PGIM ETF Trust

N-Q 1 d676359dnq.htm PGIM ETF TRUST PGIM ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-23324

Exact name of registrant as specified in charter:		PGIM ETF Trust

(This Form N-Q relates solely to the Registrant’s - PGIM Ultra Short Bond ETF, PGIM Active High Yield Bond ETF, PGIM QMA Strategic Alpha Large-Cap Core ETF, PGIM QMA Strategic Alpha Small-Cap Growth ETF, PGIM QMA Strategic Alpha Small-Cap Value ETF)


Address of principal executive offices:		655 Broad Street, 17th Floor,
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 17th Floor,
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		08/31/2019

Date of reporting period:		11/30/2018

Item 1. Schedule of Investments

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited)


Description	Interest Rate	Maturity Date		Principal Amount (000)#	Value
LONG-TERM INVESTMENTS 70.7%

ASSET-BACKED SECURITIES 9.1%

Collateralized Loan Obligations 9.1%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%	3.536%(c)		07/15/26	936		$936,404

Battalion CLO VII Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 144A, 3 Month LIBOR + 1.040%	3.489 (c)		07/17/28	250		249,801

CIFC Funding Ltd. (Cayman Islands), Series 2015-2A, Class AR, 144A, 3 Month LIBOR + 0.780%	3.216 (c)		04/15/27	575		572,436

ICG US CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 1.140%	3.590 (c)		10/19/28	1,000		999,834

KVK CLO Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.930%	3.575 (c)		05/20/29	500		499,400

Limerock CLO III LLC (Cayman Islands), Series 2014-3A, Class A1R, 144A, 3 Month LIBOR + 1.200%	3.669 (c)		10/20/26	250		250,044

Magnetite XI Ltd. (Cayman Islands), Series 2014-11A, Class A1R, 144A, 3 Month LIBOR + 1.120%	3.565 (c)		01/18/27	300		300,009

Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%	3.892 (c)		10/15/28	1,250		1,250,000

Mill Creek II CLO Ltd. (Cayman Islands), Series 2016-1A, Class A, 144A, 3 Month LIBOR + 1.750%	4.219 (c)		04/20/28	250		251,521

Mountain View CLO Ltd. (Cayman Islands), Series 2013-1A, Class AR, 144A, 3 Month LIBOR + 1.250%	3.675 (c)		10/12/30	500		499,021

OZLM XII Ltd. (Cayman Islands), Series 2015-12A, Class A1R, 144A, 3 Month LIBOR + 1.050%	3.570 (c)		04/30/27	300		300,116

OZLM XII Ltd. (Cayman Islands), Series 2015-13A, Class A1R, 144A, 3 Month LIBOR + 1.080%	3.600 (c)		07/30/27	1,100		1,099,948

Sound Point CLO XI Ltd. (Cayman Islands), Series 2016-1A, Class AR, 144A, 3 Month LIBOR + 1.100%	0.00(c)		07/20/28	500		500,000

TICP CLO I Ltd. (Cayman Islands), Series 2015-1A, Class AR, 144A, 3 Month LIBOR + 0.800%	3.269 (c)		07/20/27	500		497,966

TICP CLO I Ltd. (Cayman Islands), Series 2018-3R, Class A, 144A, 3 Month LIBOR + 0.840%	3.309 (c)		04/20/28	410		410,118

Wellfleet CLO Ltd. (Cayman Islands), Series 2016-2A, Class A1R, 144A, 3 Month LIBOR + 1.140%	3.609 (c)		10/20/28	1,000		1,000,657

West CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 0.920%	3.365 (c)		07/18/26	261		260,863

Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%	3.386 (c)		04/15/29	900		896,163
TOTAL ASSET-BACKED SECURITIES

(cost $10,768,001)						10,774,301

COMMERCIAL MORTGAGE-BACKED SECURITIES 10.0%
BANK,

Series 2017-BNK5, Class A1	1.909		06/15/60	281		273,977

Series 2017-BNK7, Class A1	1.984		09/15/60	186		181,363

BBCMS Mortgage Trust, Series 2017-C1, Class A1	2.010		02/15/50	456		447,833

CD Mortgage Trust,

Series 2016-CD1, Class A1	1.443		08/10/49	30		29,424

Series 2017-CD3, Class A1	1.965		02/10/50	71		69,627

CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A1	1.501		05/10/58	1,065		1,046,089

Citigroup Commercial Mortgage Trust,

Series 2015-GC35, Class A1	1.847		11/10/48	62		61,773

Series 2015-P1, Class A1	1.648		09/15/48	370		366,218

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES 10.0% (Continued)
Citigroup Commercial Mortgage Trust, (cont’d)

Series 2016-C1, Class A1	1.506%		05/10/49		228	$	223,700

Series 2016-GC37, Class A1	1.635		04/10/49		66		64,481

Series 2016-P5, Class A1	1.410		10/10/49		95		93,206

Series 2017-P8, Class A1	2.065		09/15/50		212		206,693

COMM Mortgage Trust,

Series 2014-CR19, Class A1	1.415		08/10/47		105		104,240

Series 2014-CR20, Class A1	1.324		11/10/47		122		121,065

Series 2015-CR22, Class A1	1.569		03/10/48		224		222,600

Series 2015-CR24, Class A2	3.022		08/10/48		250		249,709

Series 2015-LC19, Class A1	1.399		02/10/48		213		211,513

Series 2016-DC2, Class A1	1.820		02/10/49		520		512,056

Series 2017-COR2, Class A1	2.111		09/10/50		220		214,287

Commercial Mortgage Pass Through Certificates, Series 2016-CR28, Class A1	1.770		02/10/49		431		425,417

CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A1	1.717		08/15/48		326		322,155

DBJPM Mortgage Trust, Series 2016-C3, Class A1	1.502		08/10/49		229		224,156

GS Mortgage Securities Trust,

Series 2013-GCJ14, Class A3	3.526		08/10/46		109		109,012

Series 2014-GC24, Class A1	1.509		09/10/47		65		64,796

JP Morgan Chase Commercial Mortgage Securities Trust,

Series 2012-CIBX, Class A3	3.139		06/15/45		113		112,453

Series 2016-JP2, Class A1	1.324		08/15/49		64		62,769

JPMBB Commercial Mortgage Securities Trust,

Series 2015-C31, Class A1	1.666		08/15/48		212		209,940

Series 2016-C1, Class A1	1.695		03/15/49		137		136,020

JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A1	2.086		03/15/50		240		235,768

JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A1	2.081		10/15/50		212		206,629

