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

TICKER SYMBOL PMNV <br> CUSIP 69420N577

ETF1026E_NOV

![](g12127g42pgim_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 – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Mr. Morris L. McNair, III, member of the Board's Audit Committee is an "audit committee financial expert," and that he is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $417,500 and $260,000, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(c) Tax Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, PwC, the Registrant's principal accountant, billed the Registrant $252,600 and $156,000, respectively, for tax services.

(d) All Other Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

---

| | |
|:---|:---|
| (e) (2) | <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –  |

---

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>October 31, 2025</u> | <u>Fiscal Year Ended</u><br> <u>October 31, 2024</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if</u>

<u>greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2025 and October 31, 2024 was $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants –The registrant has a separately designated standing audit committee (the "Audit Committee") established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the Audit Committee are Mr. Morris L. McNair, III (chair), Mary Lee Schneider and Thomas M. Turpin.

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](g12127g81d37.jpg)

### PGIM ROCK ETF TRUST

---

| | |
|:---|:---|
|  PGIM S&P 500 Buffer 12 ETF - January | PGIM S&P 500 Buffer 20 ETF - November |
|  PGIM S&P 500 Buffer 20 ETF - January | PGIM S&P 500 Buffer 12 ETF - December |
|  PGIM S&P 500 Buffer 12 ETF - February | PGIM S&P 500 Buffer 20 ETF - December |
|  PGIM S&P 500 Buffer 20 ETF - February | PGIM Laddered S&P 500 Buffer 12 ETF |
|  PGIM S&P 500 Buffer 12 ETF - March | PGIM Laddered S&P 500 Buffer 20 ETF |
|  PGIM S&P 500 Buffer 20 ETF - March | PGIM Nasdaq-100 Buffer 12 ETF - January |
|  PGIM S&P 500 Buffer 12 ETF - April | PGIM Nasdaq-100 Buffer 12 ETF - April |
|  PGIM S&P 500 Buffer 20 ETF - April | PGIM Nasdaq-100 Buffer 12 ETF - July |
|  PGIM S&P 500 Buffer 12 ETF - May | PGIM Nasdaq-100 Buffer 12 ETF - October |
|  PGIM S&P 500 Buffer 20 ETF - May | PGIM Laddered Nasdaq-100 Buffer 12 ETF |
|  PGIM S&P 500 Buffer 12 ETF - June | PGIM S&P 500 Max Buffer ETF - January |
|  PGIM S&P 500 Buffer 20 ETF - June | PGIM S&P 500 Max Buffer ETF - February |
|  PGIM S&P 500 Buffer 12 ETF - July | PGIM S&P 500 Max Buffer ETF - March |
|  PGIM S&P 500 Buffer 20 ETF - July | PGIM S&P 500 Max Buffer ETF - April |
|  PGIM S&P 500 Buffer 12 ETF - August | PGIM S&P 500 Max Buffer ETF - May |
|  PGIM S&P 500 Buffer 20 ETF - August | PGIM S&P 500 Max Buffer ETF - June |
|  PGIM S&P 500 Buffer 12 ETF - September | PGIM S&P 500 Max Buffer ETF - July |
|  PGIM S&P 500 Buffer 20 ETF - September | PGIM S&P 500 Max Buffer ETF - August |
|  PGIM S&P 500 Buffer 12 ETF - October | PGIM S&P 500 Max Buffer ETF - September |
|  PGIM S&P 500 Buffer 20 ETF - October | PGIM S&P 500 Max Buffer ETF - October |
|  PGIM S&P 500 Buffer 12 ETF - November | PGIM S&P 500 Max Buffer ETF - November |

---

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 S&P 500 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

#### OCTOBER 31, 2025
![LOGO](g12127g85z89.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> October 31, 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](#edgar12127_1) | 1 |
|  [PGIM S&P 500 Buffer 12 ETF - January](#edgar12127_2) | 2 |
|  [PGIM S&P 500 Buffer 20 ETF - January](#edgar12127_3) | 9 |
|  [PGIM S&P 500 Buffer 12 ETF - February](#edgar12127_4) | 16 |
|  [PGIM S&P 500 Buffer 20 ETF - February](#edgar12127_5) | 23 |
|  [PGIM S&P 500 Buffer 12 ETF - March](#edgar12127_6) | 30 |
|  [PGIM S&P 500 Buffer 20 ETF - March](#edgar12127_7) | 37 |
|  [PGIM S&P 500 Buffer 12 ETF - April](#edgar12127_8) | 44 |
|  [PGIM S&P 500 Buffer 20 ETF - April](#edgar12127_9) | 51 |
|  [PGIM S&P 500 Buffer 12 ETF - May](#edgar12127_10) | 58 |
|  [PGIM S&P 500 Buffer 20 ETF - May](#edgar12127_11) | 65 |
|  [PGIM S&P 500 Buffer 12 ETF - June](#edgar12127_12) | 72 |
|  [PGIM S&P 500 Buffer 20 ETF - June](#edgar12127_13) | 79 |
|  [PGIM S&P 500 Buffer 12 ETF - July](#edgar12127_14) | 86 |
|  [PGIM S&P 500 Buffer 20 ETF - July](#edgar12127_15) | 93 |
|  [PGIM S&P 500 Buffer 12 ETF - August](#edgar12127_16) | 100 |
|  [PGIM S&P 500 Buffer 20 ETF - August](#edgar12127_17) | 107 |
|  [PGIM S&P 500 Buffer 12 ETF - September](#edgar12127_18) | 114 |
|  [PGIM S&P 500 Buffer 20 ETF - September](#edgar12127_19) | 121 |
|  [PGIM S&P 500 Buffer 12 ETF - October](#edgar12127_20) | 128 |
|  [PGIM S&P 500 Buffer 20 ETF - October](#edgar12127_21) | 135 |
|  [PGIM S&P 500 Buffer 12 ETF - November](#edgar12127_22) | 142 |
|  [PGIM S&P 500 Buffer 20 ETF - November](#edgar12127_23) | 149 |
|  [PGIM S&P 500 Buffer 12 ETF - December](#edgar12127_24) | 156 |
|  [PGIM S&P 500 Buffer 20 ETF - December](#edgar12127_25) | 163 |
|  [PGIM Laddered S&P 500 Buffer 12 ETF](#edgar12127_26) | 170 |
|  [PGIM Laddered S&P 500 Buffer 20 ETF](#edgar12127_27) | 176 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - January](#edgar12127_28) | 182 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - April](#edgar12127_29) | 189 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - July](#edgar12127_30) | 196 |
|  [PGIM Nasdaq-100 Buffer 12 ETF - October](#edgar12127_31) | 203 |
|  [PGIM Laddered Nasdaq-100 Buffer 12 ETF](#edgar12127_32) | 210 |
|  [PGIM S&P 500 Max Buffer ETF - January](#edgar12127_33) | 215 |
|  [PGIM S&P 500 Max Buffer ETF - February](#edgar12127_34) | 222 |
|  [PGIM S&P 500 Max Buffer ETF - March](#edgar12127_35) | 229 |
|  [PGIM S&P 500 Max Buffer ETF - April](#edgar12127_36) | 236 |
|  [PGIM S&P 500 Max Buffer ETF - May](#edgar12127_37) | 243 |
|  [PGIM S&P 500 Max Buffer ETF - June](#edgar12127_38) | 250 |
|  [PGIM S&P 500 Max Buffer ETF - July](#edgar12127_39) | 257 |
|  [PGIM S&P 500 Max Buffer ETF - August](#edgar12127_40) | 264 |
|  [PGIM S&P 500 Max Buffer ETF - September](#edgar12127_41) | 271 |
|  [PGIM S&P 500 Max Buffer ETF - October](#edgar12127_42) | 277 |
|  [PGIM S&P 500 Max Buffer ETF - November](#edgar12127_43) | 283 |
|  [Notes to Financial Statements](#edgar12127_44) | 289 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar12127_45)

------

#### 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

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $76,310)(wb) | 76310 | $76310 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.0%**<br>(cost $11,181,518) |  | 12315298 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.7%**<br>(cost $11,257,828) |  | 12391608 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (4.6)%**<br>(premiums received $359,733) |  | (543696) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.1%**<br>(cost $10,898,095) |  | 11847912 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (7712) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11840200 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $5.86 | 182 | 18 | $12274575 |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $586.08 | 182 | 18 | 40723 |
|  **Total Options Purchased** (cost $11,181,518) |  |  |  |  |  | $12315298 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $667.19 | 182 | 18 | $(528661) |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $515.75 | 182 | 18 | (15035) |
|  **Total Options Written** (premiums received $359,733) |  |  |  |  |  | $(543696) |

---

#### 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 S&P 500 Buffer 12 ETF - January

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $76310 | $— | $— |
|  Options Purchased |  | 12315298 |  |
|  **Total** | $76310 | $12315298 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(543696) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.0% |
|  Affiliated Mutual Fund | 0.7 |
|  | 104.7 |
|  Options Written | (4.6) |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12315298 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$543696 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $14422 |

---

(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 | $600544 | $(70697) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 3

------

PGIM S&P 500 Buffer 12 ETF - January

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $7937333 |
|  Options Written (2) | 26760 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - January

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $11,181,518) | $12315298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $76,310) | 76310 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 319995 |
| &nbsp;&nbsp; Receivable for investments sold | 14790 |
| &nbsp;&nbsp; Dividends receivable | 296 |
| &nbsp;&nbsp; **Total Assets** | 12726689 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $359,733) | 543696 |
| &nbsp;&nbsp; Payable for investments purchased | 338080 |
| &nbsp;&nbsp; Management fee payable | 4713 |
| &nbsp;&nbsp; **Total Liabilities** | 886489 |
| &nbsp;&nbsp; **Net Assets** | $11840200 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 11449386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 390444 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $11840200 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,840,200 ÷ 370,000 shares of common stock issued and outstanding) | $32.00 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 5

------

PGIM S&P 500 Buffer 12 ETF - January

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3148 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 39744 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5848) |
| &nbsp;&nbsp; **Net expenses** | 33896 |
| &nbsp;&nbsp; Net investment income (loss) | (30748) |
| &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 | (318871) |
| &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) |
|  | 516912 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 600544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (70697) |
|  | 529847 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1046759 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1016011 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - January

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 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) | $(30748) | $(6432) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 516912 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 529847 | 419970 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1016011 | 413538 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (370,000 and 166,000 shares, respectively) | 10909339 | 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 | 6029589 | 4281062 |
| &nbsp;&nbsp; Total increase (decrease) | 7045600 | 4694600 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period (170,000 and 4,000 shares, respectively) | 4794600 | 100000 |
| &nbsp;&nbsp; End of period | $11840200 | $4794600 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 7

------

PGIM S&P 500 Buffer 12 ETF - January

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **December 29, 2023<sup>(a)</sup><br>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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.91 | 3.25 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.80 | 3.20 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $32.00 | $28.20 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.46% | 12.81% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11840 | $4795 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7948 | $3607 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43% | 0.26 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)% | (0.21)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - January

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 106.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.5%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $154,568)(wb) | 154568 | $154568 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 106.3%**<br> (cost $26,744,405) |  | 29367248 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 106.8%**<br> (cost $26,898,973) |  | 29521816 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (6.8)%**<br> (premiums received $709,642) |  | (1876876) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $26,189,331) |  | 27644940 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (11086) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27633854 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $5.86 | 434 | 43 | $29270140 |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $586.08 | 434 | 43 | 97108 |
|  **Total Options Purchased** (cost $26,744,405) |  |  |  |  |  | $29367248 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 12/31/25 | $649.90 | 434 | 43 | $(1855680) |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $468.86 | 434 | 43 | (21196) |
|  **Total Options Written** (premiums received $709,642) |  |  |  |  |  | $(1876876) |

---

#### 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 Rock ETF Trust 9

------

PGIM S&P 500 Buffer 20 ETF - January

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $154568 | $— | $— |
|  Options Purchased |  | 29367248 |  |
|  **Total** | $154568 | $29367248 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1876876) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 106.3 |
|  Affiliated Mutual Fund | 0.5 |
|  | 106.8 |
|  Options Written | (6.8) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100.0 |

---

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

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary 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 October 31, 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 | $29367248 | Options written outstanding, at value | $1876876 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $1581233 | $385212 |

---

(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 | $2181032 | $(999127) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - January

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $30910653 |
|  Options Written (2) | 102400 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 11

------

PGIM S&P 500 Buffer 20 ETF - January

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $26,744,405) | $29367248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $154,568) | 154568 |
| &nbsp;&nbsp; Dividends receivable | 583 |
| &nbsp;&nbsp; **Total Assets** | 29522399 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $709,642) | 1876876 |
| &nbsp;&nbsp; Management fee payable | 11669 |
| &nbsp;&nbsp; **Total Liabilities** | 1888545 |
| &nbsp;&nbsp; **Net Assets** | $27633854 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 26787135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 845809 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $27633854 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($27,633,854 ÷ 910,001 shares of common stock issued and outstanding) | $30.37 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - January

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $17959 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 172988 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4730) |
| &nbsp;&nbsp; **Net expenses** | 168258 |
| &nbsp;&nbsp; Net investment income (loss) | (150299) |
| &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 | 2427226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 50755 |
|  | 1966445 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2181032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (999127) |
|  | 1181905 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 3148350 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2998051 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 13

------

PGIM S&P 500 Buffer 20 ETF - January

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 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) | $(150299) | $(3889) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 1966445 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1181905 | 273704 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2998051 | 269815 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (2,030,000 and 130,001 shares, respectively) | 56899264 | 3304174 |
| &nbsp;&nbsp; Shares redeemed in-kind (1,250,000 and 0 shares, respectively) | (35837450) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 21061814 | 3304174 |
| &nbsp;&nbsp; Total increase (decrease) | 24059865 | 3573989 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3573989 |  |
| &nbsp;&nbsp; End of period | $27633854 | $3573989 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - January

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **December 29, 2023<sup>(a)</sup>**<br>**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) | (0.12) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.00 | 2.52 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.88 | 2.49 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.37 | $27.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.45% | 9.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $27634 | $3574 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $34598 | $2953 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.49% | 0.24 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.43)% | (0.16)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 15

------

PGIM S&P 500 Buffer 12 ETF - February

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $77,526)(wb) | 77526 | $77526 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 103.3%**<br> (cost $9,782,970) |  | 10675987 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.1%**<br> (cost $9,860,496) |  | 10753513 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (4.1)%**<br> (premiums received $300,998) |  | (418204) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $9,559,498) |  | 10335309 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (3909) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10331400 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $6.02 | 157 | 16 | $10595372 |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $601.82 | 157 | 16 | 80615 |
|  **Total Options Purchased** (cost $9,782,970) |  |  |  |  |  | $10675987 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $682.82 | 157 | 16 | $(387565) |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $529.60 | 157 | 16 | (30639) |
|  **Total Options Written** (premiums received $300,998) |  |  |  |  |  | $(418204) |

---

#### 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 S&P 500 Buffer 12 ETF - February

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $77526 | $— | $— |
|  Options Purchased |  | 10675987 |  |
|  **Total** | $77526 | $10675987 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(418204) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 103.3 |
|  Affiliated Mutual Fund | 0.8 |
|  | 104.1 |
|  Options Written | (4.1) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100.0 |

---

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

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary 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 October 31, 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 | $10675987 | Options written outstanding, at value | $418204 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $892094 | $(270760) |

---

(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 | $394916 | $(2368) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 17

------

PGIM S&P 500 Buffer 12 ETF - February

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $7532378 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25040 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - February

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,782,970) | $10675987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $77,526) | 77526 |
| &nbsp;&nbsp; Dividends receivable | 250 |
| &nbsp;&nbsp; **Total Assets** | 10753763 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $300,998) | 418204 |
| &nbsp;&nbsp; Management fee payable | 4159 |
| &nbsp;&nbsp; **Total Liabilities** | 422363 |
| &nbsp;&nbsp; **Net Assets** | $10331400 |
| &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 | 9959220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 371850 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $10331400 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,331,400 ÷ 330,401 shares of common stock issued and outstanding) | $31.27 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 19

------

PGIM S&P 500 Buffer 12 ETF - February

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3359 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 37780 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5689) |
| &nbsp;&nbsp; **Net expenses** | 32091 |
| &nbsp;&nbsp; Net investment income (loss) | (28732) |
| &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 | (74551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 999314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (303429) |
|  | 621334 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 394916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (2368) |
|  | 392548 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1013882 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $985150 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - February

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 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) | $(28732) | $(7799) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 621334 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 392548 | 383263 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 985150 | 375464 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (310,000 and 190,401 shares, respectively) | 8905720 | 4909127 |
| &nbsp;&nbsp; Shares redeemed in-kind (170,000 and 0 shares, respectively) | (4844061) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4061659 | 4909127 |
| &nbsp;&nbsp; Total increase (decrease) | 5046809 | 5284591 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5284591 |  |
| &nbsp;&nbsp; End of period | $10331400 | $5284591 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 21

------

PGIM S&P 500 Buffer 12 ETF - February

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **January 31, 2024<sup>(a)</sup>**<br>**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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.62 | 2.81 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.51 | 2.76 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $31.27 | $27.76 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 12.66% | 11.02% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10331 | $5285 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7556 | $4042 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42% | 0.31 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)% | (0.26)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - February

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.6%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $104,453)(wb) | 104453 | $104453 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 105.3%**<br> (cost $15,768,188) |  | 17339980 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.9%**<br> (cost $15,872,641) |  | 17444433 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.9)%**<br> (premiums received $519,899) |  | (964566) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $15,352,742) |  | 16479867 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (6569) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16473298 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $6.02 | 255 | 26 | $17209045 |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $601.82 | 255 | 26 | 130935 |
|  **Total Options Purchased** (cost $15,768,188) |  |  |  |  |  | $17339980 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 01/30/26 | $665.61 | 255 | 26 | $(933889) |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $481.46 | 255 | 26 | (30677) |
|  **Total Options Written** (premiums received $519,899) |  |  |  |  |  | $(964566) |

---

#### 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 Rock ETF Trust 23

------

PGIM S&P 500 Buffer 20 ETF - February

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $104453 | $— | $— |
|  Options Purchased |  | 17339980 |  |
|  **Total** | $104453 | $17339980 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(964566) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 105.3 |
|  Affiliated Mutual Fund | 0.6 |
|  | 105.9 |
|  Options Written | (5.9) |
|  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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17339980 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$964566 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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) |

---

(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 | $1056491 | $(246267) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - February

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $11052891 |
|  Options Written (2) | 36480 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 25

------

PGIM S&P 500 Buffer 20 ETF - February

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $15,768,188) | $17339980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $104,453) | 104453 |
| &nbsp;&nbsp; Dividends receivable | 298 |
| &nbsp;&nbsp; **Total Assets** | 17444731 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $519,899) | 964566 |
| &nbsp;&nbsp; Management fee payable | 6867 |
| &nbsp;&nbsp; **Total Liabilities** | 971433 |
| &nbsp;&nbsp; **Net Assets** | $16473298 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 15853292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 619456 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $16473298 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($16,473,298 ÷ 550,401 shares of common stock issued and outstanding) | $29.93 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - February

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $4647 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 59882 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5696) |
| &nbsp;&nbsp; **Net expenses** | 54186 |
| &nbsp;&nbsp; Net investment income (loss) | (49539) |
| &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 | 1056491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (246267) |
|  | 810224 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1260427 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1210888 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 27

------

PGIM S&P 500 Buffer 20 ETF - February

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 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) | $(49539) | $(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 | 810224 | 316901 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1210888 | 310342 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (520,000 and 170,401 shares, respectively) | 14525133 | 4325770 |
| &nbsp;&nbsp; Shares redeemed in-kind (140,000 and 0 shares, respectively) | (3898835) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 10626298 | 4325770 |
| &nbsp;&nbsp; Total increase (decrease) | 11837186 | 4636112 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 4636112 |  |
| &nbsp;&nbsp; End of period | $16473298 | $4636112 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - February

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **January 31, 2024<sup>(a)</sup>**<br>**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) | (0.12) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.84 | 2.25 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.72 | 2.21 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.93 | $27.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.00% | 8.83% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $16473 | $4636 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11976 | $3919 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45% | 0.29 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.41)% | (0.22)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 29

------

PGIM S&P 500 Buffer 12 ETF - March

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $103,919)(wb) | 103919 | $103919 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.9%**<br> (cost $11,429,421) |  | 12537578 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.7%**<br> (cost $11,533,340) |  | 12641497 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.7)%**<br> (premiums received $349,033) |  | (681525) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $11,184,307) |  | 11959972 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (4805) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11955167 |

---

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

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

#### 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 | 184 | 18 | $12420869 |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $594.18 | 184 | 18 | 116709 |
|  **Total Options Purchased** (cost $11,429,421) |  |  |  |  |  | $12537578 |

---

#### 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 | 184 | 18 | $(632353) |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $522.88 | 184 | 18 | (49172) |
|  **Total Options Written** (premiums received $349,033) |  |  |  |  |  | $(681525) |

---

#### 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 S&P 500 Buffer 12 ETF - March

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $103919 | $— | $— |
|  Options Purchased |  | 12537578 |  |
|  **Total** | $103919 | $12537578 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(681525) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.9 |
|  Affiliated Mutual Fund | 0.8 |
|  | 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 October 31, 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 | $12537578 | Options written outstanding, at value | $681525 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(1) | Options<br>Written(2) |
|  Equity contracts. | $635941 | $158876 |

---

(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. | $739080 | $(327858) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 31

------

PGIM S&P 500 Buffer 12 ETF - March

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $7863890 |
|  Options Written (2) | 26640 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - March

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $11,429,421) | $12537578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $103,919) | 103919 |
| &nbsp;&nbsp; Dividends receivable | 360 |
| &nbsp;&nbsp; **Total Assets** | 12641857 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $349,033) | 681525 |
| &nbsp;&nbsp; Management fee payable | 5165 |
| &nbsp;&nbsp; **Total Liabilities** | 686690 |
| &nbsp;&nbsp; **Net Assets** | $11955167 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 11512652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 442135 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $11955167 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,955,167 ÷ 380,001 shares of common stock issued and outstanding) | $31.46 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 33

------

PGIM S&P 500 Buffer 12 ETF - March

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3333 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 40760 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6276) |
| &nbsp;&nbsp; **Net expenses** | 34484 |
| &nbsp;&nbsp; Net investment income (loss) | (31151) |
| &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 | (374180) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 1099898 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written transactions | 69099 |
|  | 794817 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 739080 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (327858) |
|  | 411222 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1206039 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1174888 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - March

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | February 29, 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) | $(31151) | $(7273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 794817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 411222 | 364443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1174888 | 357170 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (510,000 and 180,001 shares, respectively) | 14810775 | 4568892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (310,000 and 0 shares, respectively) | (8956558) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5854217 | 4568892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 7029105 | 4926062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4926062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $11955167 | $4926062 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 35

------

PGIM S&P 500 Buffer 12 ETF - March

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | February 29, 2024<sup>(a)</sup><br>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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 4.20 | 2.42 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.09 | 2.37 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $31.46 | $27.37 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.96% | 9.47% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11955 | $4926 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8152 | $4137 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42% | 0.33 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)% | (0.26)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - March

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 107.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $138,987)(wb) | 138987 | $138987 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 106.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $14,617,028) |  | 16353362 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 107.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $14,756,015) |  | 16492349 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (7.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $480,802) |  | (1176600) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $14,275,213) |  | 15315749 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (5958) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15309791 |

---

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

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

#### 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 | 240 | 24 | $16201133 |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $594.18 | 240 | 24 | 152229 |
|  **Total Options Purchased** (cost $14,617,028) |  |  |  |  |  | $16353362 |

---

#### 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 | 240 | 24 | $(1136148) |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $475.34 | 240 | 24 | (40452) |
|  **Total Options Written** (premiums received $480,802) |  |  |  |  |  | $(1176600) |

---

#### 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 Rock ETF Trust 37

------

PGIM S&P 500 Buffer 20 ETF - March

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $138987 | $— | $— |
|  Options Purchased |  | 16353362 |  |
|  **Total** | $138987 | $16353362 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1176600) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 106.8 |
|  Affiliated Mutual Fund | 0.9 |
|  | 107.7 |
|  Options Written | (7.7) |
|  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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16353362 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1176600 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 |

---

(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. | $1271254 | $(614954) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - March

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $10861376 |
|  Options Written (2) | 36920 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 39

------

PGIM S&P 500 Buffer 20 ETF - March

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $14,617,028) | $16353362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $138,987) | 138987 |
| &nbsp;&nbsp; Dividends receivable | 514 |
| &nbsp;&nbsp; **Total Assets** | 16492863 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $480,802) | 1176600 |
| &nbsp;&nbsp; Management fee payable | 6472 |
| &nbsp;&nbsp; **Total Liabilities** | 1183072 |
| &nbsp;&nbsp; **Net Assets** | $15309791 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 14826537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 482744 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $15309791 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($15,309,791 ÷ 510,001 shares of common stock issued and outstanding) | $30.02 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - March

