Shareholder Report
Aug. 31, 2026
USD ($)
Holding
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Jennison Focused Growth ETF |
$79 |
0.75% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ During the reporting period, equities generally advanced but experienced bouts of volatility. Despite sticky inflation, changing expectations for U.S. Federal Reserve policy, concerns about artificial intelligence (AI) capital spending, and geopolitical uncertainty, the advance was driven by a broadening of market leadership beyond mega-cap technology stocks that was supported by resilient earnings.
■ Strong stock selection within the information technology sector, particularly in semiconductor and software companies, was the primary driver of the Fund’s performance relative to its benchmark, the Russell 1000 Growth Index (the “Index”). Positioning within consumer discretionary also added value.
■ Conversely, the largest detractor from relative performance during the period was movies & entertainment positions within the communication services sector.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
11.36% |
25.93% (12/12/2022) |
S&P 500 Index* |
20.38% |
20.05% |
Russell 1000 Growth Index |
10.82% |
22.91% |
*The Fund compares its perf
orm
ance against this broad-based index in response to regulatory requirements.Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 140,285,245 |
Number of fund holdings |
38 |
Total advisory fees paid for the year |
$ 1,029,170 |
Portfolio turnover rate for the year |
44% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Industry Classification |
% of Net Assets |
Semiconductors & Semiconductor Equipment |
25.3% |
Software |
12.4% |
Interactive Media & Services |
12.4% |
Technology Hardware, Storage & Peripherals |
9.1% |
Broadline Retail |
5.8% |
Aerospace & Defense |
5.1% |
Entertainment |
4.6% |
Pharmaceuticals |
4.5% |
IT Services |
4.1% |
Financial Services |
3.9% |
Automobiles |
2.6% |
Consumer Staples Distribution & Retail |
2.1% |
Electrical Equipment |
1.9% |
Industry Classification |
% of Net Assets |
Biotechnology |
1.6% |
Electronic Equipment, Instruments & Components |
1.2% |
Health Care Equipment & Supplies |
1.1% |
Diversified Telecommunication Services |
0.8% |
Electric Utilities |
0.8% |
Affiliated Mutual Fund - Short-Term Investment |
0.7% |
100.0% | |
Liabilities in excess of other assets |
(0.0)%* |
100.0% |
* |
Less than 0.05% |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Jennison Focused International Equity ETF |
$87 |
0.86% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ International equities, as represented by the Fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), saw strong gains and outperformed U.S. equities, as represented by the S&P 500 Index, during the reporting period. Resilient corporate earnings and substantial artificial intelligence (AI)-related investment supported performance, particularly among Asian semiconductor and technology companies, while investors grew more selective about companies demonstrating sustainable earnings and cash-flow benefits from AI spending.
■ The Fund’s best-performing positions relative to the Index were concentrated in Asian technology, particularly semiconductors. Biotechnology, within healthcare, also bolstered relative results, as did an underweight to consumer staples.
■ Retail and luxury goods were notable areas of relative weakness in consumer discretionary, while aerospace & defense holdings drove underperformance in industrials.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
2.27% |
9.14% (12/14/2023) |
MSCI ACWI ex USA Index (ND) |
27.35% |
21.72% |
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 8/31/2026?
Fund’s net assets |
$ 60,006,882 |
Number of fund holdings |
27 |
Total advisory fees paid for the year |
$ 249,543 |
Portfolio turnover rate for the year |
130% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Industry Classification |
% of Net Assets |
Semiconductors & Semiconductor Equipment |
24.4% |
Aerospace & Defense |
18.3% |
Electrical Equipment |
14.2% |
Textiles, Apparel & Luxury Goods |
6.5% |
Biotechnology |
4.8% |
Pharmaceuticals |
4.6% |
Technology Hardware, Storage & Peripherals |
4.4% |
Specialty Retail |
3.9% |
Electronic Equipment, Instruments & Components |
3.7% |
Personal Care Products |
3.0% |
Industry Classification |
% of Net Assets |
Entertainment |
2.9% |
IT Services |
2.8% |
Affiliated Mutual Fund - Short-Term Investment |
2.7% |
Hotels, Restaurants & Leisure |
2.6% |
Software |
2.4% |
101.2% | |
Liabilities in excess of other assets |
(1.2)% |
100.0% |
WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?
The Board of Trustees of PGIM ETF Trust approved the following changes effective August 1, 2026: (i) changing the name of the Fund from PGIM Jennison International Opportunities ETF to PGIM Jennison Focused International Equity ETF; (ii) certain revisions to the principal investment strategy of the Fund; and (iii) a reduction in the existing contractual management fee payable by the Fund to PGIM Investments LLC, the Fund’s investment adviser, from 0.90% to 0.54% of the Fund’s daily average net assets. As part of the modifications to the Fund’s principal investment strategy, the Fund will invest a substantial portion of its assets in a smaller number of issuers. As a result, the Fund's principal risk disclosure was revised to include Concentration Risk as a principal risk of the Fund.
For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2026 at pgim.com/investments/etfs/prospectuses-fact-sheets or by request at (800) 225-1852.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Jennison Focused Mid-Cap ETF |
$51 |
0.49% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ During the reporting period, equities generally advanced but experienced bouts of volatility. Despite sticky inflation, changing expectations for U.S. Federal Reserve policy, concerns about artificial intelligence (AI) capital spending, and geopolitical uncertainty, the advance was driven by a broadening of market leadership beyond mega-cap technology stocks that was supported by resilient earnings. For the whole period, mid-cap stocks, as represented by the Russell Midcap Index (the “Index”), generated solid gains but slightly trailed the broad market, as represented by the S&P 500 Index.
■ The Fund benefited most from strong stock selection in industrials, materials, and consumer discretionary. Within these areas, holdings in trading companies & distributors, metals & mining, containers & packaging, chemicals, and apparel contributed positively to performance relative to the Index.