Morgan Stanley Bank of America Merrill Lynch Trust,

Series 2014-C14, Class A3	3.669		02/15/47		205		205,788

Series 2015-C21, Class A1	1.548		03/15/48		55		54,526

Morgan Stanley Capital I Trust,

Series 2015-MS1, Class A1	1.638		05/15/48		467		461,635

Series 2016-BNK2, Class A1	1.424		11/15/49		130		126,986

Series 2016-UBS9, Class A1	1.711		03/15/49		145		142,738

UBS Commercial Mortgage Trust,

Series 2017-C5, Class A1	2.139		11/15/50		356		348,491

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES 10.0% (Continued)

Series 2018-C11, Class A1		3.211		06/15/51		95		94,851

Wells Fargo Commercial Mortgage Trust,

Series 2015-LC20, Class A1		1.471%		04/15/50		162		$161,052

Series 2015-LC22, Class A1		1.639		09/15/58		350		345,902

Series 2015-NXS4, Class A1		1.889		12/15/48		116		114,484

Series 2016-BNK1, Class A1		1.321		08/15/49		141		137,542

Series 2016-C32, Class A1		1.577		01/15/59		401		394,895

Series 2016-C33, Class A1		1.775		03/15/59		681		672,498

Series 2016-C35, Class A1		1.392		07/15/48		713		698,791

Series 2016-C37, Class A1		1.944		12/15/49		598		587,702

Series 2016-LC24, Class A1		1.441		10/15/49		110		109,289

Series 2016-NXS6, Class A1		1.417		11/15/49		92		89,478

Series 2017-RB1, Class A1		2.056		03/15/50		96		94,494

Series 2017-RC1, Class A1		2.012		01/15/60		239		234,700


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $11,880,420)								11,884,811


CORPORATE BONDS 49.7%

Aerospace & Defense 0.9%
General Dynamics Corp., Gtd. Notes, 3 Month LIBOR + 0.290%		2.908 (c)		05/11/20		350		350,488

Northrop Grumman Corp., Sr. Unsec’d. Notes		2.080		10/15/20		768		750,133

								1,100,621

Agriculture 0.5%

Philip Morris International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.420%		3.066 (c)		02/21/20		600		601,825

Auto Manufacturers 4.8%

American Honda Finance Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.290%		2.612 (c)		12/10/21		750		745,934

BMW US Capital LLC,

Gtd. Notes, 144A, 3 Month LIBOR + 0.370%		2.984 (c)		08/14/20		250		249,608

Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.835 (c)		04/12/21		893		888,089

Daimler Finance North America LLC,

Gtd. Notes, 144A, 3 Month LIBOR + 0.390%		2.972 (c)		05/04/20		150		149,781

Gtd. Notes, 144A, 3 Month LIBOR + 0.530%		3.112 (c)		05/05/20		360		359,486

Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.830%		3.164 (c)		03/12/19		350		349,774

Harley-Davidson Financial Services, Inc.,

Gtd. Notes, 144A		2.250		01/15/19		250		249,793

Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.500%		3.146 (c)		05/21/20		350		350,320

Nissan Motor Acceptance Corp.,

Sr. Unsec’d. Notes, 144A		2.000		03/08/19		430		428,785

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 49.7% (Continued)

Auto Manufacturers 4.8% (cont’d.)


Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.390%	2.826 (c)		07/13/20		410		409,305

Toyota Motor Finance Netherlands BV (Netherlands), Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.250%	2.584% (c)		12/12/19		500		$500,265

Volkswagen Group of America Finance LLC, Gtd. Notes, 144A, 3 Month LIBOR + 0.770%	3.388 (c)		11/13/20		1,000		997,616

							5,678,756

Banks 10.9%

ABN AMRO Bank NV (Netherlands), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.570%	3.261 (c)		08/27/21		500		499,595

Australia & New Zealand Banking Group Ltd. (Australia), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.320%	2.921 (c)		11/09/20		450		449,536

Bangkok Bank PCL (Thailand), Sr. Unsec’d. Notes	4.800		10/18/20		300		305,790

Bank of America Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 1.040%	3.476 (c)		01/15/19		435		435,375

Bank of China Ltd. (China), Sr. Unsec’d. Notes, EMTN	2.875		06/30/20		250		246,971

Bank of Montreal (Canada),

Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.340%	2.776 (c)		07/13/20		250		249,852

Sr. Unsec’d. Notes, 3 Month LIBOR + 0.460%	2.896 (c)		04/13/21		275		274,862

BB&T Corp.,

Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.570%	2.904 (c)		06/15/20		200		200,184

Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.715%	3.151 (c)		01/15/20		160		160,491

Capital One NA, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.765%	3.099 (c)		09/13/19		250		250,706

Citibank NA, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.260%	2.597 (c)		09/18/19		350		349,430

Commonwealth Bank of Australia (Australia), Sr. Unsec’d. Notes,	2.050		03/15/19		400		399,127

Fifth Third Bank, Sr. Unsec’d. Notes, BKNT	2.375		04/25/19		400		398,968

Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 1.020%	3.497 (c)		10/23/19		400		402,445

Industrial & Commercial Bank of China Ltd. (China), Sr. Unsec’d. Notes, BKNT	2.905		11/13/20		250		245,756

Industrial Bank of Korea (South Korea), Sr. Unsec’d. Notes, 144A	2.000		04/23/20		350		344,074

JPMorgan Chase & Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.630%	3.139 (c)		01/28/19		650		650,304

KeyCorp., Sr. Unsec’d. Notes, MTN	2.300		12/13/18		1,000		999,920

Morgan Stanley,

Sr. Unsec’d. Notes, 3 Month LIBOR + 0.850%	3.337 (c)		01/24/19		149		149,127

Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.740%	3.217 (c)		07/23/19		350		351,059

PNC Bank NA,

Sr. Unsec’d. Notes, BKNT	1.950		03/04/19		400		399,013

Sr. Unsec’d. Notes, 3 Month LIBOR + 0.250%	2.719 (c)		01/22/21		500		497,011

RHB Bank Bhd (Malaysia), Sr. Unsec’d. Notes, EMTN	2.503		10/06/21		300		288,251

Royal Bank of Canada (Canada), Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.480%	2.989 (c)		07/29/19		368		368,537

Santander UK PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.660%	3.276 (c)		11/15/21		1,000		993,690

Shinhan Bank Co. Ltd. (South Korea), Sr. Unsec’d. Notes	2.250		04/15/20		500		490,915

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 49.7% (Continued)

Banks 10.9% (cont’d.)
State Street Corp., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.900%		3.540% (c)		08/18/20		127		$128,281

SunTrust Bank, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.530%		3.057 (c)		01/31/20		740		741,012