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $4810 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 57211 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6896) |
| &nbsp;&nbsp; **Net expenses** | 50315 |
| &nbsp;&nbsp; Net investment income (loss) | (45505) |
| &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 | (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 | 1271254 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (614954) |
|  | 656300 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1332208 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1286703 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 41

------

PGIM S&P 500 Buffer 20 ETF - March

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 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) | $(45505) | $(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 | 656300 | 384236 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1286703 | 374393 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (580,000 and 220,001 shares, respectively) | 16206242 | 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 | 8093822 | 5554873 |
| &nbsp;&nbsp; Total increase (decrease) | 9380525 | 5929266 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5929266 |  |
| &nbsp;&nbsp; End of period | $15309791 | $5929266 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - March

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **February 29, 2024<sup>(a)</sup><br>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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 3.18 | 2.00 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.07 | 1.95 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.02 | $26.95 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 11.38% | 7.80% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $15310 | $5929 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11442 | $5042 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44% | 0.35 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)% | (0.29)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 43

------

PGIM S&P 500 Buffer 12 ETF - April

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 110.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.5%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $62,385)(wb) | 62385 | $62385 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 110.4%**<br> (cost $12,318,662) |  | 14204394 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 110.9%**<br> (cost $12,381,047) |  | 14266779 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (11.2)%**<br> (premiums received $567,640) |  | (1446589) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 99.7%**<br> (cost $11,813,407) |  | 12820190 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.3% |  | 43387 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12863577 |

---

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

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

#### 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 | 209 | 21 | $14086192 |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $559.39 | 209 | 21 | 118202 |
|  **Total Options Purchased** (cost $12,318,662) |  |  |  |  |  | $14204394 |

---

#### 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 | 209 | 21 | $(1388462) |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $492.26 | 209 | 21 | (58127) |
|  **Total Options Written** (premiums received $567,640) |  |  |  |  |  | $(1446589) |

---

#### 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 S&P 500 Buffer 12 ETF - April

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $62385 | $— | $— |
|  Options Purchased |  | 14204394 |  |
|  **Total** | $62385 | $14204394 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1446589) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 110.4% |
|  Affiliated Mutual Fund | 0.5 |
|  | 110.9 |
|  Options Written | (11.2) |
|  Other assets in excess of liabilities | 0.3 |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 | $14204394 | Options written outstanding, at value | $1446589 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $175775 |

---

(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 | $1544859 | $(913873) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 45

------

PGIM S&P 500 Buffer 12 ETF - April

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $8493079 |
|  Options Written (2) | 29880 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - April

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $12,318,662) | $14204394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $62,385) | 62385 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 292344 |
| &nbsp;&nbsp; Receivable for investments sold | 27512 |
| &nbsp;&nbsp; Dividends receivable | 292 |
| &nbsp;&nbsp; **Total Assets** | 14586927 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $567,640) | 1446589 |
| &nbsp;&nbsp; Payable for investments purchased | 271588 |
| &nbsp;&nbsp; Management fee payable | 5173 |
| &nbsp;&nbsp; **Total Liabilities** | 1723350 |
| &nbsp;&nbsp; **Net Assets** | $12863577 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 12311663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 551474 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $12863577 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,863,577 ÷ 440,001 shares of common stock issued and outstanding) | $29.24 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 47

------

PGIM S&P 500 Buffer 12 ETF - April

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3604 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 42499 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6682) |
| &nbsp;&nbsp; **Net expenses** | 35817 |
| &nbsp;&nbsp; Net investment income (loss) | (32213) |
| &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 | (426676) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 665053 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written transactions | 102 |
|  | 238479 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1544859 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (913873) |
|  | 630986 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 869465 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $837252 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - April

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>October 31, 2025** | **March 28, 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) | $(32213) | $(8234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 238479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 630986 | 375797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 837252 | 367563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (460,000 and 220,001 shares, respectively) | 12609208 | 5548582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (240,000 and 0 shares, respectively) | (6499028) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6110180 | 5548582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 6947432 | 5916145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5916145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $12863577 | $5916145 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 49

------

PGIM S&P 500 Buffer 12 ETF - April

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **March 28, 2024<sup>(a)</sup><br>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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 2.46 | 1.94 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.35 | 1.89 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.24 | $26.89 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 8.71% | 7.57% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12864 | $5916 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8499 | $4614 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42% | 0.36 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.38)% | (0.30)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - April

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 113.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $176,712)(wb) | 176712 | $176712 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 113.0%**<br> (cost $20,281,611) |  | 23583373 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 113.9%**<br> (cost $20,458,323) |  | 23760085 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (13.8)%**<br> (premiums received $764,145) |  | (2877671) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.1%**<br> (cost $19,694,178) |  | 20882414 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (20543) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20861871 |

---

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

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

#### 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 | $23387124 |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $559.39 | 347 | 35 | 196249 |
|  **Total Options Purchased** (cost $20,281,611) |  |  |  |  |  | $23583373 |

---

#### 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 | $(2812300) |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $447.51 | 347 | 35 | (65371) |
|  **Total Options Written** (premiums received $764,145) |  |  |  |  |  | $(2877671) |

---

#### 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 Rock ETF Trust 51

------

PGIM S&P 500 Buffer 20 ETF - April

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $176712 | $— | $— |
|  Options Purchased |  | 23583373 |  |
|  **Total** | $176712 | $23583373 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(2877671) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 113.0% |
|  Affiliated Mutual Fund | 0.9 |
|  | 113.9 |
|  Options Written | (13.8) |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 | $23583373 | Options written outstanding, at value | $2877671 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $525101 | $251969 |

---

(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 | $2848696 | $(2086722) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - April

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $15431714 |
|  Options Written (2) | 54040 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 53

------

PGIM S&P 500 Buffer 20 ETF - April

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $20,281,611) | $23583373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $176,712) | 176712 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 285770 |
| &nbsp;&nbsp; Receivable for investments sold | 41230 |
| &nbsp;&nbsp; Dividends receivable | 655 |
| &nbsp;&nbsp; **Total Assets** | 24087740 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $764,145) | 2877671 |
| &nbsp;&nbsp; Payable for investments purchased | 339485 |
| &nbsp;&nbsp; Management fee payable | 8713 |
| &nbsp;&nbsp; **Total Liabilities** | 3225869 |
| &nbsp;&nbsp; **Net Assets** | $20861871 |
| &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 | 20345014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 516127 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $20861871 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($20,861,871 ÷ 730,001 shares of common stock issued and outstanding) | $28.58 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - April

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **Net Investment Income (Loss)** |  |
|  Affiliated dividend income | $6342 |
|  Expenses |  |
|  Management fee | 77731 |
|  Less: Fee waiver and/or expense reimbursement | (7360) |
|  **Net expenses** | 70371 |
|  Net investment income (loss) | (64029) |
|  **Realized And Unrealized Gain (Loss) On Investments** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (614800) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1389532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 2338 |
|  | 777070 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 2848696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (2086722) |
|  | 761974 |
|  Net gain (loss) on investment transactions | 1539044 |
|  **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1475015 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 55

------

PGIM S&P 500 Buffer 20 ETF - April

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 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) | $(64029) | $(11798) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 777070 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 761974 | 426262 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1475015 | 414464 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (900,000 and 260,001 shares, respectively) | 24179661 | 6512698 |
| &nbsp;&nbsp; Shares redeemed in-kind (430,000 and 0 shares, respectively) | (11719967) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 12459694 | 6512698 |
| &nbsp;&nbsp; Total increase (decrease) | 13934709 | 6927162 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 6927162 |  |
| &nbsp;&nbsp; End of period | $20861871 | $6927162 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - April

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **March 28, 2024<sup>(a)</sup>**<br>**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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 2.05 | 1.69 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.94 | 1.64 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.58 | $26.64 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 7.26% | 6.57% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $20862 | $6927 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $15545 | $5954 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45% | 0.39 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.41)% | (0.33)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 57

------

PGIM S&P 500 Buffer 12 ETF - May

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 111.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $103,621)(wb) | 103621 | $103621 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 110.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $9,872,363) |  | 11438404 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 111.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $9,975,984) |  | 11542025 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (11.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $435,678) |  | (1194866) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $9,540,306) |  | 10347159 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (3858) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343301 |

---

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

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

#### 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 | 168 | 17 | $11326992 |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $554.54 | 168 | 17 | 111412 |
|  **Total Options Purchased** (cost $9,872,363) |  |  |  |  |  | $11438404 |

---

#### 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 | $642.71 | 168 | 17 | $(1137647) |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $488.00 | 168 | 17 | (57219) |
|  **Total Options Written** (premiums received $435,678) |  |  |  |  |  | $(1194866) |

---

#### 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 S&P 500 Buffer 12 ETF - May

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $103621 | $— | $— |
|  Options Purchased |  | 11438404 |  |
|  **Total** | $103621 | $11438404 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1194866) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 110.6 |
|  Affiliated Mutual Fund | 1 |
|  | 111.6 |
|  Options Written | (11.6) |
|  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 October 31, 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 | $11438404 | Options written outstanding,<br>at value | $1194866 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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.

---

| | | |
|:---|:---|:---|
| &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 | $1281857 | $(714060) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 59

------

PGIM S&P 500 Buffer 12 ETF - May

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $6456210 |
|  Options Written (2) | 22800 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - May

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,872,363) | $11438404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $103,621) | 103621 |
| &nbsp;&nbsp; Dividends receivable | 384 |
| &nbsp;&nbsp; **Total Assets** | 11542409 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $435,678) | 1194866 |
| &nbsp;&nbsp; Management fee payable | 4242 |
| &nbsp;&nbsp; **Total Liabilities** | 1199108 |
| &nbsp;&nbsp; **Net Assets** | $10343301 |
| &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 | 9597418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 745543 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $10343301 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($10,343,301 ÷ 340,001 shares of common stock issued and outstanding) | $30.42 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 61

------

PGIM S&P 500 Buffer 12 ETF - May

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3157 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 33130 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5253) |
| &nbsp;&nbsp; **Net expenses** | 27877 |
| &nbsp;&nbsp; Net investment income (loss) | (24720) |
| &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 | 1281857 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (714060) |
|  | 567797 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1003735 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $979015 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - May

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 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) | $(24720) | $(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 | 567797 | 239056 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 979015 | 234746 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (410,000 and 150,001 shares, respectively) | 11117091 | 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 | 5274666 | 3854874 |
| &nbsp;&nbsp; Total increase (decrease) | 6253681 | 4089620 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 4089620 |  |
| &nbsp;&nbsp; End of period | $10343301 | $4089620 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 63

------

PGIM S&P 500 Buffer 12 ETF - May

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | April 30, 2024<sup>(a)</sup><br>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) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 3.27 | 2.30 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.16 | 2.26 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.42 | $27.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 11.58% | 9.06% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $10343 | $4090 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $6623 | $3202 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42% | 0.37 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.37)% | (0.27)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - May

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 114.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $105,011)(wb) | 105011 | $105011 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 113.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,264,885) |  | 15523549 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 114.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,369,896) |  | 15628560 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (14.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $587,166) |  | (1996215) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $12,782,730) |  | 13632345 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (5379) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13626966 |

---

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

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

#### 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 | 228 | 23 | $15372346 |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $554.54 | 228 | 23 | 151203 |
|  **Total Options Purchased** (cost $13,264,885) |  |  |  |  |  | $15523549 |

---

#### 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 | 228 | 23 | $(1943486) |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $443.63 | 228 | 23 | (52729) |
|  **Total Options Written** (premiums received $587,166) |  |  |  |  |  | $(1996215) |

---

#### 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 Rock ETF Trust 65

------

PGIM S&P 500 Buffer 20 ETF - May

**Schedule of Investments** (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $105011 | $— | $— |
|  Options Purchased |  | 15523549 |  |
|  **Total** | $105011 | $15523549 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1996215) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 113.9 |
|  Affiliated Mutual Fund | 0.8 |
|  | 114.7 |
|  Options Written | (14.7) |
|  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 October 31, 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 | $15523549 | Options written outstanding, at value | $1996215 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $409594 | $299946 |

---

(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 | $1810166 | $(1262990) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - May

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $8909875 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31560 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 67

------

PGIM S&P 500 Buffer 20 ETF - May

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $13,264,885) | $15523549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $105,011) | 105011 |
| &nbsp;&nbsp; Dividends receivable | 391 |
| &nbsp;&nbsp; **Total Assets** | 15628951 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $587,166) | 1996215 |
| &nbsp;&nbsp; Management fee payable | 5770 |
| &nbsp;&nbsp; **Total Liabilities** | 2001985 |
| &nbsp;&nbsp; **Net Assets** | $13626966 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 12765999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 860507 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $13626966 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($13,626,966 ÷ 460,001 shares of common stock issued and outstanding) | $29.62 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - May

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **Net Investment Income (Loss)** |  |
|  Affiliated dividend income | $4116 |
|  Expenses |  |
|  Management fee | 48205 |
|  Less: Fee waiver and/or expense reimbursement | (6346) |
|  **Net expenses** | 41859 |
|  Net investment income (loss) | (37743) |
|  **Realized And Unrealized Gain (Loss) On Investments** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 16106 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 689665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3769 |
|  | 709540 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1810166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (1262990) |
|  | 547176 |
|  Net gain (loss) on investment transactions | 1256716 |
|  **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1218973 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 69

------

PGIM S&P 500 Buffer 20 ETF - May

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **April 30, 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) | $(37743) | $(7306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 709540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 547176 | 302439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1218973 | 295133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (540,000 and 190,001 shares, respectively) | 14539892 | 4806034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (270,000 and 0 shares, respectively) | (7233066) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 7306826 | 4806034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 8525799 | 5101167 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5101167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $13626966 | $5101167 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - May

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | April 30, 2024<sup>(a)</sup><br>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) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.88 | 1.89 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.77 | 1.85 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.62 | $26.85 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.34% | 7.39% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $13627 | $5101 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9641 | $4683 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43% | 0.39 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)% | (0.31)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 71

------

PGIM S&P 500 Buffer 12 ETF - June

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 108.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $97,388)(wb) | 97388 | $97388 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 107.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $10,888,106) |  | 11994425 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 108.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $10,985,494) |  | 12091813 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (8.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $520,942) |  | (940287) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $10,464,552) |  | 11151526 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (4105) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11147421 |

---

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

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

#### 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 | 05/29/26 | $5.89 | 175 | 18 | $11799309 |
|  SPDR S&P 500 ETF Trust | Put | 05/29/26 | $589.39 | 175 | 18 | 195116 |
|  **Total Options Purchased** (cost $10,888,106) |  |  |  |  |  | $11994425 |

---

#### 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 | 05/29/26 | $674.85 | 175 | 18 | $(844952) |
|  SPDR S&P 500 ETF Trust | Put | 05/29/26 | $518.66 | 175 | 18 | (95335) |
|  **Total Options Written** (premiums received $520,942) |  |  |  |  |  | $(940287) |

---

#### 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 S&P 500 Buffer 12 ETF - June

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $97388 | $— | $— |
|  Options Purchased |  | 11994425 |  |
|  **Total** | $97388 | $11994425 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(940287) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 107.6 |
|  Affiliated Mutual Fund | 0.9 |
|  | 108.5 |
|  Options Written | (8.5) |
|  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 October 31, 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 | $11994425 | Options written<br>outstanding, at value | $940287 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $419514 | $326309 |

---

(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 | $602335 | $(369345) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 73

------

PGIM S&P 500 Buffer 12 ETF - June

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $8934199 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30920 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - June

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $10,888,106) | $11994425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $97,388) | 97388 |
| &nbsp;&nbsp; Dividends receivable | 365 |
| &nbsp;&nbsp; **Total Assets** | 12092178 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $520,942) | 940287 |
| &nbsp;&nbsp; Management fee payable | 4470 |
| &nbsp;&nbsp; **Total Liabilities** | 944757 |
| &nbsp;&nbsp; **Net Assets** | $11147421 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 10517282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 629769 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $11147421 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,147,421 ÷ 370,401 shares of common stock issued and outstanding) | $30.10 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 75

------

PGIM S&P 500 Buffer 12 ETF - June

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $4499 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 45090 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7432) |
| &nbsp;&nbsp; **Net expenses** | 37658 |
| &nbsp;&nbsp; Net investment income (loss) | (33159) |
| &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 | (317923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1044251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 19495 |
|  | 745823 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 602335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (369345) |
|  | 232990 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 978813 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $945654 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - June

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 2025** | **May 31, 2024\***<br> **through**<br> **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(33159) | $(15190) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 745823 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 232990 | 453984 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 945654 | 438794 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (410,000 and 360,401 shares, respectively) | 11615972 | 9109316 |
| &nbsp;&nbsp; Shares redeemed in-kind (400,000 and 0 shares, respectively) | (10962315) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 653657 | 9109316 |
| &nbsp;&nbsp; Total increase (decrease) | 1599311 | 9548110 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 9548110 |  |
| &nbsp;&nbsp; End of period | $11147421 | $9548110 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 77

------

PGIM S&P 500 Buffer 12 ETF - June

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 31, 2024<sup>(a)</sup><br>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) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.71 | 1.54 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.61 | 1.49 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.10 | $26.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.60% | 5.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11147 | $9548 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9018 | $8519 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42% | 0.46 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.37)% | (0.43)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - June

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 110.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $146,568)(wb) | 146568 | $146568 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 109.4%**<br> (cost $19,448,025) |  | 21658504 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 110.1%**<br> (cost $19,594,593) |  | 21805072 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (10.1)%**<br> (premiums received $875,083) |  | (2003133) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $18,719,510) |  | 19801939 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (7712) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $19794227 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 05/29/26 | $5.89 | 316 | 32 | $21306180 |
|  SPDR S&P 500 ETF Trust | Put | 05/29/26 | $589.39 | 316 | 32 | 352324 |
|  **Total Options Purchased** (cost $19,448,025) |  |  |  |  |  | $21658504 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 05/29/26 | $658.64 | 316 | 32 | $(1891873) |
|  SPDR S&P 500 ETF Trust | Put | 05/29/26 | $471.51 | 316 | 32 | (111260) |
|  **Total Options Written** (premiums received $875,083) |  |  |  |  |  | $(2003133) |

---

#### 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 Rock ETF Trust 79

------

PGIM S&P 500 Buffer 20 ETF - June

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $146568 | $— | $— |
|  Options Purchased |  | 21658504 |  |
|  **Total** | $146568 | $21658504 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(2003133) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 109.4 |
|  Affiliated Mutual Fund | 0.7 |
|  | 110.1 |
|  Options Written | (10.1) |
|  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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21658504 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2003133 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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. | $260100 | $442042 |

---

(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 | $1838921 | $(1047972) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - June

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $12395132 |
|  Options Written (2) | 42120 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 81

------

PGIM S&P 500 Buffer 20 ETF - June

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $19,448,025) | $21658504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $146,568) | 146568 |
| &nbsp;&nbsp; Dividends receivable | 582 |
| &nbsp;&nbsp; **Total Assets** | 21805654 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $875,083) | 2003133 |
| &nbsp;&nbsp; Management fee payable | 8294 |
| &nbsp;&nbsp; **Total Liabilities** | 2011427 |
| &nbsp;&nbsp; **Net Assets** | $19794227 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 19009561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 783996 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $19794227 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($19,794,227 ÷ 670,401 shares of common stock issued and outstanding) | $29.53 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - June

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $5483 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 63118 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7251) |
| &nbsp;&nbsp; **Net expenses** | 55867 |
| &nbsp;&nbsp; Net investment income (loss) | (50384) |
| &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 | (389665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 954420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 137387 |
|  | 702142 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1838921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (1047972) |
|  | 790949 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1493091 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1442707 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 83

------

PGIM S&P 500 Buffer 20 ETF - June

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 31, 2024\* <br>through<br> October 31, 2024**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(50384) | $(10237) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 702142 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 790949 | 291480 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1442707 | 281243 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (780,000 and 260,401 shares, respectively) | 21653016 | 6560178 |
| &nbsp;&nbsp; Shares redeemed in-kind (370,000 and 0 shares, respectively) | (10142917) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 11510099 | 6560178 |
| &nbsp;&nbsp; Total increase (decrease) | 12952806 | 6841421 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 6841421 |  |
| &nbsp;&nbsp; End of period | $19794227 | $6841421 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - June

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 31, 2024<sup>(a)</sup><br>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) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.37 | 1.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.26 | 1.27 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.53 | $26.27 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 12.38% | 5.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $19794 | $6841 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $12624 | $6329 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44% | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)% | (0.39)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 85

------

PGIM S&P 500 Buffer 12 ETF - July

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 106.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $158,104)(wb) | 158104 | $158104 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 105.7%**<br>(cost $15,888,463) |  | 17028054 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 106.7%**<br>(cost $16,046,567) |  | 17186158 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (6.4)%**<br>(premiums received $681,198) |  | (1029002) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.3%**<br>(cost $15,365,369) |  | 16157156 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.3)% |  | (45396) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16111760 |

---

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

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

#### 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 | 06/30/26 | $6.18 | 247 | 25 | $16606037 |
|  SPDR S&P 500 ETF Trust | Put | 06/30/26 | $617.85 | 247 | 25 | 422017 |
|  **Total Options Purchased** (cost $15,888,463) |  |  |  |  |  | $17028054 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 06/30/26 | $703.79 | 247 | 25 | $(822893) |
|  SPDR S&P 500 ETF Trust | Put | 06/30/26 | $543.71 | 247 | 25 | (206109) |
|  **Total Options Written** (premiums received $681,198) |  |  |  |  |  | $(1029002) |

---

#### 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 S&P 500 Buffer 12 ETF - July

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $158104 | $— | $— |
|  Options Purchased |  | 17028054 |  |
|  **Total** | $158104 | $17028054 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1029002) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 105.7% |
|  Affiliated Mutual Fund | 1 |
|  | 106.7 |
|  Options Written | (6.4) |
|  Liabilities in excess of other assets | (0.3) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure :
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 | $17028054 | Options written outstanding, at value | $1029002 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $828957 | $257281 |

---

(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 | $895815 | $(348208) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 87

------

PGIM S&P 500 Buffer 12 ETF - July

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $10703348 |
|  Options Written (2) | 35440 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - July

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $15,888,463) | $17028054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $158,104) | 158104 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 607968 |
| &nbsp;&nbsp; Receivable for investments sold | 41389 |
| &nbsp;&nbsp; Dividends receivable | 574 |
| &nbsp;&nbsp; **Total Assets** | 17836089 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $681,198) | 1029002 |
| &nbsp;&nbsp; Payable for investments purchased | 688921 |
| &nbsp;&nbsp; Management fee payable | 6406 |
| &nbsp;&nbsp; **Total Liabilities** | 1724329 |
| &nbsp;&nbsp; **Net Assets** | $16111760 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 15371307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 739923 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $16111760 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($16,111,760 ÷ 530,001 shares of common stock issued and outstanding) | $30.40 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 89

------

PGIM S&P 500 Buffer 12 ETF - July

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $4649 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 51755 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6919) |
| &nbsp;&nbsp; **Net expenses** | 44836 |
| &nbsp;&nbsp; Net investment income (loss) | (40187) |
| &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 | (55988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1142085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 141 |
|  | 1086238 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 895815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (348208) |
|  | 547607 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1633845 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1593658 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - July

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 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) | $(40187) | $(10554) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 1086238 | 20822 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 547607 | 244180 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1593658 | 254448 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (610,000 and 340,001 shares, respectively) | 17229256 | 8686928 |
| &nbsp;&nbsp; Shares redeemed in-kind (360,000 and 60,000 shares, respectively) | (10125580) | (1526950) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 7103676 | 7159978 |
| &nbsp;&nbsp; Total increase (decrease) | 8697334 | 7414426 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 7414426 |  |
| &nbsp;&nbsp; End of period | $16111760 | $7414426 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 91

------

PGIM S&P 500 Buffer 12 ETF - July

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 07, 2024<sup>(a)</sup><br>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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 4.03 | 1.53 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.92 | 1.48 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.40 | $26.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup> :** | 14.80% | 5.92% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $16112 | $7414 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10346 | $5327 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43% | 0.47 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)% | (0.41)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - July

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 108.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $235,879)(wb) | 235879 | $235879 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 107.1%**<br> (cost $26,270,281) |  | 28196251 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 108.0%**<br> (cost $26,506,160) |  | 28432130 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (7.9)%**<br> (premiums received $1,138,988) |  | (2068476) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.1%**<br> (cost $25,367,172) |  | 26363654 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (33530) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $26330124 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 06/30/26 | $6.18 | 409 | 41 | $27497446 |
|  SPDR S&P 500 ETF Trust | Put | 06/30/26 | $617.85 | 409 | 41 | 698805 |
|  **Total Options Purchased** (cost $26,270,281) |  |  |  |  |  | $28196251 |

---

#### 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 | 06/30/26 | $683.90 | 409 | 41 | $(1853956) |
|  SPDR S&P 500 ETF Trust | Put | 06/30/26 | $494.28 | 409 | 41 | (214520) |
|  **Total Options Written** (premiums received $1,138,988) |  |  |  |  |  | $(2068476) |

