PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 98.7%
Asset-Backed Securities 0.8%
Collateralized Loan Obligations 
Atlas Static Senior Loan Fund Ltd. (Cayman Islands),
Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) 		6.006 %(c) 07/15/30   151  $151,099
BlueMountain Fuji US CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%) 		5.531(c) 10/20/30   211 210,624
Madison Park Funding Ltd. (Cayman Islands),
Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) 		5.546(c) 10/15/32   999 1,000,096
Trinitas CLO Ltd. (Bermuda),
Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%) 		5.959(c) 01/20/35   1,000 1,000,000
Voya CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1RR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) 		5.561(c) 04/17/30   3 3,004
     
 
Total Asset-Backed Securities
(cost $2,360,758) 		2,364,823
Commercial Mortgage-Backed Security 0.1%
ROCK Trust,
Series 2024-CNTR, Class E, 144A
(cost $250,000) 		8.819 11/13/41   250 261,141
Corporate Bonds 82.8%
Advertising 0.6%
Clear Channel Outdoor Holdings, Inc.,          
Gtd. Notes, 144A 7.500 06/01/29   300 265,159
Sr. Sec’d. Notes, 144A 5.125 08/15/27   1,518 1,486,770
          1,751,929
Aerospace & Defense 2.4%
Boeing Co. (The),          
Sr. Unsec’d. Notes 2.196 02/04/26   363 356,501
Sr. Unsec’d. Notes 5.805 05/01/50   129 120,827
Sr. Unsec’d. Notes 5.930 05/01/60   79 73,204
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 6.000 02/15/28   1,634 1,629,915
1
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Aerospace & Defense (cont’d.)
Bombardier, Inc. (Canada), (cont’d.)          
Sr. Unsec’d. Notes, 144A 6.750 % 06/15/33   250  $253,525
Sr. Unsec’d. Notes, 144A 7.000 06/01/32   157 160,140
Sr. Unsec’d. Notes, 144A 7.125 06/15/26   263 263,000
Sr. Unsec’d. Notes, 144A 7.250 07/01/31   151 155,530
Sr. Unsec’d. Notes, 144A 7.500 02/01/29   234 241,605
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   399 399,499
Sr. Unsec’d. Notes, 144A 8.750 11/15/30   148 158,323
TransDigm, Inc.,          
Gtd. Notes 4.625 01/15/29   1,063 1,028,688
Gtd. Notes 5.500 11/15/27   997 996,768
Gtd. Notes, 144A 6.375 05/31/33   433 428,108
Sr. Sec’d. Notes, 144A 6.375 03/01/29   311 316,055
Sr. Sec’d. Notes, 144A 6.625 03/01/32   231 235,948
Sr. Sec’d. Notes, 144A 6.750 08/15/28   165 167,725
          6,985,361
Airlines 1.3%
American Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		7.250 02/15/28   307 310,155
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,          
Sr. Sec’d. Notes, 144A 5.500 04/20/26   589 588,597
Sr. Sec’d. Notes, 144A 5.750 04/20/29   476 466,989
     
 
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A 		4.625 04/15/29   987 937,272
VistaJet Malta Finance PLC/Vista Management Holding,
Inc. (Switzerland), 		         
Sr. Unsec’d. Notes, 144A 6.375 02/01/30   418 374,110
Sr. Unsec’d. Notes, 144A 7.875 05/01/27   477 466,268
Sr. Unsec’d. Notes, 144A 9.500 06/01/28   650 639,959
          3,783,350
Apparel 0.5%
Kontoor Brands, Inc.,
Gtd. Notes, 144A 		4.125 11/15/29   175 161,403
2
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Apparel (cont’d.)
William Carter Co. (The),
Gtd. Notes, 144A 		5.625 % 03/15/27   148  $147,024
Wolverine World Wide, Inc.,
Gtd. Notes, 144A 		4.000 08/15/29   1,223 1,070,200
          1,378,627
Auto Manufacturers 0.6%
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes 		2.700 08/10/26   700 676,651
JB Poindexter & Co., Inc.,
Sr. Unsec’d. Notes, 144A 		8.750 12/15/31   257 255,662
New Flyer Holdings, Inc. (Canada),
Sec’d. Notes, 144A 		9.250 07/01/30   90 90,000
PM General Purchaser LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/01/28   1,034 664,604
          1,686,917
Auto Parts & Equipment 1.7%
Adient Global Holdings Ltd.,
Sr. Sec’d. Notes, 144A 		7.000 04/15/28   630 642,795
American Axle & Manufacturing, Inc.,
Gtd. Notes 		6.500 04/01/27   95 94,515
Clarios Global LP/Clarios US Finance Co.,          
Gtd. Notes, 144A 8.500 05/15/27   742 745,250
Sr. Sec’d. Notes, 144A 6.750 02/15/30   125 126,875
     
 
Dana, Inc.,
Sr. Unsec’d. Notes 		5.625 06/15/28   116 115,716
Garrett Motion Holdings, Inc./Garrett LX I Sarl,
Gtd. Notes, 144A 		7.750 05/31/32   548 559,324
Phinia, Inc.,          
Gtd. Notes, 144A 6.625 10/15/32   65 64,563
Sr. Sec’d. Notes, 144A 6.750 04/15/29   75 76,767
     
 
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 11/17/28   2,063 2,031,770
Titan International, Inc.,
Sr. Sec’d. Notes 		7.000 04/30/28   365 357,487
          4,815,062
3
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks 1.3%
Citigroup, Inc.,          
Jr. Sub. Notes, Series EE 6.750 %(ff) 02/15/30(oo)   135  $133,825
Jr. Sub. Notes, Series FF 6.950(ff) 02/15/30(oo)   248 249,984
Jr. Sub. Notes, Series X 3.875(ff) 02/18/26(oo)   536 525,980
Freedom Mortgage Corp.,          
Sr. Unsec’d. Notes, 144A(x) 6.625 01/15/27   247 246,453
Sr. Unsec’d. Notes, 144A(x) 7.625 05/01/26   1,288 1,286,037
Sr. Unsec’d. Notes, 144A(x) 12.000 10/01/28   616 661,579
Sr. Unsec’d. Notes, 144A(x) 12.250 10/01/30   85 93,879
     
 
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes 		6.850(ff) 02/10/30(oo)   205 207,364
Intesa Sanpaolo SpA (Italy),
Sub. Notes, 144A 		4.198(ff) 06/01/32   200 179,910
Wells Fargo & Co.,
Jr. Sub. Notes 		6.850(ff) 09/15/29(oo)   50 51,364
          3,636,375
Building Materials 1.7%
Builders FirstSource, Inc.,
Gtd. Notes, 144A 		5.000 03/01/30   232 225,126
Camelot Return Merger Sub, Inc.,
Sr. Sec’d. Notes, 144A 		8.750 08/01/28   300 265,742
Cornerstone Building Brands, Inc.,
Gtd. Notes, 144A 		6.125 01/15/29   581 418,742
EMRLD Borrower LP/Emerald Co-Issuer, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 07/15/31   200 204,485
Griffon Corp.,
Gtd. Notes 		5.750 03/01/28   5 4,967
Masterbrand, Inc.,
Gtd. Notes, 144A 		7.000 07/15/32   125 124,227
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC,
Sr. Sec’d. Notes, 144A 		6.750 04/01/32   55 55,453
MIWD Holdco II LLC/MIWD Finance Corp.,
Gtd. Notes, 144A 		5.500 02/01/30   329 303,913
Quikrete Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 6.375 03/01/32   618 627,813
Sr. Unsec’d. Notes, 144A 6.750 03/01/33   280 284,048
4
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Building Materials (cont’d.)
Smyrna Ready Mix Concrete LLC,          
Sr. Sec’d. Notes, 144A 6.000 % 11/01/28   275  $271,658
Sr. Sec’d. Notes, 144A 8.875 11/15/31   457 469,584
     
 
Standard Building Solutions, Inc.,
Sr. Unsec’d. Notes, 144A 		6.500 08/15/32   316 321,110
Standard Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 3.375 01/15/31   144 127,196
Sr. Unsec’d. Notes, 144A 4.375 07/15/30   406 380,912
Sr. Unsec’d. Notes, 144A 5.000 02/15/27   941 934,173
          5,019,149
Chemicals 1.8%
Ashland, Inc.,
Sr. Unsec’d. Notes 		6.875 05/15/43   385 394,504
ASP Unifrax Holdings, Inc.,
Sec’d. Notes, 144A, Cash coupon 5.850% and PIK 1.250% or Cash coupon 7.100% 		7.100 09/30/29   224 92,204
Avient Corp.,
Sr. Unsec’d. Notes, 144A 		6.250 11/01/31   254 253,916
Celanese US Holdings LLC,          
Gtd. Notes 6.850 11/15/28   248 256,848
Gtd. Notes 7.200 11/15/33   15 15,651
     
 
Chemours Co. (The),
Gtd. Notes, 144A 		8.000 01/15/33   236 205,715
Cornerstone Chemical Co. LLC,
Sec’d. Notes, 144A, Cash coupon 10.000% or PIK 10.000%^ 		10.000 05/07/29   41 33,405
Methanex US Operations, Inc.,
Gtd. Notes, 144A 		6.250 03/15/32   223 215,882
Olympus Water US Holding Corp.,          
Sr. Sec’d. Notes, 144A 4.250 10/01/28   600 565,605
Sr. Sec’d. Notes, 144A 7.125 10/01/27   200 203,245
Sr. Sec’d. Notes, 144A 7.250 06/15/31   800 799,745
Sr. Sec’d. Notes, 144A 9.750 11/15/28   600 628,891
Sr. Unsec’d. Notes, 144A 6.250 10/01/29   800 741,630
     
 
SK Invictus Intermediate II Sarl,
Sr. Sec’d. Notes, 144A 		5.000 10/30/29   505 478,487
5
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
     