Toronto-Dominion Bank (The) (Canada), Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.280%		2.611 (c)		06/11/20		500		499,867

US Bank NA, Sr. Unsec’d. Notes, BKNT		1.400		04/26/19		400		397,600

Wells Fargo Bank NA, Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.650%		2.973% (c)		12/06/19		404		$405,410

Westpac Banking Corp. (Australia),

Sr. Unsec’d. Notes, 3 Month LIBOR + 0.560%		3.200 (c)		08/19/19		105		105,277

Sr. Unsec’d. Notes, 3 Month LIBOR + 0.710%		3.328 (c)		05/13/19		250		250,564

								12,929,000

Beverages 1.2%
Anheuser-Busch InBev Finance, Inc., Gtd. Notes		2.650		02/01/21		1,000		979,748

Keurig Dr Pepper, Inc., Gtd. Notes		2.600		01/15/19		500		499,654

								1,479,402

Biotechnology 1.3%
Amgen, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		3.253 (c)		05/22/19		415		415,581

Biogen, Inc., Sr. Unsec’d. Notes		2.900		09/15/20		500		494,197

Gilead Sciences, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.220%		2.558 (c)		03/20/19		645		645,097

								1,554,875

Building Materials 0.4%
Johnson Controls International PLC (Ireland), Sr. Unsec’d. Notes		5.000		03/30/20		500		509,028

Chemicals 1.4%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.750%		3.291 (c)		05/01/20		600		604,175

DowDuPont, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.710%		3.417 (c)		11/15/20		500		500,174

EI du Pont de Nemours & Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.530%		3.071 (c)		05/01/20		500		501,017

								1,605,366

Commercial Services 0.2%
Western Union Co. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		3.453 (c)		05/22/19		205		205,136

Computers 1.3%
HP, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.940%		3.376 (c)		01/14/19		600		600,289

IBM Credit LLC, Sr. Unsec’d. Notes, 3 Month LIBOR + 0.470%		3.177 (c)		11/30/20		1,000		1,000,386

								1,600,675

Diversified Financial Services 0.9%
American Express Credit Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.730%		3.419 (c)		05/26/20		415		417,133

BOC Aviation Ltd. (Singapore), Sr. Unsec’d. Notes, 144A		3.000		03/30/20		250		247,726

Charles Schwab Corp. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.320%		2.966 (c)		05/21/21		350		350,195

								1,015,054

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 49.7% (Continued)

Electric 1.8%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates), Sr. Unsec’d. Notes, 144A		6.250%		09/16/19		360		$367,805

Black Hills Corp., Sr. Unsec’d. Notes		2.500		01/11/19		400		399,628

CenterPoint Energy, Inc., Sr. Unsec’d. Notes		3.600		11/01/21		750		746,761

Israel Electric Corp. Ltd., (Israel), Sr. Sec’d. Notes, 144A		9.375		01/28/20		200		212,118

Southern Co (The), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.490%		3.104 (c)		02/14/20		400		398,127

								2,124,439

Electronics 1.7%
Amphenol Corp., Sr. Unsec’d. Notes		2.550		01/30/19		350		349,632

Honeywell International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.040%		2.560 (c)		10/30/19		530		529,476

Tyco Electronics Group SA (Luxembourg), Gtd. Notes, 3 Month LIBOR + 0.450%		3.188 (c)		06/05/20		1,100		1,099,571

								1,978,679

Food 2.9%
Campbell Soup Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500%		2.834 (c)		03/16/20		400		398,738

General Mills, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.540%		2.976 (c)		04/16/21		400		398,258

JM Smucker Co. (The), Sr. Unsec’d. Notes		2.200		12/06/19		287		282,916

Kellogg Co., Sr. Unsec’d. Notes		3.250		05/14/21		350		346,910

Mondelez International Holdings Netherlands BV (Netherlands), Gtd. Notes, 144A, 3 Month LIBOR + 0.610%		3.119 (c)		10/28/19		500		500,252

Sysco Corp., Gtd. Notes		1.900		04/01/19		500		498,295

Tyson Foods, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550%		3.288 (c)		06/02/20		500		500,206

Wm Wrigley Jr Co., Sr. Unsec’d. Notes, 144A		2.900		10/21/19		555		553,218

								3,478,793

Healthcare-Products 1.0%
Medtronic, Inc., Gtd. Notes, 3 Month LIBOR + 0.800%		3.134 (c)		03/15/20		750		754,924

Stryker Corp., Sr. Unsec’d. Notes		2.000		03/08/19		440		438,722

								1,193,646

Healthcare-Services 0.8%
Aetna, Inc., Sr. Unsec’d. Notes		2.200		03/15/19		500		499,022

UnitedHealth Group, Inc., Sr. Unsec’d. Notes		1.700		02/15/19		491		489,502

								988,524

Household Products/Wares 0.4%
Church & Dwight Co., Inc., Sr. Unsec’d. Notes		2.450		12/15/19		500		495,393

Insurance 3.1%
AIA Group Ltd. (Hong Kong), Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.520%		2.858 (c)		09/20/21		600		600,103

MassMutual Global Funding II, Sr. Sec’d. Notes, 144A		2.350		04/09/19		1,000		997,790

Metropolitan Life Global Funding I, Sec’d. Notes, 144A		3.450		10/09/21		750		748,297

New York Life Global Funding, Sec’d. Notes, 144A, 3 Month LIBOR + 0.320%		2.912 (c)		08/06/21		500		499,260

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 49.7% (Continued)

Insurance 3.1% (cont’d)
Principal Life Global Funding II, Sec’d. Notes, 144A, 3 Month LIBOR + 0.300%	2.674% (c)		06/26/20		400		$400,358

Protective Life Global Funding, Sec’d. Notes, 144A	2.262		04/08/20		500		492,407

							3,738,215

Internet 0.7%
eBay, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.480%	3.021 (c)		08/01/19		800		801,160

Lodging 0.7%
Marriott International, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%	3.229 (c)		12/01/20		800		799,851

Machinery-Construction & Mining 0.3%
Caterpillar Financial Services Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.450%	2.803 (c)		12/21/18		402		402,036

Machinery-Diversified 0.3%
John Deere Capital Corp., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.260%	2.587 (c)		09/10/21		400		399,175

Media 1.4%
Comcast Corp.,

Gtd. Notes	5.700		07/01/19		400		405,800

Gtd. Notes, 3 Month LIBOR + 0.330%	2.738 (c)		10/01/20		750		749,625

Walt Disney Co. (The), Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.310%	3.017 (c)		05/30/19		500		500,535