---

#### 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 Rock ETF Trust 93

------

PGIM S&P 500 Buffer 20 ETF - July

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $235879 | $— | $— |
|  Options Purchased |  | 28196251 |  |
|  **Total** | $235879 | $28196251 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(2068476) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 107.1% |
|  Affiliated Mutual Fund | 0.9 |
|  | 108.0 |
|  Options Written | (7.9) |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure :
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 | $28196251 | Options written outstanding, at value | $2068476 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $1041360 | $192265 |

---

(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 | $1609610 | $(889950) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - July

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $15616491 |
|  Options Written (2) | 51200 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 95

------

PGIM S&P 500 Buffer 20 ETF - July

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $26,270,281) | $28196251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $235,879) | 235879 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 295835 |
| &nbsp;&nbsp; Receivable for investments sold | 25125 |
| &nbsp;&nbsp; Dividends receivable | 913 |
| &nbsp;&nbsp; **Total Assets** | 28754003 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $1,138,988) | 2068476 |
| &nbsp;&nbsp; Payable for investments purchased | 344455 |
| &nbsp;&nbsp; Management fee payable | 10948 |
| &nbsp;&nbsp; **Total Liabilities** | 2423879 |
| &nbsp;&nbsp; **Net Assets** | $26330124 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 25605590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 723644 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $26330124 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($26,330,124 ÷ 890,001 shares of common stock issued and outstanding) | $29.58 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - July

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 74877 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7468) |
| &nbsp;&nbsp; **Net expenses** | 67409 |
| &nbsp;&nbsp; Net investment income (loss) | (60587) |
| &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 | (36643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1415020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (144752) |
|  | 1233625 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1609610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (889950) |
|  | 719660 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1953285 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1892698 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 97

------

PGIM S&P 500 Buffer 20 ETF - July

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br><u>October 31, 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) | $(60587) | $(11697) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 1233625 | 18771 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 719660 | 276822 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1892698 | 283896 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,010,000 and 390,001 shares, respectively) | 28424604 | 9917660 |
| &nbsp;&nbsp; Shares redeemed in-kind (450,000 and 60,000 shares, respectively) | (12664253) | (1524481) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 15760351 | 8393179 |
| &nbsp;&nbsp; Total increase (decrease) | 17653049 | 8677075 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 8677075 |  |
| &nbsp;&nbsp; End of period | $26330124 | $8677075 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - July

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 07, 2024<sup>(a)</sup><br>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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 3.40 | 1.34 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.29 | 1.29 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.58 | $26.29 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup> :** | 12.51% | 5.18% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $26330 | $8677 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $14975 | $5885 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup> : |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45% | 0.47 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)% | (0.41)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 99

------

PGIM S&P 500 Buffer 12 ETF - August

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $105,955)(wb) | 105955 | $105955 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 105.0%**<br> (cost $11,267,518) |  | 11931043 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.9%**<br> (cost $11,373,473) |  | 12036998 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.9)%**<br> (premiums received $448,052) |  | (668746) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $10,925,421) |  | 11368252 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (4177) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11364075 |

---

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

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

#### 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 | 07/31/26 | $6.32 | 172 | 17 | $11566030 |
|  SPDR S&P 500 ETF Trust | Put | 07/31/26 | $632.08 | 172 | 17 | 365013 |
|  **Total Options Purchased** (cost $11,267,518) |  |  |  |  |  | $11931043 |

---

#### 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 | 07/31/26 | $721.01 | 172 | 17 | $(486339) |
|  SPDR S&P 500 ETF Trust | Put | 07/31/26 | $556.23 | 172 | 17 | (182407) |
|  **Total Options Written** (premiums received $448,052) |  |  |  |  |  | $(668746) |

---

#### 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 S&P 500 Buffer 12 ETF - August

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $105955 | $— | $— |
|  Options Purchased |  | 11931043 |  |
|  **Total** | $105955 | $11931043 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(668746) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 105.0 |
|  Affiliated Mutual Fund | 0.9 |
|  | 105.9 |
|  Options Written | (5.9) |
|  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 October 31, 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 | $11931043 | Options written outstanding, at value | $668746 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $1008765 | $152136 |

---

(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 | $569362 | $(222502) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 101

------

PGIM S&P 500 Buffer 12 ETF - August

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $6189715 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20040 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - August

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $11,267,518) | $11931043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $105,955) | 105955 |
| &nbsp;&nbsp; Dividends receivable | 410 |
| &nbsp;&nbsp; **Total Assets** | 12037408 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $448,052) | 668746 |
| &nbsp;&nbsp; Management fee payable | 4587 |
| &nbsp;&nbsp; **Total Liabilities**  | 673333 |
| &nbsp;&nbsp; **Net Assets** | $11364075 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 10946944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 416761 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $11364075 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,364,075 ÷ 370,001 shares of common stock issued and outstanding) | $30.71 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 103

------

PGIM S&P 500 Buffer 12 ETF - August

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $4014 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 36204 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5568) |
| &nbsp;&nbsp; **Net expenses** | 30636 |
| &nbsp;&nbsp; Net investment income (loss) | (26622) |
| &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 | (168132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1312409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 16624 |
|  | 1160901 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 569362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (222502) |
|  | 346860 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1507761 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1481139 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - August

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 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) | $(26622) | $(3681) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 1160901 | 34285 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 346860 | 95971 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1481139 | 126575 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (830,000 and 220,001 shares, respectively) | 23473058 | 5630953 |
| &nbsp;&nbsp; Shares redeemed in-kind (590,000 and 80,000 shares, respectively) | (16995206) | (2048738) |
| &nbsp;&nbsp; Cost of shares purchased (10,000 and 0 shares, respectively) | (303706) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6174146 | 3582215 |
| &nbsp;&nbsp; Total increase (decrease) | 7655285 | 3708790 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3708790 |  |
| &nbsp;&nbsp; End of period | $11364075 | $3708790 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 105

------

PGIM S&P 500 Buffer 12 ETF - August

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 09, 2024<sup>(a)</sup><br>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) | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 4.32 | 1.53 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.22 | 1.49 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.71 | $26.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup> :** | 15.94% | 5.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $11364 | $3709 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7234 | $2327 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup> : |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.42% | 0.43 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.37)% | (0.33)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - August

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 106.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $150,273)(wb) | 150273 | $150273 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 106.0%**<br> (cost $17,991,437) |  | 19145162 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 106.8%**<br> (cost $18,141,710) |  | 19295435 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (6.8)%**<br> (premiums received $690,654) |  | (1232875) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $17,451,056) |  | 18062560 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (6959) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $18055601 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 07/31/26 | $6.32 | 276 | 28 | $18559443 |
|  SPDR S&P 500 ETF Trust | Put | 07/31/26 | $632.08 | 276 | 28 | 585719 |
|  **Total Options Purchased** (cost $17,991,437) |  |  |  |  |  | $19145162 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 07/31/26 | $702.75 | 276 | 28 | $(1048872) |
|  SPDR S&P 500 ETF Trust | Put | 07/31/26 | $505.66 | 276 | 28 | (184003) |
|  **Total Options Written** (premiums received $690,654) |  |  |  |  |  | $(1232875) |

---

#### 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 Rock ETF Trust 107

------

PGIM S&P 500 Buffer 20 ETF - August

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $150273 | $— | $— |
|  Options Purchased |  | 19145162 |  |
|  **Total** | $150273 | $19145162 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1232875) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 106.0 |
|  Affiliated Mutual Fund | 0.8 |
|  | 106.8 |
|  Options Written | (6.8) |
|  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 October 31, 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 | $19145162 | Options written outstanding, at value | $1232875 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(1) | **Options<br> Written(2)**  |
|  Equity contracts. | $629408 | $4033 |

---

(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. | $1031958 | $(528127) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - August

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $8324383 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26840 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 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 - August

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $17,991,437) | $19145162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $150,273) | 150273 |
| &nbsp;&nbsp; Dividends receivable | 551 |
| &nbsp;&nbsp; **Total Assets** | 19295986 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $690,654) | 1232875 |
| &nbsp;&nbsp; Management fee payable | 7510 |
| &nbsp;&nbsp; **Total Liabilities** | 1240385 |
| &nbsp;&nbsp; **Net Assets** | $18055601 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 17714249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 340742 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $18055601 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($18,055,601 ÷ 610,001 shares of common stock issued and outstanding) | $29.60 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - August

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $4062 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 43078 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4740) |
| &nbsp;&nbsp; **Net expenses** | 38338 |
| &nbsp;&nbsp; Net investment income (loss) | (34276) |
| &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 | (220905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 908689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (54343) |
|  | 633441 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1031958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (528127) |
|  | 503831 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1137272 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1102996 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 111

------

PGIM S&P 500 Buffer 20 ETF - August

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 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) | $(34276) | $(4585) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 633441 | 30564 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 503831 | 107673 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1102996 | 133652 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (740,000 and 220,001 shares, respectively) | 20948421 | 5607217 |
| &nbsp;&nbsp; Shares redeemed in-kind (280,000 and 70,000 shares, respectively) | (7946982) | (1789703) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 13001439 | 3817514 |
| &nbsp;&nbsp; Total increase (decrease) | 14104435 | 3951166 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3951166 |  |
| &nbsp;&nbsp; End of period | $18055601 | $3951166 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - August

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 09, 2024<sup>(a)</sup><br>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) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.37 | 1.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.26 | 1.34 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.60 | $26.34 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 12.37% | 5.36% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $18056 | $3951 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8616 | $2657 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44% | 0.44 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)% | (0.36)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 113

------

PGIM S&P 500 Buffer 12 ETF - September

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 104.8%** |  |  |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.8%**<br> (cost $12,424,607) |  | $12987350 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE OPTIONS WRITTEN 104.8%**<br> (cost $12,424,607) |  | 12987350 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (6.0)%**<br> (premiums received $518,628) |  | (737395) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF OPTIONS WRITTEN 98.8%**<br> (cost $11,905,979) |  | 12249955 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $149,184)(wb) | 149184 | 149184 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%<br>(cost $12,055,163)** |  | 12399139 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (4591) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $12394548 |

---

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

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

#### 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 | 08/31/26 | $6.45 | 186 | 19 | $12511368 |
|  SPDR S&P 500 ETF Trust | Put | 08/31/26 | $645.05 | 186 | 19 | 475982 |
|  **Total Options Purchased** (cost $12,424,607) |  |  |  |  |  | $12987350 |

---

#### 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 | 08/31/26 | $732.33 | 186 | 19 | $(494407) |
|  SPDR S&P 500 ETF Trust | Put | 08/31/26 | $567.64 | 186 | 19 | (242988) |
|  **Total Options Written** (premiums received $518,628) |  |  |  |  |  | $(737395) |

---

#### 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 S&P 500 Buffer 12 ETF - September

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Purchased | $— | $12987350 | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 149184 |  |  |
|  **Total** | $149184 | $12987350 | $— |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(737395) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.8 |
|  Affiliated Mutual Fund | 1.2 |
|  | 106.0 |
|  Options Written | (6.0) |
|  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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12987350 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$737395 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $708886 | $225678 |

---

(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 | $469025 | $(213286) |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 115

------

PGIM S&P 500 Buffer 12 ETF - September

Schedule of Investments (continued)

as of October 31, 2025

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

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $7397348 |
|  Options Written (2) | 24360 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - September

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $12,424,607) | $12987350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $149,184) | 149184 |
| &nbsp;&nbsp; Dividends receivable | 528 |
| &nbsp;&nbsp; **Total Assets** | 13137062 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $518,628) | 737395 |
| &nbsp;&nbsp; Management fee payable | 5119 |
| &nbsp;&nbsp; **Total Liabilities** | 742514 |
| &nbsp;&nbsp; **Net Assets** | $12394548 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 12265252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 128886 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $12394548 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,394,548 ÷ 410,001 shares of common stock issued and outstanding) | $30.23 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 117

------

PGIM S&P 500 Buffer 12 ETF - September

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3879 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 37318 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6639) |
| &nbsp;&nbsp; **Net expenses** | 30679 |
| &nbsp;&nbsp; Net investment income (loss) | (26800) |
| &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 | (329887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1270257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (5806) |
|  | 934564 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 469025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (213286) |
|  | 255739 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1190303 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1163503 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - September

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 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) | $(26800) | $(5403) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 934564 | 67538 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 255739 | 88237 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1163503 | 150372 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (550,000 and 290,001 shares, respectively) | 15784689 | 7437889 |
| &nbsp;&nbsp; Shares redeemed in-kind (340,000 and 90,000 shares, respectively) | (9805154) | (2336751) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5979535 | 5101138 |
| &nbsp;&nbsp; Total increase (decrease) | 7143038 | 5251510 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5251510 |  |
| &nbsp;&nbsp; End of period | $12394548 | $5251510 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 119

------

PGIM S&P 500 Buffer 12 ETF - September

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 14, 2024<sup>(a)</sup><br>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) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 4.07 | 1.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.97 | 1.26 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.23 | $26.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 15.13% | 5.03% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12395 | $5252 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7463 | $2949 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41% | 0.44 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)% | (0.39)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - September

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 105.7%** |  |  |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 105.7%**<br> (cost $34,520,642) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36029422 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE OPTIONS WRITTEN 105.7%**<br> (cost $34,520,642) |  | 36029422 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (6.8)%**<br> (premiums received $1,470,611) |  | (2301097) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF OPTIONS WRITTEN 98.9%**<br> (cost $33,050,031) |  | 33728325 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $357,191)(wb) | 357191 | 357191 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $33,407,222) |  | 34085516 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (12941) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $34072575 |

---

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

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

#### 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 | 08/31/26 | $6.45 | 516 | 52 | $34708958 |
|  SPDR S&P 500 ETF Trust | Put | 08/31/26 | $645.05 | 516 | 52 | 1320464 |
|  **Total Options Purchased** (cost $34,520,642) |  |  |  |  |  | $36029422 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Options Written:**<br>|  |  |  |  |  |  |
| **Exchange Traded**<br>|  |  |  |  |  |  |
| **Description** | **Call/<br>Put** | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 08/31/26 | $712.33 | 516 | 52 | $(1875397) |
|  SPDR S&P 500 ETF Trust | Put | 08/31/26 | $516.04 | 516 | 52 | (425700) |
|  **Total Options Written** (premiums received $1,470,611) |  |  |  |  |  | $(2301097) |

---

#### 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 Rock ETF Trust 121

------

PGIM S&P 500 Buffer 20 ETF - September

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Purchased | $— | $36029422 | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 357191 |  |  |
|  **Total** | $357191 | $36029422 | $— |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(2301097) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 105.7 |
|  Affiliated Mutual Fund | 1.1 |
|  | 106.8 |
|  Options Written | (6.8) |
|  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 October 31, 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 | $36029422 | Options written outstanding, at value | $2301097 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $581976 | $26844 |

---

(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 | $1436897 | $(806964) |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - September

Schedule of Investments (continued)

as of October 31, 2025

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

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $11179542 |
|  Options Written (2) | 35280 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 123

------

PGIM S&P 500 Buffer 20 ETF - September

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $34,520,642) | $36029422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $357,191) | 357191 |
| &nbsp;&nbsp; Dividends receivable | 1196 |
| &nbsp;&nbsp; **Total Assets** | 36387809 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $1,470,611) | 2301097 |
| &nbsp;&nbsp; Management fee payable | 14137 |
| &nbsp;&nbsp; **Total Liabilities** | 2315234 |
| &nbsp;&nbsp; **Net Assets** | $34072575 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 33777339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 294066 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $34072575 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($34,072,575 ÷ 1,170,001 shares of common stock issued and outstanding) | $29.12 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - September

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $4549 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 49043 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5072) |
| &nbsp;&nbsp; **Net expenses** | 43971 |
| &nbsp;&nbsp; Net investment income (loss) | (39422) |
| &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 | (269007) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 1029630 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written transactions | (151803) |
|  | 608820 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1436897 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (806964) |
|  | 629933 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1238753 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1199331 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 125

------

PGIM S&P 500 Buffer 20 ETF - September

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 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) | $(39422) | $(3229) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 608820 | 49852 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 629933 | 48361 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1199331 | 94984 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,350,000 and 190,001 shares, respectively) | 38222297 | 4846032 |
| &nbsp;&nbsp; Shares redeemed in-kind (300,000 and 70,000 shares, respectively) | (8481468) | (1808601) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 29740829 | 3037431 |
| &nbsp;&nbsp; Total increase (decrease) | 30940160 | 3132415 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3132415 |  |
| &nbsp;&nbsp; End of period | $34072575 | $3132415 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - September

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 14, 2024<sup>(a)</sup><br>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) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 3.13 | 1.14 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.02 | 1.10 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.12 | $26.10 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 11.56% | 4.41% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $34073 | $3132 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9809 | $2051 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.45% | 0.42 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)% | (0.34)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 127

------

PGIM S&P 500 Buffer 12 ETF - October

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $161,722)(wb) | 161722 | $161722 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $18,820,121) |  | 19136147 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $18,981,843) |  | 19297869 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $884,079) |  | (995642) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $18,097,764) |  | 18302227 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (6191) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18296036 |

---

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

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

#### 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 | 09/30/26 | $6.66 | 272 | 27 | $18246867 |
|  SPDR S&P 500 ETF Trust | Put | 09/30/26 | $666.18 | 272 | 27 | 889280 |
|  **Total Options Purchased** (cost $18,820,121) |  |  |  |  |  | $19136147 |

---

#### 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 | 09/30/26 | $755.51 | 272 | 27 | $(534360) |
|  SPDR S&P 500 ETF Trust | Put | 09/30/26 | $586.24 | 272 | 27 | (461282) |
|  **Total Options Written** (premiums received $884,079) |  |  |  |  |  | $(995642) |

---

#### 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 S&P 500 Buffer 12 ETF - October

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $161722 | $— | $— |
|  Options Purchased |  | 19136147 |  |
|  **Total** | $161722 | $19136147 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(995642) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.6 |
|  Affiliated Mutual Fund | 0.9 |
|  | 105.5 |
|  Options Written | (5.5) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100.0 |

---

\* Less than 0.05% 

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

#### 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 October 31, 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 | $19136147 | Options written outstanding,<br> at value | $995642 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $1175765 | $200149 |

---

(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 | $342285 | $(123139) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 129

------

PGIM S&P 500 Buffer 12 ETF - October

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $11649100 |
|  Options Written (2) | 37080 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - October

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $18,820,121) | $19136147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $161,722) | 161722 |
| &nbsp;&nbsp; Dividends receivable | 575 |
| &nbsp;&nbsp; **Total Assets** | 19298444 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $884,079) | 995642 |
| &nbsp;&nbsp; Management fee payable | 6766 |
| &nbsp;&nbsp; **Total Liabilities** | 1002408 |
| &nbsp;&nbsp; **Net Assets** | $18296036 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 18175453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 119973 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $18296036 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($18,296,036 ÷ 610,001 shares of common stock issued and outstanding) | $29.99 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 131

------

PGIM S&P 500 Buffer 12 ETF - October

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3861 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 50071 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7203) |
| &nbsp;&nbsp; **Net expenses** | 42868 |
| &nbsp;&nbsp; Net investment income (loss) | (39007) |
| &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 | (301853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1846800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (169033) |
|  | 1375914 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 342285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (123139) |
|  | 219146 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1595060 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1556053 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - October

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 16, 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) | $(39007) | $(5265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 1375914 | 150337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 219146 | (14683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1556053 | 130389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (1,220,000 and 350,001 shares, respectively) | 35218502 | 9043783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (830,000 and 130,000 shares, respectively) | (24239373) | (3413318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 10979129 | 5630465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 12535182 | 5760854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5760854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $18296036 | $5760854 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 133

------

PGIM S&P 500 Buffer 12 ETF - October

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 16, 2024<sup>(a)</sup><br>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) | (0.11) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.91 | 1.23 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.80 | 1.19 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.99 | $26.19 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.54% | 4.74% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $18296 | $5761 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10011 | $3325 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.43% | 0.42 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.39)% | (0.35)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - October

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 106.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $228,294)(wb) | 228294 | $228294 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.9%**<br>(cost $20,844,502) |  | 21176397 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 106.0%**<br>(cost $21,072,796) |  | 21404691 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.7)%**<br>(premiums received $970,975) |  | (1157583) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.3%**<br>(cost $20,101,821) |  | 20247108 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.3)% |  | (50529) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20196579 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 09/30/26 | $6.66 | 301 | 30 | $20192305 |
|  SPDR S&P 500 ETF Trust | Put | 09/30/26 | $666.18 | 301 | 30 | 984092 |
|  **Total Options Purchased** (cost $20,844,502) |  |  |  |  |  | $21176397 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 09/30/26 | $734.93 | 301 | 30 | $(835489) |
|  SPDR S&P 500 ETF Trust | Put | 09/30/26 | $532.94 | 301 | 30 | (322094) |
|  **Total Options Written** (premiums received $970,975) |  |  |  |  |  | $(1157583) |

---

#### 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 Rock ETF Trust 135

------

PGIM S&P 500 Buffer 20 ETF - October

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $228294 | $— | $— |
|  Options Purchased |  | 21176397 |  |
|  **Total** | $228294 | $21176397 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1157583) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.9% |
|  Affiliated Mutual Fund | 1.1 |
|  | 106.0 |
|  Options Written | (5.7) |
|  Liabilities in excess of other assets | (0.3) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21176397 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1157583 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $945071 | $(125812) |

---

(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 | $323286 | $(173829) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - October

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $10222083 |
|  Options Written (2) | 32560 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 137

------

PGIM S&P 500 Buffer 20 ETF - October

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $20,844,502) | $21176397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $228,294) | 228294 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 288514 |
| &nbsp;&nbsp; Receivable for investments sold | 19040 |
| &nbsp;&nbsp; Dividends receivable | 590 |
| &nbsp;&nbsp; **Total Assets** | 21712835 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $970,975) | 1157583 |
| &nbsp;&nbsp; Payable for investments purchased | 351495 |
| &nbsp;&nbsp; Management fee payable | 7178 |
| &nbsp;&nbsp; **Total Liabilities** | 1516256 |
| &nbsp;&nbsp; **Net Assets** | $20196579 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 20596114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (400235) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $20196579 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($20,196,579 ÷ 700,001 shares of common stock issued and outstanding) | $28.85 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - October

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3765 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 43595 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5138) |
| &nbsp;&nbsp; **Net expenses** | 38457 |
| &nbsp;&nbsp; Net investment income (loss) | (34692) |
| &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 | (346204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1503352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (337889) |
|  | 819259 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 323286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (173829) |
|  | 149457 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 968716 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $934024 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 139

------

PGIM S&P 500 Buffer 20 ETF - October

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 16, 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) | $(34692) | $(4044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 819259 | 67757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 149457 | (4170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 934024 | 59543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (810,000 and 310,001 shares, respectively) | 23003841 | 8012516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed in-kind (340,000 and 70,000 shares, respectively) | (9720232) | (1826149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased (10,000 and 0 shares, respectively) | (266964) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 13016645 | 6186367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 13950669 | 6245910 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6245910 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $20196579 | $6245910 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - October

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | **May 16, 2024<sup>(a)</sup><br>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) | (0.11) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 2.94 | 1.07 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.83 | 1.02 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.85 | $26.02 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.86% | 4.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $20197 | $6246 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8718 | $2320 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.44% | 0.43%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.40)% | (0.38)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 141

------

PGIM S&P 500 Buffer 12 ETF - November

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 104.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.3%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $21,459)(wb) | 21459 | $21459 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,802,275) |  | 8801768 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,823,734) |  | 8823227 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $424,937) |  | (425444) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,398,797) |  | 8397783 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.5% |  | 40342 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8438125 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 10/30/26 | $6.82 | 124 | 12 | $8319656 |
|  SPDR S&P 500 ETF Trust | Put | 10/30/26 | $682.06 | 124 | 12 | 482112 |
|  **Total Options Purchased** (cost $8,802,275) |  |  |  |  |  | $8801768 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 10/30/26 | $786.62 | 124 | 12 | $(171740) |
|  SPDR S&P 500 ETF Trust | Put | 10/30/26 | $600.21 | 124 | 12 | (253704) |
|  **Total Options Written** (premiums received $424,937) |  |  |  |  |  | $(425444) |

---

#### 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 S&P 500 Buffer 12 ETF - November

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $21459 | $— | $— |
|  Options Purchased |  | 8801768 |  |
|  **Total** | $21459 | $8801768 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(425444) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.3% |
|  Affiliated Mutual Fund | 0.3 |
|  | 104.6 |
|  Options Written | (5.1) |
|  Other assets in excess of liabilities | 0.5 |
|  | 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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8801768 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$425444 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 | $885515 | $(208817) |

---

(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 | $(319) | $(316) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 143

------

PGIM S&P 500 Buffer 12 ETF - November

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $5279032 |
|  Options Written (2) | 16840 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - November