SNF Group SACA (France),
Sr. Unsec’d. Notes, 144A 		3.125 % 03/15/27   200  $191,375
Tronox, Inc.,
Gtd. Notes, 144A 		4.625 03/15/29   290 242,183
          5,319,286
Coal 0.0%
Coronado Finance Pty Ltd. (Australia),
Sr. Sec’d. Notes, 144A 		9.250 10/01/29   203 149,205
Commercial Services 4.8%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   279 277,083
Allied Universal Holdco LLC,
Sr. Sec’d. Notes, 144A 		7.875 02/15/31   597 618,525
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 		         
Sr. Unsec’d. Notes, 144A 6.000 06/01/29   400 378,451
Sr. Unsec’d. Notes, 144A 9.750 07/15/27   2,074 2,090,675
     
 
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl,
Sr. Sec’d. Notes, 144A 		4.625 06/01/28   800 764,000
Alta Equipment Group, Inc.,
Sec’d. Notes, 144A 		9.000 06/01/29   242 212,968
AMN Healthcare, Inc.,          
Gtd. Notes, 144A 4.000 04/15/29   846 778,278
Gtd. Notes, 144A 4.625 10/01/27   87 84,192
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,          
Gtd. Notes, 144A 4.750 04/01/28   449 429,839
Gtd. Notes, 144A 5.375 03/01/29   378 356,399
     
 
Belron UK Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.750 10/15/29   200 200,520
Boost Newco Borrower LLC,
Sr. Sec’d. Notes, 144A 		7.500 01/15/31   450 475,708
Clarivate Science Holdings Corp.,
Gtd. Notes, 144A 		4.875 07/01/29   301 278,373
DCLI Bidco LLC,
Second Mortgage, 144A 		7.750 11/15/29   215 216,331
6
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Commercial Services (cont’d.)
Herc Holdings Escrow, Inc.,          
Sr. Unsec’d. Notes, 144A 7.000 % 06/15/30   440  $453,355
Sr. Unsec’d. Notes, 144A 7.250 06/15/33   170 174,891
Herc Holdings, Inc.,          
Gtd. Notes, 144A 5.500 07/15/27   170 168,710
Gtd. Notes, 144A 6.625 06/15/29   285 288,666
Hertz Corp. (The),          
Gtd. Notes, 144A 4.625 12/01/26   129 113,639
Sr. Sec’d. Notes, 144A 12.625 07/15/29   136 138,543
     
 
Mavis Tire Express Services Topco Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 05/15/29   1,691 1,609,012
NESCO Holdings II, Inc.,
Sec’d. Notes, 144A 		5.500 04/15/29   354 333,649
Service Corp. International,          
Sr. Unsec’d. Notes 3.375 08/15/30   255 231,712
Sr. Unsec’d. Notes 4.000 05/15/31   469 431,542
     
 
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
Gtd. Notes, 144A 		6.750 08/15/32   320 326,497
United Rentals North America, Inc.,          
Gtd. Notes 3.750 01/15/32   420 376,944
Gtd. Notes 3.875 02/15/31   273 252,092
Gtd. Notes 4.875 01/15/28   793 784,297
     
 
Veritiv Operating Co.,
Sr. Sec’d. Notes, 144A 		10.500 11/30/30   233 248,236
VT Topco, Inc.,
Sr. Sec’d. Notes, 144A 		8.500 08/15/30   100 106,164
WEX, Inc.,
Gtd. Notes, 144A 		6.500 03/15/33   272 268,980
Williams Scotsman, Inc.,          
Sr. Sec’d. Notes, 144A 6.625 06/15/29   243 248,132
Sr. Sec’d. Notes, 144A 6.625 04/15/30   175 179,366
          13,895,769
Computers 1.3%
Amentum Holdings, Inc.,
Gtd. Notes, 144A 		7.250 08/01/32   220 224,514
Fortress Intermediate 3, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 06/01/31   337 348,502
7
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Computers (cont’d.)
McAfee Corp.,
Sr. Unsec’d. Notes, 144A 		7.375 % 02/15/30   1,406  $1,300,397
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A 		9.500 04/01/29   728 794,914
NCR Voyix Corp.,          
Gtd. Notes, 144A 5.000 10/01/28   688 677,840
Gtd. Notes, 144A 5.125 04/15/29   269 262,383
Gtd. Notes, 144A 5.250 10/01/30   7 6,744
     
 
Seagate Data Storage Technology Pte Ltd.,
Gtd. Notes, 144A 		5.875 07/15/30   135 135,200
          3,750,494
Cosmetics/Personal Care 0.1%
Perrigo Finance Unlimited Co.,
Gtd. Notes 		6.125 09/30/32   214 212,823
Distribution/Wholesale 0.7%
H&E Equipment Services, Inc.,
Gtd. Notes, 144A 		3.875 12/15/28   1,391 1,404,479
Velocity Vehicle Group LLC,
Sr. Unsec’d. Notes, 144A 		8.000 06/01/29   40 38,456
Windsor Holdings III LLC,
Sr. Sec’d. Notes, 144A 		8.500 06/15/30   558 591,991
          2,034,926
Diversified Financial Services 4.5%
Azorra Finance Ltd.,
Gtd. Notes, 144A 		7.750 04/15/30   358 360,366
Bread Financial Holdings, Inc.,          
Gtd. Notes, 144A 9.750 03/15/29   349 371,611
Sub. Notes, 144A 8.375(ff) 06/15/35   190 184,566
     
 
Encore Capital Group, Inc.,
Sr. Sec’d. Notes, 144A 		8.500 05/15/30   200 212,030
Freedom Mortgage Holdings LLC,          
Sr. Unsec’d. Notes, 144A(x) 8.375 04/01/32   50 49,540
Sr. Unsec’d. Notes, 144A(x) 9.250 02/01/29   65 67,005
     
 
GGAM Finance Ltd. (Ireland),
Gtd. Notes, 144A 		8.000 02/15/27   774 793,350
8
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
goeasy Ltd. (Canada),          
Gtd. Notes, 144A 6.875 % 05/15/30   70  $68,950
Gtd. Notes, 144A 9.250 12/01/28   284 297,490
Sr. Unsec’d. Notes, 144A 7.375 10/01/30   130 129,837
Sr. Unsec’d. Notes, 144A 7.625 07/01/29   169 170,043
Jefferies Finance LLC/JFIN Co-Issuer Corp.,          
Sr. Sec’d. Notes, 144A 6.625 10/15/31   200 198,256
Sr. Unsec’d. Notes, 144A 5.000 08/15/28   200 189,495
     
 
LD Holdings Group LLC,
Gtd. Notes, 144A 		6.125 04/01/28   270 219,999
Macquarie Airfinance Holdings Ltd. (United Kingdom),          
Sr. Unsec’d. Notes, 144A 6.400 03/26/29   137 141,582
Sr. Unsec’d. Notes, 144A 6.500 03/26/31   105 109,001
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 5.125 12/15/30   698 698,402
Gtd. Notes, 144A 5.750 11/15/31   90 90,387
Gtd. Notes, 144A 6.000 01/15/27   289 289,290
Gtd. Notes, 144A 6.500 08/01/29   302 307,718
Navient Corp.,          
Sr. Unsec’d. Notes 5.000 03/15/27   25 24,696
Sr. Unsec’d. Notes 5.500 03/15/29   175 168,490
Sr. Unsec’d. Notes 6.750 06/25/25   805 805,057
Sr. Unsec’d. Notes 7.875 06/15/32   180 181,674
Sr. Unsec’d. Notes 9.375 07/25/30   58 63,206
OneMain Finance Corp.,          
Gtd. Notes 3.875 09/15/28   313 294,039
Gtd. Notes 4.000 09/15/30   50 45,007
Gtd. Notes 5.375 11/15/29   300 290,708
Gtd. Notes 6.625 01/15/28   496 505,053
Gtd. Notes 6.625 05/15/29   65 65,731
Gtd. Notes 6.750 03/15/32   514 510,812
Gtd. Notes 7.125 03/15/26   934 947,148
Gtd. Notes 7.125 09/15/32   340 342,124
PennyMac Financial Services, Inc.,          
Gtd. Notes, 144A 4.250 02/15/29   247 234,816
Gtd. Notes, 144A 5.750 09/15/31   75 72,326
Gtd. Notes, 144A 6.875 05/15/32   539 542,354
Gtd. Notes, 144A 7.875 12/15/29   79 83,288
     
 
PHH Escrow Issuer LLC/PHH Corp.,
Sr. Unsec’d. Notes, 144A 		9.875 11/01/29   318 312,464
9
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Diversified Financial Services (cont’d.)
PRA Group, Inc.,          
Gtd. Notes, 144A 5.000 % 10/01/29   53  $47,564
Gtd. Notes, 144A 8.375 02/01/28   150 151,362
Gtd. Notes, 144A 8.875 01/31/30   263 269,606
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,          
Gtd. Notes, 144A 2.875 10/15/26   447 432,866
Gtd. Notes, 144A 3.625 03/01/29   272 253,753
Gtd. Notes, 144A 3.875 03/01/31   246 222,585
Gtd. Notes, 144A 4.000 10/15/33   681 588,302
     
 
SLM Corp.,
Sr. Unsec’d. Notes(x) 		6.500 01/31/30   85 87,932
United Wholesale Mortgage LLC,          
Sr. Unsec’d. Notes, 144A 5.500 04/15/29   25 23,982
Sr. Unsec’d. Notes, 144A 5.750 06/15/27   75 73,935
     
 
UWM Holdings LLC,
Gtd. Notes, 144A 		6.625 02/01/30   432 423,535
          13,013,333
Electric 3.3%
Calpine Corp.,          
Sr. Sec’d. Notes, 144A 3.750 03/01/31   1,187 1,101,859
Sr. Sec’d. Notes, 144A 4.500 02/15/28   548 537,659
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   369 359,411
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   762 738,651
Sr. Unsec’d. Notes, 144A 5.125 03/15/28   698 691,996
     