							1,655,960

Mining 0.6%
Barrick PD Australia Finance Pty Ltd. (Australia), Gtd. Notes	4.950		01/15/20		400		406,343

Glencore Funding LLC, Gtd. Notes, 144A	3.125		04/29/19		350		349,621

							755,964

Miscellaneous Manufacturer 0.8%
Siemens Financieringsmaatschappij NV (Netherlands), Gtd. Notes, 144A, 3 Month LIBOR + 0.340%	2.674 (c)		03/16/20		1,000		1,000,452

Oil & Gas 2.1%
BP Capital Markets PLC (United Kingdom), Gtd. Notes	1.768		09/19/19		327		323,150

EOG Resources, Inc.,

Sr. Unsec’d. Notes	5.625		06/01/19		450		454,876

Sr. Unsec’d. Notes	2.450		04/01/20		500		493,380

Lukoil International Finance BV (Netherlands), Gtd. Notes, 144A	7.250		11/05/19		200		205,401

Occidental Petroleum Corp., Sr. Unsec’d. Notes	4.100		02/01/21		262		265,603

Petroleos Mexicanos (Mexico), Gtd. Notes	6.000		03/05/20		350		354,743

Sinopec Group Overseas Development 2015 Ltd. (British Virgin Islands), Gtd. Notes, 144A	2.500		04/28/20		375		369,462

							2,466,615

Oil & Gas Services 0.6%
Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A	3.000		12/21/20		700		690,462

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate	Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 49.7% (Continued)

Pharmaceuticals 2.3%
AstraZeneca PLC, (United Kingdom), Sr. Unsec’d. Notes	1.950%		09/18/19		500		$494,947

Bayer US Finance II LLC, Gtd. Notes, 144A	2.125		07/15/19		405		402,351

CVS Health Corp., Sr. Unsec’d. Notes	2.250		08/12/19		350		347,630

Pfizer, Inc., Sr. Unsec’d. Notes	5.200		08/12/20		500		515,485

Takeda Pharmaceutical Co. Ltd. (Japan), Sr. Unsec’d. Notes, 144A	3.800		11/26/20		1,000		1,002,350

							2,762,763

Pipelines 1.0%
Enterprise Products Operating LLC,

Gtd. Notes	3.500		02/01/22		750		744,378

Gtd. Notes	6.500		01/31/19		400		401,856

							1,146,234

Real Estate Investment Trusts (REITs) 0.3%
AvalonBay Communities, Inc., Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.430%	2.866 (c)		01/15/21		395		394,019

Retail 0.4%
Walmart, Inc., Sr. Unsec’d. Notes	3.125		06/23/21		500		499,567

Software 0.9%
Fidelity National Information Services, Inc., Sr. Unsec’d. Notes	3.625		10/15/20		1,000		999,170

Telecommunications 0.6%
AT&T, Inc., Sr. Unsec’d. Notes	2.300		03/11/19		350		349,258

Verizon Communications, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.550%	3.203 (c)		05/22/20		351		351,758

							701,016

Transportation 0.3%
Ryder System, Inc., Sr. Unsec’d. Notes, MTN	2.500		05/11/20		382		377,173

Trucking & Leasing 0.9%
Aviation Capital Group LLC, Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 0.950%	3.673 (c)		06/01/21		1,000		1,000,237

TOTAL CORPORATE BONDS

(cost $59,254,941)							59,129,281


CERTIFICATE OF DEPOSIT 1.5%

Banks 1.5%
Bank of Nova Scotia (Canada),

3 Month LIBOR + 0.220%	2.606 (c)		12/30/19		325		325,032

3 Month LIBOR + 0.280%	2.619 (c)		09/21/20		250		249,912

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Description

Interest Rate

Maturity
Date

Principal

Amount (000)#

Value

CERTIFICATE OF DEPOSIT 1.5% (Continued)

Banks 1.5% (cont’d)

Canadian Imperial Bank of Commerce (Canada), 3 Month LIBOR + 0.320%

2.728 % (c)

07/08/19

350

$350,354

Nordea Bank AB, (Sweden), 3 Month LIBOR + 0.300%

2.616 (c)

06/05/20

500

500,586

TOTAL CERTIFICATE OF DEPOSIT

(cost $1,424,087)

1,425,884

SOVEREIGN BONDS 0.4%

Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes

6.125

03/09/21

300

317,250

Qatar Government International Bond (Qatar), Sr. Unsec’d. Notes, 144A

5.250

01/20/20

200

204,130

TOTAL SOVEREIGN BONDS

(cost $522,828)

521,380

TOTAL LONG-TERM INVESTMENTS

(cost $83,850,277)

83,735,657

Shares

SHORT-TERM INVESTMENTS 33.2%

AFFILIATED MUTUAL FUND 0.0%*

PGIM Institutional Money Market Fund(w) (cost $35)

Principal

Amount (000)#

TIME DEPOSITS 0.0%*

Brown Brothers Harriman & Co. (Cayman Islands) (cost $12,180)

1.540

12/03/18

12,180

CERTIFICATE OF DEPOSIT 7.5%

Banks 7.5%

Bank of Montreal (Canada), 1 Month LIBOR + 0.330%

2.648 (c)

08/06/19

500

500,000

BNP Paribas SA (France), 1 Month LIBOR + 0.300%

2.617 (c)

05/08/19

1,000

998,900

Canadian Imperial Bank of Commerce (Canada), 3 Month LIBOR + 0.410%

2.748 (c)

09/20/19

310

310,557

Cooperatieve Rabobank UA (Netherlands), 1 Month LIBOR + 0.290%

2.639 (c)

07/01/19

1,000

998,810

Credit Suisse AG (Switzerland),

3 Month LIBOR + 0.320%

2.728 (c)

04/09/19

350

350,109

3 Month LIBOR + 0.170%

2.566 (c)

10/01/19

300

299,949

Mizuho Bank Ltd. (Japan),

1 Month LIBOR + 0.270%

2.573 (c)

04/18/19

500

499,981

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Description

Interest Rate

Maturity
Date

Principal

Amount (000)#

Value

CERTIFICATE OF DEPOSIT 7.5% (Continued)

Banks 7.5% (cont’d)

3 Month LIBOR + 0.400%

2.641% (c)

02/11/19

500

$499,700

Natixis SA (France), 1 Month LIBOR + 0.350%

2.664 (c)

03/05/19

500

500,304

Sumitomo Mitsui Banking Corp. (Japan), 3 Month LIBOR + 0.150%

2.595 (c)

04/16/19

1,000

999,957

Svenska Handelsbanken (Sweden),

1 Month LIBOR + 0.300%

2.618 (c)

08/06/19

650

650,000

3 Month LIBOR + 0.210%

2.751 (c)

02/01/19

350

350,087

Swedbank AB (Sweden), 1 Month LIBOR + 0.290%

2.605 (c)

07/25/19

1,000

999,936

MUFG Bank, Ltd. (Japan)

2.310 (s)

12/20/18

600

599,994

US Bank NA

2.545 (s)

05/23/19

650

649,969

TOTAL CERTIFICATE OF DEPOSIT

(cost $9,210,344)

9,208,253

COMMERCIAL PAPER 25.3%

American Electric Power Co., Inc.