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,802,275) | $8801768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $21,459) | 21459 |
| &nbsp;&nbsp; Receivable for investments sold | 9285384 |
| &nbsp;&nbsp; Dividends receivable | 105 |
| &nbsp;&nbsp; **Total Assets** | 18108716 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 9241518 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $424,937) | 425444 |
| &nbsp;&nbsp; Management fee payable | 3629 |
| &nbsp;&nbsp; **Total Liabilities** | 9670591 |
| &nbsp;&nbsp; **Net Assets** | $8438125 |
| &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 | 9048418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (610573) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $8438125 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($8,438,125 ÷ 280,001 shares of common stock issued and outstanding) | $30.14 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 145

------

PGIM S&P 500 Buffer 12 ETF - November

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2816 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 26491 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5001) |
| &nbsp;&nbsp; **Net expenses** | 21490 |
| &nbsp;&nbsp; Net investment income (loss) | (18674) |
| &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 | (250640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1200332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (272994) |
|  | 676698 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (316) |
|  | (635) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 676063 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $657389 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - November

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 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) | $(18674) | $(3144) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 676698 | 127737 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (635) | (379) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 657389 | 124214 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (460,000 and 200,001 shares, respectively) | 13559980 | 5185905 |
| &nbsp;&nbsp; Shares redeemed in-kind (280,000 and 100,000 shares, respectively) | (8434379) | (2654984) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5125601 | 2530921 |
| &nbsp;&nbsp; Total increase (decrease) | 5782990 | 2655135 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 2655135 |  |
| &nbsp;&nbsp; End of period | $8438125 | $2655135 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 147

------

PGIM S&P 500 Buffer 12 ETF - November

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 21, 2024<sup>(a)</sup><br>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) | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 3.69 | 1.59 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.59 | 1.55 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $30.14 | $26.55 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.49% | 6.22% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $8438 | $2655 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5298 | $2127 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41% | 0.43 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35)% | (0.33)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - November

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $93,179)(wb) | 93179 | $93179 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 104.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,700,315) |  | 13699526 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 105.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,793,494) |  | 13792705 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (5.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $661,394) |  | (662183) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,132,100) |  | 13130522 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.3)% |  | (39289) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13091233 |

---

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

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

#### 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 | 10/30/26 | $6.82 | 193 | 19 | $12949142 |
|  SPDR S&P 500 ETF Trust | Put | 10/30/26 | $682.06 | 193 | 19 | 750384 |
|  **Total Options Purchased** (cost $13,700,315) |  |  |  |  |  | $13699526 |

---

#### 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 | 10/30/26 | $760.29 | 193 | 19 | $(410704) |
|  SPDR S&P 500 ETF Trust | Put | 10/30/26 | $545.65 | 193 | 19 | (251479) |
|  **Total Options Written** (premiums received $661,394) |  |  |  |  |  | $(662183) |

---

#### 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 Rock ETF Trust 149

------

PGIM S&P 500 Buffer 20 ETF - November

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $93179 | $— | $— |
|  Options Purchased |  | 13699526 |  |
|  **Total** | $93179 | $13699526 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(662183) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 104.7% |
|  Affiliated Mutual Fund | 0.7 |
|  | 105.4 |
|  Options Written | (5.1) |
|  Liabilities in excess of other assets | (0.3) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 Value |
|  Equity contracts | Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13699526 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$662183 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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. | $1235019 | $(423803) |

---

(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 | $(621) | $(619) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - November

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $8292625 |
|  Options Written (2) | 26360 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 151

------

PGIM S&P 500 Buffer 20 ETF - November

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $13,700,315) | $13699526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $93,179) | 93179 |
| &nbsp;&nbsp; Receivable for investments sold | 11889136 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 2618510 |
| &nbsp;&nbsp; Dividends receivable | 289 |
| &nbsp;&nbsp; **Total Assets** | 28300640 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 14542931 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $661,394) | 662183 |
| &nbsp;&nbsp; Management fee payable | 4293 |
| &nbsp;&nbsp; **Total Liabilities** | 15209407 |
| &nbsp;&nbsp; **Net Assets** | $13091233 |
| &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 | 14167036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (1076253) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $13091233 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($13,091,233 ÷ 450,001 shares of common stock issued and outstanding) | $29.09 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - November

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3653 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 41768 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7508) |
| &nbsp;&nbsp; **Net expenses** | 34260 |
| &nbsp;&nbsp; Net investment income (loss) | (30607) |
| &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 | (392021) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 1697820 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written transactions | (494583) |
|  | 811216 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (621) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (619) |
|  | (1240) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 809976 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $779369 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 153

------

PGIM S&P 500 Buffer 20 ETF - November

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 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) | $(30607) | $(10354) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 811216 | 321224 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1240) | (338) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 779369 | 310532 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (720,000 and 540,001 shares, respectively) | 20388306 | 13899513 |
| &nbsp;&nbsp; Shares redeemed in-kind (360,000 and 270,000 shares, respectively) | (10444847) | (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 | 9943459 | 2057873 |
| &nbsp;&nbsp; Total increase (decrease) | 10722828 | 2368405 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 2368405 |  |
| &nbsp;&nbsp; End of period | $13091233 | $2368405 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - November

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 21, 2024<sup>(a)</sup><br>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) | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.87 | 1.36 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.77 | 1.32 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.09 | $26.32 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.54% | 5.28% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $13091 | $2368 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $8385 | $5986 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.41% | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.37)% | (0.39)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 155

------

PGIM S&P 500 Buffer 12 ETF - December

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.6%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $59,152)(wb) | 59152 | $59152 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 101.0%**<br>(cost $9,200,613) |  | 9951721 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 101.6%**<br>(cost $9,259,765) |  | 10010873 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (1.6)%**<br>(premiums received $236,991) |  | (155602) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br>(cost $9,022,774) |  | 9855271 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (3755) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851516 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 11/28/25 | $6.03 | 147 | 15 | $9940078 |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $602.55 | 147 | 15 | 11643 |
|  **Total Options Purchased** (cost $9,200,613) |  |  |  |  |  | $9951721 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 11/28/25 | $685.16 | 147 | 15 | $(152280) |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $530.24 | 147 | 15 | (3322) |
|  **Total Options Written** (premiums received $236,991) |  |  |  |  |  | $(155602) |

---

#### 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 S&P 500 Buffer 12 ETF - December

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $59152 | $— | $— |
|  Options Purchased |  | 9951721 |  |
|  **Total** | $59152 | $9951721 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(155602) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 101.0 |
|  Affiliated Mutual Fund | 0.6 |
|  | 101.6 |
|  Options Written | (1.6) |
|  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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9951721 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$155602 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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. | $704100 | $(247195) |

---

(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 | $469994 | $95877 |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 157

------

PGIM S&P 500 Buffer 12 ETF - December

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $7565571 |
|  Options Written (2) | 25040 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - December

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,200,613) | $9951721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $59,152) | 59152 |
| &nbsp;&nbsp; Dividends receivable | 242 |
| &nbsp;&nbsp; **Total Assets** | 10011115 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $236,991) | 155602 |
| &nbsp;&nbsp; Management fee payable | 3997 |
| &nbsp;&nbsp; **Total Liabilities** | 159599 |
| &nbsp;&nbsp; **Net Assets** | $9851516 |
| &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 | 9041241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 809945 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $9851516 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($9,851,516 ÷ 330,001 shares of common stock issued and outstanding) | $29.85 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 159

------

PGIM S&P 500 Buffer 12 ETF - December

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $3441 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 35875 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (7432) |
| &nbsp;&nbsp; **Net expenses** | 28443 |
| &nbsp;&nbsp; Net investment income (loss) | (25002) |
| &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 | 104292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 523547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (170934) |
|  | 456905 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 469994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 95877 |
|  | 565871 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1022776 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $997774 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 12 ETF - December

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 23, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(25002) | $(9771) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 456905 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 565871 | 266626 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 997774 | 256855 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (280,000 and 270,001 shares, respectively) | 7665073 | 6861542 |
| &nbsp;&nbsp; Shares redeemed in-kind (220,000 and 0 shares, respectively) | (5929728) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1735345 | 6861542 |
| &nbsp;&nbsp; Total increase (decrease) | 2733119 | 7118397 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 7118397 |  |
| &nbsp;&nbsp; End of period | $9851516 | $7118397 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 161

------

PGIM S&P 500 Buffer 12 ETF - December

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | May 23, 2024<sup>(a)</sup><br>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) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.59 | 1.41 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.49 | 1.36 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.85 | $26.36 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.23% | 5.46% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $9852 | $7118 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $7175 | $5488 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.40% | 0.45 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.35)% | (0.40)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 Buffer 20 ETF - December

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 103.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.5%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $124,767)(wb) | 124767 | $124767 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 102.8%**<br> (cost $22,623,381) |  | 24439260 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 103.3%**<br> (cost $22,748,148) |  | 24564027 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (3.3)%**<br> (premiums received $507,593) |  | (789157) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $22,240,555) |  | 23774870 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (9527) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23765343 |

---

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

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

#### 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 | 361 | 36 | $24410669 |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $602.55 | 361 | 36 | 28591 |
|  **Total Options Purchased** (cost $22,623,381) |  |  |  |  |  | $24439260 |

---

#### 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 | 361 | 36 | $(785312) |
|  SPDR S&P 500 ETF Trust | Put | 11/28/25 | $482.04 | 361 | 36 | (3845) |
|  **Total Options Written** (premiums received $507,593) |  |  |  |  |  | $(789157) |

---

#### 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 Rock ETF Trust 163

------

PGIM S&P 500 Buffer 20 ETF - December

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $124767 | $— | $— |
|  Options Purchased |  | 24439260 |  |
|  **Total** | $124767 | $24439260 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(789157) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 102.8 |
|  Affiliated Mutual Fund | 0.5 |
|  | 103.3 |
|  Options Written | (3.3) |
|  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 October 31, 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 | $24439260 | Options written outstanding, at value | $789157 |

---

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(1) | Options<br>Written(2) |
|  Equity contracts | $1480477 | $87028 |

---

(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 | $1675848 | $(246844) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - December

Schedule of Investments (continued)

as of October 31, 2025

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $18466519 |
|  Options Written (2) | 60200 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 165

------

PGIM S&P 500 Buffer 20 ETF - December

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $22,623,381) | $24439260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $124,767) | 124767 |
| &nbsp;&nbsp; Dividends receivable | 472 |
| &nbsp;&nbsp; **Total Assets** | 24564499 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $507,593) | 789157 |
| &nbsp;&nbsp; Management fee payable | 9999 |
| &nbsp;&nbsp; **Total Liabilities** | 799156 |
| &nbsp;&nbsp; **Net Assets** | $23765343 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 22474254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1290269 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $23765343 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($23,765,343 ÷ 820,001 shares of common stock issued and outstanding) | $28.98 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - December

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $7082 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 95876 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (5959) |
| &nbsp;&nbsp; **Net expenses** | 89917 |
| &nbsp;&nbsp; Net investment income (loss) | (82835) |
| &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 | (34665) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1805827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (203657) |
|  | 1567505 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1675848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (246844) |
|  | 1429004 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 2996509 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2913674 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 167

------

PGIM S&P 500 Buffer 20 ETF - December

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 23, 2024\*<br>through<br>October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(82835) | $(3564) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 1567505 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1429004 | 105311 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2913674 | 101747 |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,120,000 and 140,001 shares, respectively) | 29164771 | 3560251 |
| &nbsp;&nbsp; Shares redeemed in-kind (440,000 and 0 shares, respectively) | (11975100) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 17189671 | 3560251 |
| &nbsp;&nbsp; Total increase (decrease) | 20103345 | 3661998 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 3661998 |  |
| &nbsp;&nbsp; End of period | $23765343 | $3661998 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Buffer 20 ETF - December

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **May 23, 2024<sup>(a)</sup><br>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) | (0.12) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.94 | 1.20 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.82 | 1.16 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.98 | $26.16 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 10.80% | 4.63% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $23765 | $3662 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $19177 | $2272 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.47% | 0.44 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50% | 0.50 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.43)% | (0.36)%<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</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.

(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 169

------

PGIM Laddered S&P 500 Buffer 12 ETF

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January\* | 205995 | $6591716 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February\* | 210856 | 6590895 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March\* | 209657 | 6590232 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April\* | 225438 | 6590680 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May\* | 216648 | 6589609 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June\* | 219037 | 6588699 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July\* | 216790 | 6589592 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August\* | 214596 | 6589685 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September\* | 218010 | 6590312 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October\* | 219668 | 6594433 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November\* | 218740 | 6596105 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December\* | 220967 | 6593699 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $72,439,584) |  | 79095657 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $226,952) | 226952 | 226952 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $72,666,536)(wa) |  | 79322609 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.2)% |  | (186937) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79135672 |

---

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $79095657 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 226952 |  |  |
|  **Total** | $79322609 | $— | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  Affiliated Exchange-Traded Funds | 99.9 | % |

---

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 12 ETF

Schedule of Investments (continued)

as of October 31, 2025

#### Investment Allocation (continued):

---

| | |
|:---|:---|
|  Affiliated Mutual Fund | 0.3% |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 171

------

PGIM Laddered S&P 500 Buffer 12 ETF

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $72,666,536) | $79322609 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 889175 |
| &nbsp;&nbsp; Dividends receivable | 519 |
| &nbsp;&nbsp; **Total Assets** | 80212303 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1076631 |
| &nbsp;&nbsp; **Net Assets** | $79135672 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 72472106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6660896 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $79135672 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($79,135,672 ÷ 2,670,000 shares of common stock issued and outstanding) | $29.64 |

---

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 12 ETF

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $5669 |
| &nbsp;&nbsp; Net investment income (loss) | 5669 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 5928258 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 5928258 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $5933927 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 173

------

PGIM Laddered S&P 500 Buffer 12 ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 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) | $5669 | $3628 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 5928258 | 727815 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 5933927 | 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 (150,000 and 280,000 shares, respectively) | 4430925 | 7000000 |
| &nbsp;&nbsp; Shares sold in-kind (1,580,000 and 660,000 shares, respectively) | 44194874 | 16848977 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 48625799 | 23848977 |
| &nbsp;&nbsp; Total increase (decrease) | 54555252 | 24580420 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 24580420 |  |
| &nbsp;&nbsp; End of period | $79135672 | $24580420 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 12 ETF

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | June 11, 2024<sup>(a)</sup><br>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 | 3.49 | 1.14 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.49 | 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 | $29.64 | $26.15 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 13.37% | 4.60% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $79136 | $24580 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $42308 | $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) | 0.01% | 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 175

------

PGIM Laddered S&P 500 Buffer 20 ETF

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January\* | 191891 | $5826214 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February\* | 194658 | 5823077 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March\* | 194045 | 5821835 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April\* | 203896 | 5825268 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May\* | 196637 | 5824113 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June\* | 197179 | 5818930 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July\* | 196706 | 5818209 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August\* | 196501 | 5815762 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September\* | 199899 | 5823058 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October\* | 201394 | 5813580 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November\* | 200542 | 5835772 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December\* | 201049 | 5827566 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $65,091,933) |  | 69873384 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $435,058) | 435058 | 435058 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $65,526,991)(wa) |  | 70308442 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.5)% |  | (364522) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69943920 |

---

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $69873384 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 435058 |  |  |
|  **Total** | $**70308442** | $**—** | $**—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

Affiliated Exchange-Traded Funds 99.9%

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 20 ETF

Schedule of Investments (continued)

as of October 31, 2025

#### Investment Allocation (continued) :

---

| | |
|:---|:---|
|  Affiliated Mutual Fund | 0.6% |
|  | 100.5 |
|  Liabilities in excess of other assets | (0.5) |
|  | 100.0% |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 177

------

PGIM Laddered S&P 500 Buffer 20 ETF

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $65,526,991) | $70308442 |
| &nbsp;&nbsp; Dividends receivable | 889 |
| &nbsp;&nbsp; **Total Assets** | 70309331 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 365411 |
| &nbsp;&nbsp; **Net Assets** | $69943920 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 65153787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 4787703 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $69943920 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($69,943,920 ÷ 2,430,000 shares of common stock issued and outstanding) | $28.78 |

---

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 20 ETF

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **Net Investment Income (Loss)** |  |
|  Affiliated dividend income | $7143.0 |
|  Net investment income (loss) | 7143.0 |
|  **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
|  Net realized gain (loss) on in-kind redemptions investment transactions | 532647.0 |
|  Net change in unrealized appreciation (depreciation) on investments | 4254507.0 |
|  Net gain (loss) on investment transactions | 4787154.0 |
|  **Net Increase (Decrease) In Net Assets Resulting From Operations** | $4794297.0 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 179

------

PGIM Laddered S&P 500 Buffer 20 ETF

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | June 11, 2024\*<br>through<br>October 31, 2024 |
|  **Increase (Decrease) in Net Assets** |  |  |
|  **Operations** |  |  |
|  Net investment income (loss) | $7143 | $3511 |
|  Net realized gain (loss) on investment and in-kind redemptions transactions | 532647 |  |
|  Net change in unrealized appreciation (depreciation) on investments | 4254507 | 526944 |
|  Net increase (decrease) in net assets resulting from operations | 4794297 | 530455 |
|  **Dividends and Distributions** |  |  |
|  Distributions from distributable earnings | (4402) |  |
|  **Fund share transactions** |  |  |
|  Net proceeds from shares sold (100,000 and 280,000 shares, respectively) | 2867047 | 7000000 |
|  Shares sold in-kind (1,970,000 and 400,000 shares, respectively) | 53151441 | 10147766 |
|  Shares redeemed in-kind (320,000 and 0 shares, respectively) | (8542684) |  |
|  Net increase (decrease) in net assets from Fund share transactions | 47475804 | 17147766 |
|  Total increase (decrease) | 52265699 | 17678221 |
|  **Net Assets:** |  |  |
|  Beginning of period | 17678221 |  |
|  End of period | $69943920 | $17678221 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Laddered S&P 500 Buffer 20 ETF

Financial Highlights

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>October 31, 2025 | June 11, 2024<sup>(a)</sup><br>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 | 2.78 | 0.99 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.78 | 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 | $28.78 | $26.00 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 10.73% | 3.99% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $69944 | $17678 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $44803 | $14920 |
| &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% | 0.06 %<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 181

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 107.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.3%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $75,961)(wb) | 75961 | $75961 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 106.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $5,583,996) |  | 6376775 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 107.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $5,659,957) |  | 6452736 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (7.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $298,422) |  | (458899) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $5,361,535) |  | 5993837 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (2302) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991535 |

---

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

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

#### 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 | 102 | 10 | $6357401 |
|  Invesco QQQ ETF Trust | Put | 12/31/25 | $511.23 | 102 | 10 | 19374 |
|  **Total Options Purchased** (cost $5,583,996) |  |  |  |  |  | $6376775 |

---

#### 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 | 102 | 10 | $(450822) |
|  Invesco QQQ ETF Trust | Put | 12/31/25 | $449.88 | 102 | 10 | (8077) |
|  **Total Options Written** (premiums received $298,422) |  |  |  |  |  | $(458899) |

---

#### 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 Nasdaq-100 Buffer 12 ETF - January

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $75961 | $— | $— |
|  Options Purchased |  | 6376775 |  |
|  **Total** | $75961 | $6376775 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(458899) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 106.4 |
|  Affiliated Mutual Fund | 1.3 |
|  | 107.7 |
|  Options Written | (7.7) |
|  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 October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** |  | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, 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 | $6376775 | Options written outstanding, at value | $458899 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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 | $792779 | $(160477) |

---

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

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $4408368 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 183

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Written (2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,583,996) | $6376775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $75,961) | 75961 |
| &nbsp;&nbsp; Dividends receivable | 105 |
| &nbsp;&nbsp; **Total Assets** | 6452841 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $298,422) | 458899 |
| &nbsp;&nbsp; Management fee payable | 2407 |
| &nbsp;&nbsp; **Total Liabilities** | 461306 |
| &nbsp;&nbsp; **Net Assets** | $5991535 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5374324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 617001 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $5991535 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($5,991,535 ÷ 210,000 shares of common stock issued and outstanding) | $28.53 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 185

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Statement of Operations

For the Period December 27, 2024\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2365 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 17704 |
| &nbsp;&nbsp; Miscellaneous | 21 |
| &nbsp;&nbsp; **Total expenses** | 17725 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (38) |
| &nbsp;&nbsp; **Net expenses** | 17687 |
| &nbsp;&nbsp; Net investment income (loss) | (15322) |
| &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 | 792779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (160477) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 632302 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $616980 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | **December 27, 2024\*<br>through**<br>**October 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(15322) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 632302 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 616980 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (220,000 shares) | 5628089 |
| &nbsp;&nbsp; Cost of shares purchased (10,000 shares) | (253534) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5374555 |
| &nbsp;&nbsp; Total increase (decrease) | 5991535 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $5991535 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 187

------

PGIM Nasdaq-100 Buffer 12 ETF - January

Financial Highlights

---

| | |
|:---|:---|
|  | December 27, 2024<sup>(a)</sup><br>through<br>October 31, 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) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.63 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.53 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.12% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $5992 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4196 |
| &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) | (0.43)%<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 Nasdaq-100 Buffer 12 ETF - April

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 118.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $55,454)(wb) | 55454 | $55454 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 118.1%**<br> (cost $7,040,250) |  | 8661657 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 118.9%**<br> (cost $7,095,704) |  | 8717111 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (18.9)%**<br> (premiums received $471,052) |  | (1382256) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $6,624,652) |  | 7334855 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (2889) |
| &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;7331966 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  Invesco QQQ ETF Trust | Call | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.69 | 138 | 14 | $8603704 |
|  Invesco QQQ ETF Trust | Put | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$468.92 | 138 | 14 | 57953 |
|  **Total Options Purchased** (cost $7,040,250) |  |  |  |  |  | $8661657 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  Invesco QQQ ETF Trust | Call | 03/31/26 | $551.22 | 138 | 14 | $(1351370) |
|  Invesco QQQ ETF Trust | Put | 03/31/26 | $412.65 | 138 | 14 | (30886) |
|  **Total Options Written** (premiums received $471,052) |  |  |  |  |  | $(1382256) |

---

#### 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 Rock ETF Trust 189

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $55454 | $— | $— |
|  Options Purchased |  | 8661657 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $55454 | $8661657 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1382256) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 118.1 |
|  Affiliated Mutual Fund | 0.8 |
|  | 118.9 |
|  Options Written | (18.9) |
|  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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8661657 | Options written outstanding,<br> at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1382256 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 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 | $33545 | $58141 |

---

(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 | $1621407 | $(911204) |

---

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

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Schedule of Investments (continued)

as of October 31, 2025

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $5530940 |
|  Options Written (2) | 21900 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 191

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $7,040,250) | $8661657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $55,454) | 55454 |
| &nbsp;&nbsp; Dividends receivable | 206 |
| &nbsp;&nbsp; **Total Assets** | 8717317 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $471,052) | 1382256 |
| &nbsp;&nbsp; Management fee payable | 3095 |
| &nbsp;&nbsp; **Total Liabilities** | 1385351 |
| &nbsp;&nbsp; **Net Assets** | $7331966 |
| &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 | 6653746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 677960 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $7331966 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,331,966 ÷ 260,000 shares of common stock issued and outstanding) | $28.20 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Statement of Operations

For the Period December 27, 2024\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2305 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 22382 |
| &nbsp;&nbsp; Miscellaneous | 21 |
| &nbsp;&nbsp; **Total expenses** | 22403 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (38) |
| &nbsp;&nbsp; **Net expenses** | 22365 |
| &nbsp;&nbsp; Net investment income (loss) | (20060) |
| &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 | (84063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 103890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 71859 |
|  | 91686 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 1621407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (911204) |
|  | 710203 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 801889 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $781829 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 193

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | December 27, 2024\*<br>through<br>October 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(20060) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 91686 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 710203 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 781829 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (320,000 shares) | 8022107 |
| &nbsp;&nbsp; Shares redeemed in-kind (60,000 shares) | (1471970) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6550137 |
| &nbsp;&nbsp; Total increase (decrease) | 7331966 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $7331966 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - April

Financial Highlights

---

| | |
|:---|:---|
|  | December 27, 2024<sup>(a)</sup><br>through<br>October 31, 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) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.30 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.20 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.20 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 12.80% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7332 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5305 |
| &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) | (0.45)%<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 195

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 109.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $31,157)(wb) | 31157 | $31157 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 108.5%**<br> (cost $4,859,171) |  | 5306973 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 109.2%**<br> (cost $4,890,328) |  | 5338130 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (9.2)%**<br> (premiums received $290,318) |  | (446586) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $4,600,010) |  | 4891544 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1834) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $4889710 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  Invesco QQQ ETF Trust | Call | 06/30/26 | $5.52 | 83 | 8 | $5162252 |
|  Invesco QQQ ETF Trust | Put | 06/30/26 | $551.64 | 83 | 8 | 144721 |
|  **Total Options Purchased** (cost $4,859,171) |  |  |  |  |  | $5306973 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  Invesco QQQ ETF Trust | Call | 06/30/26 | $643.27 | 83 | 8 | $(372958) |
|  Invesco QQQ ETF Trust | Put | 06/30/26 | $485.44 | 83 | 8 | (73628) |
|  **Total Options Written** (premiums received $290,318) |  |  |  |  |  | $(446586) |

---

#### 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 Nasdaq-100 Buffer 12 ETF - July

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $31157 | $— | $— |
|  Options Purchased |  | 5306973 |  |
|  **Total** | $31157 | $5306973 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(446586) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 108.5 |
|  Affiliated Mutual Fund | 0.7 |
|  | 109.2 |
|  Options Written | (9.2) |
|  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 October 31, 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 | $5306973 | Options written outstanding, at value | $446586 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 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 | $143277 | $108374 |

---

(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 | $447802 | $(156268) |

---

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

See Notes to Financial Statements.