 
Edison International,
Jr. Sub. Notes 		8.125(ff) 06/15/53   50 49,276
NRG Energy, Inc.,          
Gtd. Notes, 144A 3.375 02/15/29   131 122,401
Gtd. Notes, 144A 3.625 02/15/31   713 646,793
Gtd. Notes, 144A 3.875 02/15/32   45 40,688
Gtd. Notes, 144A 6.000 02/01/33   245 243,289
Jr. Sub. Notes, 144A 10.250(ff) 03/15/28(oo)   1,040 1,142,368
PG&E Corp.,          
Jr. Sub. Notes 7.375(ff) 03/15/55   225 220,426
Sr. Sec’d. Notes 5.000 07/01/28   200 195,255
Vistra Corp.,          
Jr. Sub. Notes, 144A 7.000(ff) 12/15/26(oo)   1,587 1,606,196
Jr. Sub. Notes, 144A 8.000(ff) 10/15/26(oo)   907 928,503
10
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
Vistra Operations Co. LLC,          
Gtd. Notes, 144A 4.375 % 05/01/29   183  $176,950
Gtd. Notes, 144A 5.000 07/31/27   249 248,378
Gtd. Notes, 144A 5.500 09/01/26   195 195,124
Gtd. Notes, 144A 5.625 02/15/27   341 340,937
          9,586,160
Electrical Components & Equipment 0.5%
Energizer Holdings, Inc.,
Gtd. Notes, 144A 		4.375 03/31/29   244 229,130
EnerSys,
Gtd. Notes, 144A 		6.625 01/15/32   35 35,736
WESCO Distribution, Inc.,          
Gtd. Notes, 144A 6.375 03/15/29   242 247,089
Gtd. Notes, 144A 6.375 03/15/33   180 183,386
Gtd. Notes, 144A 7.250 06/15/28   750 759,172
          1,454,513
Electronics 0.2%
Sensata Technologies BV,
Gtd. Notes, 144A 		4.000 04/15/29   400 374,160
Sensata Technologies, Inc.,
Gtd. Notes, 144A 		3.750 02/15/31   117 103,918
          478,078
Engineering & Construction 0.1%
Brundage-Bone Concrete Pumping Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 02/01/32   80 79,816
TopBuild Corp.,          
Gtd. Notes, 144A 3.625 03/15/29   170 159,539
Gtd. Notes, 144A 4.125 02/15/32   90 81,753
          321,108
Entertainment 2.4%
Caesars Entertainment, Inc.,          
Gtd. Notes, 144A 4.625 10/15/29   1,093 1,020,682
Sr. Sec’d. Notes, 144A 7.000 02/15/30   366 375,335
11
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Entertainment (cont’d.)
     
 
CCM Merger, Inc.,
Sr. Unsec’d. Notes, 144A 		6.375 % 05/01/26   170  $170,043
Churchill Downs, Inc.,
Sr. Unsec’d. Notes, 144A 		5.750 04/01/30   333 328,472
Jacobs Entertainment, Inc.,
Sr. Unsec’d. Notes, 144A 		6.750 02/15/29   881 839,192
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
Sr. Sec’d. Notes, 144A 		4.875 05/01/29   866 831,073
Penn Entertainment, Inc.,          
Sr. Unsec’d. Notes, 144A 4.125 07/01/29   103 92,296
Sr. Unsec’d. Notes, 144A 5.625 01/15/27   636 627,598
     
 
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
Gtd. Notes, 144A 		5.875 09/01/31   135 80,039
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 02/01/33   603 595,847
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.,
Sr. Unsec’d. Notes, 144A 		6.625 03/01/30   515 489,217
Voyager Parent LLC,
Sr. Sec’d. Notes, 144A 		9.250 07/01/32   505 521,386
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,          
Gtd. Notes, 144A 5.125 10/01/29   627 612,036
Gtd. Notes, 144A 6.250 03/15/33   95 93,980
Gtd. Notes, 144A 7.125 02/15/31   396 415,621
          7,092,817
Environmental Control 0.9%
GFL Environmental, Inc.,          
Gtd. Notes, 144A 4.000 08/01/28   359 345,089
Gtd. Notes, 144A 4.375 08/15/29   750 719,752
Gtd. Notes, 144A 4.750 06/15/29   305 296,613
Reworld Holding Corp.,          
Gtd. Notes 5.000 09/01/30   402 374,956
Gtd. Notes, 144A 4.875 12/01/29   591 559,519
     
 
12
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Environmental Control (cont’d.)
     
Waste Pro USA, Inc.,
Sr. Unsec’d. Notes, 144A 		7.000 % 02/01/33   139  $142,844
Wrangler Holdco Corp. (Canada),
Gtd. Notes, 144A 		6.625 04/01/32   96 98,998
          2,537,771
Foods 1.7%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s LP/Albertson’s LLC,
Gtd. Notes, 144A 		3.500 03/15/29   235 220,966
B&G Foods, Inc.,          
Gtd. Notes 5.250 09/15/27   522 457,313
Sr. Sec’d. Notes, 144A 8.000 09/15/28   1,078 1,017,019
     
 
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes 		8.125 05/14/30 GBP 175 218,102
Lamb Weston Holdings, Inc.,          
Gtd. Notes, 144A 4.125 01/31/30   236 222,644
Gtd. Notes, 144A 4.375 01/31/32   443 408,860
Pilgrim’s Pride Corp.,          
Gtd. Notes 3.500 03/01/32   402 356,093
Gtd. Notes 4.250 04/15/31   629 596,506
Post Holdings, Inc.,          
Gtd. Notes, 144A 4.625 04/15/30   345 327,064
Gtd. Notes, 144A 5.500 12/15/29   620 612,179
Gtd. Notes, 144A 6.250 10/15/34   175 173,085
Gtd. Notes, 144A 6.375 03/01/33   20 19,879
Sr. Unsec’d. Notes, 144A 4.500 09/15/31   266 242,552
          4,872,262
Forest Products & Paper 0.2%
Magnera Corp.,
Sr. Sec’d. Notes, 144A 		7.250 11/15/31   515 471,212
Gas 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,          
Sr. Unsec’d. Notes 5.750 05/20/27   68 66,445
Sr. Unsec’d. Notes, 144A 9.500 06/01/30   160 161,612
13
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Gas (cont’d.)
Venture Global Plaquemines LNG LLC,          
Sr. Sec’d. Notes, 144A 7.500 % 05/01/33   214  $223,691
Sr. Sec’d. Notes, 144A 7.750 05/01/35   238 250,809
          702,557
Healthcare-Products 1.0%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A 		3.875 04/01/29   3,067 2,892,201
Healthcare-Services 3.6%
DaVita, Inc.,          
Gtd. Notes, 144A 3.750 02/15/31   3,170 2,807,127
Gtd. Notes, 144A 4.625 06/01/30   867 810,945
Gtd. Notes, 144A 6.875 09/01/32   353 358,643
     
 
HCA, Inc.,
Gtd. Notes 		7.500 11/06/33   50 56,282
LifePoint Health, Inc.,          
Gtd. Notes, 144A 5.375 01/15/29   1,356 1,278,272
Sr. Sec’d. Notes, 144A 8.375 02/15/32   156 164,270
MPH Acquisition Holdings LLC,          
Sr. Sec’d. Notes, 144A 5.750 12/31/30   369 295,499
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% and PIK 5.000% 11.500 12/31/30   225 220,283
     
 
Prime Healthcare Services, Inc.,
Sr. Sec’d. Notes, 144A 		9.375 09/01/29   764 775,956
Select Medical Corp.,
Gtd. Notes, 144A 		6.250 12/01/32   329 325,919
Tenet Healthcare Corp.,          
Sr. Sec’d. Notes 4.250 06/01/29   778 747,214
Sr. Sec’d. Notes 4.375 01/15/30   2,364 2,259,078
Sr. Unsec’d. Notes 6.875 11/15/31   210 220,460
          10,319,948
Holding Companies-Diversified 0.5%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/15/31   1,388 1,428,397
14
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders 3.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.,          
Sr. Unsec’d. Notes, 144A 4.625 % 08/01/29   256  $242,816
Sr. Unsec’d. Notes, 144A 4.625 04/01/30   512 480,356
Beazer Homes USA, Inc.,          
Gtd. Notes 5.875 10/15/27   648 640,764
Gtd. Notes 7.250 10/15/29   412 407,304
Sr. Unsec’d. Notes, 144A 7.500 03/15/31   485 476,283
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC (Canada), 		         
Gtd. Notes, 144A 4.875 02/15/30   411 357,570
Gtd. Notes, 144A 6.250 09/15/27   1,284 1,261,530
Sr. Unsec’d. Notes, 144A 5.000 06/15/29   124 110,360
     
 
Empire Communities Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		9.750 05/01/29   150 150,187
Forestar Group, Inc.,          
Gtd. Notes, 144A 5.000 03/01/28   358 352,301
Gtd. Notes, 144A 6.500 03/15/33   450 446,107
KB Home,          
Gtd. Notes 4.000 06/15/31   278 251,948
Gtd. Notes 4.800 11/15/29   246 239,142
     
 
Landsea Homes Corp.,
Gtd. Notes, 144A 		8.875 04/01/29   260 271,109
M/I Homes, Inc.,
Gtd. Notes 		3.950 02/15/30   278 256,174
Mattamy Group Corp. (Canada),          
Sr. Unsec’d. Notes, 144A 4.625 03/01/30   572 535,238
Sr. Unsec’d. Notes, 144A 5.250 12/15/27   1,023 1,012,770
     
 
New Home Co., Inc. (The),
Sr. Unsec’d. Notes, 144A 		9.250 10/01/29   80 82,694
Shea Homes LP/Shea Homes Funding Corp.,          
Sr. Unsec’d. Notes 4.750 02/15/28   309 302,356
Sr. Unsec’d. Notes 4.750 04/01/29   365 349,570
     