■ The most significant detractors from relative performance included stock selection in information technology, financials, communication services, and energy. Within these areas, holdings in software, insurance, and interactive media underperformed the Index by the greatest margin.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
9.32% |
11.33% (12/14/2023) |
S&P 500 Index* |
20.38% |
22.39% |
Russell Midcap Index |
17.94% |
18.75% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 19,791,367 |
Number of fund holdings |
51 |
Total advisory fees paid for the year |
$ 81,273 |
Portfolio turnover rate for the year |
126% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Industry Classification |
% of Net Assets |
Insurance |
9.8% |
Multi-Utilities |
7.0% |
Banks |
5.5% |
Electronic Equipment, Instruments & Components |
5.2% |
Oil, Gas & Consumable Fuels |
5.0% |
Biotechnology |
4.9% |
Semiconductors & Semiconductor Equipment |
4.8% |
Electrical Equipment |
4.7% |
Machinery |
4.4% |
Energy Equipment & Services |
4.1% |
Software |
3.8% |
Trading Companies & Distributors |
3.8% |
Real Estate Management & Development |
3.4% |
Specialized REITs |
3.1% |
Metals & Mining |
3.1% |
Hotels, Restaurants & Leisure |
2.5% |
Communications Equipment |
2.5% |
Specialty Retail |
2.5% |
Containers & Packaging |
2.5% |
Industry Classification |
% of Net Assets |
Textiles, Apparel & Luxury Goods |
2.1% |
Office REITs |
2.0% |
Marine Transportation |
1.8% |
Aerospace & Defense |
1.8% |
Life Sciences Tools & Services |
1.5% |
Chemicals |
1.5% |
Household Durables |
1.4% |
Health Care Providers & Services |
1.3% |
Capital Markets |
1.0% |
Health Care Equipment & Supplies |
1.0% |
Consumer Staples Distribution & Retail |
0.8% |
Entertainment |
0.7% |
Affiliated Mutual Fund - Short-Term Investment |
0.5% |
100.0% | |
Other assets in excess of liabilities |
0.0%* |
100.0% |
* |
Less than 0.05% |
WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?
For the year ended August 31, 2026, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.41% in the year ended August 31, 2025, to 0.49% 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 October 30, 2026 at pgim.com/investments/etfs/prospectuses-fact-sheets or by request at (800) 225-1852.
For the year ended August 31, 2026, total annual Fund operating expenses after waivers and/or expense reimbursement increased from 0.41% in the year ended August 31, 2025, to 0.49% due to the expiration of a voluntary fee waiver on a portion of the Fund's unitary management fee on December 31, 2024.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Jennison Focused Value ETF |
$68 |
0.59% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ Equity markets generated positive returns during the reporting period despite bouts of market turbulence. Persistent inflation, evolving U.S. Federal Reserve expectations, Middle East geopolitical tensions, coupled with intermittent weakness in technology leadership, in part due to concern over artificial intelligence (AI)-related valuations, shaped investor sentiment. Additionally, a broadening of market leadership beyond mega-cap technology stocks, supported by resilient corporate earnings, bolstered value stocks, as represented by the Russell 1000 Value Index (“the Index”), which significantly outperformed growth stocks, as represented by the Russell 1000 Growth Index during the period.
■ Stock selection within financials (led by insurance and banks) and consumer discretionary (driven by household durables and automobiles) contributed the most to the Fund’s performance relative to the Index. An overweight to information technology, an underweight to consumer staples, and no exposure to real estate also added value.
■ Conversely, stock selection within information technology (especially semiconductors & semiconductor equipment), industrials (driven by aerospace & defense), energy (oil, gas & consumable fuels), and materials (especially chemicals), along with overweights to utilities and consumer discretionary, detracted the most from relative performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
29.50% |
21.38% (12/12/2022) |
S&P 500 Index* |
20.38% |
20.05% |
Russell 1000 Value Index |
29.72% |
16.02% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 148,234,799 |
Number of fund holdings |
36 |
Total advisory fees paid for the year |
$ 325,848 |
Portfolio turnover rate for the year |
62% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Industry Classification |
% of Net Assets |
Banks |
12.9% |
Oil, Gas & Consumable Fuels |
9.2% |
Technology Hardware, Storage & Peripherals |
7.6% |
Semiconductors & Semiconductor Equipment |
7.2% |
Pharmaceuticals |
6.3% |
Software |
6.2% |
Interactive Media & Services |
4.9% |
Broadline Retail |
4.9% |
Multi-Utilities |
4.7% |
Machinery |
3.6% |
Consumer Staples Distribution & Retail |
3.5% |
Household Durables |
3.4% |
Biotechnology |
2.9% |
Industry Classification |
% of Net Assets |
Aerospace & Defense |
2.8% |
Affiliated Mutual Fund - Short-Term Investment |
2.6% |
Insurance |
2.6% |
Industrial Conglomerates |
2.6% |
Electrical Equipment |
2.5% |
Automobiles |
2.5% |
Ground Transportation |
2.4% |
Capital Markets |
2.4% |
Building Products |
2.2% |
99.9% | |
Other assets in excess of liabilities |
0.1% |
100.0% |
WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?
Effective July 1, 2026, the Fund’s unitary management fee was reduced from 0.75% to 0.33% of the Fund’s daily average net assets. At a meeting held on June 9-10, 2026, the Board of Trustees of the PGIM ETF Trust and the Board of Directors of The Prudential Investment Portfolios, Inc., approved an Agreement and Plan of Reorganization pursuant to which the PGIM Jennison Focused Value Fund, a series of The Prudential Investment Portfolios, Inc., will be reorganized with and into the PGIM Jennison Focused Value ETF, and the PGIM Jennison Focused Value Fund will be liquidated (such reorganization and liquidation, the “Reorganization”). The Reorganization does not require shareholder approval and is expected to close in the first quarter of 2027.