PGIM Rock ETF Trust 197

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Schedule of Investments (continued)

as of October 31, 2025

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $3507399 |
|  Options Written (2) | 12450 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,859,171) | $5306973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $31,157) | 31157 |
| &nbsp;&nbsp; Dividends receivable | 130 |
| &nbsp;&nbsp; **Total Assets** | 5338260 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $290,318) | 446586 |
| &nbsp;&nbsp; Management fee payable | 1964 |
| &nbsp;&nbsp; **Total Liabilities** | 448550 |
| &nbsp;&nbsp; **Net Assets** | $4889710 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 4627028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 262512 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $4889710 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,889,710 ÷ 170,000 shares of common stock issued and outstanding) | $28.76 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 199

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Statement of Operations

For the Period December 27, 2024\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2107 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 13330 |
| &nbsp;&nbsp; Miscellaneous | 22 |
| &nbsp;&nbsp; **Total expenses** | 13352 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (38) |
| &nbsp;&nbsp; **Net expenses** | 13314 |
| &nbsp;&nbsp; Net investment income (loss) | (11207) |
| &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 | (18254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 269487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 418 |
|  | 251651 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 447802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (156268) |
|  | 291534 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 543185 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $531978 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Statement of Changes in Net Asset

---

| | |
|:---|:---|
|  | December 27, 2024\*<br>through<br>October 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(11207) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 251651 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 291534 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 531978 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (280,000 shares) | 7260986 |
| &nbsp;&nbsp; Shares redeemed in-kind (110,000 shares) | (2903254) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 4357732 |
| &nbsp;&nbsp; Total increase (decrease) | 4889710 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $4889710 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 201

------

PGIM Nasdaq-100 Buffer 12 ETF - July

Financial Highlights

---

| | |
|:---|:---|
|  | December 27, 2024<sup>(a)</sup><br>through<br>October 31, 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) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.85 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.76 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.76 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 15.05% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $4890 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3159 |
| &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) | (0.42)%<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 Nasdaq-100 Buffer 12 ETF - October

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 108.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $82,473)(wb) | 82473 | $82473 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 106.9%**<br> (cost $7,736,665) |  | 7933184 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 108.0%**<br> (cost $7,819,138) |  | 8015657 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (8.0)%**<br> (premiums received $491,849) |  | (594773) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.0%**<br> (cost $7,327,289) |  | 7420884 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1935) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $7418949 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  Invesco QQQ ETF Trust | Call | 09/30/26 | $6.00 | 121 | 12 | $7517951 |
|  Invesco QQQ ETF Trust | Put | 09/30/26 | $600.37 | 121 | 12 | 415233 |
|  **Total Options Purchased** (cost $7,736,665) |  |  |  |  |  | $7933184 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  Invesco QQQ ETF Trust | Call | 09/30/26 | $697.93 | 121 | 12 | $(373126) |
|  Invesco QQQ ETF Trust | Put | 09/30/26 | $528.33 | 121 | 12 | (221647) |
|  **Total Options Written** (premiums received $491,849) |  |  |  |  |  | $(594773) |

---

#### 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 Rock ETF Trust 203

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $82473 | $— | $— |
|  Options Purchased |  | 7933184 |  |
|  **Total** | $82473 | $7933184 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(594773) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 106.9 |
|  Affiliated Mutual Fund | 1.1 |
|  | 108.0 |
|  Options Written | (8.0) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100.0 |

---

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

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary 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 October 31, 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 | $7933184 | Options written outstanding, at value | $594773 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 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 | $360720 | $35248 |

---

(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 | $196519 | $(102924) |

---

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

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Schedule of Investments (continued)

as of October 31, 2025

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $4136904 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 205

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $7,736,665) | $7933184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $82,473) | 82473 |
| &nbsp;&nbsp; Dividends receivable | 200 |
| &nbsp;&nbsp; **Total Assets** | 8015857 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $491,849) | 594773 |
| &nbsp;&nbsp; Management fee payable | 2135 |
| &nbsp;&nbsp; **Total Liabilities** | 596908 |
| &nbsp;&nbsp; **Net Assets** | $7418949 |
| &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 | 7567512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (148823) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $7418949 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($7,418,949 ÷ 260,000 shares of common stock issued and outstanding) | $28.53 |

---

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Statement of Operations

For the Period December 27, 2024\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2595 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 13354 |
| &nbsp;&nbsp; Miscellaneous | 22 |
| &nbsp;&nbsp; **Total expenses** | 13376 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (38) |
| &nbsp;&nbsp; **Net expenses** | 13338 |
| &nbsp;&nbsp; Net investment income (loss) | (10743) |
| &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 | (184020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 669227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | (89239) |
|  | 395968 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 196519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (102924) |
|  | 93595 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 489563 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $478820 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 207

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | **December 27, 2024\* <br>through<br> October 31, 2025**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(10743) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and in-kind redemptions transactions | 395968 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 93595 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 478820 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (410,000 shares) | 11098836 |
| &nbsp;&nbsp; Shares redeemed in-kind (150,000 shares) | (4158707) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 6940129 |
| &nbsp;&nbsp; Total increase (decrease) | 7418949 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $7418949 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Nasdaq-100 Buffer 12 ETF - October

Financial Highlights

---

| | |
|:---|:---|
|  | December 27, 2024<sup>(a)</sup><br>through<br>October 31, 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) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 3.62 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.53 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 14.13% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $7419 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3165 |
| &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) | (0.40)%<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 209

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January\* | 132204 | $3771119 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April\* | 133303 | 3757145 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July\* | 131240 | 3772494 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October\* | 132585 | 3783313 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,659,033) |  | 15084071 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $15,495) | 15495 | 15495 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,674,528)(wa) |  | 15099566 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.0% |  | 308 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15099874 |

---

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Funds | $15084071 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 15495 |  |  |
|  **Total** | $15099566 | $— | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Funds | 99.9% |
|  Affiliated Mutual Fund | 0.1 |
|  | 100.0 |
|  Other assets in excess of liabilities | 0.0 \* |
|  | 100.0% |

---

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

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $13,674,528) | $15099566 |
| &nbsp;&nbsp; Dividends receivable | 308 |
| &nbsp;&nbsp; **Total Assets** | 15099874 |
| &nbsp;&nbsp; **Net Assets** | $15099874 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 13671402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1427942 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $15099874 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($15,099,874 ÷ 530,000 shares of common stock issued and outstanding) | $28.49 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 211

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Statement of Operations

For the Period December 27, 2024\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2957 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Miscellaneous | 102 |
| &nbsp;&nbsp; Net investment income (loss) | 2855 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Affiliated Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (53) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1425038 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1424985 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1427840 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | **December 27, 2024\* <br>through<br> October 31, 2025**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $2855 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (53) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1425038 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1427840 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (320,000 shares) | 8126749 |
| &nbsp;&nbsp; Shares sold in-kind (220,000 shares) | 5773453 |
| &nbsp;&nbsp; Shares redeemed in-kind (10,000 shares) | (228168) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 13672034 |
| &nbsp;&nbsp; Total increase (decrease) | 15099874 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $15099874 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 213

------

PGIM Laddered Nasdaq-100 Buffer 12 ETF

Financial Highlights

---

| | |
|:---|:---|
|  | December 27, 2024<sup>(a)</sup><br>through<br>October 31, 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 | 3.48 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.49 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $28.49 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 13.96% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $15100 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $9737 |
| &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) | 0.03 %<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 S&P 500 Max Buffer ETF - January

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 109.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.5%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $37,679)(wb) | 37679 | $37679 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 108.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,281,319) |  | 2571326 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 109.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,318,998) |  | 2609005 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (9.5)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $69,931) |  | (226920) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,249,067) |  | 2382085 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (870) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381215 |

---

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

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

#### 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 | 38 | 4 | $2562823 |
|  SPDR S&P 500 ETF Trust | Put | 12/31/25 | $586.08 | 38 | 4 | 8503 |
|  **Total Options Purchased** (cost $2,281,319) |  |  |  |  |  | $2571326 |

---

#### 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 | 38 | 4 | $(226920) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $69,931) |  |  |  |  |  |  |

---

#### 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 Rock ETF Trust 215

------

PGIM S&P 500 Max Buffer ETF - January

**Schedule of Investments** (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $37679 | $— | $— |
|  Options Purchased |  | 2571326 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $37679 | $2571326 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(226920) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 108.0 |
|  Affiliated Mutual Fund | 1.5 |
|  | 109.5 |
|  Option Written | (9.5) |
|  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 October 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2571326 | Options written outstanding,<br> at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$226920 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 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 | $4451 | $4435 |

---

(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 | $290007 | $(156989) |

---

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

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - January

Schedule of Investments (continued)

as of October 31, 2025

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $2400415 |
|  Options Written (2) | 4000 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 217

------

PGIM S&P 500 Max Buffer ETF - January

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,281,319) | $2571326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $37,679) | 37679 |
| &nbsp;&nbsp; Dividends receivable | 137 |
| &nbsp;&nbsp; **Total Assets** | 2609142 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $69,931) | 226920 |
| &nbsp;&nbsp; Management fee payable | 1007 |
| &nbsp;&nbsp; **Total Liabilities** | 227927 |
| &nbsp;&nbsp; **Net Assets** | $2381215 |
| &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 | 2255809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 125316 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $2381215 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($2,381,215 ÷ 90,001 shares of common stock issued and outstanding) | $26.46 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - January

Statement of Operations

For the Period December 31, 2024\* through October 31, 2025

---

| | |
|:---|:---|
|  **Net Investment Income (Loss)** |  |
|  Affiliated dividend income | $2309 |
|  Expenses |  |
|  Management fee | 10011 |
|  Net investment income (loss) | (7702) |
|  **Realized And Unrealized Gain (Loss) On Investments** |  |
|  Net realized gain (loss) on In-kind redemptions | 8886 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 290007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (156989) |
|  | 133018 |
|  Net gain (loss) on investment transactions | 141904 |
|  **Net Increase (Decrease) In Net Assets Resulting From Operations** | $134202 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 219

------

PGIM S&P 500 Max Buffer ETF - January

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | December 31, 2024\* <br>through<br> October 31, 2025 |
|  **Increase (Decrease) in Net Assets** |  |
|  **Operations** |  |
|  Net investment income (loss) | $(7702) |
|  Net realized gain (loss) on in-kind redemptions | 8886 |
|  Net change in unrealized appreciation (depreciation) on investments | 133018 |
|  Net increase (decrease) in net assets resulting from operations | 134202 |
|  **Fund share transactions** |  |
|  Net proceeds from shares sold (100,001 shares) | 2500905 |
|  Shares redeemed in-kind (10,000 shares) | (253892) |
|  Net increase (decrease) in net assets from Fund share transactions | 2247013 |
|  Total increase (decrease) | 2381215 |
|  **Net Assets:** |  |
|  Beginning of period |  |
|  End of period | $2381215 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - January

Financial Highlights

---

| | |
|:---|:---|
|  | December 31, 2024<sup>(a)</sup><br>through<br>October 31, 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) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.54 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.46 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.46 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 5.83% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2381 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2404 |
| &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 S&P 500 Max Buffer ETF - February

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 108.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $33,559)(wb) | 33559 | $33559 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 107.3%**<br> (cost $3,566,923) |  | 3943995 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 108.2%**<br> (cost $3,600,482) |  | 3977554 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (8.2)%**<br> (premiums received $110,789) |  | (299707) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%**<br> (cost $3,489,693) |  | 3677847 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1431) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676416 |

---

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

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

#### 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 | $3914214 |
|  SPDR S&P 500 ETF Trust | Put | 01/30/26 | $601.82 | 58 | 6 | 29781 |
|  **Total Options Purchased** (cost $3,566,923) |  |  |  |  |  | $3943995 |
| <br> **Option Written:** |  |  |  |  |  |  |
| <br> **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 | $646.48 | 58 | 6 | $(299707) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - February

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $33559 | $— | $— |
|  Options Purchased |  | 3943995 |  |
|  **Total** | $33559 | $3943995 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(299707) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 107.3 |
|  Affiliated Mutual Fund | 0.9 |
|  | 108.2 |
|  Option Written | (8.2) |
|  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 October 31, 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 | $3943995 | Options written outstanding, at value | $299707 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 2025, the Fund did not have any net realized gain (loss) on derivatives 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(1) | **Options<br>Written** |
|  Equity contracts | $377072 | $(188918) |

---

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

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $3182354 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 223

------

PGIM S&P 500 Max Buffer ETF - February

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Written (2) | $5175 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - February

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,566,923) | $3943995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $33,559) | 33559 |
| &nbsp;&nbsp; Dividends receivable | 125 |
| &nbsp;&nbsp; **Total Assets** | 3977679 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $110,789) | 299707 |
| &nbsp;&nbsp; Management fee payable | 1556 |
| &nbsp;&nbsp; **Total Liabilities** | 301263 |
| &nbsp;&nbsp; **Net Assets** | $3676416 |
| &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) | 177359 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $3676416 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,676,416 ÷ 140,001 shares of common stock issued and outstanding) | $26.26 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 225

------

PGIM S&P 500 Max Buffer ETF - February

Statement of Operations

For the Period January 31, 2025\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $2097 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 12892 |
| &nbsp;&nbsp; Net investment income (loss) | (10795) |
| &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 | 377072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (188918) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 188154 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $177359 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - February

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | January 31, 2025\* <br>through<br> October 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(10795) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 188154 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 177359 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (140,001 shares) | 3499057 |
| &nbsp;&nbsp; Total increase (decrease) | 3676416 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $3676416 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 227

------

PGIM S&P 500 Max Buffer ETF - February

Financial Highlights

---

| | |
|:---|:---|
|  | January 31, 2025<sup>(a)</sup><br>through<br>October 31, 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) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.34 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.26 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 5.04% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3676 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3447 |
| &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) | (0.42)%<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 - March

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 110.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $22,369)(wb) | 22369 | $22369 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 109.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,551,769) |  | 2861838 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 110.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,574,138) |  | 2884207 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (10.4)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $77,936) |  | (271642) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,496,202) |  | 2612565 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1023) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611542 |

---

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

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

#### 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 | 42 | 4 | $2835198 |
|  SPDR S&P 500 ETF Trust | Put | 02/27/26 | $594.18 | 42 | 4 | 26640 |
|  **Total Options Purchased** (cost $2,551,769) |  |  |  |  |  | $2861838 |

---

#### 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 | 02/27/26 | $636.37 | 42 | 4 | $(271642) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $77,936) |  |  |  |  |  |  |

---

#### 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 Rock ETF Trust 229

------

PGIM S&P 500 Max Buffer ETF - March

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $22369 | $— | $— |
|  Options Purchased |  | 2861838 |  |
|  **Total** | $22369 | $2861838 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(271642) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 109.6 |
|  Affiliated Mutual Fund | 0.8 |
|  | 110.4 |
|  Option Written | (10.4) |
|  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 October 31, 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 | **Statement of<br>Assets and<br>Liabilities Location** | Fair<br>Value |
|  Equity contracts | Unaffiliated investments | $2861838 | Options written outstanding, at value | $271642 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 2025, the Fund did not have any net realized gain (loss) on derivatives 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(1) | **Options<br> Written**  |
|  Equity contracts | $310069 | $(193706) |

---

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

For the period ended October 31, 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) | $2468403 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - March

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
| &nbsp;&nbsp; Options Written (2) | $4067 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 231

------

PGIM S&P 500 Max Buffer ETF - March

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,551,769) | $2861838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $22,369) | 22369 |
| &nbsp;&nbsp; Dividends receivable | 83 |
| &nbsp;&nbsp; **Total Assets** | 2884290 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $77,936) | 271642 |
| &nbsp;&nbsp; Management fee payable | 1106 |
| &nbsp;&nbsp; **Total Liabilities** | 272748 |
| &nbsp;&nbsp; **Net Assets** | $2611542 |
| &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 | 2501642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 109800 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $2611542 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,611,542 ÷ 100,001 shares of common stock issued and outstanding) | $26.12 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - March

Statement of Operations

For the Period February 28, 2025\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1517 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 8080 |
| &nbsp;&nbsp; Net investment income (loss) | (6563) |
| &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 | 310069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (193706) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 116363 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $109800 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 233

------

PGIM S&P 500 Max Buffer ETF - March

Statements of Changes in Net Assets

---

| | |
|:---|:---|
|  | February 28, 2025\*<br>through<br>October 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(6563) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 116363 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 109800 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (100,001 shares) | 2501742 |
| &nbsp;&nbsp; Total increase (decrease) | 2611542 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2611542 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - March

Financial Highlights

---

| | |
|:---|:---|
|  | February 28, 2025<sup>(a)</sup><br>through<br>October 31, 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) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.19 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.12 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.12 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 4.46% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2612 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2407 |
| &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) | (0.41)%<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 235

------

PGIM S&P 500 Max Buffer ETF - April

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 116.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.2%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $57,231)(wb) | 57231 | $57231 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 114.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,522,069) |  | 2990399 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 116.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,579,300) |  | 3047630 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (16.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $82,740) |  | (435109) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,496,560) |  | 2612521 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (913) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611608 |

---

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

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

#### 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 | $2965514 |
|  SPDR S&P 500 ETF Trust | Put | 03/31/26 | $559.39 | 44 | 4 | 24885 |
|  **Total Options Purchased** (cost $2,522,069) |  |  |  |  |  | $2990399 |

---

#### Option Written:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description**  | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust<br> Call | 03/31/26 | $600.23 | 44 | 4 | $(435109) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $82,740) |  |  |  |  |  |

---

#### 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 S&P 500 Max Buffer ETF - April

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2**  | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $57231 | $— | $— |
|  Options Purchased |  | 2990399 |  |
|  **Total** | $57231 | $2990399 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(435109) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 114.5 |
|  Affiliated Mutual Fund | 2.2 |
|  | 116.7 |
|  Option Written | (16.7) |
|  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 October 31, 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 | $2990399 | Options written outstanding, at value | $435109 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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 | $468330 | $(352369) |

---

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

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative Contract Type | Average Volume of Derivative Activities\* |
| &nbsp;&nbsp; Options Purchased (1) | $2522069 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 237

------

PGIM S&P 500 Max Buffer ETF - April

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Written (2) | $4400 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - April

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,522,069) | $2990399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $57,231) | 57231 |
| &nbsp;&nbsp; Dividends receivable | 207 |
| &nbsp;&nbsp; **Total Assets** | 3047837 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $82,740) | 435109 |
| &nbsp;&nbsp; Management fee payable | 1120 |
| &nbsp;&nbsp; **Total Liabilities** | 436229 |
| &nbsp;&nbsp; **Net Assets** | $2611608 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2501269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 110239 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $2611608 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($2,611,608 ÷ 100,001 shares of common stock issued and outstanding) | $26.12 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 239

------

PGIM S&P 500 Max Buffer ETF - April

Statement of Operations

For the Period March 31, 2025\* through October 31, 2025

---

| | |
|:---|:---|
| **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Affiliated dividend income | $1576 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 7298 |
| &nbsp;&nbsp; Net investment income (loss) | (5722) |
| **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 | 468330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (352369) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 115961 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $110239 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - April

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | March 31, 2025\*<br>through<br>October 31, 2025 |
| Increase (Decrease) in Net Assets |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(5722) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 115961 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 110239 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (100,001 shares) | 2501369 |
| &nbsp;&nbsp; Total increase (decrease) | 2611608 |
| Net Assets: |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2611608 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 241

------

PGIM S&P 500 Max Buffer ETF - April

Financial Highlights

---

| | |
|:---|:---|
|  | March 31, 2025<sup>(a)</sup><br>through<br>October 31, 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) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.18 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.12 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $26.12 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 4.46% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2612 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2485 |
| &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) | (0.39)%<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

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 119.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.9%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $23,933)(wb) | 23933 | $23933 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 118.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,566,364) |  | 3063859 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 119.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,590,297) |  | 3087792 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (19.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $93,901) |  | (491341) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,496,396) |  | 2596451 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1012) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595439 |

---

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

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

#### 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 | 45 | 5 | $3034016 |
|  SPDR S&P 500 ETF Trust | Put | 04/30/26 | $554.54 | 45 | 5 | 29843 |
|  **Total Options Purchased** (cost $2,566,364) |  |  |  |  |  | $3063859 |

---

#### 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 (premiums received $93,901) | Call | 04/30/26 | $592.91 | 45 | 5 | $(491341) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $93,901) |  |  |  |  |  |  |

---

#### 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 Rock ETF Trust 243

------

PGIM S&P 500 Max Buffer ETF - May

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $23933 | $— | $— |
|  Options Purchased |  | 3063859 |  |
|  **Total** | $**23933** | $**3063859** | $**—** |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(491341) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 118.1 |
|  Affiliated Mutual Fund | 0.9 |
|  | 119.0 |
|  Option Written | (19.0) |
|  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 October 31, 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;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair Value** |
|  Equity contracts | Unaffiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3063859 | Options written outstanding, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$491341 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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 | $497495 | $(397440) |

---

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

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $2390651 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - May

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Written (2) | $4200 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 245

------

PGIM S&P 500 Max Buffer ETF - May

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,566,364) | $3063859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $23,933) | 23933 |
| &nbsp;&nbsp; Dividends receivable | 88 |
| &nbsp;&nbsp; **Total Assets** | 3087880 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $93,901) | 491341 |
| &nbsp;&nbsp; Management fee payable | 1100 |
| &nbsp;&nbsp; **Total Liabilities** | 492441 |
| &nbsp;&nbsp; **Net Assets** | $2595439 |
| &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 | 2500825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 94514 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $2595439 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($2,595,439 ÷ 100,001 shares of common stock issued and outstanding) | $25.95 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - May

Statement of Operations

For the Period April 30, 2025\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $825 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 6366 |
| &nbsp;&nbsp; Net investment income (loss) | (5541) |
| &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 | 497495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (397440) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 100055 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $94514 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 247

------

PGIM S&P 500 Max Buffer ETF - May

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | April 30, 2025\*<br>through<br>October 31, 2025 |
|  **Increase (Decrease) in Net Assets** |  |
|  **Operations** |  |
|  Net investment income (loss) | $(5541) |
|  Net change in unrealized appreciation (depreciation) on investments | 100055 |
|  Net increase (decrease) in net assets resulting from operations | 94514 |
|  **Fund share transactions** |  |
|  Net proceeds from shares sold (100,001 shares) | 2500925 |
|  Total increase (decrease) | 2595439 |
|  **Net Assets:** |  |
|  Beginning of period |  |
|  End of period | $2595439 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - May

Financial Highlights

---

| | |
|:---|:---|
|  | April 30, 2025<sup>(a)</sup><br>through<br>October 31, 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) | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.01 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.95 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.95 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.81% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2595 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2525 |
| &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) | (0.44)%<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 249

------

PGIM S&P 500 Max Buffer ETF - June

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 112.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 1.3%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $39,346)(wb) | 39346 | $39346 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 111.6%**<br> (cost $3,084,479) |  | 3466154 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 112.9%**<br> (cost $3,123,825) |  | 3505500 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (12.9)%**<br> (premiums received $122,374) |  | (399029) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%**<br> (cost $3,001,451) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3106471 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1172) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $3105299 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 05/29/26 | $11.79 | 51 | 5 | $3409291 |
|  SPDR S&P 500 ETF Trust | Put | 05/29/26 | $589.39 | 51 | 5 | 56863 |
|  **Total Options Purchased** (cost $3,084,479) | **Total Options Purchased** (cost $3,084,479) |  |  |  |  | $3466154 |

---

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 05/29/26 | $634.77 | 51 | 5 | $(399029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $122,374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $122,374) |  |  |  |  |  |

---

#### 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 S&P 500 Max Buffer ETF - June

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $39346 | $— | $— |
|  Options Purchased |  | 3466154 |  |
|  **Total** | $39346 | $3466154 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(399029) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 111.6 |
|  Affiliated Mutual Fund | 1.3 |
|  | 112.9 |
|  Option Written | (12.9) |
|  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 October 31, 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 | $3466154 | Options written outstanding, at value | $399029 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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 | $381675 | $(276655) |

---

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

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $3084480 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 251

------

PGIM S&P 500 Max Buffer ETF - June

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Written (2) | $5100 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - June