 
STL Holding Co. LLC,
Sr. Unsec’d. Notes, 144A 		8.750 02/15/29   180 188,404
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.875 06/15/27   711 716,972
Sr. Unsec’d. Notes, 144A 5.125 08/01/30   313 305,164
15
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Home Builders (cont’d.)
Tri Pointe Homes, Inc.,          
Gtd. Notes 5.250 % 06/01/27   475  $470,020
Gtd. Notes 5.700 06/15/28   115 114,649
          10,021,788
Household Products/Wares 0.5%
ACCO Brands Corp.,
Gtd. Notes, 144A 		4.250 03/15/29   882 778,026
Kronos Acquisition Holdings, Inc. (Canada),          
Sr. Sec’d. Notes, 144A 8.250 06/30/31   247 216,125
Sr. Unsec’d. Notes, 144A 10.750 06/30/32   745 497,288
          1,491,439
Housewares 0.7%
Newell Brands, Inc.,          
Sr. Unsec’d. Notes 6.375 05/15/30   172 161,915
Sr. Unsec’d. Notes 6.625 05/15/32   243 224,906
Sr. Unsec’d. Notes 7.000 04/01/46   250 203,029
Sr. Unsec’d. Notes, 144A 8.500 06/01/28   137 141,830
Scotts Miracle-Gro Co. (The),          
Gtd. Notes 4.000 04/01/31   552 495,471
Gtd. Notes 4.375 02/01/32   440 396,343
     
 
SWF Holdings I Corp.,
Sr. Unsec’d. Notes, 144A 		6.500 10/01/29   1,036 404,262
          2,027,756
Insurance 1.3%
Acrisure LLC/Acrisure Finance, Inc.,          
Sr. Unsec’d. Notes, 144A 6.000 08/01/29   333 322,270
Sr. Unsec’d. Notes, 144A 8.250 02/01/29   1,688 1,746,055
Sr. Unsec’d. Notes, 144A 8.500 06/15/29   223 233,032
     
 
AmWINS Group, Inc.,
Sr. Unsec’d. Notes, 144A 		4.875 06/30/29   662 633,652
Ardonagh Finco Ltd. (United Kingdom),
Sr. Sec’d. Notes, 144A 		7.750 02/15/31   200 206,818
16
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Insurance (cont’d.)
     
AssuredPartners, Inc.,
Sr. Unsec’d. Notes, 144A 		5.625 % 01/15/29   344  $343,625
BroadStreet Partners, Inc.,
Sr. Unsec’d. Notes, 144A 		5.875 04/15/29   385 378,750
          3,864,202
Internet 0.3%
Gen Digital, Inc.,
Gtd. Notes, 144A 		6.250 04/01/33   236 238,701
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
Gtd. Notes, 144A 		3.500 03/01/29   510 475,818
Snap, Inc.,
Gtd. Notes, 144A 		6.875 03/01/33   248 251,183
          965,702
Iron/Steel 1.1%
ATI, Inc.,
Sr. Unsec’d. Notes 		7.250 08/15/30   127 133,063
Big River Steel LLC/BRS Finance Corp.,
Sr. Sec’d. Notes, 144A 		6.625 01/31/29   760 766,687
Cleveland-Cliffs, Inc.,          
Gtd. Notes, 144A 6.750 04/15/30   304 272,796
Gtd. Notes, 144A 6.875 11/01/29   327 304,001
Gtd. Notes, 144A 7.000 03/15/32   314 271,230
Gtd. Notes, 144A 7.375 05/01/33   120 103,025
Gtd. Notes, 144A 7.500 09/15/31   696 625,483
Mineral Resources Ltd. (Australia),          
Sr. Unsec’d. Notes, 144A 8.125 05/01/27   120 120,152
Sr. Unsec’d. Notes, 144A 9.250 10/01/28   535 546,101
Sr. Unsec’d. Notes, 144A, MTN 8.000 11/01/27   127 126,365
          3,268,903
Leisure Time 3.0%
Amer Sports Co. (Finland),
Sr. Sec’d. Notes, 144A 		6.750 02/16/31   248 256,065
Carnival Corp.,          
Gtd. Notes, 144A 5.750 03/01/27   1,098 1,099,954
17
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Leisure Time (cont’d.)
Carnival Corp., (cont’d.)          
Sr. Sec’d. Notes, 144A 4.000 % 08/01/28   2,048   $1,984,459
     
 
Life Time, Inc.,
Sr. Sec’d. Notes, 144A 		6.000 11/15/31   252 252,758
Lindblad Expeditions Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		9.000 05/15/28   497 512,524
Lindblad Expeditions LLC,
Sr. Sec’d. Notes, 144A 		6.750 02/15/27   216 215,428
NCL Corp. Ltd.,          
Gtd. Notes, 144A 5.875 03/15/26   318 316,823
Sr. Sec’d. Notes, 144A 5.875 02/15/27   281 280,649
Sr. Sec’d. Notes, 144A 8.125 01/15/29   250 262,275
Sr. Unsec’d. Notes, 144A 6.250 03/01/30   728 718,887
Sr. Unsec’d. Notes, 144A 6.750 02/01/32   258 257,032
Sr. Unsec’d. Notes, 144A 7.750 02/15/29   263 276,447
     
 
NCL Finance Ltd.,
Gtd. Notes, 144A 		6.125 03/15/28   302 302,542
Royal Caribbean Cruises Ltd.,
Sr. Unsec’d. Notes, 144A 		5.500 04/01/28   718 716,277
Viking Cruises Ltd.,          
Gtd. Notes, 144A 5.875 09/15/27   248 247,871
Gtd. Notes, 144A 9.125 07/15/31   130 139,100
Sr. Unsec’d. Notes, 144A 7.000 02/15/29   175 176,129
     
 
Viking Ocean Cruises Ship VII Ltd.,
Sr. Sec’d. Notes, 144A 		5.625 02/15/29   548 540,043
VOC Escrow Ltd.,
Sr. Sec’d. Notes, 144A 		5.000 02/15/28   297 292,174
          8,847,437
Lodging 1.5%
Boyd Gaming Corp.,
Gtd. Notes, 144A 		4.750 06/15/31   846 793,235
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A 		3.625 02/15/32   206 183,282
MGM Resorts International,          
Gtd. Notes 4.625 09/01/26   384 382,604
Gtd. Notes 4.750 10/15/28   815 797,164
Gtd. Notes 5.500 04/15/27   780 781,153
Gtd. Notes 6.125 09/15/29   487 488,977
18
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Lodging (cont’d.)
MGM Resorts International, (cont’d.)          
Gtd. Notes 6.500 % 04/15/32   375   $374,210
     
 
Wynn Macau Ltd. (Macau),
Sr. Unsec’d. Notes, 144A 		5.625 08/26/28   600 577,500
          4,378,125
Machinery-Construction & Mining 0.2%
Terex Corp.,          
Gtd. Notes, 144A 5.000 05/15/29   422 407,259
Gtd. Notes, 144A 6.250 10/15/32   279 275,049
          682,308
Machinery-Diversified 0.7%
Chart Industries, Inc.,          
Gtd. Notes, 144A 9.500 01/01/31   521 555,014
Sr. Sec’d. Notes, 144A 7.500 01/01/30   504 526,679
     
 
GrafTech Finance, Inc.,
Sec’d. Notes, 144A 		4.625 12/23/29   458 289,633
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		11.500 09/01/28   511 525,825
          1,897,151
Media 4.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes 4.500 05/01/32   2,447 2,227,519
Sr. Unsec’d. Notes, 144A 4.250 02/01/31   544 498,005
Sr. Unsec’d. Notes, 144A 5.000 02/01/28   176 172,581
Sr. Unsec’d. Notes, 144A 5.125 05/01/27   50 49,502
Sr. Unsec’d. Notes, 144A 5.375 06/01/29   324 319,312
Sr. Unsec’d. Notes, 144A 5.500 05/01/26   114 113,891
CSC Holdings LLC,          
Gtd. Notes, 144A 3.375 02/15/31   200 131,274
Gtd. Notes, 144A 4.125 12/01/30   200 137,435
Gtd. Notes, 144A 5.375 02/01/28   2,280 2,076,628
Gtd. Notes, 144A 5.500 04/15/27   475 449,950
Sr. Unsec’d. Notes, 144A 4.625 12/01/30   200 92,413
Sr. Unsec’d. Notes, 144A 5.750 01/15/30   200 102,125
19
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
DISH DBS Corp.,          
Gtd. Notes 5.125 % 06/01/29(d)   1,331  $872,259
Gtd. Notes 7.375 07/01/28   557 380,365
Gtd. Notes 7.750 07/01/26   263 226,223
     
 
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 11/15/27   375 386,692
iHeartCommunications, Inc.,
Sr. Sec’d. Notes, 144A 		7.750 08/15/30   368 284,884
News Corp.,
Sr. Unsec’d. Notes, 144A 		3.875 05/15/29   100 94,867
Radiate Holdco LLC/Radiate Finance, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 09/15/26   214 183,474
Sr. Unsec’d. Notes, 144A 6.500 09/15/28   528 348,413
     
 
Sinclair Television Group, Inc.,
Sr. Sec’d. Notes, 144A 		8.125 02/15/33   353 353,352
Univision Communications, Inc.,          
Sr. Sec’d. Notes, 144A 4.500 05/01/29   440 390,507
Sr. Sec’d. Notes, 144A 6.625 06/01/27   1,182 1,182,277
Sr. Sec’d. Notes, 144A 8.000 08/15/28   381 381,273
     
 
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		5.500 05/15/29   400 388,000
VZ Secured Financing BV (Netherlands),
Sr. Sec’d. Notes, 144A 		5.000 01/15/32   250 216,175
          12,059,396
Metal Fabricate/Hardware 0.1%
Roller Bearing Co. of America, Inc.,
Sr. Unsec’d. Notes, 144A 		4.375 10/15/29   335 319,994
Mining 1.7%
Arsenal AIC Parent LLC,          
Sr. Sec’d. Notes, 144A 8.000 10/01/30   115 120,743
Unsec’d. Notes, 144A 11.500 10/01/31   330 367,104
     