2.575 (s)

12/05/18

783

782,736

American Water Capital Corp.

2.562 (s)

12/10/18

500

499,648

BAT Capital Corp.

2.623 (s)

12/10/18

400

399,726

Bell Canada, Inc.

2.567 (s)

12/05/18

600

599,791

Cabot Corp.

2.625 (s)

12/13/18

1,000

999,100

CBS Corp.

2.636 (s)

12/19/18

248

247,670

Cox Enterprises, Inc.

2.621 (s)

12/03/18

1,000

999,797

DENTSPLY SIRONA, Inc.

2.566 (s)

12/20/18

650

649,088

EI du Pont de Uemours & Co.

2.535 (s)

12/17/18

250

249,703

Electric de France S.A.

3.129 (s)

03/15/19

1,000

991,542

Entergy Corp.

3.080 (s)

03/14/19

1,000

991,368

FMC Technologies, Inc.

2.566 (s)

12/18/18

500

499,371

FMC Technologies, Inc.

2.617 (s)

12/20/18

650

649,088

Ford Motor Credit Co. LLC

3.157 (s)

04/08/19

150

148,289

Glencore Funding LLC

2.668 (s)

12/18/18

250

249,679

Glencore Funding LLC

2.693 (s)

12/20/18

350

349,498

HSBC Bank PLC144A, 3 Month LIBOR + 0.190%

2.812 (c)

08/08/19

250

249,998

HSBC Bank PLC144A, 1 Month LIBOR + 0.270%

2.600 (c)

05/22/19

750

749,852

ING US Funding LLC, 1 Month LIBOR + 0.300%

2.645 (c)

07/26/19

1,000

1,000,133

Johnson Controls International PLC

2.601 (s)

12/07/18

700

699,668

Marriott International, Inc.

2.611 (s)

12/12/18

1,000

999,174

McKesson Corp.

2.596 (s)

12/05/18

250

249,917

McKesson Corp.

2.585 (s)

12/04/18

750

749,801

Mondelez International, Inc.

3.151 (s)

03/14/19

1,000

991,625

NextEra Energy Capital Holdings, Inc.

2.603 (s)

12/06/18

350

349,858

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Description

Interest Rate

Maturity
Date

Principal
Amount (000)#

Value

COMMERCIAL PAPER 25.3% (Continued)

NextEra Energy Capital Holdings, Inc.

2.611% (s)

12/20/18

400

$399,439

Nutrien Ltd.

2.653 (s)

12/05/18

250

249,903

Nutrien Ltd.

2.632 (s)

12/11/18

300

299,742

Nutrien Ltd.

2.647 (s)

12/20/18

500

499,206

PPL Electric Ulities Corp.

3.126 (s)

03/08/19

1,200

1,190,556

Royal Bank of Canada (Canada), 1 Month LIBOR + 0.320%

2.656 (c)

08/15/19

650

650,018

Sempra Energy

2.582 (s)

12/17/18

700

699,170

Southern Co Funding Corp.

2.684 (s)

12/17/18

600

599,289

Spectra Energy Partners LP

2.655 (s)

12/10/18

1,100

1,099,247

Spectra Energy Partners LP

2.551 (s)

12/03/18

455

454,909

SunCor Energy, Inc.

2.569 (s)

12/03/18

900

899,819

Telus Corp.

2.579 (s)

12/07/18

290

289,862

Telus Corp.

2.658 (s)

12/27/18

650

648,744

Toronto-Dominion Bank (The)144A, 3 Month LIBOR + 0.190%

2.822 (c)

08/09/19

700

700,005

Toyota Motor Credit Corp. (Australia)

2.758 (s)

08/09/19

500

500,003

TransCanada Pipelines Ltd.

3.029

03/14/19

1,000

991,625

UBS AG144A, 3 Month LIBOR + 0.260%

2.574 (c)

09/03/19

600

599,885

United Parcel Service, Inc.

2.755 (s)

12/24/18

370

369,370

Vectren Utility Holdings Corp.

2.592 (s)

12/10/18

714

713,512

Walgreens Boots Alliance, Inc.

3.127 (s)

03/15/19

1,200

1,189,460

Western Union Co. (The)

2.661 (s)

12/04/18

1,000

999,731

Westpac Banking Corp.144A, 3 Month LIBOR + 0.180%

2.886 (c)

11/22/19

700

700,000

TOTAL COMMERCIAL PAPER

(cost $30,088,919)

30,089,615

CORPORATE NOTES 0.4%

Banks

Bank of America Corp. (cost $500,000)

2.598

05/13/19

500

500,021

TOTAL SHORT-TERM TERM INVESTMENTS

(cost $39,811,478)

39,810,133

TOTAL INVESTMENTS 103.9%

(cost $123,661,755)

123,545,790

Liabilities in excess of other assets (3.9)%

(4,653,614)

NET ASSETS 100.0%

118,892,176

The following abbreviations are used in the quarterly schedule of portfolio holdings:

(Q) Quarterly payment frequency for swaps

(S) Semiannual payment frequency for swaps

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


144A				Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject
				to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be
				liquid.
BKTN				Bank Note
CLO				Collateralized Loan Obligation
EMTN				Euro Medium Term Note
GMTN				Global Medium Term Note
LIBOR				London Interbank Offered Rate
MTN				Medium Term Note

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

(s) Rate represents yield to maturity at purchase date.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

* A zero balance may reflect actual amounts rounding to less than 0.05%.