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,084,479) | $3466154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $39,346) | 39346 |
| &nbsp;&nbsp; Dividends receivable | 144 |
| &nbsp;&nbsp; **Total Assets** | 3505644 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $122,374) | 399029 |
| &nbsp;&nbsp; Management fee payable | 1316 |
| &nbsp;&nbsp; **Total Liabilities** | 400345 |
| &nbsp;&nbsp; **Net Assets** | $3105299 |
| &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 | 3004779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 100400 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $3105299 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,105,299 ÷ 120,001 shares of common stock issued and outstanding) | $25.88 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 253

------

PGIM S&P 500 Max Buffer ETF - June

Statement of Operations

For the Period May 30, 2025\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1647 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 6267 |
| &nbsp;&nbsp; Net investment income (loss) | (4620) |
| &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 | 381675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (276655) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 105020 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $100400 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - June

Statement of Changes in Net Assets

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

---

| | |
|:---|:---|
|  | May 30, 2025\*<br>through<br>October 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(4620) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 105020 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 100400 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (120,001 shares) | 3004899 |
| &nbsp;&nbsp; Total increase (decrease) | 3105299 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $3105299 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 255

------

PGIM S&P 500 Max Buffer ETF - June

Financial Highlights

---

| | |
|:---|:---|
|  | May 30, 2025<sup>(a)</sup><br>through<br>October 31, 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) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.92 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.88 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.88 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.51% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3105 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2971 |
| &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) | (0.37)%<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 - July

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 109.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $62,820)(wb) | 62820 | $62820 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 106.7%**<br> (cost $2,281,060) |  | 2460181 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 109.4%**<br> (cost $2,343,880) |  | 2523001 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (9.4)%**<br> (premiums received $95,558) |  | (215754) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%**<br> (cost $2,248,322) |  | 2307247 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (750) |
| &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;2306497 |

---

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

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

#### 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 | 06/30/26 | $12.36 | 36 | 4 | $2398672 |
|  SPDR S&P 500 ETF Trust | Put | 06/30/26 | $617.85 | 36 | 4 | 61509 |
|  **Total Options Purchased** (cost $2,281,060) |  |  |  |  |  | $2460181 |
| <br> **Option Written:** |  |  |  |  |  |  |
| <br> **Exchange Traded** |  |  |  |  |  |  |
| **Description**  | Call/<br>Put | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 06/30/26 | $662.61 | 36 | 4 | $(215754) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $95,558) |  |  |  |  |  |  |

---

#### 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 Rock ETF Trust 257

------

PGIM S&P 500 Max Buffer ETF - July

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $62820 | $— | $— |
|  Options Purchased |  | 2460181 |  |
|  **Total** | $62820 | $2460181 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(215754) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 106.7 |
|  Affiliated Mutual Fund | 2.7 |
|  | 109.4 |
|  Option Written | (9.4) |
|  Liabilities in excess of other assets | (0.0) |
|  | 100.0 |

---

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

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary 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 October 31, 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 | $2460181 | Options written outstanding, at value | $215754 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 2025, the Fund did not have any net realized gain (loss) on derivatives 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(1) | **Options<br>Written** |
|  Equity contracts | $179121 | $(120196) |

---

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

For the period ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $2281060 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - July

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Written (2) | $3600 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Rock ETF Trust 259

------

PGIM S&P 500 Max Buffer ETF - July

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,281,060) | $2460181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $62,820) | 62820 |
| &nbsp;&nbsp; Dividends receivable | 227 |
| &nbsp;&nbsp; **Total Assets** | 2523228 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $95,558) | 215754 |
| &nbsp;&nbsp; Management fee payable | 977 |
| &nbsp;&nbsp; **Total Liabilities** | 216731 |
| &nbsp;&nbsp; **Net Assets** | $2306497 |
| &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 | 2250122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 56285 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $2306497 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,306,497 ÷ 90,001 shares of common stock issued and outstanding) | $25.63 |

---

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - July

Statement of Operations

For the Period June 30, 2025\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1175 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3815 |
| &nbsp;&nbsp; Net investment income (loss) | (2640) |
| &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 | 179121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (120196) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 58925 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $56285 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 261

------

PGIM S&P 500 Max Buffer ETF - July

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | June 30, 2025\*<br>through<br>October 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(2640) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 58925 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 56285 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (90,001 shares) | 2250212 |
| &nbsp;&nbsp; Total increase (decrease) | 2306497 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2306497 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - July

Financial Highlights

---

| | |
|:---|:---|
|  | June 30, 2025<sup>(a)</sup><br>through<br>October 31, 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 | 0.66 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.63 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.51% |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2306 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2264 |
| &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 263

------

PGIM S&P 500 Max Buffer ETF - August

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 107.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $75,031)(wb) | 75031 | $75031 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 105.7%**<br> (cost $3,549,189) |  | 3781465 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 107.8%**<br> (cost $3,624,220) |  | 3856496 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (7.8)%**<br> (premiums received $124,254) |  | (278605) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%**<br> (cost $3,499,966) |  | 3577891 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1243) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3576648 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 07/31/26 | $12.64 | 55 | 6 | $3664746 |
|  SPDR S&P 500 ETF Trust | Put | 07/31/26 | $632.08 | 55 | 6 | 116719 |
|  **Total Options Purchased** (cost $3,549,189) |  |  |  |  |  | $3781465 |

---

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 07/31/26 | $682.20 | 55 | 6 | $(278605) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $124,254) |  |  |  |  |  |  |

---

#### 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 S&P 500 Max Buffer ETF - August

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $75031 | $— | $— |
|  Options Purchased |  | 3781465 |  |
|  **Total** | $75031 | $3781465 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(278605) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 105.7 |
|  Affiliated Mutual Fund | 2.1 |
|  | 107.8 |
|  Option Written | (7.8) |
|  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 October 31, 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 | $3781465 | Options written outstanding,<br>at value | $278605 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(1) | **Options**<br> **Written**  |
|  Equity contracts | $232276 | $(154351) |

---

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

For the period ended October 31, 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) | $2774176 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 265

------

PGIM S&P 500 Max Buffer ETF - August

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Written (2) | $4300 |

---

\* Average volume is based on average quarter end balances for the period ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - August

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,549,189) | $3781465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $75,031) | 75031 |
| &nbsp;&nbsp; Dividends receivable | 272 |
| &nbsp;&nbsp; **Total Assets** | 3856768 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $124,254) | 278605 |
| &nbsp;&nbsp; Management fee payable | 1515 |
| &nbsp;&nbsp; **Total Liabilities** | 280120 |
| &nbsp;&nbsp; **Net Assets** | $3576648 |
| &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 | 3501868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 74640 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $3576648 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,576,648 ÷ 140,001 shares of common stock issued and outstanding) | $25.55 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 267

------

PGIM S&P 500 Max Buffer ETF - August

Statement of Operations

For the Period July 31, 2025\* through October 31, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1072 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 4357 |
| &nbsp;&nbsp; Net investment income (loss) | (3285) |
| &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 | 232276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (154351) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 77925 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $74640 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF - August

Statement of Changes in Net Assets

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

---

| | |
|:---|:---|
|  | **July 31, 2025\*<br>through<br>October 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(3285) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 77925 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 74640 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (140,001 shares) | 3502008 |
| &nbsp;&nbsp; Total increase (decrease) | 3576648 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $3576648 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 269

------

PGIM S&P 500 Max Buffer ETF - August

Financial Highlights

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

---

| | |
|:---|:---|
|  | **July 31, 2025<sup>(a)</sup><br>through<br>October 31, 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 | 0.57 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.55 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.55 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.19% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3577 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3458 |
| &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 S&P 500 Max Buffer ETF — September

Schedule of Investments

as of October 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 105.8%** |  |  |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 105.8%**<br> (cost $4,164,592) |  | $4290468 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE OPTION WRITTEN 105.8%**<br> (cost $4,164,592) |  | 4290468 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (7.5)%**<br> (premiums received $225,739) |  | (305484) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF OPTION WRITTEN 98.3%**<br> (cost $3,938,853) |  | 3984984 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $70,575)(wb) | 70575 | 70575 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $4,009,428) |  | 4055559 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (1446) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054113 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 08/31/26 | $12.90 | 62 | 6 | $4131807 |
|  SPDR S&P 500 ETF Trust | Put | 08/31/26 | $645.05 | 62 | 6 | 158661 |
|  **Total Options Purchased** (cost $4,164,592) |  |  |  |  |  | $4290468 |

---

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 08/31/26 | $690.53 | 62 | 6 | $(305484) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $225,739) |  |  |  |  |  |  |

---

#### 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.

See Notes to Financial Statements.

PGIM Rock ETF Trust 271

------

PGIM S&P 500 Max Buffer ETF — September

Schedule of Investments (continued)

as of October 31, 2025

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

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Purchased | $— | $4290468 | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 70575 |  |  |
|  **Total** | $70575 | $4290468 | $— |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(305484) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 105.8 |
|  Affiliated Mutual Fund | 1.7 |
|  | 107.5 |
|  Option Written | (7.5) |
|  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 October 31, 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 | $4290468 | Options written outstanding,<br>at value | $305484 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(1) | Options<br>Written |
|  Equity contracts | $125876 | $(79745) |

---

(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 — September

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,164,592) | $4290468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $70,575) | 70575 |
| &nbsp;&nbsp; Dividends receivable | 258 |
| &nbsp;&nbsp; **Total Assets** | 4361301 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $225,739) | 305484 |
| &nbsp;&nbsp; Management fee payable | 1704 |
| &nbsp;&nbsp; **Total Liabilities** | 307188 |
| &nbsp;&nbsp; **Net Assets** | $4054113 |
| &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 | 4009402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 44551 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $4054113 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($4,054,113 ÷ 160,001 shares of common stock issued and outstanding) | $25.34 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 273

------

PGIM S&P 500 Max Buffer ETF — September

Statement of Operations

For the Period August 29, 2025\* through October 31, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $1481 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3061 |
| &nbsp;&nbsp; Net investment income (loss) | (1580) |
| &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 | 125876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (79745) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 46131 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $44551 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF — September

Statement of Changes in Net Assets

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

---

| | |
|:---|:---|
|  | **August 29, 2025\* <br>through <br>October 31, 2025**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(1580) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 46131 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 44551 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (160,001 shares) | 4009562 |
| &nbsp;&nbsp; Total increase (decrease) | 4054113 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $4054113 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 275

------

PGIM S&P 500 Max Buffer ETF — September

Financial Highlights

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

---

| | |
|:---|:---|
|  | **August 29, 2025<sup>(a)</sup>**<br>**through**<br>**October 31, 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 | 0.35 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.34 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.34 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 1.35% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $4054 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3547 |
| &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) | (0.26)%<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 — October

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 105.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 2.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<br>(cost $97,484)(wb) | 97484 | $97484 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 103.1%**<br> (cost $3,572,096) |  | 3625010 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 105.9%**<br> (cost $3,669,580) |  | 3722494 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (5.9)%**<br> (premiums received $165,525) |  | (206122) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 100.0%**<br> (cost $3,504,055) |  | 3516372 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (961) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515411 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 09/30/26 | $13.32 | 52 | 5 | $3455001 |
|  SPDR S&P 500 ETF Trust | Put | 09/30/26 | $666.18 | 52 | 5 | 170009 |
|  **Total Options Purchased** (cost $3,572,096) |  |  |  |  |  | $3625010 |

---

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 09/30/26 | $710.88 | 52 | 5 | $(206122) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $165,525) |  |  |  |  |  |  |

---

#### 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 Rock ETF Trust 277

------

PGIM S&P 500 Max Buffer ETF — October

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $97484 | $— | $— |
|  Options Purchased |  | 3625010 |  |
|  **Total** | $97484 | $3625010 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(206122) | $— |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 103.1 |
|  Affiliated Mutual Fund | 2.8 |
|  | 105.9 |
|  Option Written | (5.9) |
|  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 October 31, 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 | $3625010 | Options written outstanding,<br>at value | $206122 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(1) | **Options**<br> **Written**  |
|  Equity contracts | $52914 | $(40597) |

---

(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 — October

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,572,096) | $3625010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $97,484) | 97484 |
| &nbsp;&nbsp; Dividends receivable | 212 |
| &nbsp;&nbsp; **Total Assets** | 3722706 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $165,525) | 206122 |
| &nbsp;&nbsp; Management fee payable | 1173 |
| &nbsp;&nbsp; **Total Liabilities** | 207295 |
| &nbsp;&nbsp; **Net Assets** | $3515411 |
| &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 | 3503683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 11588 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $3515411 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,515,411 ÷ 140,001 shares of common stock issued and outstanding) | $25.11 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 279

------

PGIM S&P 500 Max Buffer ETF — October

Statement of Operations

For the Period September 30, 2025\* through October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $444 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1173 |
| &nbsp;&nbsp; Net investment income (loss) | (729) |
| &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 | 52914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (40597) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 12317 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $11588 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF — October

Statement of Changes in Net Assets

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

---

| | |
|:---|:---|
|  | **September 30, 2025\* <br>through<br>October 31, 2025**  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $(729) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 12317 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 11588 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (140,001 shares) | 3503823 |
| &nbsp;&nbsp; Total increase (decrease) | 3515411 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $3515411 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 281

------

PGIM S&P 500 Max Buffer ETF — October

Financial Highlights

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

---

| | |
|:---|:---|
|  | September 30, 2025<sup>(a)</sup><br>through<br>October 31, 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 | 0.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.11 |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $25.11 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 0.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3515 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2763 |
| &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) | (0.31)%<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 — November

Schedule of Investments

as of October 31, 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 4.282%)<br>(cost $2,000,025)(wb) | 2000025 | $2000025 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 102.0%**<br> (cost $2,039,602) |  | 2039483 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 202.0%**<br> (cost $4,039,627) |  | 4039508 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (4.9)%**<br> (premiums received $96,656) |  | (96715) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 197.1%**<br> (cost $3,942,971) |  | 3942793 |
| &nbsp;&nbsp; Liabilities in excess of other assets (97.1)% |  | (1942747) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000046 |

---

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

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 10/30/26 | $13.64 | 29 | 3 | $1926731 |
|  SPDR S&P 500 ETF Trust | Put | 10/30/26 | $682.06 | 29 | 3 | 112752 |
|  **Total Options Purchased** (cost $2,039,602) |  |  |  |  |  | $2039483 |

---

#### Option Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  SPDR S&P 500 ETF Trust | Call | 10/30/26 | $730.69 | 29 | 3 | $(96715) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $96,656) |  |  |  |  |  |  |

---

#### 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 Rock ETF Trust 283

------

PGIM S&P 500 Max Buffer ETF — November

Schedule of Investments (continued)

as of October 31, 2025

The following is a summary of the inputs used as of October 31, 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 |  | 2039483 |  |
|  **Total** | $2000025 | $2039483 | $— |
|  **Liabilities** |  |  |  |
|  Option Written | $— | $(96715) | $— |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Options Purchased | 102.0% |
|  Affiliated Mutual Fund | 100.0 |
|  | 202.0 |
|  Option Written | (4.9) |
|  Liabilities in excess of other assets | (97.1) |
|  | 100.0% |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is 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 October 31, 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 | $2039483 | Options written outstanding,<br>at value | $96715 |

---

The effects of derivative instruments on the Statement of Operations for the period ended October 31, 2025 are as follows:

For the period ended October 31, 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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(1) | Options<br> Written |
|  Equity contracts | $(119) | $(59) |

---

(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 — November

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,039,602) | $2039483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,000,025) | 2000025 |
| &nbsp;&nbsp; Receivable for investments sold | 96656 |
| &nbsp;&nbsp; Dividends receivable | 226 |
| &nbsp;&nbsp; **Total Assets** | 4136390 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 2039602 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $96,656) | 96715 |
| &nbsp;&nbsp; Management fee payable | 27 |
| &nbsp;&nbsp; **Total Liabilities** | 2136344 |
| &nbsp;&nbsp; **Net Assets** | $2000046 |
| &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) | 21 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $2000046 |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,000,046 ÷ 80,001 shares of common stock issued and outstanding) | $25.00 |

---

See Notes to Financial Statements.

PGIM Rock ETF Trust 285

------

PGIM S&P 500 Max Buffer ETF — November

Statement of Operations

As of October 31, 2025\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Affiliated dividend income | $226 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 27 |
| &nbsp;&nbsp; Net investment income (loss) | 199 |
| &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 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (59) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (178) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $21 |

---

\* Commencement of operations.

See Notes to Financial Statements.

------

PGIM S&P 500 Max Buffer ETF — November

Statement of Changes in Net Assets

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

---

| | |
|:---|:---|
|  | **As of<br>October 31, 2025\***  |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |
| &nbsp;&nbsp; **Operations** |  |
| &nbsp;&nbsp; Net investment income (loss) | $199 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (178) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 21 |
| &nbsp;&nbsp; **Fund share transactions** |  |
| &nbsp;&nbsp; Net proceeds from shares sold (80,001 shares) | 2000025 |
| &nbsp;&nbsp; Total increase (decrease) | 2000046 |
| &nbsp;&nbsp; **Net Assets:** |  |
| &nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp; End of period | $2000046 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Rock ETF Trust 287

------

PGIM S&P 500 Max Buffer ETF — November

Financial Highlights

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

---

| | |
|:---|:---|
|  | As of<br>October 31, 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) | 3.62 %<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.

------

Notes to Financial Statements

**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 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 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 - July |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October |

---

PGIM Rock ETF Trust 289

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June |  |
| &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 significant accounting policies followed by the Funds in the preparation of their financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements.

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

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

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities 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 year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day.

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 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.

*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,

PGIM Rock ETF Trust 291

------

Notes to Financial Statements (continued)

or for certain foreign securities, when the Funds become aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

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

*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 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 year ended October 31, 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 October 31, 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 | $5848 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 4730 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 5689 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 5696 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 6276 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 6896 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 6682 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 7360 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 5253 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 6346 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 7432 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 7251 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 6919 |

---

------

---

| | |
|:---|:---|
| Fund | Unitary <br>Fee Waiver |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | $7468 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 5568 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 4740 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 6639 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 5072 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 7203 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 5138 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 5001 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 7508 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 7432 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 5959 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |

---

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** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the reporting period ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | **Cost of**<br> **Purchases** | **Proceeds** <br> **from Sales**  |
| &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 | 8799661 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 8533005 |  |

---

PGIM Rock ETF Trust 293

------

Notes to Financial Statements (continued)

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

---

| | | |
|:---|:---|:---|
| Fund | **Cost of**<br> **Purchases** | **Proceeds** <br> **from Sales**  |
| &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; PGIM Laddered S&P 500 Buffer 12 ETF | 4619194 |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 3059978 |  |
| &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 | 8117196 | 1969 |
| &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 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September | 2094363 |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |  |  |

---

The aggregate cost of purchases and proceeds from sales of in-kind creation and redemption transactions for the reporting period ended October 31, 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 |  | 37061652 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February |  | 4810879 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February |  | 3852606 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March |  | 8972554 |
| &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 |  | 11752931 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May |  | 5784464 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May |  | 7170029 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June |  | 11137270 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June |  | 10062005 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July |  | 10046760 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July |  | 12585092 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August |  | 17588856 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August |  | 7925376 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September |  | 9820987 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September |  | 8458931 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October |  | 25363045 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October |  | 9687541 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November |  | 8415981 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November |  | 10414601 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December |  | 5826585 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December |  | 11117570 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 44069247 |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 52936060 | 8504140 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April |  | 1371950 |

---

------

---

| | | |
|:---|:---|:---|
| Fund | Cost of<br>Purchases | Proceeds<br>from Sales |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | $— | $2840136 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October |  | 4119493 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 5771956 | 228096 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January |  | 236207 |
| &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 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |  |  |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended October 31, 2025, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PGIM S&P 500 Buffer 12 ETF - January | PGIM S&P 500 Buffer 12 ETF - January | PGIM S&P 500 Buffer 12 ETF - January | PGIM S&P 500 Buffer 12 ETF - January |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $54795 | $143245 | $121730 | $— | $— | $76310 | 76310 | $3148 | $— |
| PGIM S&P 500 Buffer 20 ETF - January | PGIM S&P 500 Buffer 20 ETF - January | PGIM S&P 500 Buffer 20 ETF - January | PGIM S&P 500 Buffer 20 ETF - January |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $43320 | $27442586 | $27331338 | $— | $— | $154568 | 154568 | $17959 | $— |
| PGIM S&P 500 Buffer 12 ETF - February | PGIM S&P 500 Buffer 12 ETF - February | PGIM S&P 500 Buffer 12 ETF - February | PGIM S&P 500 Buffer 12 ETF - February |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $64391 | $217433 | $204298 | $— | $— | $77526 | 77526 | $3359 | $— |
| PGIM S&P 500 Buffer 20 ETF - February | PGIM S&P 500 Buffer 20 ETF - February | PGIM S&P 500 Buffer 20 ETF - February | PGIM S&P 500 Buffer 20 ETF - February |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $42753 | $336722 | $275022 | $— | $— | $104453 | 104453 | $4647 | $— |

---

PGIM Rock ETF Trust 295

------

Notes to Financial Statements (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PGIM S&P 500 Buffer 12 ETF - March | PGIM S&P 500 Buffer 12 ETF - March | PGIM S&P 500 Buffer 12 ETF - March | PGIM S&P 500 Buffer 12 ETF - March |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $65427 | $295548 | $257056 | $— | $— | $103919 | 103919 | $3333 | $— |
| PGIM S&P 500 Buffer 20 ETF - March | PGIM S&P 500 Buffer 20 ETF - March | PGIM S&P 500 Buffer 20 ETF - March | PGIM S&P 500 Buffer 20 ETF - March |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $53748 | $280748 | $195509 | $— | $— | $138987 | 138987 | $4810 | $— |
| PGIM S&P 500 Buffer 12 ETF - April | PGIM S&P 500 Buffer 12 ETF - April | PGIM S&P 500 Buffer 12 ETF - April | PGIM S&P 500 Buffer 12 ETF - April |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $47977 | $236388 | $221980 | $— | $— | $62385 | 62385 | $3604 | $— |
| PGIM S&P 500 Buffer 20 ETF - April | PGIM S&P 500 Buffer 20 ETF - April | PGIM S&P 500 Buffer 20 ETF - April | PGIM S&P 500 Buffer 20 ETF - April |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $63494 | $468331 | $355113 | $— | $— | $176712 | 176712 | $6342 | $— |
| PGIM S&P 500 Buffer 12 ETF - May | PGIM S&P 500 Buffer 12 ETF - May | PGIM S&P 500 Buffer 12 ETF - May | PGIM S&P 500 Buffer 12 ETF - May |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $63872 | $176626 | $136877 | $— | $— | $103621 | 103621 | $3157 | $— |
| PGIM S&P 500 Buffer 20 ETF - May | PGIM S&P 500 Buffer 20 ETF - May | PGIM S&P 500 Buffer 20 ETF - May | PGIM S&P 500 Buffer 20 ETF - May |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $69436 | $243602 | $208027 | $— | $— | $105011 | 105011 | $4116 | $— |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PGIM S&P 500 Buffer 12 ETF - June | PGIM S&P 500 Buffer 12 ETF - June | PGIM S&P 500 Buffer 12 ETF - June | PGIM S&P 500 Buffer 12 ETF - June |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $68481 | $468408 | $439501 | $— | $— | $97388 | 97388 | $4499 | $— |
| PGIM S&P 500 Buffer 20 ETF - June | PGIM S&P 500 Buffer 20 ETF - June | PGIM S&P 500 Buffer 20 ETF - June | PGIM S&P 500 Buffer 20 ETF - June |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $79878 | $370145 | $303455 | $— | $— | $146568 | 146568 | $5483 | $— |
| PGIM S&P 500 Buffer 12 ETF - July | PGIM S&P 500 Buffer 12 ETF - July | PGIM S&P 500 Buffer 12 ETF - July | PGIM S&P 500 Buffer 12 ETF - July |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $59776 | $344135 | $245807 | $— | $— | $158104 | 158104 | $4649 | $— |
| PGIM S&P 500 Buffer 20 ETF - July | PGIM S&P 500 Buffer 20 ETF - July | PGIM S&P 500 Buffer 20 ETF - July | PGIM S&P 500 Buffer 20 ETF - July |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $81566 | $484358 | $330045 | $— | $— | $235879 | 235879 | $6822 | $— |
| PGIM S&P 500 Buffer 12 ETF - August | PGIM S&P 500 Buffer 12 ETF - August | PGIM S&P 500 Buffer 12 ETF - August | PGIM S&P 500 Buffer 12 ETF - August |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $56938 | $723225 | $674208 | $— | $— | $105955 | 105955 | $4014 | $— |
| PGIM S&P 500 Buffer 20 ETF - August | PGIM S&P 500 Buffer 20 ETF - August | PGIM S&P 500 Buffer 20 ETF - August | PGIM S&P 500 Buffer 20 ETF - August |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $30825 | $469226 | $349778 | $— | $— | $150273 | 150273 | $4062 | $— |