 
Capstone Copper Corp. (Canada),
Gtd. Notes, 144A 		6.750 03/31/33   140 140,000
Eldorado Gold Corp. (Turkey),
Sr. Unsec’d. Notes, 144A 		6.250 09/01/29   419 412,924
First Quantum Minerals Ltd. (Zambia),          
Gtd. Notes, 144A 6.875 10/15/27   283 279,519
20
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Mining (cont’d.)
First Quantum Minerals Ltd. (Zambia), (cont’d.)          
Gtd. Notes, 144A 8.000 % 03/01/33   445  $440,939
Gtd. Notes, 144A 8.625 06/01/31   200 202,750
Sec’d. Notes, 144A 9.375 03/01/29   200 210,000
     
 
Hecla Mining Co.,
Gtd. Notes 		7.250 02/15/28   160 160,841
Hudbay Minerals, Inc. (Canada),          
Gtd. Notes, 144A 4.500 04/01/26   920 912,392
Gtd. Notes, 144A 6.125 04/01/29   396 395,505
     
 
New Gold, Inc. (Canada),
Sr. Unsec’d. Notes, 144A 		6.875 04/01/32   90 92,047
Novelis Corp.,          
Gtd. Notes, 144A 3.875 08/15/31   154 137,032
Gtd. Notes, 144A 4.750 01/30/30   425 403,747
Gtd. Notes, 144A 6.875 01/30/30   343 353,703
     
 
Taseko Mines Ltd. (Canada),
Sr. Sec’d. Notes, 144A 		8.250 05/01/30   251 257,275
          4,886,521
Miscellaneous Manufacturing 0.4%
Amsted Industries, Inc.,          
Sr. Unsec’d. Notes, 144A 4.625 05/15/30   289 279,052
Sr. Unsec’d. Notes, 144A 6.375 03/15/33   90 91,328
Axon Enterprise, Inc.,          
Sr. Unsec’d. Notes, 144A 6.125 03/15/30   185 188,611
Sr. Unsec’d. Notes, 144A 6.250 03/15/33   177 180,255
     
 
Trinity Industries, Inc.,
Gtd. Notes, 144A 		7.750 07/15/28   355 369,015
          1,108,261
Office/Business Equipment 0.0%
Zebra Technologies Corp.,
Gtd. Notes, 144A 		6.500 06/01/32   80 81,285
Oil & Gas 5.2%
Aethon United BR LP/Aethon United Finance Corp.,
Sr. Unsec’d. Notes, 144A 		7.500 10/01/29   101 103,501
21
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.,
Gtd. Notes 		7.875 % 12/15/24(d)   310  $387
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 		         
Gtd. Notes, 144A 9.000 11/01/27   119 142,847
Sr. Unsec’d. Notes, 144A 6.625 10/15/32   120 120,908
Sr. Unsec’d. Notes, 144A 8.250 12/31/28   627 636,475
Civitas Resources, Inc.,          
Gtd. Notes, 144A 8.375 07/01/28   735 740,448
Gtd. Notes, 144A 8.625 11/01/30   250 246,862
Gtd. Notes, 144A 9.625 06/15/33   270 270,709
     
 
CNX Resources Corp.,
Gtd. Notes, 144A 		7.250 03/01/32   85 86,765
Comstock Resources, Inc.,          
Gtd. Notes, 144A 5.875 01/15/30   329 312,300
Gtd. Notes, 144A 6.750 03/01/29   683 673,129
Crescent Energy Finance LLC,          
Gtd. Notes, 144A 7.375 01/15/33   361 335,285
Gtd. Notes, 144A 7.625 04/01/32   244 230,740
Gtd. Notes, 144A 9.250 02/15/28   684 706,291
     
 
Diamond Foreign Asset Co./Diamond Finance LLC,
Sec’d. Notes, 144A 		8.500 10/01/30   204 204,255
EQT Corp.,          
Sr. Unsec’d. Notes, 144A 7.500 06/01/27   103 104,884
Sr. Unsec’d. Notes, 144A 7.500 06/01/30   85 92,331
Expand Energy Corp.,          
Gtd. Notes 4.750 02/01/32   279 263,290
Gtd. Notes, 144A 5.875 02/01/29   76 76,275
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A 5.750 02/01/29   829 792,497
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   375 355,983
Sr. Unsec’d. Notes, 144A 6.000 02/01/31   237 219,092
Sr. Unsec’d. Notes, 144A 6.250 11/01/28   345 341,157
Sr. Unsec’d. Notes, 144A 6.250 04/15/32   74 67,569
Sr. Unsec’d. Notes, 144A 7.250 02/15/35   689 641,014
Sr. Unsec’d. Notes, 144A 8.375 11/01/33   174 173,427
     
 
Matador Resources Co.,
Gtd. Notes, 144A 		6.500 04/15/32   278 272,334
22
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
     
MEG Energy Corp. (Canada),
Gtd. Notes, 144A 		5.875 % 02/01/29   58  $57,710
Nabors Industries Ltd.,
Gtd. Notes, 144A 		7.500 01/15/28   392 324,870
Nabors Industries, Inc.,          
Gtd. Notes, 144A 8.875 08/15/31   609 417,012
Gtd. Notes, 144A 9.125 01/31/30   434 394,521
     
 
Noble Finance II LLC,
Gtd. Notes, 144A 		8.000 04/15/30   414 413,677
Parkland Corp. (Canada),          
Gtd. Notes, 144A 4.500 10/01/29   791 747,147
Gtd. Notes, 144A 4.625 05/01/30   432 404,460
Sr. Unsec’d. Notes, 144A 6.625 08/15/32   118 117,852
Permian Resources Operating LLC,          
Gtd. Notes, 144A 6.250 02/01/33   80 78,840
Gtd. Notes, 144A 7.000 01/15/32   233 238,917
Gtd. Notes, 144A 8.000 04/15/27   463 471,995
Precision Drilling Corp. (Canada),          
Gtd. Notes, 144A 6.875 01/15/29   200 191,500
Gtd. Notes, 144A 7.125 01/15/26   245 243,775
     
 
Range Resources Corp.,
Gtd. Notes, 144A 		4.750 02/15/30   35 33,639
SM Energy Co.,
Sr. Unsec’d. Notes, 144A 		6.750 08/01/29   65 63,816
Sunoco LP,          
Gtd. Notes, 144A 6.250 07/01/33   269 269,021
Gtd. Notes, 144A 7.000 05/01/29   191 197,310
Sunoco LP/Sunoco Finance Corp.,          
Gtd. Notes 4.500 05/15/29   458 438,253
Gtd. Notes 4.500 04/30/30   381 359,614
Gtd. Notes 5.875 03/15/28   182 181,440
Transocean, Inc.,          
Gtd. Notes, 144A 8.250 05/15/29   645 579,487
Gtd. Notes, 144A 8.500 05/15/31   249 212,895
Sr. Sec’d. Notes, 144A 8.750 02/15/30   199 201,471
     
 
23
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
     
Valaris Ltd.,
Sec’d. Notes, 144A 		8.375 % 04/30/30   208  $208,149
Vital Energy, Inc.,
Gtd. Notes 		9.750 10/15/30   54 47,650
          15,105,776
Packaging & Containers 2.1%
ARD Finance SA (Luxembourg),
Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%(x) 		6.500 06/30/27   207 7,254
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc., 		         
Sr. Sec’d. Notes(x) 2.125 08/15/26 EUR 100 103,791
Sr. Sec’d. Notes, 144A(x) 4.125 08/15/26   200 181,750
     
 
Ball Corp.,
Gtd. Notes 		2.875 08/15/30   200 177,253
Clydesdale Acquisition Holdings, Inc.,          
Gtd. Notes, 144A 8.750 04/15/30   278 284,121
Sr. Sec’d. Notes, 144A 6.750 04/15/32   335 338,697
Sr. Sec’d. Notes, 144A 6.875 01/15/30   40 40,588
     
 
Graham Packaging Co., Inc.,
Gtd. Notes, 144A 		7.125 08/15/28   50 49,060
Graphic Packaging International LLC,
Gtd. Notes, 144A 		3.500 03/01/29   100 92,637
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada),
Sr. Sec’d. Notes, 144A 		6.000 09/15/28   663 663,365
Iris Holding, Inc.,
Sr. Unsec’d. Notes, 144A 		10.000 12/15/28   310 273,681
LABL, Inc.,          
Sr. Sec’d. Notes, 144A 5.875 11/01/28   135 115,322
Sr. Sec’d. Notes, 144A 8.625 10/01/31   177 146,585
Sr. Sec’d. Notes, 144A 9.500 11/01/28   60 54,234
Sr. Unsec’d. Notes, 144A 10.500 07/15/27   894 849,224
     
 
Mauser Packaging Solutions Holding Co.,
Sr. Sec’d. Notes, 144A 		7.875 04/15/27   671 677,488
OI European Group BV,
Gtd. Notes, 144A 		4.750 02/15/30   37 34,890
24
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Packaging & Containers (cont’d.)
Owens-Brockway Glass Container, Inc.,          
Gtd. Notes, 144A 6.625 % 05/13/27   307  $307,111
Gtd. Notes, 144A 7.250 05/15/31   55 55,088
     
 
Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada),
Sr. Sec’d. Notes, 144A 		9.500 05/15/30   275 273,328
Trident TPI Holdings, Inc.,
Gtd. Notes, 144A 		12.750 12/31/28   1,329 1,389,586
TriMas Corp.,
Gtd. Notes, 144A 		4.125 04/15/29   50 47,140
          6,162,193
Pharmaceuticals 2.0%
1261229 BC Ltd.,
Sr. Sec’d. Notes, 144A 		10.000 04/15/32   580 574,200
AdaptHealth LLC,          
Gtd. Notes, 144A 4.625 08/01/29   490 452,814
Gtd. Notes, 144A 5.125 03/01/30   972 899,009
Gtd. Notes, 144A 6.125 08/01/28   254 251,246
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.000 01/30/28   25 19,500
Gtd. Notes, 144A 5.000 02/15/29   25 16,000
Gtd. Notes, 144A 5.250 01/30/30   29 16,675
Gtd. Notes, 144A 5.250 02/15/31   41 21,730
Gtd. Notes, 144A 6.250 02/15/29   925 615,125
Gtd. Notes, 144A 7.000 01/15/28   25 20,375
Sr. Sec’d. Notes, 144A 4.875 06/01/28   275 224,469
Sr. Sec’d. Notes, 144A 11.000 09/30/28   1,350 1,290,044
     