For more complete information, you should review the Fund’s next prospectus, which we expect to be available by October 30, 2026 at pgim.com/investments/etfs/prospectuses-fact-sheets or by request at (800) 225-1852.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Jennison U.S. Core Equity ETF |
$5 |
0.19% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ Equity markets generated positive returns during the reporting period despite bouts of market turbulence. Persistent inflation, evolving U.S. Federal Reserve expectations, Middle East geopolitical tensions, coupled with intermittent weakness in technology leadership in part due to concern over artificial intelligence (AI)-related valuations, shaped investor sentiment. Additionally, a broadening of market leadership beyond mega-cap technology stocks, supported by resilient corporate earnings, bolstered value stocks, as measured by the Russell 1000 Value Index, which significantly outperformed growth stocks, as measured by the Russell 1000 Growth Index.
■ Positioning within information technology, especially security selection in select hardware and semiconductor equipment companies, along with stock selection in energy (primarily in oil & gas storage & transportation), industrials (driven by machinery), and consumer discretionary (led by automobiles) were the primary drivers of the Fund’s performance relative to its benchmark, the Russell 1000 Index (the “Index”) since the Fund’s inception on May 20, 2026.
■ Conversely, positioning within healthcare (especially no exposure to life sciences tools & services) and an overweight to communication services were the largest detractors from relative performance.
Total Returns as of 8/31/2026 | |
Since Inception (%) | |
Net Asset Value (NAV) |
4.89% (5/20/2026) |
S&P 500 Index* |
1.68% |
Russell 1000 Index |
1.94% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 6,817,462 |
Number of fund holdings |
98 |
Total advisory fees paid for the period |
$ 3,576 |
Portfolio turnover rate for the period |
23% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Industry Classification |
% of Net Assets |
Semiconductors & Semiconductor Equipment |
16.6% |
Technology Hardware, Storage & Peripherals |
9.2% |
Interactive Media & Services |
8.6% |
Banks |
8.4% |
Software |
6.6% |
Oil, Gas & Consumable Fuels |
4.7% |
Broadline Retail |
4.0% |
Insurance |
3.8% |
Pharmaceuticals |
3.0% |
Ground Transportation |
2.5% |
Aerospace & Defense |
2.4% |
Machinery |
2.4% |
Health Care Providers & Services |
2.1% |
Entertainment |
2.0% |
Specialty Retail |
1.9% |
Diversified Telecommunication Services |
1.6% |
Communications Equipment |
1.6% |
Automobiles |
1.6% |
IT Services |
1.6% |
Biotechnology |
1.5% |
Electrical Equipment |
1.3% |
Industry Classification |
% of Net Assets |
Beverages |
1.3% |
Financial Services |
1.2% |
Consumer Staples Distribution & Retail |
1.2% |
Industrial REITs |
0.9% |
Household Durables |
0.8% |
Industrial Conglomerates |
0.7% |
Residential REITs |
0.6% |
Specialized REITs |
0.6% |
Energy Equipment & Services |
0.6% |
Electronic Equipment, Instruments & Components |
0.5% |
Affiliated Mutual Fund - Short-Term Investment |
0.5% |
Multi-Utilities |
0.5% |
Building Products |
0.5% |
Others* |
3.0% |
100.3% | |
Liabilities in excess of other assets |
(0.3)% |
100.0% |
* |
Consists of Industries that each make up less than 0.5% of the Fund's net assets |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Portfolio Ballast ETF |
$48 |
0.45% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ U.S. equities performed strongly during the reporting period, with the S&P 500 Index returning over 20%. U.S. bonds also gained, with the Bloomberg US Government Intermediate Bond Index up 1.5%. The CBOE Volatility Index peaked at 31.1 on March 27, 2026, but finished the period slightly lower than where it began, closing at 14.9 versus 15.4 at the start of the period.
■ The Fund benefited primarily from equity market appreciation, as average equity exposure during the period was 68%, higher than the baseline 60%.
■ Fixed income exposure also added value during the period, as bonds appreciated slightly.
■ As expected, option time decay, which is the reduction in the value of an option as the time to the expiration date approaches, weighed on performance. Overall, the Fund performed as expected during the period, providing 71% participation in the S&P 500 Index.
■ The Fund invests primarily in FLEX long-term call options on the SPDR® S&P 500 ETF (SPY) and other exchange-traded funds (ETFs) designed to track the S&P 500 to implement equity exposure and provide market participation. Additionally, the Fund invests in U.S. Treasuries and cash for managing targeted duration to help reduce equity downside, and at times, uses S&P 500 index futures and U.S. Treasury futures to manage exposures to those asset classes. These exposures had a positive impact on the Fund’s performance during the period.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
14.12% |
13.35% (12/12/2022) |
S&P 500 Index |
20.38% |
20.05% |
Custom Blended Index |
12.67% |
13.33% |
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s
inception
date.WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 79,744,404 |
Number of fund holdings |
10 |
Total advisory fees paid for the year |
$ 343,818 |
Portfolio turnover rate for the year |
40% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Investment Allocation |
% of Net Assets |
U.S. Treasury Obligations |
49.3% |
Options Purchased |
27.4% |
Affiliated Mutual Fund - Short-Term Investment |
11.1% |
Unaffiliated Exchange-Traded Funds - Fixed Income |
8.3% |
Unaffiliated Exchange-Traded Funds - Equity |
3.3% |
99.4% | |
Other assets in excess of liabilities |
0.6% |
100.0% |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM AAA CLO ETF |
$19 |
0.19% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ Collateralized loan obligation (CLO) AAA spreads rallied approximately 10 basis points (bps) over the reporting period. The spread-tightening environment was driven by robust demand for the asset class despite elevated supply throughout the period. The Fund outperformed its benchmark, the JP Morgan CLOIE AAA Index (the “Index”) by 8 bps over the period.
■ The following strategies contributed most to the Fund’s performance during the period: The Fund was invested entirely in AAA-rated CLO bonds. Within its AAA allocation, the Fund had a senior AAA concentration of approximately 99.95%, greater than that of the benchmark, which held approximately 96.7% senior AAAs. Overall, the portfolio’s rating composition largely matched that of the Index throughout the period.