---

PGIM Rock ETF Trust 297

------

Notes to Financial Statements (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PGIM S&P 500 Buffer 12 ETF - September | PGIM S&P 500 Buffer 12 ETF - September | PGIM S&P 500 Buffer 12 ETF - September | PGIM S&P 500 Buffer 12 ETF - September |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $62316 | $413506 | $326638 | $— | $— | $149184 | 149184 | $3879 | $— |
| PGIM S&P 500 Buffer 20 ETF - September | PGIM S&P 500 Buffer 20 ETF - September | PGIM S&P 500 Buffer 20 ETF - September | PGIM S&P 500 Buffer 20 ETF - September |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $31413 | $730732 | $404954 | $— | $— | $357191 | 357191 | $4549 | $— |
| PGIM S&P 500 Buffer 12 ETF - October | PGIM S&P 500 Buffer 12 ETF - October | PGIM S&P 500 Buffer 12 ETF - October | PGIM S&P 500 Buffer 12 ETF - October |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $41898 | $1560591 | $1440767 | $— | $— | $161722 | 161722 | $3861 | $— |
| PGIM S&P 500 Buffer 20 ETF - October | PGIM S&P 500 Buffer 20 ETF - October | PGIM S&P 500 Buffer 20 ETF - October | PGIM S&P 500 Buffer 20 ETF - October |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $73704 | $491064 | $336474 | $— | $— | $228294 | 228294 | $3765 | $— |
| PGIM S&P 500 Buffer 12 ETF - November | PGIM S&P 500 Buffer 12 ETF - November | PGIM S&P 500 Buffer 12 ETF - November | PGIM S&P 500 Buffer 12 ETF - November |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $22970 | $216337 | $217848 | $— | $— | $21459 | 21459 | $2816 | $— |
| PGIM S&P 500 Buffer 20 ETF - November | PGIM S&P 500 Buffer 20 ETF - November | PGIM S&P 500 Buffer 20 ETF - November | PGIM S&P 500 Buffer 20 ETF - November |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $53990 | $215920 | $176731 | $— | $— | $93179 | 93179 | $3653 | $— |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PGIM S&P 500 Buffer 12 ETF - December | PGIM S&P 500 Buffer 12 ETF - December | PGIM S&P 500 Buffer 12 ETF - December | PGIM S&P 500 Buffer 12 ETF - December |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $71413 | $1155833 | $1168094 | $— | $— | $59152 | 59152 | $3441 | $— |
| PGIM S&P 500 Buffer 20 ETF - December | PGIM S&P 500 Buffer 20 ETF - December | PGIM S&P 500 Buffer 20 ETF - December | PGIM S&P 500 Buffer 20 ETF - December |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** | **&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $55595 | $1994264 | $1925092 | $— | $— | $124767 | 124767 | $7082 | $— |
| PGIM Laddered S&P 500 Buffer 12 ETF | PGIM Laddered S&P 500 Buffer 12 ETF | PGIM Laddered S&P 500 Buffer 12 ETF | PGIM Laddered S&P 500 Buffer 12 ETF |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning**<br> **of**<br> **Year** | 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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |
|  PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* | PGIM S&P 500 Buffer 12 ETF - January\* |
| $2033757 | $4062378 | $— | $495581 | $— | $6591716 | 205995 | $— | $— |
|  PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* | PGIM S&P 500 Buffer 12 ETF - February\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2028002 | &nbsp;&nbsp;&nbsp;&nbsp;4080087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;482806 |  | &nbsp;&nbsp;&nbsp;&nbsp;6590895 | 210856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* | PGIM S&P 500 Buffer 12 ETF - March\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2051902 | &nbsp;&nbsp;&nbsp;&nbsp;4015564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;522766 |  | &nbsp;&nbsp;&nbsp;&nbsp;6590232 | 209657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* | PGIM S&P 500 Buffer 12 ETF - April\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2055244 | &nbsp;&nbsp;&nbsp;&nbsp;4223606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;311830 |  | &nbsp;&nbsp;&nbsp;&nbsp;6590680 | 225438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* | PGIM S&P 500 Buffer 12 ETF - May\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2041772 | &nbsp;&nbsp;&nbsp;&nbsp;4146173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;401664 |  | &nbsp;&nbsp;&nbsp;&nbsp;6589609 | 216648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* | PGIM S&P 500 Buffer 12 ETF - June\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2048808 | &nbsp;&nbsp;&nbsp;&nbsp;4063591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;476300 |  | &nbsp;&nbsp;&nbsp;&nbsp;6588699 | 219037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* | PGIM S&P 500 Buffer 12 ETF - July\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2039117 | &nbsp;&nbsp;&nbsp;&nbsp;4019031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;531444 |  | &nbsp;&nbsp;&nbsp;&nbsp;6589592 | 216790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* | PGIM S&P 500 Buffer 12 ETF - August\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2039110 | &nbsp;&nbsp;&nbsp;&nbsp;3972501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;578074 |  | &nbsp;&nbsp;&nbsp;&nbsp;6589685 | 214596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* | PGIM S&P 500 Buffer 12 ETF - September\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2025063 | &nbsp;&nbsp;&nbsp;&nbsp;4012476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;552773 |  | &nbsp;&nbsp;&nbsp;&nbsp;6590312 | 218010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* | PGIM S&P 500 Buffer 12 ETF - October\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2023229 | &nbsp;&nbsp;&nbsp;&nbsp;4031367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;539837 |  | &nbsp;&nbsp;&nbsp;&nbsp;6594433 | 219668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* | PGIM S&P 500 Buffer 12 ETF - November\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2060242 | &nbsp;&nbsp;&nbsp;&nbsp;4040168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;495695 |  | &nbsp;&nbsp;&nbsp;&nbsp;6596105 | 218740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* | PGIM S&P 500 Buffer 12 ETF - December\* |
| &nbsp;&nbsp;&nbsp;&nbsp;2032713 | &nbsp;&nbsp;&nbsp;&nbsp;4021498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;539488 |  | &nbsp;&nbsp;&nbsp;&nbsp;6593699 | 220967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| $24478959 | $48688440 | $— | $5928258 | $— | $79095657 |  | $— | $— |
|  **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 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| $101060 | $504537 | $378645 | $— | $— | $226952 | 226952 | $5669 | $— |
| $24580019 | $49192977 | $378645 | $5928258 | $— | $79322609 |  | $5669 | $— |

---

PGIM Rock ETF Trust 299

------

Notes to Financial Statements (continued)

#### PGIM Laddered S&P 500 Buffer 20 ETF

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | **Change in<br>Unrealized<br>Gain**<br> (Loss) | Realized<br>Gain (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |
|  PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* | PGIM S&P 500 Buffer 20 ETF - January\* |
| $1462295 | $4674812 | $705359 | $353596 | $40870 | $5826214 | 191891 | $— | $— |
|  PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* | PGIM S&P 500 Buffer 20 ETF - February\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1461719 | 4681123 | 701495 | 344671 | 37059 | 5823077 | 194658 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* | PGIM S&P 500 Buffer 20 ETF - March\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1469599 | 4661818 | 714643 | 354181 | 50880 | 5821835 | 194045 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* | PGIM S&P 500 Buffer 20 ETF - April\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1475583 | 4810118 | 712314 | 204499 | 47382 | 5825268 | 203896 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* | PGIM S&P 500 Buffer 20 ETF - May\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1466862 | 4714017 | 714639 | 307996 | 49877 | 5824113 | 196637 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* | PGIM S&P 500 Buffer 20 ETF - June\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1473246 | 4621040 | 715209 | 389495 | 50358 | 5818930 | 197179 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* | PGIM S&P 500 Buffer 20 ETF - July\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1465571 | 4605150 | 709334 | 411174 | 45648 | 5818209 | 196706 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* | PGIM S&P 500 Buffer 20 ETF - August\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1467825 | 4603108 | 709723 | 408219 | 46333 | 5815762 | 196501 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* | PGIM S&P 500 Buffer 20 ETF - September\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1454190 | 4644368 | 703920 | 388357 | 40063 | 5823058 | 199899 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* | PGIM S&P 500 Buffer 20 ETF - October\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1456722 | 4662130 | 704224 | 359198 | 39754 | 5813580 | 201394 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* | PGIM S&P 500 Buffer 20 ETF - November\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1476889 | 4690772 | 714707 | 332726 | 50092 | 5835772 | 200542 |  |  |
|  PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* | PGIM S&P 500 Buffer 20 ETF - December\* |
| &nbsp;&nbsp;&nbsp;&nbsp;1463830 | 4627582 | 698572 | 400395 | 34331 | 5827566 | 201049 |  |  |
| $17594331 | $55996038 | $8504139 | $4254507 | $532647 | $69873384 |  | $— | $— |
|  **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 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |  |
| $83550 | $1268491 | $916983 | $— | $— | $435058 | 435058 | $7143 | $— |
| $17677881 | $57264529 | $9421122 | $4254507 | $532647 | $70308442 |  | $7143 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $— | $2110945 | $2034984 | $— | $— | $75961 | 75961 | $2365 | $— |

---

------

#### 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<br>of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2146350 | $2090896 | $— | $— | $55454 | 55454 | $2305 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End<br>of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2114562 | $2083405 | $— | $— | $31157 | 31157 | $2107 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End<br>of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2212699 | $2130226 | $— | $— | $82473 | 82473 | $2595 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End<br>of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |
|  PGIM Nasdaq-100 Buffer 12 ETF - January\* | PGIM Nasdaq-100 Buffer 12 ETF - January\* | PGIM Nasdaq-100 Buffer 12 ETF - January\* | PGIM Nasdaq-100 Buffer 12 ETF - January\* | PGIM Nasdaq-100 Buffer 12 ETF - January\* | PGIM Nasdaq-100 Buffer 12 ETF - January\* | PGIM Nasdaq-100 Buffer 12 ETF - January\* | PGIM Nasdaq-100 Buffer 12 ETF - January\* |  |
| $— | $3460983 | $56423 | $366576 | $(17) | $3771119 | 132204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  PGIM Nasdaq-100 Buffer 12 ETF - April\* | PGIM Nasdaq-100 Buffer 12 ETF - April\* | PGIM Nasdaq-100 Buffer 12 ETF - April\* | PGIM Nasdaq-100 Buffer 12 ETF - April\* | PGIM Nasdaq-100 Buffer 12 ETF - April\* | PGIM Nasdaq-100 Buffer 12 ETF - April\* | PGIM Nasdaq-100 Buffer 12 ETF - April\* | PGIM Nasdaq-100 Buffer 12 ETF - April\* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 3509857 | 59043 | 306340 | (9) | 3757145 | 133303 |  |  |
|  PGIM Nasdaq-100 Buffer 12 ETF - July\* | PGIM Nasdaq-100 Buffer 12 ETF - July\* | PGIM Nasdaq-100 Buffer 12 ETF - July\* | PGIM Nasdaq-100 Buffer 12 ETF - July\* | PGIM Nasdaq-100 Buffer 12 ETF - July\* | PGIM Nasdaq-100 Buffer 12 ETF - July\* | PGIM Nasdaq-100 Buffer 12 ETF - July\* | PGIM Nasdaq-100 Buffer 12 ETF - July\* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 3447289 | 57728 | 382946 | (13) | 3772494 | 131240 |  |  |
|  PGIM Nasdaq-100 Buffer 12 ETF - October\* | PGIM Nasdaq-100 Buffer 12 ETF - October\* | PGIM Nasdaq-100 Buffer 12 ETF - October\* | PGIM Nasdaq-100 Buffer 12 ETF - October\* | PGIM Nasdaq-100 Buffer 12 ETF - October\* | PGIM Nasdaq-100 Buffer 12 ETF - October\* | PGIM Nasdaq-100 Buffer 12 ETF - October\* | PGIM Nasdaq-100 Buffer 12 ETF - October\* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;— | 3471024 | 56872 | 369176 | (15) | 3783313 | 132585 |  |  |
| $— | $13889153 | $230066 | $1425038 | $(54) | $15084071 |  | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  **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 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) | PGIM Core Government Money Market Fund (7-day effective yield 4.282%) |  |
| $— | $7576564 | $7561069 | $— | $— | $15495 | 15495 | $2957 | $— |
| $— | $21465717 | $7791135 | $1425038 | $(54) | $15099566 |  | $2957 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End<br>of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2210864 | $2173185 | $— | $— | $37679 | 37679 | $2309 | $— |

---

PGIM Rock ETF Trust 301

------

Notes to Financial Statements (continued)

#### 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**<br> **of**<br> **Period** | **Shares,<br>End<br>of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2059965 | $2026406 | $— | $— | $33559 | 33559 | $2097 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2030094 | $2007725 | $— | $— | $22369 | 22369 | $1517 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2058104 | $2000873 | $— | $— | $57231 | 57231 | $1576 | $— |

---

#### 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2006614 | $1982681 | $— | $— | $23933 | 23933 | $825 | $— |

---

#### PGIM S&P 500 Max Buffer 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2055984 | $2016638 | $— | $— | $39346 | 39346 | $1647 | $— |

---

#### PGIM S&P 500 Max Buffer 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2008239 | $1945419 | $— | $— | $62820 | 62820 | $1175 | $— |

---

------

#### PGIM S&P 500 Max Buffer 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2007132 | $1932101 | $— | $— | $75031 | 75031 | $1072 | $— |

---

#### PGIM S&P 500 Max Buffer 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2057950 | $1987375 | $— | $— | $70575 | 70575 | $1481 | $— |

---

#### PGIM S&P 500 Max Buffer 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of<br>Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2176713 | $2079229 | $— | $— | $97484 | 97484 | $444 | $— |

---

#### PGIM S&P 500 Max Buffer 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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of Period** | Income | **Capital**<br> **Gain**<br> **Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |  |
| $— | $2000025 | $— | $— | $— | $2000025 | 2000025 | $226 | $— |

---

\* Non-income producing security.

(wa) Represents investments in Funds affiliated with the Manager.

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

6. Distributions and Tax Information

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. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

PGIM Rock ETF Trust 303

------

Notes to Financial Statements (continued)

For the year or period ended October 31, 2025, the adjustments were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Total Distributable<br>Earnings (Loss) | Paid-in<br>Capital in<br>Excess of Par |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January (a)(b) | $(1039105) | $1039105 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January (a)(b) | (2422057) | 2422057 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February (a)(b) | (988764) | 988764 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February (a)(b) | (901774) | 901774 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March (a)(b) | (1089923) | 1089923 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March (a)(b) | (1178352) | 1178352 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April (a)(b) | (653341) | 653341 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April (a)(b) | (1373352) | 1373352 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May (a)(b) | (468218) | 468218 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May (a)(b)(c) | (653599) | 653599 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June (a)(b)(c) | (754679) | 754679 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June (a)(b) | (939954) | 939954 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July (a)(b)(c) | (1048070) | 1048070 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July (a)(b)(c) | (1395433) | 1395433 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August (a)(b)(c) | (1109619) | 1109619 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August (a)(b)(c) | (819005) | 819005 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September (a)(b)(c) | (1068955) | 1068955 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September (a)(b)(c) | (903135) | 903135 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October (a)(b)(c) | (1324206) | 1324206 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October (a)(b)(c) | (1276860) | 1276860 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November (a)(b) | (1195680) | 1195680 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November (a)(b)(c) | (1580483) | 1580483 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December (a)(b)(c) | (444684) | 444684 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December (a)(b)(c) | (1725152) | 1725152 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF |  |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF (b) | (532647) | 532647 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January (d) | 21 | (21) |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April (b)(d) | (103869) | 103869 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July (b)(d) | (269466) | 269466 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October (b)(c)(d) | (627643) | 627643 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF (d) | 102 | (102) |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January (b) | (8886) | 8886 |
| &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 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |  |  |

---

(a) Net Operating Loss

(b) Redemptions In Kind Adjustments

(c) Straddle Loss Deferral

(d) Non-deductible excise tax payment.

For the year or period ended October 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Ordinary <br>Income | Long-Term<br> Capital Gains | Tax Return <br>of Capital | Total Dividends<br> and Distributions |
| &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 |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Ordinary <br>Income | Long-Term<br> Capital Gains | Tax Return <br>of Capital | Total Dividends<br> and Distributions |
| &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; PGIM Laddered S&P 500 Buffer 12 ETF | 4474 |  |  | 4474 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 4402 |  |  | 4402 |
| &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 |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October |  |  |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |  |  |  |  |

---

For the reporting period ended October 31, 2024, there were no distributions paid by the Funds.

For the year or period ended October 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed <br>Long-Term<br>Capital Gains |
| &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 | 10892 |  |
| &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 |  |  |

---

PGIM Rock ETF Trust 305

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed <br>Long-Term<br>Capital Gains** |
| &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; PGIM Laddered S&P 500 Buffer 12 ETF | 4823 |  |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 6252 |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 546 |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 1965 |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | 547 |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 546 |  |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 2957 |  |
| &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 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November | 199 |  |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of October 31, 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 | $10898095 | $1644776 | $(694959) | $949817 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 26189331 | 4070942 | (2615333) | 1455609 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 9559498 | 1417347 | (641536) | 775811 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 15352742 | 2295342 | (1168217) | 1127125 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 11184307 | 1644429 | (868764) | 775665 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 14275213 | 2473159 | (1432623) | 1040536 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 11813407 | 2487934 | (1481151) | 1006783 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 19694178 | 4502273 | (3314037) | 1188236 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 9540306 | 1937796 | (1130943) | 806853 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 12782730 | 2848676 | (1999061) | 849615 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 10464552 | 1612789 | (925815) | 686974 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 18719510 | 3091542 | (2009113) | 1082429 |

---

------

&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 12 ETF - July | $15365369 | $1695119 | $(903332) | $791787 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 25367172 | 2708714 | (1712232) | 996482 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 10925421 | 934832 | (492001) | 442831 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 17451056 | 1592393 | (980889) | 611504 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 12055163 | 740762 | (396786) | 343976 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 33407222 | 1944954 | (1266660) | 678294 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 18097764 | 453666 | (249203) | 204463 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 20101821 | 440563 | (295276) | 145287 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 8398797 |  | (1014) | (1014) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 13132100 |  | (1578) | (1578) |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 9022774 | 1228543 | (396046) | 832497 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 22245043 | 4018427 | (2488600) | 1529827 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 72666536 | 6656073 |  | 6656073 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 65526991 | 4781451 |  | 4781451 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 5361535 | 1188696 | (556394) | 632302 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 6638275 | 2217826 | (1521246) | 696580 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | 4600010 | 658592 | (367058) | 291534 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 7327289 | 263171 | (169576) | 93595 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 13674528 | 1425038 |  | 1425038 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 2249067 | 384144 | (251126) | 133018 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 3489693 | 515269 | (327115) | 188154 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 2496202 | 402107 | (285744) | 116363 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 2496560 | 565479 | (449518) | 115961 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | 2496396 | 587669 | (487614) | 100055 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June | 3001451 | 492970 | (387950) | 105020 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July | 2248322 | 234146 | (175221) | 58925 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August | 3499966 | 296156 | (218231) | 77925 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September | 4009428 | 161263 | (115132) | 46131 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October | 3504055 | 67318 | (55001) | 12317 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November | 3942971 |  | (178) | (178) |

---

The difference between GAAP basis and tax basis is primarily attributable to deferred losses on wash sales.

PGIM Rock ETF Trust 307

------

Notes to Financial Statements (continued)

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

---

| | | |
|:---|:---|:---|
| Fund | Capital Loss<br>Carryforward | Capital Loss <br> Carryforward Utilized |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | $531000 | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 461000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 378000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 461000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 305000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 516000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 427000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 612000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 38000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 30000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 252000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 16000 | 23000 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 218000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 1000 | 46000 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 239000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 191000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 347000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 49000 | 43000 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 515000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 592000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 1047000 |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 161000 |  |
| &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 | 18000 |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 232000 |  |
| &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 |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |  |  |

---

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

---

| | | |
|:---|:---|:---|
| Fund | Qualified Late-Year<br>Losses | Post-October <br> Capital Losses |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | $(28000) | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | (149000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | (26000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | (47000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | (28000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | (42000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | (29000) |  |

---

------

---

| | | |
|:---|:---|:---|
| Fund | Qualified Late-Year<br>Losses | Post-October<br>Capital Losses |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | $(60000) | $— |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | (23000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | (27000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | (46000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | (36000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | (55000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | (25000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | (32000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | (24000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | (37000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | (36000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | (31000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | (17000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | (27000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | (23000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | (79000) |  |
| &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 | (16000) |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | (21000) |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | (12000) |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | (11000) |  |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | (8000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | (11000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | (7000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | (6000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | (6000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June | (5000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July | (3000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August | (3000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September | (2000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October | (1000) |  |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |  |  |

---

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

7. Capital and Ownership

Each Fund is an exchange-traded fund, commonly known as an "ETF". Individual shares of the Funds may only be purchased and sold in secondary market transactions through brokers or other financial intermediaries. Shares of the Funds are listed for trading on the 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 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,

PGIM Rock ETF Trust 309

------

Notes to Financial Statements (continued)

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 October 31, 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 | 266422 | 72.0% |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 204362 | 22.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 236221 | 71.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 227111 | 41.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 248167 | 65.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 230347 | 45.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 248502 | 56.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 244162 | 33.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 243270 | 71.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 198509 | 43.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 260253 | 70.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 236690 | 35.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 230499 | 43.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 203626 | 22.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 213073 | 57.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 207734 | 34.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 221384 | 54.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 204097 | 17.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 248797 | 40.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 216977 | 31.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 218293 | 78.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 206628 | 45.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 221529 | 67.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 202223 | 24.7 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 492000 | 18.4 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 471500 | 19.4 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 142204 | 67.7 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 143303 | 55.3 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | 141240 | 83.1 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 142585 | 54.8 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 280000 | 52.8 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 77001 | 85.6 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 76001 | 54.3 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 80001 | 80.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 69001 | 69.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | 64001 | 64.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June | 80001 | 66.7 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July | 80001 | 88.9 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August | 77001 | 55.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September | 80001 | 50.0 |

---

------

---

| | | |
|:---|:---|:---|
| Fund | Number of Shares | Percentage of <br> Outstanding Shares |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October | 80001 | 57.1% |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November | 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**<br> **Shareholders** | Percentage of <br> Outstanding Shares |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | 1 | 72.0% |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 1 | 22.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 1 | 71.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 1 | 41.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 1 | 65.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 1 | 45.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 1 | 56.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 1 | 33.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 1 | 71.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 1 | 43.2 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 1 | 70.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 1 | 35.3 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 1 | 43.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 1 | 22.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 1 | 57.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 1 | 34.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 1 | 54.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 1 | 17.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 1 | 40.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 1 | 31.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 1 | 78.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 1 | 45.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 1 | 67.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 1 | 24.7 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 1 | 18.4 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 1 | 19.4 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 1 | 67.7 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 1 | 55.3 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July | 1 | 83.1 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 1 | 54.8 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 1 | 52.8 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 1 | 85.6 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 1 | 54.3 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 1 | 80.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 1 | 69.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | 1 | 64.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June | 1 | 66.7 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July | 1 | 88.9 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August | 1 | 55.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September | 1 | 50.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October | 1 | 57.1 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November | 1 | 100.0 |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - January | 2 | 22.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - January | 2 | 71.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - February | 3 | 25.7 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - February | 2 | 43.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - March | 2 | 26.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - March | 2 | 42.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - April | 3 | 38.8 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - April | 2 | 58.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - May | 1 | 17.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - May | 2 | 51.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - June | 1 | 13.6 |

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PGIM Rock ETF Trust 311

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Notes to Financial Statements (continued)

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| | | |
|:---|:---|:---|
| Fund | **Number of**<br> **Shareholders** | Percentage of <br> Outstanding Shares |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - June | 2 | 59.0% |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - July | 4 | 48.6 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - July | 2 | 65.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - August | 3 | 31.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - August | 2 | 58.1 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - September | 2 | 32.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - September | 2 | 77.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - October | 2 | 49.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - October | 3 | 62.9 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - November | 3 | 20.4 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - November | 3 | 50.5 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 12 ETF - December | 1 | 15.0 |
| &nbsp;&nbsp; PGIM S&P 500 Buffer 20 ETF - December | 5 | 67.0 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 12 ETF | 3 | 76.1 |
| &nbsp;&nbsp; PGIM Laddered S&P 500 Buffer 20 ETF | 2 | 71.6 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - January | 1 | 26.3 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - April | 1 | 40.4 |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - July |  |  |
| &nbsp;&nbsp; PGIM Nasdaq-100 Buffer 12 ETF - October | 2 | 32.9 |
| &nbsp;&nbsp; PGIM Laddered Nasdaq-100 Buffer 12 ETF | 2 | 41.8 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - January | 1 | 8.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - February | 3 | 39.0 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - March | 2 | 16.7 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - April | 3 | 30.9 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - May | 1 | 29.1 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - June | 3 | 29.3 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - July | 1 | 5.8 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF - August | 4 | 42.4 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – September | 2 | 41.2 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – October | 3 | 37.7 |
| &nbsp;&nbsp; PGIM S&P 500 Max Buffer ETF – November |  |  |

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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 October 31, 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" 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.