 
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A 		5.125 04/30/31   1,075 903,689
P&L Development LLC/PLD Finance Corp.,
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% and PIK 3.500% or Cash coupon 12.000% 		12.000 05/15/29   444 443,784
          5,748,660
25
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines 3.3%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 		         
Gtd. Notes, 144A 5.375 % 06/15/29   74  $73,323
Gtd. Notes, 144A 5.750 03/01/27   777 776,966
Gtd. Notes, 144A 5.750 01/15/28   131 130,624
Gtd. Notes, 144A 6.625 02/01/32   186 190,223
Blue Racer Midstream LLC/Blue Racer Finance Corp.,          
Sr. Unsec’d. Notes, 144A 7.000 07/15/29   30 30,993
Sr. Unsec’d. Notes, 144A 7.250 07/15/32   55 57,102
     
 
Energy Transfer LP,
Jr. Sub. Notes, Series G 		7.125(ff) 05/15/30(oo)   50 50,297
Global Partners LP/GLP Finance Corp.,          
Gtd. Notes 6.875 01/15/29   404 406,146
Gtd. Notes, 144A 8.250 01/15/32   128 133,246
Howard Midstream Energy Partners LLC,          
Sr. Unsec’d. Notes, 144A 7.375 07/15/32   40 41,440
Sr. Unsec’d. Notes, 144A 8.875 07/15/28   50 52,353
Rockies Express Pipeline LLC,          
Sr. Unsec’d. Notes, 144A 4.800 05/15/30   389 366,980
Sr. Unsec’d. Notes, 144A 4.950 07/15/29   140 135,254
Sr. Unsec’d. Notes, 144A 6.750 03/15/33   264 271,970
Sr. Unsec’d. Notes, 144A 6.875 04/15/40   123 117,370
Sr. Unsec’d. Notes, 144A 7.500 07/15/38   238 235,967
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp., 		         
Gtd. Notes, 144A 5.500 01/15/28   402 399,287
Gtd. Notes, 144A 6.000 03/01/27   545 544,611
Gtd. Notes, 144A 6.000 12/31/30   113 108,480
Gtd. Notes, 144A 6.000 09/01/31   159 151,930
Sr. Unsec’d. Notes, 144A 7.375 02/15/29   216 219,664
Venture Global Calcasieu Pass LLC,          
Sr. Sec’d. Notes, 144A 3.875 08/15/29   360 335,204
Sr. Sec’d. Notes, 144A 4.125 08/15/31   248 224,702
Sr. Sec’d. Notes, 144A 6.250 01/15/30   360 365,518
Venture Global LNG, Inc.,          
Jr. Sub. Notes, 144A 9.000(ff) 09/30/29(oo)   1,002 948,514
Sr. Sec’d. Notes, 144A 7.000 01/15/30   351 349,833
26
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
Venture Global LNG, Inc., (cont’d.)          
Sr. Sec’d. Notes, 144A 9.500 % 02/01/29   1,667  $1,779,247
Sr. Sec’d. Notes, 144A 9.875 02/01/32   929 989,646
          9,486,890
Real Estate 1.2%
Five Point Operating Co. LP/Five Point Capital Corp.,
Gtd. Notes, 144A 		10.500(cc) 01/15/28   1,029 1,049,117
Greystar Real Estate Partners LLC,
Sr. Sec’d. Notes, 144A 		7.750 09/01/30   50 53,131
Howard Hughes Corp. (The),          
Gtd. Notes, 144A 4.125 02/01/29   227 213,255
Gtd. Notes, 144A 4.375 02/01/31   600 545,185
Gtd. Notes, 144A 5.375 08/01/28   757 743,191
     
 
Hunt Cos., Inc.,
Sr. Sec’d. Notes, 144A 		5.250 04/15/29   927 900,361
          3,504,240
Real Estate Investment Trusts (REITs) 2.3%
Diversified Healthcare Trust,          
Gtd. Notes 4.375 03/01/31   429 354,020
Sr. Unsec’d. Notes 4.750 02/15/28   62 56,800
MPT Operating Partnership LP/MPT Finance Corp.,          
Gtd. Notes 3.500 03/15/31   221 144,757
Gtd. Notes 4.625 08/01/29   437 331,103
Sr. Sec’d. Notes, 144A 8.500 02/15/32   95 97,432
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 		         
Gtd. Notes, 144A 7.000 02/01/30   252 254,322
Sr. Sec’d. Notes, 144A 5.875 10/01/28   323 318,007
RHP Hotel Properties LP/RHP Finance Corp.,          
Gtd. Notes, 144A 4.500 02/15/29   131 126,493
Gtd. Notes, 144A 6.500 04/01/32   500 507,270
     
 
SBA Communications Corp.,
Sr. Unsec’d. Notes 		3.125 02/01/29   893 830,075
Starwood Property Trust, Inc.,          
Sr. Unsec’d. Notes, 144A 3.625 07/15/26   338 330,255
Sr. Unsec’d. Notes, 144A 4.375 01/15/27   225 221,086
27
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Starwood Property Trust, Inc., (cont’d.)          
Sr. Unsec’d. Notes, 144A 6.000 % 04/15/30   25  $24,959
Sr. Unsec’d. Notes, 144A 6.500 07/01/30   100 101,508
Sr. Unsec’d. Notes, 144A 6.500 10/15/30   135 136,829
Sr. Unsec’d. Notes, 144A 7.250 04/01/29   150 156,078
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 		         
Gtd. Notes, 144A 6.500 02/15/29   1,124 1,059,370
Sr. Sec’d. Notes, 144A 4.750 04/15/28   591 575,115
Sr. Sec’d. Notes, 144A 10.500 02/15/28   886 939,321
          6,564,800
Retail 4.2%
1011778 BC ULC/New Red Finance, Inc. (Canada),          
Sec’d. Notes, 144A 4.000 10/15/30   891 819,453
Sr. Sec’d. Notes, 144A 3.875 01/15/28   246 238,082
     
 
Arko Corp.,
Gtd. Notes, 144A 		5.125 11/15/29   313 261,217
BCPE Ulysses Intermediate, Inc.,
Sr. Unsec’d. Notes, 144A, Cash coupon 7.750% or PIK 8.500% 		7.750 04/01/27   306 290,346
Brinker International, Inc.,
Gtd. Notes, 144A 		8.250 07/15/30   499 529,408
Carvana Co.,          
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000% 9.000 12/01/28   1,350 1,387,338
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000% 9.000 06/01/30   973 1,025,868
Sr. Sec’d. Notes, 144A, PIK 14.000% 9.000 06/01/31   653 758,041
     
 
eG Global Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		12.000 11/30/28   225 247,471
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 		         
Gtd. Notes, 144A 6.750 01/15/30   1,165 1,057,035
Sr. Sec’d. Notes, 144A 4.625 01/15/29   96 90,020
     
 
Foundation Building Materials, Inc.,
Gtd. Notes, 144A 		6.000 03/01/29   312 266,113
Gap, Inc. (The),          
Gtd. Notes, 144A 3.625 10/01/29   402 368,127
28
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail (cont’d.)
Gap, Inc. (The), (cont’d.)          
Gtd. Notes, 144A 3.875 % 10/01/31   430   $380,077
     
 
LBM Acquisition LLC,
Gtd. Notes, 144A 		6.250 01/15/29   612 491,685
LCM Investments Holdings II LLC,
Sr. Unsec’d. Notes, 144A 		4.875 05/01/29   617 594,445
Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A 		3.875 06/01/29   232 218,618
Park River Holdings, Inc.,          
Gtd. Notes, 144A 5.625 02/01/29   291 233,675
Sr. Unsec’d. Notes, 144A 6.750 08/01/29   519 415,443
Patrick Industries, Inc.,          
Gtd. Notes, 144A 4.750 05/01/29   75 71,919
Gtd. Notes, 144A 6.375 11/01/32   290 286,324
     
 
QXO Building Products, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 04/30/32   165 169,296
Saks Global Enterprises LLC,
Sr. Sec’d. Notes, 144A 		11.000 12/15/29   75 33,587
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes 		6.750 03/01/32   645 655,433
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 		         
Sr. Unsec’d. Notes 5.875 03/01/27   387 386,368
Sr. Unsec’d. Notes, 144A 5.000 06/01/31   480 447,963
     
 
Superior Plus LP/Superior General Partner, Inc. (Canada),
Gtd. Notes, 144A 		4.500 03/15/29   361 342,986
White Cap Buyer LLC,
Sr. Unsec’d. Notes, 144A 		6.875 10/15/28   278 272,363
          12,338,701
Semiconductors 0.1%
Entegris, Inc.,          
Gtd. Notes, 144A 4.375 04/15/28   200 193,152
Sr. Sec’d. Notes, 144A 4.750 04/15/29   100 97,167
          290,319
29
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Software 0.3%
Camelot Finance SA,
Sr. Sec’d. Notes, 144A 		4.500 % 11/01/26   51  $50,699
CoreWeave, Inc.,
Gtd. Notes, 144A 		9.250 06/01/30   455 454,448
Fair Isaac Corp.,
Sr. Unsec’d. Notes, 144A 		6.000 05/15/33   302 301,435
SS&C Technologies, Inc.,
Gtd. Notes, 144A 		5.500 09/30/27   157 156,733
          963,315
Telecommunications 4.9%
Altice Financing SA (Luxembourg),          
Sr. Sec’d. Notes, 144A 5.000 01/15/28   400 313,000
Sr. Sec’d. Notes, 144A 5.750 08/15/29   600 457,818
Sr. Sec’d. Notes, 144A 9.625 07/15/27   800 700,000
     