■ The following strategies detracted from performance during the period: The Fund’s net assets increased by approximately $8.3 billion over the period, causing some marginal cash drag. As of the end of the period, the Fund had a nominal spread (carry) of approximately 3M SOFR+126, compared to the carry of the Index of approximately 3M SOFR+127.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
4.89% |
6.42% (7/19/2023) |
Bloomberg US Aggregate Bond Index* |
1.89% |
3.75% |
JP Morgan CLOIE AAA Index |
5.03% |
6.22% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 12,575,406,275 |
Number of fund holdings |
312 |
Total advisory fees paid for the year |
$ 14,782,846 |
Portfolio turnover rate for the year |
35% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
94.5 |
Cash/Cash Equivalents |
5.5 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM AAA CLO Aggregate Duration ETF |
$0* |
0.01% |
*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?
■ Collateralized loan obligation (CLO) AAA spreads rallied approximately 10 basis points (bps) over the one-year period ended August 31, 2026, providing a supportive full-year backdrop. The spread-tightening environment was driven by robust demand for the asset class despite elevated supply throughout the period. From its inception on June 1, 2026, through August 31, 2026 (the reporting period), the Fund outperformed its benchmark, the Bloomberg US Aggregate Bond Index (the “Index”) by approximately 46 bps.
■ The following strategies contributed most to the Fund’s performance during the reporting period: The Fund’s primary holding was the PGIM AAA CLO ETF (PAAA), representing approximately 96% of the Fund’s market value as of the end of the period. The remaining positions were a combination of Treasuries and derivatives used to extend duration. The Fund’s carry of SOFR+129 OAS outperformed the Index’s carry of SOFR+59 OAS.
■ The Fund’s interest rate duration at the end of the period was 5.68 years, shorter than the Index’s interest rate duration of 5.76 years. The Fund had a market value of approximately $25.8 million at the end of the period.
■ No holdings detracted from the Fund’s relative performance during the period.
Total Returns as of 8/31/2026 | |
Since Inception (%) | |
Net Asset Value (NAV) |
-0.31% (6/1/2026) |
JP Morgan CLOIE AAA Index |
1.22% |
Bloomberg US Aggregate Bond Index* |
-0.68% |
*The Fund compares its performance against this broad-based index in response to regulatory
requirements
. Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 25,856,040 |
Number of fund holdings |
32 |
Total advisory fees paid for the period |
$ 881 |
Portfolio turnover rate for the period |
0% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
100.7 |
Not Rated |
(0.7) |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Active Aggregate Bond ETF |
$18 |
0.18% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ During the reporting period, fixed income credit spreads proved resilient, remaining in historically tight ranges, supported by strong earnings despite heavy artificial intelligence (AI)-related issuance and headline-driven volatility. The U.S. Federal Reserve’s (Fed) view that tariff-related inflation would be transitory combined with increasing downside risks to the labor market helped pave the way for three 25-basis-point rate cuts in the second half of 2025; however, higher energy costs and lingering tariff-related price pressures renewed inflation concerns in 2026. At the same time, U.S. economic activity continued to be supported by AI-related investment, stronger-than-expected consumption in Q2 of 2026, and a labor market that showed signs of stabilization. Although more hawkish Fed communication led markets to reprice monetary policy expectations toward a potential rate hike, the Federal Open Market Committee (FOMC) held rates steady (3.50%–3.75% target range) at the July meeting. Over the period, U.S. Treasury yields rose, and the curve bear-steepened.
■ The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Aggregate Bond Index (the “Index”) during the period: overweights to the U.S. investment-grade corporate, AAA collateralized loan obligation (CLO), mortgage-backed securities (MBS), AAA non-agency commercial mortgage-backed securities (CMBS), and asset-backed securities (ABS) sectors; security selection in U.S. investment-grade corporates, MBS, ABS, and emerging-market investment grade bonds; and credit positioning in technology and media & entertainment.
■ The following strategies detracted from performance relative to the Index during the period: yield curve positioning.
■ The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the period, the Fund used swaps and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions contributed to performance.
Average Annual Total Returns as of 8/31/2026 | |||
One Year (%) |
Five Years (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
2.07% |
-0.23% |
0.26% (4/12/2021) |
Bloomberg US Aggregate Bond Index |
1.89% |
-0.29% |
0.24% |
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 8/31/2026?
Fund’s net assets |
$ 98,399,271 |
Number of fund holdings |
445 |
Total advisory fees paid for the year |
$ 161,649 |
Portfolio turnover rate for the year |
175% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
44.1 |
AA |
32.8 |
A |
6.6 |
BBB |
8.8 |
Not Rated |
8.5 |
Cash/Cash Equivalents |
(0.8) |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
| |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| PGIM Active High Yield Bond ETF |
$40 |
0.39% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ U.S. high-yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm against a challenging environment marked by whipsawing geopolitical tensions and U.S. Federal Reserve policy expectations. With spreads now back to year-to-date tights, PGIM Credit believes risks are skewed to the downside. However, elevated rate markets and range-bound high-yield spreads create an attractive carry environment. While bouts of geopolitical-driven volatility are likely over the near term, the current fiscal and monetary outlooks are supportive for credit fundamentals and economic growth.
■ The following strategies contributed the most to the Fund’s performance relative to the Bloomberg US High Yield Very Liquid Index (the “Index”) during the period: security selection in telecom, transportation & environmental services, and retailers & restaurants; industry underweights to technology, property & casualty, and airlines; an underweight to the U.S. high-yield corporate sector; and allocations to the emerging-market high-yield corporate and AAA collateralized loan obligation sectors.
■ The following strategies detracted the most from relative performance during the period: security selection in cable & satellite, health care & pharmaceutical, and paper & packaging; industry underweights to upstream energy and media & entertainment, and an overweight to building materials & home construction; sector allocations to U.S. bank loans and U.S. investment-grade corporates.