Interest rate swap agreements outstanding at November 30, 2018:


Notional Amount (000)#	Termination Date		Fixed Rate	Floating Rate	Value at Trade Date		Value at November 30, 2018		Unrealized Appreciation (Depreciation)
Centrally cleared swap agreements:

3,050		10/9/19	2.545%(S)	3 Month LIBOR(1)(Q)	$	1,289	$	7,584	$	6,295
3,050		4/10/20	2.587%(S)	3 Month LIBOR(1)(Q)		7,634		13,640		6,006
2,000		4/10/19	2.434%(S)	3 Month LIBOR(1)(Q)		152		2,267		2,115
2,600		7/18/20	2.711%(S)	3 Month LIBOR(1)(Q)		7,085		(8,290)		(15,375)
4,250		11/2/20	2.806%(S)	3 Month LIBOR(1)(Q)		16,147		12,497		(3,650)
350		05/09/21	2.855%(S)	3 Month LIBOR(1)(Q)		151		1,020		869
900		11/24/19	2.715%(S)	3 Month LIBOR(1)(Q)		510		1,747		1,237
1,500		03/11/21	2.850%(S)	3 Month LIBOR(1)(Q)		5,449		2,979		(2,470)
700		07/27/21	2.929%(S)	3 Month LIBOR(1)(Q)		152		(4,458)		(4,610)
640		02/28/20	2.742%(S)	3 Month LIBOR(1)(Q)		416		(2,790)		(3,206)
400		02/05/20	2.350%(S)	3 Month LIBOR(1)(Q)		2,944		333		(2,611)
2,200		10/04/21	3.046%(S)	3 Month LIBOR(1)(Q)		5,073		(5,364)		(10,437)
700		12/21/20	3.008%(S)	3 Month LIBOR(1)(Q)		151		(1,025)		(1,176)

					$	47,153	$	20,140	$	(27,013)

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

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

PGIM Ultra Short Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency	Securities Market Value
Citigroup Global Markets, Inc.	$177,000	$ –

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of November 30, 2018 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Asset-Backed Securities

Collateralized Loan Obligations

–

10,774,301

–

Commercial Mortgage-Backed Securities

–

11,884,811

–

Corporate Bonds

–

59,129,281

–

Certificate of Deposit

–

10,634,137

–

Sovereign Bonds

–

521,380

–

Affiliated Mutual Fund

–

Time Deposits

–

12,180

–

Commercial Paper

–

30,089,615

–

Corporate Notes

–

500,021

–

Other Financial Instruments*

Centrally Cleared Interest Rate Swap Agreements

–

(27,013)

–

Total

123,518,713

–

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

PGIM Ultra Short Bond ETF

Notes to Schedule of Investments

as of November 30, 2018 (unaudited)

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy in accordance with the Financial Accounting Standards Board Accounting Standard Codification Topic 820 - Fair Value Measurements and Disclosures.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or

PGIM Ultra Short Bond ETF

Notes to Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

The Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above.

The Fund may invest its overnight sweep cash in the PGIM Institutional Money Market Fund, each a series of the Prudential Investment Portfolios 2, registered under the Investment Company Act of 1940, as amended, and managed by PGIM Investments.

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)

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS 97.4%

ASSET-BACKED SECURITIES 4.9%

Collateralized Loan Obligations 4.9%
Adams Mill CLO Ltd. (Cayman Islands), Series 2014-1A, Class A1R, 144A, 3 Month LIBOR + 1.100%		3.536%(c)		07/15/26		234		$234,101

ICG US CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1R, 144A, 3 Month LIBOR + 1.140%		3.590 (c)		10/19/28		250		249,959

Man GLG US CLO Ltd. (Cayman Islands), Series 2018-2A, Class A1R, 144A, 3 Month LIBOR + 1.240%		3.892 (c)		10/15/28		250		250,000

Wellfleet CLO Ltd. (Cayman Islands), Series 2016-2A, Class A1R, 144A, 3 Month LIBOR + 1.140%		3.609 (c)		10/20/28		250		250,164

Zais CLO 8 Ltd. (Cayman Islands), Series 2018-1A, Class A, 144A, 3 Month LIBOR + 0.950%		3.386 (c)		04/15/29		250		248,934
TOTAL ASSET-BACKED SECURITIES

(cost $1,232,068)								1,233,158

BANK LOANS 1.9%

Infrastructure Software 1.9%
McAfee LLC,

Initial Loan (Second Lien), 1 Month LIBOR + 8.500%		10.849 (c)		09/29/25		229		230,885

Term B USD Loan, 1 Month LIBOR + 3.750%		6.099 (c)		09/30/24		247		245,899

TOTAL BANK LOANS

(cost $482,304)								476,784

CORPORATE BONDS 90.6%

Aerospace/Defense 2.6%
Bombardier, Inc. (Canada),

Sr. Unsec’d. Notes, 144A		7.500		12/01/24		375		356,719

Sr. Unsec’d. Notes, 144A		8.750		12/01/21		75		77,343

TransDigm, Inc.,

Gtd. Notes		6.375		06/15/26		125		122,018

Gtd. Notes		6.500		05/15/25		100		99,625

								655,705

Agriculture 0.3%
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125		02/01/25		75		67,125

Auto Manufacturers 1%
Allison Transmission, Inc., Sr. Unsec’d. Notes, 144A		4.750		10/01/27		75		67,500

Ford Motor Co., Sr. Unsec’d. Notes		5.291		12/08/46		25		20,084

General Motors Co., Sr. Unsec’d. Notes		5.000		10/01/28		25		23,447

JB Poindexter & Co., Inc., Sr. Unsec’d. Notes, 144A		7.125		04/15/26		25		23,813

Navistar International Corp., Gtd. Notes, 144A		6.625		11/01/25		125		123,595

								258,439

Auto Parts & Equipment 1.0%
American Axle & Manufacturing, Inc., Gtd. Notes		6.250		03/15/26		100		90,750

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Auto Parts & Equipment 1.0% (cont’d.)
Cooper-Standard Automotive, Inc., Gtd. Notes, 144A		5.625%		11/15/26		50		$45,750

Dana Financing Luxembourg Sarl (Luxembourg), Gtd. Notes, 144A		6.500		06/01/26		75		72,937

Titan International, Inc., Sr. Sec’d. Notes		6.500		11/30/23		50		46,125

								255,562

Banks 0.3%
CIT Group, Inc., Subordinated		6.125		03/09/28		75		76,875

Beverages 0.3%
Cott Holdings, Inc., Gtd. Notes, 144A		5.500		04/01/25		75		72,375

Building Materials 1.9%
Griffon Corp., Gtd. Notes		5.250		03/01/22		175		163,406

Masonite International Corp. (Canada), Gtd. Notes, 144A		5.750		09/15/26		75		70,781

Standard Industries, Inc., Sr. Unsec’d. Notes, 144A		4.750		01/15/28		125		109,375

Summit Materials LLC/Summit Materials Finance Corp., Gtd. Notes, 144A		5.125		06/01/25		75		68,063

U.S. Concrete, Inc., Gtd. Notes		6.375		06/01/24		75		71,063

								482,688

Chemicals 6.2%
Alpha 2 BV (Netherlands), Sr. Unsec’d. Notes, Cash coupon 8.750% or PIK 9.500%, 144A		8.750		06/01/23		200		194,000