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*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 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.

*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

PGIM Rock ETF Trust 313

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Notes to Financial Statements (continued)

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 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.

*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

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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.

*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.

*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).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets.

PGIM Rock ETF Trust 315

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Notes to Financial Statements (continued)

Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

*Market Risk:* 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 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.

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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 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 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" 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

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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 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.

*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.

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*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 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 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

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Notes to Financial Statements (continued)

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 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).

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

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

*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.

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*Portfolio Turnover Risk:* The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's turnover rate may be higher than that of other funds. 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 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.

*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" 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.

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Notes to Financial Statements (continued)

*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 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 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

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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 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.

*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,

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Notes to Financial Statements (continued)

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.

*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).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets.

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Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

*Market Risk:* 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 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

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Notes to Financial Statements (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 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 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.

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*Authorized Participant Concentration Risk:* Only an Authorized Participant (as defined in "How to Buy and Sell Shares" 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 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 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

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Notes to Financial Statements (continued)

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 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 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

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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 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).

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

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

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Notes to Financial Statements (continued)

*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.

*Portfolio Turnover Risk:* The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's turnover rate may be higher than that of other funds. 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 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,

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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.

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. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has evaluated the impact and does not expect the ASU to have a material impact on the financial statements including the Nasdaq-100 Buffer ETFs, Laddered Nasdaq ETF and the S&P 500 Max Buffer ETFs in which the pronouncement is effective for the year ended October 31, 2025.

10. 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 October 31, 2025.

PGIM Rock ETF Trust 331

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PGIM Rock ETF Trust and Shareholders of each of the forty-two funds listed in the table below

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (forty-two of the funds constituting PGIM Rock ETF Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of October 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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| |
|:---|
| PGIM S&P 500 Buffer 12 ETF – January <sup>(1)</sup> |
| PGIM S&P 500 Buffer 20 ETF – January <sup>(1)</sup> PGIM S&P 500 Buffer 12 ETF – December <sup>(12)</sup> |
| PGIM S&P 500 Buffer 12 ETF – February <sup>(2)</sup> PGIM S&P 500 Buffer 20 ETF – December <sup>(12)</sup> |
| PGIM S&P 500 Buffer 20 ETF – February <sup>(2)</sup> PGIM Laddered S&P 500 Buffer 12 ETF <sup>(13)</sup> |
| PGIM S&P 500 Buffer 12 ETF – March <sup>(3)</sup> PGIM Laddered S&P 500 Buffer 20 ETF <sup>(13)</sup> |
| PGIM S&P 500 Buffer 20 ETF – March <sup>(3)</sup> PGIM Nasdaq-100 Buffer 12 ETF – January <sup>(14)</sup> |
| PGIM S&P 500 Buffer 12 ETF – April <sup>(4)</sup> PGIM Nasdaq-100 Buffer 12 ETF – April <sup>(14)</sup> |
| PGIM S&P 500 Buffer 20 ETF – April <sup>(4)</sup> PGIM Nasdaq-100 Buffer 12 ETF – July <sup>(14)</sup> |
| PGIM S&P 500 Buffer 12 ETF – May <sup>(5)</sup> PGIM Nasdaq-100 Buffer 12 ETF – October <sup>(14)</sup> |
| PGIM S&P 500 Buffer 20 ETF – May <sup>(5)</sup> PGIM Laddered Nasdaq-100 Buffer 12 ETF <sup>(14)</sup> |
| PGIM S&P 500 Buffer 12 ETF – June <sup>(6)</sup> PGIM S&P 500 Max Buffer ETF – January <sup>(15)</sup> |
| PGIM S&P 500 Buffer 20 ETF – June <sup>(6)</sup> PGIM S&P 500 Max Buffer ETF – February <sup>(16)</sup> |
| PGIM S&P 500 Buffer 12 ETF – July <sup>(7)</sup> PGIM S&P 500 Max Buffer ETF – March <sup>(17)</sup> |
| PGIM S&P 500 Buffer 20 ETF – July <sup>(7)</sup> PGIM S&P 500 Max Buffer ETF – April <sup>(18)</sup> |
| PGIM S&P 500 Buffer 12 ETF – August <sup>(8)</sup> PGIM S&P 500 Max Buffer ETF – May <sup>(19)</sup> |
| PGIM S&P 500 Buffer 20 ETF – August <sup>(8)</sup> PGIM S&P 500 Max Buffer ETF – June <sup>(20)</sup> |
| PGIM S&P 500 Buffer 12 ETF – September <sup>(9)</sup> PGIM S&P 500 Max Buffer ETF – July <sup>(21)</sup> |
| PGIM S&P 500 Buffer 20 ETF – September <sup>(9)</sup> PGIM S&P 500 Max Buffer ETF – August <sup>(22)</sup> |
| PGIM S&P 500 Buffer 12 ETF – October <sup>(10)</sup> PGIM S&P 500 Max Buffer ETF – September <sup>(23)</sup> |
| PGIM S&P 500 Buffer 20 ETF – October <sup>(10)</sup> PGIM S&P 500 Max Buffer ETF – October <sup>(24)</sup> |
| PGIM S&P 500 Buffer 12 ETF – November <sup>(11)</sup> PGIM S&P 500 Max Buffer ETF – November <sup>(25)</sup> |

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(1) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period December 29, 2023 (commencement of operations) through October 31, 2024

(2) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period January 31, 2024 (commencement of operations) through October 31, 2024

(3) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period February 29, 2024 (commencement of operations) through October 31, 2024

(4) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period March 28, 2024 (commencement of operations) through October 31, 2024

(5) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period April 30, 2024 (commencement of operations) through October 31, 2024

(6) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period May 31, 2024 (commencement of operations) through October 31, 2024

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(7) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period May 7, 2024 (commencement of operations) through October 31, 2024

(8) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period May 9, 2024 (commencement of operations) through October 31, 2024

(9) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period May 14, 2024 (commencement of operations) through October 31, 2024

(10) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period May 16, 2024 (commencement of operations) through October 31, 2024

(11) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period May 21, 2024 (commencement of operations) through October 31, 2024

(12) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period May 23, 2024 (commencement of operations) through October 31, 2024

(13) Statement of operations for the year ended October 31, 2025 and statement of changes in net assets for the year ended October 31, 2025 and the period June 11, 2024 (commencement of operations) through October 31, 2024

(14) Statement of operations and statement of changes in net assets for the period December 27, 2024 (commencement of operations) through October 31, 2025

(15) Statement of operations and statement of changes in net assets for the period December 31, 2024 (commencement of operations) through October 31, 2025

(16) Statement of operations and statement of changes in net assets for the period January 31, 2025 (commencement of operations) through October 31, 2025

(17) Statement of operations and statement of changes in net assets for the period February 28, 2025 (commencement of operations) through October 31, 2025

(18) Statement of operations and statement of changes in net assets for the period March 31, 2025 (commencement of operations) through October 31, 2025

(19) Statement of operations and statement of changes in net assets for the period April 30, 2025 (commencement of operations) through October 31, 2025

(20) Statement of operations and statement of changes in net assets for the period May 30, 2025 (commencement of operations) through October 31, 2025

(21) Statement of operations and statement of changes in net assets for the period June 30, 2025 (commencement of operations) through October 31, 2025

(22) Statement of operations and statement of changes in net assets for the period July 31, 2025 (commencement of operations) through October 31, 2025

(23) Statement of operations and statement of changes in net assets for the period August 29, 2025 (commencement of operations) through October 31, 2025

(24) Statement of operations and statement of changes in net assets for the period September 30, 2025 (commencement of operations) through October 31, 2025

(25) Statement of operations and statement of changes in net assets as of October 31, 2025 (commencement of operations)

PGIM Rock ETF Trust 333

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Report of Independent Registered Public Accounting Firm (continued)

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 19, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

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

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

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

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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Approval of Advisory Agreements

#### Initial Approval of the ETFs' Advisory Agreements

#### PGIM Laddered Nasdaq-100 Buffer 12 ETF, PGIM Nasdaq-100 Buffer 12 ETFs and the PGIM S&P 500 Max Buffer ETFs
As required by the Investment Company Act of 1940 (1940 Act), the Board considered the proposed management agreement with PGIM Investments LLC (the Manager) for each ETF1 and the proposed subadvisory agreement with PGIM Quantitative Solutions LLC (the Subadviser), which will sub-advise each of the ETFs, each a series of PGIM Rock ETF Trust (the "Trust"). The Board, including all of the Independent Trustees, met on September 26, 2024 (the Meeting) and approved the agreements for an initial two-year period, after concluding that approval of the agreements was in the best interests of each ETF.

In advance of the Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its considerations.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services to be provided to the ETFs by the Manager and the Subadviser; and the Manager's and the Subadviser's qualifications and track record in serving other affiliated funds (including other buffer ETFs); and the fee arrangements under the agreements. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the Meeting. The Board also considered information that the Trustees received throughout the year regarding the Manager in their capacity as directors/trustees of other affiliated funds managed by the Manager (PGIM Alternative Funds). In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board's decision to approve the agreements with respect to the ETFs.

The Trustees determined that the overall arrangements between each ETF and the Manager, which will serve as each ETF's investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as each ETF's Subadviser pursuant to the terms of a subadvisory agreement, are appropriate in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment.

A summary of certain factors and conclusions that formed the basis for the Trustees' reaching their determinations to approve the agreements is discussed below.

#### Nature, quality and extent of services
With respect to the Manager, the Board noted that it had received and considered information about the Manager in advance of and at the Meeting, including information relating to the approval of the management agreement, regarding the nature, quality and extent of services to be provided by the Manager, as well as information received at other regular meetings of the PGIM Alternative Funds Board throughout the year. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of recordkeeping, compliance and other services to the ETFs. With respect to the Manager's oversight of the Subadviser, the Board noted that the Manager's Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager's senior management on the performance and operations of the Subadviser. The Board also noted that the Manager is responsible for certain expenses of the Trust. The Board reviewed the qualifications, backgrounds and responsibilities of the Manager's senior management responsible for the oversight of the ETFs and the Subadviser, and was also provided with information pertaining to the Manager's organizational structure, senior management, investment operations and other relevant information. The Board noted that the Manager has personnel with experience in the management of exchanged-traded funds. The Board further noted that it received favorable compliance reports from the Trust's Chief Compliance Officer as to the Manager for services provided to other PGIM Alternative Funds. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services to be provided by the Manager.

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| | |
|:---|:---|
| 1 | PGIM Laddered Nasdaq-100 Buffer 12 ETF (the "Laddered Nasdaq Buffer ETF"); PGIM Nasdaq-100 Buffer 12 ETF – January, PGIM Nasdaq-100 Buffer 12 ETF – April, PGIM Nasdaq-100 Buffer 12 ETF – July, and PGIM Nasdaq-100 Buffer 12 ETF – October (collectively, the "Nasdaq Buffer ETFs"); and 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, PGIM S&P 500 Max Buffer ETF – June, PGIM S&P 500 Max Buffer ETF – July, PGIM S&P 500 Max Buffer ETF – August, PGIM S&P 500 Max Buffer ETF – September, PGIM S&P 500 Max Buffer ETF – October, PGIM S&P 500 Max Buffer ETF – November, and PGIM S&P 500 Max Buffer ETF – December (collectively, the "Max Buffer ETFs").  |

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PGIM Rock ETF Trust

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Approval of Advisory Agreements (continued)

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser in advance of and at the Meeting, including information relating to the approval of the subadvisory agreement between the Manager and the Subadviser regarding the nature, quality and extent of services to be provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser's portfolio managers who will be responsible for the day-to-day management of each ETF's portfolio, as well as information on the Subadviser's organizational structure, senior management, investment operations and other relevant information. The Board also considered how each ETF's strategy is similar to investment strategies used in other buffer ETFs (through their use of FLEX Options in seeking to provide defined investment outcomes for shareholders) managed by the Manager and the Sub-Adviser. The Board further noted that it received favorable compliance reports from the Trust's Chief Compliance Officer as to the Subadviser for services. The Board noted that the Subadviser is affiliated with the Manager.

#### Performance
Because the ETFs had not yet commenced operations and the actual asset base of each ETF has not yet been determined, no investment performance for the ETFs existed for Board review. The Board considered the background and professional experience of the proposed portfolio management team for the ETFs. The Manager will provide information relating to performance to the Board in connection with subsequent reviews of the management agreement and subadvisory agreement.

#### Fee Rates
<u>Laddered Nasdaq Buffer ETF</u>. The Board considered that for Laddered Nasdaq Buffer ETF, under the proposed Management Agreement the ETF will not pay a management fee and that under the proposed Subadvisory Agreement, the Manager will not pay the Subadviser a subadvisory fee with respect to the ETF. The Board also considered that the Laddered Nasdaq Buffer ETF will invest substantially all of its assets in the Nasdaq Buffer ETFs, and that the Manager receives a management fee from each of the Nasdaq Buffer ETFs. The Board noted that this fee structure is the same as the PGIM Laddered Fund of Buffer 12 ETF and PGIM Laddered Fund of Buffer 20 ETF, each of which are also a series of the Trust.

<u>Nasdaq Buffer ETFs and Max Buffer ETFs</u>. The Board considered the proposed management fees of 0.50% of the average daily value of each ETF's investable assets to be paid by the ETF to the Manager and the proposed subadvisory fees of 0.25% of each ETF's investable assets to be paid by the Manager to the Subadviser. The Board noted that this fee structure was similar to the PGIM US Large-Cap Buffer 12 and 20 suite of ETFs, each of which are also a series of the Trust.

The Board considered the nature of the management fee as a unitary fee and that the Manager would be responsible for each ETF's expenses except for those expenses reflected in the management agreement as remaining the responsibility of each ETF. The Board noted that under the Management Agreement, the Manager will pay the fees associated with subadvisory, custody, transfer agency and administration services, Independent Trustees' fees, and fees for legal, accounting, valuation, listing fees and transfer agency services. The Board noted that under the Management Agreement, each ETF generally will be responsible for paying interest and other borrowing expenses, taxes, brokerage expenses, acquired fund fees and expenses, expenses associated with any shareholder meetings and proxy statements, extraordinary expenses and future 12b-1 fees (if any), along with any other fees or expenses specifically set out in the Management Agreement as payable by the ETF.

The Board considered information provided by the Manager comparing each ETF's proposed management fee rate and total expenses to the Lipper 15(c) Peer Group. The Board noted that each ETF's unitary management fee and total expenses were in the first quartile of the Lipper Peer Group (first quartile being the lowest fee).

The Board concluded that the proposed management fee arrangement and total expenses were reasonable in light of the services to be provided.

#### Profitability
Because the ETFs had not yet commenced operations and the actual asset base of the Trust has not yet been determined, the Board noted that there was no historical profitability information with respect to each ETF to be reviewed. The Board noted that it would review profitability information in connection with subsequent renewals of the management and subadvisory agreements.

Visit our website at pgim.com/investments

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#### Economies of Scale
Because the ETFs had not yet commenced operations and the actual asset base of each ETF has not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to each ETF to be reviewed. The Board noted that it would review such information in connection with subsequent renewals of the management and subadvisory agreements.

#### Other Benefits to the Manager and the Subadviser
The Board considered potential "fall-out" or ancillary benefits anticipated to be received by the Manager, the Subadviser and their affiliates as a result of their relationship with the ETFs. It was noted that with respect to the Laddered Nasdaq Buffer ETF, the Manager and the Subadviser would each receive advisory fees from the underlying Nasdaq Buffer ETFs and that as those funds grew in size (including through investment by the ETFs), revenues of the Manager and the Subadviser may increase. The Board concluded that any other potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other affiliated funds managed by the Manager, which are reviewed on an annual basis. The Board also concluded that any other potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to a registered fund.

\* \* \*

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of each ETF.

PGIM Rock ETF Trust

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Approval of Advisory Agreements

#### PGIM S&P 500 Buffer ETFs

#### PGIM Laddered S&P 500 Buffer ETFs

#### The Funds' Board of Trustees
The Board of Trustees (the "Board") of the PGIM S&P 500 Buffer 12 ETFs (January through December series)2, the PGIM S&P 500 Buffer 20 ETFs3 (January through December series), the PGIM Laddered S&P 500 Buffer 12 ETF and the PGIM Laddered S&P 500 Buffer 20 ETF (each, a "Fund, and collectively, the "Funds") consists of four individuals, three of whom are not "interested persons" of the Funds, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of each Fund and its operations, and performs the various duties imposed on the trustees of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established two standing committees: the Audit Committee and the Nominating and Governance Committee. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Funds' Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew each Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and each Fund's subadvisory agreement with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 26, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the Board Meeting, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration of the renewal of the agreements. Among other things, the Board considered fee information from PGIM Investments and PGIM Quantitative Solutions and the degree to which each Fund performed in line with its investment objective.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments, the subadviser and, as applicable, their affiliates, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund's assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board's decision to approve the agreements with respect to each Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund's investment manager pursuant to management agreements with each Fund, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Funds' subadviser pursuant to the terms of their respective subadvisory agreements with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. While the Board received and considered information common to all Funds for efficiency, the Board considered the approval of the agreement for each Fund separately, and its approvals were made on a Fund-by-Fund basis.

<sup>2</sup> PGIM S&P 500 Buffer ETFs are: PGIM S&P 500 Buffer 12 ETF – January; PGIM S&P 500 Buffer 12 ETF – February; PGIM S&P 500 Buffer 12 ETF – March; PGIM S&P 500 Buffer 12 ETF – April; PGIM S&P 500 Buffer 12 ETF – May; PGIM S&P 500 Buffer 12 ETF – June; PGIM S&P 500 Buffer 12 ETF – July; PGIM S&P 500 Buffer 12 ETF – August; PGIM S&P 500 Buffer 12 ETF – September; PGIM S&P 500 Buffer 12 ETF – October; PGIM S&P 500 Buffer 12 ETF – November; PGIM S&P 500 Buffer 12 ETF – December. 

<sup>3</sup> PGIM S&P 500 Buffer 20 ETF – January; PGIM S&P 500 Buffer 20 ETF – February; PGIM S&P 500 Buffer 20 ETF – March; PGIM S&P 500 Buffer 20 ETF – April; PGIM S&P 500 Buffer 20 ETF – May; PGIM S&P 500 Buffer 20 ETF – June; PGIM S&P 500 Buffer 20 ETF – July; PGIM S&P 500 Buffer 20 ETF – August; PGIM S&P 500 Buffer 20 ETF – September; PGIM S&P 500 Buffer 20 ETF – October; PGIM S&P 500 Buffer 20 ETF – November; and PGIM S&P 500 Buffer 20 ETF – December. 

Visit our website at pgim.com/investments

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Certain factors and conclusions that formed the basis for the Trustees' reaching their determinations to approve the continuance of the agreements are discussed below.

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments and PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for each Fund, as well as the provision of accounting oversight, Fund recordkeeping, compliance and other services to each Fund, such as PGIM Investments' role as administrator of each Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, including investment research and security selection, the subadviser's success in structuring the options package necessary to implement each Fund's investment strategy, as well as adherence to each Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of each Fund, PGIM Quantitative Solutions, and also considered the qualifications, backgrounds and responsibilities of the PGIM Quantitative Solutions portfolio managers who are responsible for the day-to-day management of the portfolio for their respective Fund(s). The Board was provided with information pertaining to the organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments and PGIM Quantitative Solutions. The Board also noted that it received favorable compliance reports from each Fund's Chief Compliance Officer ("CCO") as to PGIM Investments and PGIM Quantitative Solutions.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments, and the subadvisory services provided to each Fund by PGIM Quantitative Solutions, and that there was a reasonable basis on which to conclude that each Fund benefits from the services provided by PGIM Investments and PGIM Quantitative Solutions under the management agreements and the subadvisory agreements, respectively.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as each Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as each Fund's assets grow beyond current levels. The Board took note that each Fund was relatively new, was seeded with capital from an affiliate of PGIM Investments and generally had not achieved significant scale. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of each Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase. The Board noted that it would periodically consider the potential for economies of scale as the Funds grow.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

PGIM Rock ETF Trust

------

Approval of Advisory Agreements (continued)

#### Other Benefits to PGIM Investments and PGIM Quantitative Solutions
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with each Fund. The Board concluded that potential benefits to be derived by PGIM Investments included benefits to its reputation or other intangible benefits resulting from PGIM Investments' association with each Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions included the potential benefits consistent with those generally resulting from an increase in assets under management, and benefits to their reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to similar funds.

#### Performance of each Fund / Fees and Expenses
The Board considered that each of the PGIM S&P 500 Buffer 12 ETFs (January through December series) and the PGIM S&P 500 Buffer 20 ETFs (January through December series) delivered performance that was in line with expectations given the performance of the benchmark for the period and each Fund's target outcome parameters. The Board considered that each of the PGIM Laddered S&P 500 Buffer12 ETF and PGIM Laddered S&P 500 Buffer 20 ETF delivered performance that was in line with expectations given the performance of the underlying ETFs in which they invest. The Board considered the level of upside cap each Fund was able to offer to shareholders.

The Board also considered each Fund's actual management fee (including the management fee rate of 0.00% for PGIM Laddered S&P 500 Buffer 12 ETF and the PGIM Laddered S&P 500 Buffer 20 ETF) as well as each Fund's net total expense ratio, for the fiscal period ended October 31, 2024. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders. The Board noted that under the unitary fee structure, PGIM Investments will pay all operating expenses of the Fund, except for certain expenses, including but not limited to, interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), and acquired fund fees and expenses.

The Board noted that to the extent the PGIM S&P 500 Buffer 12 ETFs (January through December series), or the PGIM S&P 500 Buffer 20 ETFs (January through December series) invests in another ETF advised by PGIM Investments ("PGIM ETF") , PGIM Investments will waive any management fees it receives from the applicable Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. The Board noted that each of the PGIM Laddered S&P 500 Buffer 12 ETF and the PGIM Laddered S&P 500 Buffer 20 ETF invest in a "laddered portfolio" of twelve PGIM S&P 500 Buffer 12 ETFs and PGIM S&P 500 Buffer 20 ETFs, respectively (the "Underlying ETFs"). The Board noted that each of the PGIM Laddered S&P 500 Buffer 12 ETF and the PGIM Laddered S&P 500 Buffer 20 ETF pays PGIM Investments management fees at the rate of 0.00% of the respective Fund's average daily net assets. The Board further noted that PGIM Investments, however, does receive management fees for managing the Underlying ETFs, a portion of which are paid indirectly by the PGIM Laddered S&P 500 Buffer 12 ETF and the PGIM Laddered S&P 500 Buffer 20 ETF.

The funds included in the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of fund data. The comparisons placed each series of the PGIM S&P 500 Buffer 12 ETFs (January through December series) and the PGIM S&P 500 Buffer 20 ETFs (January through December series) as well as PGIM Laddered S&P 500 Buffer 12 ETF and PGIM Laddered S&P 500 Buffer 20 ETF in 1st quartile as of year-end 2024, with the first quartile being the best 25% of the funds (for expenses, the lowest cost funds). The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of each Fund and its shareholders.

Visit our website at pgim.com/investments

------

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

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d12127dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d12127dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d12127dex99906cert.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: | December 19, 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: | December 19, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | December 19, 2025 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the PGIM Private Real Estate Fund, Inc. (the "CEF"), PGIM Private Credit Fund (the "BDC") and PGIM Credit Income Fund ("PCIF") and each series of the PGIM Rock ETF Trust ("ETFs") and collectively with the CEF, BDC and PCIF, the "Fund") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to the Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between the Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board of Directors/Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

------

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Fund's Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Fund has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of the Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether
within or outside the Fund, including to the Board and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
the Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Fund's Chief Legal Officer promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

------

The Fund's Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Fund, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

The Fund will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's Chief Legal Officer will take all appropriate action to investigate any potential violations
reported to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by the Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, the Board or Board Committee comprised of Independent
Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Board or Board Committee comprised of Independent
Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment adviser, principal
underwriter or administrator, or their boards; notification to any other Fund for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, counsel to the Fund, and counsel to the Fund's Independent Directors/Trustees.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**IX.** **Recordkeeping** 

The Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

------

Adopted and approved as of September 28, 2023.

**EXHIBIT A** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer

**Christian J. Kelly** – Principal Financial Officer

**Elyse M. McLaughlin** – Treasurer and Principal Accounting Officer (PGIM Private Credit Fund and PGIM Rock ETF Trust)

**Russ Shupak** – Treasurer and Principal Accounting Officer (PGIM Private Real Estate Fund, Inc. and PGIM Credit Income Fund)

## Ex-99.Cert

Item 19

**PGIM Rock ETF Trust** 

Annual period ending 10/31/25

File No. 811-23901

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&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;&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;&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;&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.

&nbsp;&nbsp;&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.

December 19, 2025

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**PGIM Rock ETF Trust** 

Annual period ending 10/31/25

File No. 811-23901

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&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;&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;&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;&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.

&nbsp;&nbsp;&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.

December 19, 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.

December 19, 2025

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| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

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December 19, 2025

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| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer |
| (Principal Financial Officer) |

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*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.*