■ The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the period, the Fund used swaps, forwards, and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions contributed to performance.
| Average Annual Total Returns as of 8/31/2026 | |||
| |
One Year (%) |
Five Years (%) |
Since Inception (%) |
Net Asset Value (NAV) |
4.42% |
3.88% |
5.50% (9/24/2018) |
| Bloomberg US Aggregate Bond Index* |
1.89% |
-0.29% |
1.92% |
Bloomberg US High Yield Very Liquid Index |
5.11% |
3.97% |
4.96% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
| Fund’s net assets |
$ 1,417,215,311 |
| Number of fund holdings |
819 |
| Total advisory fees paid for the year |
$ 4,019,270 |
| Portfolio turnover rate for the year |
76% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
| Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
| AAA |
2.2 |
| AA |
0.1 |
| A |
0.1 |
| BBB |
7.3 |
| BB |
55.0 |
| B |
27.4 |
| CCC |
6.6 |
| D |
0.2 |
| Not Rated |
1.5 |
| Cash/Cash Equivalents |
(0.5) |
| Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Corporate Bond 0-5 Year ETF |
$20 |
0.20% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ During the reporting period, the Federal Open Market Committee (FOMC) cut rates three times in the second half of 2025, lowering the federal funds target range to 3.50%–3.75%. In 2026, increasingly hawkish communication from the U.S. Federal Reserve (Fed) prompted markets to shift from pricing a potential rate cut toward the possibility of a rate hike. Real GDP slowed to 1.5% annualized in the second quarter of 2026 from 3.8% a year earlier, though activity remained supported by artificial intelligence (AI)-related investment, resilient consumption, and a stabilizing labor market. U.S. corporates fundamentals were also supported by strong second quarter earnings, while demand remained firm despite heavy AI-related issuance and headline-driven volatility, leading Bloomberg US Corporate Investment Grade Index spreads to widen modestly.
■ The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Corporate 0-5 Year Index (the “Index”) during the period: security selection in U.S. investment-grade corporates, and credit positioning in media & entertainment, technology, and banking.
■ Sector positioning in the U.S. investment-grade corporate sector detracted the most from the Fund’s relative performance.
■ The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the period, the Fund used financial futures to help manage duration positioning and yield curve exposure. Positions in financial futures contributed to performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
3.07% |
3.71% (7/29/2025) |
Bloomberg US Aggregate Bond Index* |
1.89% |
2.87% |
Bloomberg US Corporate 0-5 Year Index |
3.04% |
3.72% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the
Fund
since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 639,004,492 |
Number of fund holdings |
304 |
Total advisory fees paid for the year |
$ 772,149 |
Portfolio turnover rate for the year |
75% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
1.5 |
AA |
15.6 |
A |
35.8 |
BBB |
44.6 |
Cash/Cash Equivalents |
2.6 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Corporate Bond 5-10 Year ETF |
$25 |
0.25% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ During the reporting period, the Federal Open Market Committee (FOMC) cut rates three times in the second half of 2025, lowering the federal funds target range to 3.50%–3.75%. In 2026, increasingly hawkish communication from the U.S. Federal Reserve (Fed) prompted markets to shift from pricing a potential rate cut toward the possibility of a rate hike. Real GDP slowed to 1.5% annualized in the second quarter of 2026 from 3.8% a year earlier, though activity remained supported by artificial intelligence (AI)-related investment, resilient consumption, and a stabilizing labor market. U.S. corporates fundamentals were also supported by strong second quarter earnings, while demand remained firm despite heavy AI-related issuance and headline-driven volatility, leading Bloomberg US Corporate Investment Grade Index spreads to widen modestly.
■ The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Corporate 5-10 Year Index (the “Index”) during the period: security selection in U.S. investment-grade corporates; credit positioning in media & entertainment, banking, consumer non-cyclicals, automotives, and property & casualty; and an overweight to the U.S. investment-grade corporate sector.
■ During the period, the Fund’s yield curve positioning detracted most from performance.
■ The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the period, the Fund used futures to help manage duration positioning and yield curve exposure. These positions contributed to performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
2.03% |
2.95% (7/29/2025) |
Bloomberg US Aggregate Bond Index* |
1.89% |
2.87% |
Bloomberg US Corporate 5-10 Year Index |
1.93% |
3.01% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 527,141,797 |
Number of fund holdings |
282 |
Total advisory fees paid for the year |
$ 907,129 |
Portfolio turnover rate for the year |
88% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
2.6 |
AA |
15.6 |
A |
38.8 |
BBB |
41.9 |
Cash/Cash Equivalents |
1.1 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Corporate Bond 10+ Year ETF |
$25 |
0.25% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ During the reporting period, the Federal Open Market Committee (FOMC) cut rates three times in the second half of 2025, lowering the federal funds target range to 3.50%–3.75%. In 2026, increasingly hawkish communication from the U.S. Federal Reserve (Fed) prompted markets to shift from pricing a potential rate cut toward the possibility of a rate hike. Real GDP slowed to 1.5% annualized in the second quarter of 2026 from 3.8% a year earlier, though activity remained supported by artificial intelligence (AI)-related investment, resilient consumption, and a stabilizing labor market. U.S. corporates fundamentals were also supported by strong second quarter earnings, while demand remained firm despite heavy AI-related issuance and headline-driven volatility, leading Bloomberg US Corporate Investment Grade Index spreads to widen modestly.
■ The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Corporate 10+ Year Index (the “Index”) during the period: security selection in U.S. investment-grade corporates and U.S. Treasuries; credit positioning in upstream energy, banking, healthcare & pharmaceuticals, property & casualty, media & entertainment, life insurance, cable & satellite, midstream energy, aerospace & defense, and capital goods; yield curve positioning; and an overweight to the taxable municipal bond sector.
■ The following strategies detracted from relative performance during the period: an overweight to the U.S. investment-grade corporate sector; credit positioning in technology and telecom; security selection in taxable municipal bonds; and duration positioning.