Ashland LLC, Gtd. Notes		6.875		05/15/43		100		99,250

Chemours Co. (The),

Gtd. Notes		5.375		05/15/27		135		121,837

Gtd. Notes		7.000		05/15/25		50		50,625

NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A		5.250		06/01/27		315		288,619

Platform Specialty Products Corp., Gtd. Notes, 144A		5.875		12/01/25		100		97,500

Rain CII Carbon LLC/CII Carbon Corp., Sec’d. Notes, 144A		7.250		04/01/25		125		115,625

Starfruit Finco BV/Starfruit US Holdco LLC (Netherlands), Sr. Unsec’d. Notes, 144A		8.000		10/01/26		300		288,000

TPC Group, Inc., Sr. Sec’d. Notes, 144A		8.750		12/15/20		100		96,500

Tronox Finance PLC (United Kingdom), Gtd. Notes, 144A		5.750		10/01/25		70		59,325

Tronox, Inc., Gtd. Notes, 144A		6.500		04/15/26		75		64,875

Venator Finance Sarl/Venator Materials LLC, Gtd. Notes, 144A		5.750		07/15/25		125		100,625

								1,576,781

Coal 0.2%
Warrior Met Coal, Inc., Sr. Sec’d. Notes, 144A		8.000		11/01/24		50		50,625

Commercial Services 4.0%
Laureate Education, Inc., Gtd. Notes, 144A		8.250		05/01/25		165		176,138

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Commercial Services 4.0% (cont’d.)
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A		5.000%		04/15/22		125		$122,238

Refinitiv US Holdings, Inc.,

Gtd. Notes, 144A		8.250		11/15/26		85		80,962

Sr. Sec’d. Notes, 144A		6.250		05/15/26		75		74,016

United Rentals North America, Inc.,

Gtd. Notes		4.875		01/15/28		400		360,750

Gtd. Notes		5.875		09/15/26		75		72,844

Verscend Escrow Corp., Sr. Unsec’d. Notes, 144A		9.750		08/15/26		125		120,313

								1,007,261

Computers 2.3%
Banff Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		9.750		09/01/26		175		164,719

Dell International LLC/EMC Corp., Gtd. Notes, 144A		7.125		06/15/24		50		52,260

Everi Payments, Inc., Gtd. Notes, 144A		7.500		12/15/25		100		97,500

NCR Corp., Gtd. Notes		6.375		12/15/23		100		98,750

West Corp., Gtd. Notes, 144A		8.500		10/15/25		200		165,000

								578,229

Distribution/Wholesale 0.2%
Global Partners LP/GLP Finance Corp., Gtd. Notes		7.000		06/15/23		25		24,625

H&E Equipment Services, Inc., Gtd. Notes		5.625		09/01/25		25		23,312

								47,937

Diversified Financial Services 2.5%
LPL Holdings, Inc., Gtd. Notes, 144A		5.750		09/15/25		100		94,750

Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		9.125		07/15/26		225		227,672

Navient Corp., Sr. Unsec’d. Notes		7.250		09/25/23		75		75,375

Springleaf Finance Corp.,

Gtd. Notes		6.875		03/15/25		75		70,594

Gtd. Notes		7.125		03/15/26		125		117,500

Travelport Corporate Finance PLC (United Kingdom), Sr. Sec’d. Notes, 144A		6.000		03/15/26		25		24,625

VFH Parent LLC/Orchestra Co.-Issuer, Inc., Sec’d. Notes, 144A		6.750		06/15/22		25		25,308

								635,824

Electric 3.3%

Calpine Corp.,

Sr. Sec’d. Notes, 144A		5.250		06/01/26		75		69,750

Sr. Unsec’d. Notes		5.750		01/15/25		450		414,000

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Electric 3.3% (cont’d.)
NRG Energy, Inc.,

Gtd. Notes		5.750%		01/15/28		125		$121,875

Gtd. Notes		6.625		01/15/27		50		50,934

Vistra Operations Co. LLC, Gtd. Notes, 144A		5.500		09/01/26		175		172,156

								828,715

Electronics 0.3%
Sensata Technologies BV (Netherlands), Gtd. Notes, 144A		5.000		10/01/25		75		72,187

Engineering & Construction 1.0%
AECOM, Gtd. Notes		5.125		03/15/27		75		68,212

Pisces Midco, Inc., Gtd. Notes, 144A		8.000		04/15/26		75		71,250

StandardAero Aviation Holdings, Inc., Gtd. Notes, 144A		10.000		07/15/23		25		26,750

TopBuild Corp., Gtd. Notes, 144A		5.625		05/01/26		100		92,750

								258,962

Entertainment 4.2%
AMC Entertainment Holdings, Inc., Gtd. Notes		5.875		11/15/26		125		111,250

Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250		10/15/25		200		183,500

Churchill Downs, Inc., Gtd. Notes, 144A		4.750		01/15/28		100		91,000

Eldorado Resorts, Inc., Gtd. Notes		6.000		04/01/25		50		48,750

Jacobs Entertainment, Inc., Sec’d. Notes, 144A		7.875		02/01/24		125		131,213

National CineMedia LLC, Sr. Sec’d. Notes		6.000		04/15/22		75		75,281

Penn National Gaming, Inc., Sr. Unsec’d. Notes, 144A		5.625		01/15/27		100		92,000

Scientific Games International, Inc.,

Gtd. Notes		6.250		09/01/20		25		24,375

Gtd. Notes		6.625		05/15/21		150		144,750

Gtd. Notes		10.000		12/01/22		100		103,615

Sr. Sec’d. Notes, 144A		5.000		10/15/25		75		70,211

								1,075,945

Environmental Control 0.1%
Advanced Disposal Services, Inc., Gtd. Notes, 144A		5.625		11/15/24		25		24,437

Food 2.2%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, Gtd. Notes		5.750		03/15/25		75		66,937

B&G Foods, Inc., Gtd. Notes		5.250		04/01/25		75		70,882

JBS USA LUX SA/JBS USA Finance, Inc., Gtd. Notes, 144A		5.750		06/15/25		225		217,688

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS - 90.6% (Continued)

Food 2.2% (cont’d.)
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.875%		09/30/27		150		$142,125

Post Holdings, Inc., Gtd. Notes, 144A		5.625		01/15/28		75		69,563

								567,195

Gas 0.6%
AmeriGas Partners LP/AmeriGas Finance Corp.,

Sr. Unsec’d. Notes		5.500		05/20/25		125		115,469

Sr. Unsec’d. Notes		5.750		05/20/27		50		45,172

								160,641

Healthcare-Products 0.2%
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, (Luxembourg), Gtd. Notes, 144A		5.500		04/15/25		75		59,438