 
Connect Finco Sarl/Connect US Finco LLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		9.000 09/15/29   400 380,500
Digicel Group Holdings Ltd. (Jamaica),          
Sr. Sec’d. Notes, Series 1B14, 144A 0.000 12/31/30   103 10
Sr. Sec’d. Notes, Series 3B14, 144A^ 0.000 12/31/30   5 —
     
 
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 2.250% 		11.250 05/25/27   724 725,807
Digicel Midco Ltd./Difl US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500% 		10.500 11/25/28   640 620,033
EchoStar Corp.,          
Sr. Sec’d. Notes, Cash coupon 6.750% or PIK 6.750% 6.750 11/30/30   493 423,515
Sr. Sec’d. Notes 10.750 11/30/29(d)   1,197 1,203,773
Frontier Communications Holdings LLC,          
Sec’d. Notes 5.875 11/01/29   636 642,777
Sec’d. Notes, 144A 6.000 01/15/30   258 261,344
Sec’d. Notes, 144A 6.750 05/01/29   898 910,466
Sr. Sec’d. Notes, 144A 5.000 05/01/28   973 971,153
Sr. Sec’d. Notes, 144A 5.875 10/15/27   614 615,509
Iliad Holding SASU (France),          
Sr. Sec’d. Notes, 144A 7.000 10/15/28   400 405,000
Sr. Sec’d. Notes, 144A 7.000 04/15/32   450 452,813
30
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
Iliad Holding SASU (France), (cont’d.)          
Sr. Sec’d. Notes, 144A 8.500 % 04/15/31   200   $211,022
     
 
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A 		6.500 03/15/30   1,167 1,147,803
Level 3 Financing, Inc.,          
Gtd. Notes, 144A 3.750 07/15/29   203 167,187
Sec’d. Notes, 144A 4.000 04/15/31   50 41,963
Sec’d. Notes, 144A 4.500 04/01/30   433 382,290
Sec’d. Notes, 144A 4.875 06/15/29   51 46,502
Sr. Sec’d. Notes, 144A 10.750 12/15/30   375 424,138
Sr. Sec’d. Notes, 144A 11.000 11/15/29   607 690,010
     
 
Sable International Finance Ltd. (Panama),
Sr. Sec’d. Notes, 144A 		7.125 10/15/32   400 392,125
Viasat, Inc.,
Sr. Unsec’d. Notes, 144A 		7.500 05/30/31   431 342,803
Windstream Services LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A 		8.250 10/01/31   920 957,801
Zegona Finance PLC (United Kingdom),
Sr. Sec’d. Notes, 144A 		8.625 07/15/29   265 282,021
          14,169,183
Transportation 0.3%
RXO, Inc.,
Gtd. Notes, 144A 		7.500 11/15/27   133 136,591
Star Leasing Co. LLC,
Sec’d. Notes, 144A 		7.625 02/15/30   476 448,051
XPO, Inc.,
Gtd. Notes, 144A 		7.125 02/01/32   269 279,447
          864,089
     
 
Total Corporate Bonds
(cost $244,566,840) 		240,688,064
31
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans 3.2%
Airlines 0.0%
Vista Management Holding, Inc.,
Initial Term Loan, 3 Month SOFR + 3.750% 		8.048 %(c) 04/01/31   75  $75,000
Auto Parts & Equipment 0.1%
First Brands Group LLC,
2021 Second Lien Term Loan, 3 Month SOFR + 8.762% 		13.041(c) 03/30/28   235 211,500
Tenneco, Inc.,
Term A Loan, 1 Month SOFR + 4.850% 		9.173(c) 11/17/28   167 161,466
          372,966
Building Materials 0.1%
Eco Material Technologies, Inc.,
Initial Term Loan, 6 Month SOFR + 3.250% 		7.467(c) 02/12/32   216 214,920
Quikrete Holdings, Inc.,
Tranche B-3 Term Loan, 1 Month SOFR + 2.250% 		6.577(c) 02/10/32   125 124,479
          339,399
Chemicals 0.5%
Consolidated Energy Finance SA (Switzerland),
2024 Incremental Term,Loan, 3 Month SOFR + 4.500% 		8.833(c) 11/15/30   505 470,390
Iris Holdings Ltd.,
Initial Term Loan, 3 Month SOFR + 4.850% 		9.130(c) 06/28/28   145 138,548
TPC Group, Inc.,
Initial Term Loan, 6 Month SOFR + 5.750%^ 		9.952(c) 12/16/31   495 467,775
Venator Finance Sarl,          
Initial First Out Term Loan, 3 Month SOFR + 10.000%^ 14.261(c) 12/31/25   106 104,857
Term Loan, 1 Month SOFR + 8.000% 14.322(c) 10/12/28   151 124,578
     
 
Venator Materials LLC,
First Out Term B Loan, 1 Month SOFR + 9.000%^ 		15.299(c) 07/16/26   106 105,431
          1,411,579
32
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Commercial Services 0.1%
MPH Acquisition Holdings LLC,          
First Out Term Loan, 3 Month SOFR + 3.750% 8.030 %(c) 12/31/30   168  $164,784
Second Out Term Loan, 3 Month SOFR + 4.862% 9.141(c) 12/31/30   100 87,468
          252,252
Computers 0.0%
McAfee Corp.,
Refinancing Tranche B-1, 1 Month SOFR + 3.000% 		7.329(c) 03/01/29   75 71,708
Electric 0.0%
Heritage Power LLC,
Term Loan, 3 Month SOFR + 5.500%^ 		9.799(c) 07/20/28   16 15,643
Forest Products & Paper 0.0%
Magnera Corp.,
New Term Loan, 3 Month SOFR + 4.250% 		8.583(c) 11/04/31   75 72,428
Healthcare-Services 0.0%
LifePoint Health, Inc.,
Term B Loan, 3 Month SOFR + 3.750% 		8.006(c) 05/16/31   50 49,177
Household Products/Wares 0.0%
Kronos Acquisition Holdings, Inc. (Canada),
2024 Initial Loan, 3 Month SOFR + 4.000% 		8.299(c) 07/08/31   75 63,462
Housewares 0.0%
SWF Holdings I Corp.,
Tranche A-1 Term Loan, 1 Month SOFR + 4.500% 		8.827(c) 12/18/29   43 42,643
Insurance 0.6%
Acrisure LLC,          
2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% 7.327(c) 11/06/30   149 148,132
2024 Term B-1 Loan, 1 Month SOFR + 2.750% 7.077(c) 02/13/27   249 248,855
Asurion LLC,          
New B-04 Term Loan, 1 Month SOFR + 5.364% 9.691(c) 01/20/29   365 345,153
33
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Insurance (cont’d.)
Asurion LLC, (cont’d.)          
New B-08 Term Loan, 1 Month SOFR + 3.364% 7.691 %(c) 12/23/26   725  $724,184
New B-12 Term Loan, 1 Month SOFR + 4.250% 8.577(c) 09/19/30   174 171,591
          1,637,915
Internet 0.0%
Diamond Sports Net LLC,
First Lien Exit Term Loan 		15.000 01/02/28   79 70,815
Machinery-Diversified 0.0%
Graftech Global Enterprises, Inc.,
Initial Term Loan, 3 Month SOFR + 6.000% 		10.303(c) 12/21/29   76 75,841
Media 0.9%
Altice Financing SA (Luxembourg),
2022 Dollar Loan, 3 Month SOFR + 5.000%^ 		9.256(c) 10/31/27   224 183,468
CSC Holdings LLC,
2022 Refinancing Term Loan, 1 Month SOFR + 4.500% 		8.829(c) 01/18/28   744 730,089
iHeartCommunications, Inc.,
Refinanced Term B Loan, 1 Month SOFR + 5.889% 		10.214(c) 05/01/29   175 142,923
Radiate Holdco LLC,
Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% 		7.691(c) 09/25/26   1,560 1,368,388
Virgin Media Bristol LLC,
Facility Q Advance, 1 Month SOFR + 3.364% 		7.693(c) 01/31/29   50 49,262
          2,474,130
Retail 0.1%
Foundation Building Materials, Inc.,
2025 Incremental Term Loan, 2 Month SOFR + 5.250% 		9.548(c) 01/29/31   50 47,063
Great Outdoors Group LLC,
Term B-3 Loan, 1 Month SOFR + 3.250% 		7.577(c) 01/23/32   63 62,285
          109,348
34
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Software 0.1%
AthenaHealth Group, Inc.,
Initial Term Loan, 1 Month SOFR + 3.000% 		7.327 %(c) 02/15/29   37  $37,208
BMC Software, Inc.,
2031 Replacement Dollar Term Loan, 1 Month SOFR + 3.000% 		7.322(c) 07/30/31   50 49,611
Skillsoft Finance II, Inc.,
Initial Term Loan, 1 Month SOFR + 5.364% 		9.693(c) 07/14/28   189 165,791
          252,610
Telecommunications 0.7%
Connect Finco Sarl (United Kingdom),
Amendment No. 4 Term Loan, 1 Month SOFR + 4.500% 		8.827(c) 09/27/29   272 247,907
Digicel International Finance Ltd. (Jamaica),
Initial Term Loan, 3 Month SOFR + 7.500% 		11.780(c) 05/25/27   21 20,521
Level 3 Financing, Inc.,
Term B-3 Loan, 1 Month SOFR + 4.250% 		8.577(c) 03/27/32   200 201,050
Lumen Technologies, Inc.,          
Term B-1 Loan, 1 Month SOFR + 2.464% 6.791(c) 04/15/29   714 706,367
Term B-2 Loan, 1 Month SOFR + 2.464% 6.791(c) 04/15/30   299 295,854
     