■ The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the period, the Fund used futures to help manage duration positioning and yield curve exposure. These positions contributed to performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
1.00% |
1.32% (7/29/2025) |
Bloomberg US Aggregate Bond Index* |
1.89% |
2.87% |
Bloomberg US Corporate 10+ Year Index |
0.89% |
1.44% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 72,710,321 |
Number of fund holdings |
172 |
Total advisory fees paid for the year |
$ 189,144 |
Portfolio turnover rate for the year |
44% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
10.5 |
AA |
23.5 |
A |
34.7 |
BBB |
31.1 |
Cash/Cash Equivalents |
0.2 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Floating Rate Income ETF |
$73 |
0.71% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ U.S. leveraged loans generated positive total returns over the reporting period, as overall fundamentals held firm against deteriorating technicals and ongoing elevated dispersion driven by renewed concerns over artificial intelligence (AI)-related disruption in software-related issuers. PGIM Credit expects total returns of 5% in 2026 as the demand dispersion between mid- to high-quality loans and those rated lower is likely to persist. PGIM Credit maintains the view that carry will be the primary driver of performance, but tempered by downward pressure from repricing transactions, elevated credit environment concerns, and potential technical pressures if net new issuance accelerates.
■ The following contributed the most to the Fund’s performance relative to the S&P UBS Leveraged Loan Index (the “Index”) during the period: security selection in the banking, consumer non-cyclical, and healthcare & pharmaceutical industries; allocations to the U.S. high-yield corporate, AA collateralized loan obligation, and U.S. investment-grade credit sectors; and underweights to the technology and automotive industries, and an overweight to REITs. The market risk of the portfolio was higher than the Index over the period, which also contributed.
■ The following detracted the most from the Fund’s relative performance during the period: security selection in the automotive, property & casualty, and building materials & home construction industries; an underweight to the U.S. bank loans sector and the retailers & restaurants and media & entertainment industries; and an overweight to the chemicals industry.
■ The Fund held interest rate futures and swaps to help manage the portfolio’s duration and yield curve exposure and to reduce its sensitivity to changes in the levels of interest rates. Overall, this strategy had a positive impact on performance during the period. The Fund also participated in credit default swaps to increase or reduce credit risk. This strategy had a positive impact on performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
5.77% |
7.96% (5/17/2022) |
Bloomberg US Aggregate Bond Index* |
1.89% |
2.09% |
S&P UBS Leveraged Loan Index |
4.87% |
7.62% |
*The Fund compares its performance against this broad-based index in response to regulatory requiremen
ts
.Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 125,498,052 |
Number of fund holdings |
462 |
Total advisory fees paid for the year |
$ 768,185 |
Portfolio turnover rate for the year |
51% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
0.8 |
AA |
11.4 |
A |
3.2 |
BBB |
12.5 |
BB |
25.9 |
B |
39.5 |
CCC |
2.0 |
Not Rated |
4.0 |
Cash/Cash Equivalents |
0.8 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Municipal Income Opportunities ETF |
$26 |
0.25% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■ During the reporting period, the Bloomberg Municipal Bond Index generated positive total returns, with intermediate bonds leading performance. Following three 25-basis-point rate cuts in 2025, the U.S. Federal Reserve (Fed) adopted a more hawkish tone in 2026 as inflation concerns rose amid geopolitical tensions that put upward pressure on oil prices and renewed tariff escalations. Municipal-to-Treasury ratios richened — particularly in the second quarter of 2026 as investors reassessed the possibility of a rate hike — but cheapened in July and August as rate volatility increased and supply remained elevated. Against this backdrop, credit fundamentals were supported by resilient consumer spending, robust capital and business investment, and continued tax revenue generation.
■ The following contributed most to the Fund’s performance relative to the Bloomberg 1-15 Year Municipal Index (the “Index”) during the period: an underweight in city & county school districts, and an overweight in industrials, particularly waste and recycling.
■ The following detracted most from the Fund’s performance relative to the Index during the period: an underweight to education and an overweight to housing.
■ The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, the Fund used futures to help manage duration positioning and yield curve exposure. The Fund’s positioning in futures had a negligible impact on performance during the period.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
4.43% |
4.15% (6/14/2024) |
Bloomberg Municipal Bond Index* |
4.12% |
3.31% |
Bloomberg 1-15 Year Municipal Index |
2.88% |
3.53% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
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 8/31/2026?
Fund’s net assets |
$ 50,131,888 |
Number of fund holdings |
113 |
Total advisory fees paid for the year |
$ 100,070 |
Portfolio turnover rate for the year |
36% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
5.2 |
AA |
39.7 |
A |
20.8 |
BBB |
12.1 |
BB |
5.4 |
Not Rated |
18.7 |
Cash/Cash Equivalents |
(1.8) |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Securitized Income ETF |
$10 |
0.39% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
Securitized credit spreads were flat to modestly tighter over the one-year period ended August 31, 2026, as the asset class was resilient to
broader, macro volatility. From its inception on June 1, 2026, through August 31, 2026 (the reporting period), the Fund outperformed its
benchmark, the Bloomberg US Treasury 1-5 Year Index (the “Index”) by approximately 37 basis points (bps).
■
The following strategies contributed most to the Fund’s relative performance during the reporting period: commercial mortgage-backed
securities single asset/single borrower contributed 10 bps of excess return and accounted for roughly 24% of the Fund’s NAV; asset-backed
securities contributed 3 bps of excess return and accounted for roughly 13% of the Fund’s NAV; collateralized loan obligations contributed 18
bps of excess return and accounted for roughly 25% of the Fund’s NAV; and non-agency residential mortgage-backed securities contributed 2
bps of excess return and accounted for roughly 23% of the Fund’s NAV.
■
The Fund had a market value of approximately $24.9 million at the end of the period.
■
No holdings detracted from the Fund’s relative performance during the period.
Total Returns as of 8/31/2026 | |
Since Inception (%) | |
Net Asset Value (NAV) |
0.67% (6/1/2026) |
Bloomberg US Aggregate Bond Index* |
-0.68% |
Bloomberg US Treasury 1-5 Year Index |
0.19% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 24,867,811 |
Number of fund holdings |
105 |
Total advisory fees paid for the period |
$ 24,310 |
Portfolio turnover rate for the period |
40% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
22.0 |
AA |
27.5 |
A |
22.1 |
BBB |
23.7 |
BB |
4.7 |
Not Rated |
(0.1) |
Cash/Cash Equivalents |
0.1 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Short Duration High Yield ETF |
$46 |
0.45% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
U.S. high-yield bonds posted gains over the reporting period, as overall solid corporate earnings and resilient market technicals held firm
against a challenging environment marked by whipsawing geopolitical tensions and U.S. Federal Reserve policy expectations. With spreads
now back to year-to-date tights, PGIM Credit believes risks are skewed to the downside. However, elevated rate markets and range-bound
high-yield spreads create an attractive carry environment. While bouts of geopolitical-driven volatility are likely over the near term, the current
fiscal and monetary outlooks are supportive for credit fundamentals and economic growth.
■
The following strategies contributed the most to the Fund’s performance relative to the Bloomberg 1-3 Year High Yield Corporate 1% Capped
Index (the “Index”) during the period: security selection in paper & packaging, media & entertainment, and chemicals; industry underweight to
cable & satellite and overweight to upstream energy; sector underweight to U.S. high-yield corporates; and an allocation to AAA-rated
collateralized loan obligations.
■
The following strategies detracted the most from relative performance during the period: security selection in cable & satellite, property &
casualty, and REITs; industry underweights to technology and chemicals, and an overweight to building materials & home construction; and a
sector allocation to U.S. bank loans.
■
The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the period, the Fund used swaps,
forwards, and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions had a modestly positive
impact on performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
4.14% |
6.83% (12/14/2023) |
Bloomberg US Aggregate Bond Index* |
1.89% |
4.36% |
Bloomberg 1-3 Year High Yield Corporate 1% Capped Index |
4.71% |
8.02% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 185,882,931 |
Number of fund holdings |
474 |
Total advisory fees paid for the year |
$ 576,404 |
Portfolio turnover rate for the year |
57% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
9.4 |
AA |
0.2 |
BBB |
8.6 |
BB |
46.5 |
B |
23.0 |
CCC |
7.1 |
D |
0.1 |
Not Rated |
1.1 |
Cash/Cash Equivalents |
4.1 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Short Duration Multi-Sector Bond ETF |
$40 |
0.39% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
During the reporting period, fixed income credit spreads proved resilient, remaining in historically tight ranges, supported by strong earnings
despite heavy artificial intelligence (AI)-related issuance and headline-driven volatility. The U.S. Federal Reserve’s (Fed) view that tariff-related
inflation would be transitory combined with increasing downside risks to the labor market helped pave the way for three 25-basis-point rate cuts
in the second half of 2025; however, higher energy costs and lingering tariff-related price pressures renewed inflation concerns in 2026. At the
same time, U.S. economic activity continued to be supported by AI-related investment, stronger-than-expected consumption in Q2 of 2026, and
a labor market that showed signs of stabilization. Although more hawkish Fed communication led markets to reprice monetary policy
expectations toward a potential rate hike, the Federal Open Market Committee (FOMC) held rates steady (3.50%–3.75% target range) at the
July meeting. Over the period, U.S. Treasury yields rose, and the curve bear-steepened.
■
The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Government/Credit 1-3 Year Index (the
“Index”) during the period: having more market risk (on average) over the period than the Index; overweights to the AAA collateralized loan
obligation (CLO), emerging-market high yield, mortgage-backed securities (MBS), AAA non-agency commercial mortgage-backed securities
(CMBS), and U.S. high yield corporate sectors; security selection in non-agency MBS, U.S. investment-grade corporates, and U.S. high yield
corporates; and credit positioning in media & entertainment, upstream energy, healthcare & pharmaceuticals, automotives, midstream energy,
and gaming/lodging/leisure.
■
The following strategies detracted from relative performance during the period: duration and yield curve positioning; security selection in
emerging-market high yield bonds; an overweight to the U.S. investment-grade corporate sector; and credit positioning in telecom, cable &
satellite, and technology.
■
The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, the Fund used swaps,
options, and futures to help manage duration positioning, yield curve exposure, and credit risk. In aggregate, these positions contributed
to performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
3.16% |
5.59% (7/19/2023) |
Bloomberg US Aggregate Bond Index* |
1.89% |
3.75% |
Bloomberg US Government/Credit 1-3 Year Index |
2.69% |
4.51% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to
the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$ 229,294,678 |
Number of fund holdings |
743 |
Total advisory fees paid for the year |
$ 656,209 |
Portfolio turnover rate for the year |
101% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
61.8 |
AA |
13.0 |
A |
5.8 |
BBB |
10.1 |
BB |
5.3 |
B |
2.6 |
CCC |
0.2 |
C |
0.1 |
Not Rated |
4.0 |
Cash/Cash Equivalents |
(2.7) |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Total Return Bond ETF |
$49 |
0.48% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
During the reporting period, fixed income credit spreads proved resilient, remaining in historically tight ranges, supported by strong earnings
despite heavy artificial intelligence (AI)-related issuance and headline-driven volatility. The U.S. Federal Reserve’s (Fed) view that tariff-related
inflation would be transitory combined with increasing
downside
risks to the labor market helped pave the way for three 25-basis-point rate cuts in the second half of 2025; however, higher energy costs and lingering tariff-related price pressures renewed inflation concerns in 2026. At the
same time, U.S. economic activity continued to be supported by AI-related investment, stronger-than-expected consumption in Q2 of 2026, and
a labor market that showed signs of stabilization. Although more hawkish Fed communication led markets to reprice monetary policy
expectations toward a potential rate hike, the Federal Open Market Committee (FOMC) held rates steady (3.50%–3.75% target range) at the
July meeting. Over the period, U.S. Treasury yields rose, and the curve bear-steepened.