 
Viasat, Inc.,
Initial Term Loan, 1 Month SOFR + 4.500% 		8.943(c) 05/30/30   299 278,593
Xplore, Inc.,          
Initial Term Loan, 1 Month SOFR + 1.500% 9.436(c) 10/24/29   61 58,551
Second Out Term Loan, 1 Month SOFR + 1.500%^ 6.000(c) 10/24/31   246 191,160
          2,000,003
     
 
Total Floating Rate and Other Loans
(cost $9,457,852) 		9,386,919
U.S. Treasury Obligations 6.2%
U.S. Treasury Notes(k) 2.625 05/31/27   165 160,946
U.S. Treasury Notes(k) 3.500 09/30/26   1,075 1,067,567
U.S. Treasury Notes 3.875 03/31/27   1,450 1,448,527
U.S. Treasury Notes(k) 4.000 03/31/30   7,875 7,890,997
U.S. Treasury Notes(k) 4.125 10/31/26   250 250,313
U.S. Treasury Notes(k) 4.125 10/31/29   200 201,484
U.S. Treasury Notes(k) 4.250 12/31/25   500 499,863
35
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations (Continued)
U.S. Treasury Notes 4.625 % 02/15/35   6,325  $6,446,559
     
 
Total U.S. Treasury Obligations
(cost $17,871,932) 		17,966,256
    
      Shares  
Affiliated Exchange-Traded Fund 4.6%  
PGIM AAA CLO ETF
(cost $13,369,896)(wa) 		  260,526 13,391,036
Common Stocks 0.7%  
Chemicals 0.1%  
Cornerstone Chemical Co.*^       1,807 13,914
TPC Group, Inc.*^       6,118 122,360
Venator Materials PLC*^(x)       433 86,600
          222,874
Gas Utilities 0.1%  
Ferrellgas Partners LP (Class B Stock)*(x)       2,652 344,503
Interactive Media & Services 0.1%  
Diamond Sports Group LLC*       11,899 169,061
Oil, Gas & Consumable Fuels 0.2%  
Expand Energy Corp.       1,673 194,285
Heritage Power LLC*(x)       6,884 390,667
Heritage Power LLC*(x)       94 5,335
Heritage Power LLC*^(x)       2,456 1,228
          591,515
Wireless Telecommunication Services 0.2%  
Digicel International Finance Ltd. (Jamaica)*       23,916 167,412
Intelsat Emergence SA (Luxembourg)*       7,641 316,387
36
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description     Shares Value
Common Stocks (Continued)
Wireless Telecommunication Services (cont’d.)
Stonepeak Falcon Holdings, Inc. (Canada)*       21,241  $50,250
Stonepeak Falcon Holdings, Inc. (Canada), CVR*^       1,112 —
          534,049
     
 
Total Common Stocks
(cost $2,016,210) 		1,862,002
Preferred Stocks 0.3%
Diversified Telecommunication Services 0.1%
Qwest Corp., 6.750%, Maturing 06/15/57       6,617 123,606
Electronic Equipment, Instruments & Components 0.2%
Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x)       600 600,000
Wireless Telecommunication Services 0.0%
Digicel International Finance Ltd. (Jamaica)*^       1,558 18,149
     
 
Total Preferred Stocks
(cost $721,954) 		741,755
    
      Units  
Warrants* 0.0%
Interactive Media & Services 
Diamond Sports Group LLC, expiring 06/30/26
(cost $0) 		      22,258 5,847
 
Total Long-Term Investments
(cost $290,615,442) 		286,667,843
    
      Shares  
Short-Term Investment 0.3%
Affiliated Mutual Fund           
PGIM Core Government Money Market Fund (7-day effective yield 4.462%)
(cost $980,944)(wa) 		    980,944 980,944
     
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 99.0%
(cost $291,596,386) 		        287,648,787
37
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Description       Value
Options Written (0.0)%
(premiums received $8,410)  $(1,033)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 99.0%
(cost $291,587,976) 		287,647,754
Other assets in excess of liabilities(z) 1.0% 2,902,205
 
Net Assets 100.0% $290,549,959
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  EUR—Euro
  GBP—British Pound
    
  144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
  BNP—BNP Paribas S.A.
  BOA—Bank of America, N.A.
  CDX—Credit Derivative Index
  CITI—Citibank, N.A.
  CLO—Collateralized Loan Obligation
  CVR—Contingent Value Rights
  ETF—Exchange-Traded Fund
  GSI—Goldman Sachs International
  iBoxx—Bond Market Indices
  JPM—JPMorgan Chase Bank N.A.
  LP—Limited Partnership
  MSI—Morgan Stanley & Co International PLC
  MTN—Medium Term Note
  N/A—Not Applicable
  OTC—Over-the-counter
  PIK—Payment-in-Kind
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  SOFR—Secured Overnight Financing Rate
  T—Swap payment upon termination
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,943,990 and 0.7% of net assets. 
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2025.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of May 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
38
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
(oo) Perpetual security. Maturity date represents next call date.
(wa) Represents investments in Funds affiliated with the Manager.
(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.
(x) Restricted Securities:
Issuer Description   Acquisition
Date 		  Original
Cost 		  Market
Value 		  Percentage
of
Net Assets
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, 144A, Cash coupon 6.500% or PIK 7.250%, 6.500%, 06/30/27   02/23/21-12/30/24    $219,722    $7,254   0.0 %
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., Sr. Sec’d. Notes, 2.125%, 08/15/26   04/11/25   99,234   103,791   0.1
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., Sr. Sec’d. Notes, 144A, 4.125%, 08/15/26   04/11/25   175,000   181,750   0.1
Ferrellgas Escrow LLC, 8.956%^, 03/30/31   05/15/21-02/09/22   590,708   600,000   0.2
Ferrellgas Partners LP (Class B Stock)*   09/24/18-07/26/24   448,620   344,503   0.1
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A, 6.625%, 01/15/27   02/01/24-01/13/25   238,165   246,453   0.1
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A, 7.625%, 05/01/26   01/02/24-04/02/25   1,290,983   1,286,037   0.5
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A, 12.000%, 10/01/28   04/11/24-05/29/25   666,518   661,579   0.2
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A, 12.250%, 10/01/30   09/14/23-11/08/24   84,656   93,879   0.0
Freedom Mortgage Holdings LLC, Sr. Unsec’d. Notes, 144A, 8.375%, 04/01/32   02/04/25   50,000   49,540   0.0
Freedom Mortgage Holdings LLC, Sr. Unsec’d. Notes, 144A, 9.250%, 02/01/29   01/24/24-05/06/24   65,500   67,005   0.0
Heritage Power LLC*   11/21/23   —   5,335   0.0
Heritage Power LLC*^   11/21/23   1,228   1,228   0.0
Heritage Power LLC*   11/21/23-11/01/24   273,857   390,667   0.2
SLM Corp., Sr. Unsec’d. Notes, 6.500%, 01/31/30   01/29/25   84,810   87,932   0.0
Venator Materials PLC*^   09/26/18-10/17/23   612,979   86,600   0.0
Total       $4,901,980   $4,213,553   1.5%
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
39
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Unfunded loan commitments outstanding at May 31, 2025:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Graftech Global Enterprises, Inc., Delayed Draw Term Loan, 3.750%, Maturity Date 12/21/29 (cost $43,556)    44    $43,338    $—    $(218)
SWF Holdings I Corp., Delayed Draw Term Loan, 2.250%, Maturity Date 12/19/29 (cost $57,143)    57   56,857   —   (286)
        $100,195   $—   $(504)
Options Written:
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
CDX.NA.HY.43.V1, 12/20/29   Put   GSI   06/19/25   101.00   5.00%(Q)   CDX.NA.HY.43.V1(Q)     1,450    $(1,033)
(premiums received $8,410)                      
Futures contracts outstanding at May 31, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
25   2 Year U.S. Treasury Notes   Sep. 2025    $5,185,938    $5,337
131   5 Year U.S. Treasury Notes   Sep. 2025   14,172,562   49,015
87   10 Year U.S. Treasury Notes   Sep. 2025   9,635,250   61,847
2   20 Year U.S. Treasury Bonds   Sep. 2025   225,563   2,919
4   30 Year U.S. Ultra Treasury Bonds   Sep. 2025   464,250   8,820
                $127,938
Forward foreign currency exchange contracts outstanding at May 31, 2025:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/03/25   BOA   GBP 174    $235,303    $234,932    $—    $(371)
40
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
Forward foreign currency exchange contracts outstanding at May 31, 2025 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro,
Expiring 06/03/25   BOA   EUR 70    $78,826    $79,026    $200    $—
              $314,129   $313,958   200   (371)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 06/03/25   JPM   GBP 174    $232,202    $234,932    $—    $(2,730)
Expiring 07/02/25   BOA   GBP 174   235,336   234,964   372   —
Euro,
Expiring 06/03/25   CITI   EUR 70   79,335   79,025   310   —
Expiring 07/02/25   BOA   EUR 70   78,976   79,175   —   (199)
              $625,849   $628,096   682   (2,929)
                      $882   $(3,300)
Credit default swap agreement outstanding at May 31, 2025:
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
May 31,
2025(4) 		  Value at
Trade Date 		  Value at
May 31,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.HY.44.V1 06/20/30   5.000%(Q)     33,275   3.507%   $1,626,025   $2,390,379   $764,354
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced
41
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
  index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
    
Total return swap agreements outstanding at May 31, 2025:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreements:
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.350%   MSI   06/20/25   2,690    $47,230    $101    $47,129
iBoxx US Dollar Liquid High Yield Index(T)   1 Day SOFR(Q)/ 4.350%   BNP   06/20/25   3,850   8,826   346   8,480
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.350%   BNP   09/22/25   (1,060)   5,438   41   5,397
iBoxx US Dollar Liquid Investment Grade Index(T)   1 Day SOFR(Q)/ 4.350%   MSI   12/20/25   (2,930)   (30,869)   (862)   (30,007)
                    $30,625   $(374)   $30,999
(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments
42
PGIM Active High Yield Bond ETF
Schedule of Investments  (unaudited) (continued)
as of May 31, 2025
  for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
43