■
The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Aggregate Bond Index (the “Index”) during
the period: overweights to the emerging-market high yield, U.S. investment-grade corporate, AAA collateralized loan obligation (CLO), and AAA
non-agency commercial mortgage-backed securities (CMBS) sectors; security selection in U.S. investment-grade corporates, non-agency
mortgage-backed securities (MBS), MBS, and U.S. high-yield corporates; and credit positioning in media & entertainment, midstream energy,
healthcare & pharmaceuticals, automotives, gaming/lodging/leisure, and banking.
■
The following strategies detracted from relative performance during the period: duration and yield curve positioning, security selection in
emerging-market high yield, and credit positioning in chemicals.
■
The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the period, the Fund used swaps,
forwards, options, and futures to help manage duration positioning, yield curve exposure, and credit risk. In aggregate, these positions
contributed to performance.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
2.12% |
0.22% (12/2/2021) |
Bloomberg US Aggregate Bond Index |
1.89% |
-0.17% |
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 8/31/2026?
Fund’s net assets |
$ 1,156,565,930 |
Number of fund holdings |
1,331 |
Total advisory fees paid for the year |
$ 4,034,526 |
Portfolio turnover rate for the year |
89% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
47.3 |
AA |
21.8 |
A |
8.2 |
BBB |
12.5 |
BB |
4.6 |
B |
3.0 |
CCC |
0.3 |
C |
0.1 |
Not Rated |
4.8 |
Cash/Cash Equivalents |
(2.6) |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Ultra Short Bond ETF |
$15 |
0.15% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
During the reporting period, the U.S. Federal Reserve (Fed) paused its easing cycle, which included three rate cuts in the second half of 2025,
lowering the federal funds target range to 3.50%–3.75% for the remainder of the
period
. The pause reflected concerns that an oil supply shock stemming from heightened
geopolitical
tensions could add to inflationary pressures, even as domestic labor market data softened. That stated, U.S. economic activity remained supported by artificial intelligence (AI)-related investment and stronger-than-expected consumer spending,
particularly in the second quarter of 2026. As Fed communications became more hawkish, markets shifted from pricing in a potential rate cut
towards a potential rate hike. The U.S. Treasury yield curve steepened over the period, with the three-month Treasury bill yield declined from
4.51% to 3.83%. In addition, the Secured Overnight Financing Rate (SOFR) also fell, declining from 4.34% to 3.68%.
■
The following strategies contributed most to the Fund’s performance relative to the ICE BofA US 3-Month Treasury Bill Index (the “Index”)
during the period: allocations to high-quality collateralized loan obligations (CLOs), short-term investment grade corporates, and AAA
non-agency commercial mortgage-backed securities (CMBS). Within credit, positioning in banking and automotives contributed the most
to performance.
■
There were no material detractors from relative performance during the period.
■
During the period, the Fund used interest rate swaps and futures to help manage duration positioning and yield curve exposure. These
instruments allowed the Fund to capture higher yields available farther out on the short-term portion of the yield curve and in spread-sector
assets versus U.S. Treasuries, while mitigating interest rate risk. Overall, these positions contributed to performance during the period.
Average Annual Total Returns as of 8/31/2026 | |||
One Year (%) |
Five Years (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
4.32% |
4.30% |
3.37% (4/5/2018) |
Bloomberg US Aggregate Bond Index* |
1.89% |
-0.29% |
1.79% |
ICE BofA US 3-Month Treasury Bill Index |
3.71% |
3.65% |
2.69% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal
years
of returns. Since Inception returns for the Indexes are measured from the closest month-end to the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$18,780,717,679 |
Number of fund holdings |
832 |
Total advisory fees paid for the year |
$21,861,825 |
Portfolio turnover rate for the year |
42% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
35.1 |
AA |
23.7 |
A |
19.6 |
BBB |
20.1 |
Cash/Cash Equivalents |
(0.6) |
Other |
2.1 |
Total |
100.0 |
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment | |
PGIM Ultra Short Municipal Bond ETF |
$15 |
0.15% |
WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?
■
During the reporting period, the Bloomberg Municipal Bond Index generated positive total returns, with intermediate bonds leading
performance. Following three 25-basis-point rate cuts in 2025, the U.S. Federal Reserve (Fed) adopted a more hawkish tone in 2026 as inflation
concerns rose amid geopolitical tensions that put upward pressure on oil prices and renewed tariff escalations. Municipal-to-Treasury ratios
richened — particularly in the second quarter of 2026 as investors reassessed the possibility of a rate hike — but cheapened in July and
August as rate volatility increased and supply remained elevated. That said, resilient consumer spending, robust capital and business
investment, and continued tax revenue generation supported municipal credit fundamentals.
■
The following contributed most to the Fund’s performance relative to the Bloomberg 1 Year Municipal Bond Index (the “Index”) during the
period: security selection in transportation, driven by an underweight in bridges/tolls/tunnels; and an overweight in housing. The Fund also
benefited from +100 basis points of higher yield than the Index, allowing for higher carry return.
■
The following detracted most from relative performance during the period: the Fund’s modest yield curve flattener as the muni curve steepened;
and an overweight to the non-
profit
sector
.
Average Annual Total Returns as of 8/31/2026 | ||
One Year (%) |
Since Inception (%) | |
Net Asset Value (NAV) |
3.03% |
3.70% (6/24/2024) |
Bloomberg Municipal Bond Index* |
4.12% |
2.72% |
Bloomberg 1 Year Municipal Bond Index |
2.36% |
3.21% |
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
Since Inception returns are provided for the Fund since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end t
o the Fund’s inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?
Fund’s net assets |
$125,702,960 |
Number of fund holdings |
323 |
Total advisory fees paid for the year |
$106,879 |
Portfolio turnover rate for the year |
65% |
WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?
Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%) | |
AAA |
15.5 |
AA |
36.7 |
A |
27.9 |
BBB |
9.0 |
BB |
0.6 |
Not Rated |
8.0 |
Cash/Cash Equivalents |
2.4 |
Total |
100.0 |
| [1] | 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. |