Healthcare-Services 3.9%
Acadia Healthcare Co., Inc., Gtd. Notes		6.500		03/01/24		100		98,000

CHS/Community Health Systems, Inc., Sr. Sec’d. Notes		6.250		03/31/23		100		92,750

DaVita, Inc., Gtd. Notes		5.000		05/01/25		25		23,437

Hadrian Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500		05/01/26		75		69,562

HCA, Inc., Gtd. Notes		5.375		09/01/26		125		123,750

MEDNAX, Inc., Sr. Unsec’d. Notes, 144A		6.250		01/15/27		100		99,600

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., Gtd. Notes, 144A		9.750		12/01/26		75		74,719

Surgery Center Holdings, Inc., Gtd. Notes, 144A		6.750		07/01/25		75		69,469

Tenet Healthcare Corp.,

Sr. Unsec’d. Notes		7.000		08/01/25		150		146,250

Sr. Unsec’d. Notes		8.125		04/01/22		175		182,000

								979,537

Home Builders 3.9%
Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec’d. Notes, 144A		6.750		08/01/25		100		90,000

Beazer Homes USA, Inc.,

Gtd. Notes		6.750		03/15/25		75		66,000

Gtd. Notes		5.875		10/15/27		25		20,500

Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.375		05/15/25		50		45,875

KB Home, Gtd. Notes		7.000		12/15/21		75		77,438

Lennar Corp., Gtd. Notes		4.750		05/30/25		100		94,875

Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A		6.500		10/01/25		125		117,344

Meritage Homes Corp., Gtd. Notes		5.125		06/06/27		125		110,000

New Home Co., Inc. (The), Gtd. Notes		7.250		04/01/22		50		48,500

PulteGroup, Inc., Gtd. Notes		5.000		01/15/27		75		69,656

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Home Builders 3.9% (cont’d.)
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.625%		03/01/24		125		$120,000

William Lyon Homes, Inc., Gtd. Notes		5.875		01/31/25		150		127,875

								988,063

Home Furnishings 0.5%
Tempur Sealy International, Inc., Gtd. Notes		5.500		06/15/26		125		117,813

Household Products/Wares 0.2%
Spectrum Brands, Inc., Gtd. Notes		5.750		07/15/25		50		47,313

Housewares 0.3%
Scotts Miracle-Gro Co. (The), Gtd. Notes		5.250		12/15/26		75		70,125

Internet 0.5%
Zayo Group LLC/Zayo Capital, Inc.,

Gtd. Notes		6.375		05/15/25		75		73,594

Gtd. Notes, 144A		5.750		01/15/27		65		62,075

								135,669

Iron/Steel 1.1%
AK Steel Corp., Gtd. Notes		7.000		03/15/27		100		83,000

Cleveland-Cliffs, Inc., Gtd. Notes		5.750		03/01/25		130		119,600

United States Steel Corp., Sr. Unsec’d. Notes		6.250		03/15/26		75		68,578

								271,178

Lodging 1.2%
Boyd Gaming Corp., Gtd. Notes		6.000		08/15/26		50		48,375

Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sec’d. Notes, 144A		10.250		11/15/22		100		108,000

MGM Resorts International,

Gtd. Notes		5.750		06/15/25		50		49,188

Gtd. Notes		6.000		03/15/23		100		101,625

								307,188

Machinery-Diversified 0.5%
ATS Automation Tooling Systems, Inc. (Canada), Gtd. Notes, 144A		6.500		06/15/23		50		51,125

Cloud Crane LLC, Sec’d. Notes, 144A		10.125		08/01/24		75		79,897

								131,022

Media 11.3%
Altice France SA (France), Sr. Sec’d. Notes, 144A		8.125		02/01/27		200		196,000

AMC Networks, Inc., Gtd. Notes		4.750		08/01/25		50		46,502

CCO Holdings LLC/CCO Holdings Capital Corp.,

Sr. Unsec’d. Notes, 144A		5.000		02/01/28		200		186,250

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Media 11.3% (cont’d.)
Sr. Unsec’d. Notes, 144A		5.875%		05/01/27		125		$122,500

Clear Channel Worldwide Holdings, Inc.,

Gtd. Notes		6.500		11/15/22		225		227,110

Gtd. Notes		7.625		03/15/20		250		249,375

CSC Holdings LLC, Sr. Unsec’d. Notes, 144A		7.500		04/01/28		200		205,996

DISH DBS Corp., Gtd. Notes		7.750		07/01/26		425		376,125

Gray Escrow, Inc., Sr. Unsec’d. Notes, 144A		7.000		05/15/27		50		50,755

Gray Television, Inc., Gtd. Notes, 144A		5.875		07/15/26		100		97,250

Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsec’d. Notes		5.500		04/15/21		50		49,750

Midcontinent Communications/Midcontinent Finance Corp., Gtd. Notes, 144A		6.875		08/15/23		125		129,375

Nexstar Broadcasting, Inc., Gtd. Notes, 144A		5.625		08/01/24		125		120,625

Radiate Holdco LLC/Radiate Finance, Inc., Sr. Unsec’d. Notes, 144A		6.875		02/15/23		200		187,000

Sinclair Television Group, Inc., Gtd. Notes, 144A		5.625		08/01/24		125		119,063

TEGNA, Inc., Gtd. Notes		6.375		10/15/23		125		128,594

Tribune Media Co., Gtd. Notes		5.875		07/15/22		125		126,563

Univision Communications, Inc.,

Sr. Sec’d. Notes, 144A		5.125		05/15/23		25		23,406

Sr. Sec’d. Notes, 144A		5.125		02/15/25		125		114,015

Videotron Ltd. (Canada),

Gtd. Notes, 144A		5.375		06/15/24		50		49,875

Sr. Unsec’d. Notes, 144A		5.125		04/15/27		50		47,375

								2,853,504

Metal Fabricate/Hardware 0.8%
Novelis Corp., Gtd. Notes, 144A		5.875		09/30/26		100		93,250

Zekelman Industries, Inc., Sr. Sec’d. Notes, 144A		9.875		06/15/23		100		106,250

								199,500

Mining 2.9%
Constellium NV (Netherlands), Gtd. Notes, 144A		5.875		02/15/26		250		226,875

First Quantum Minerals Ltd. (Canada),

Gtd. Notes, 144A		6.875		03/01/26		200		171,500

Gtd. Notes, 144A		7.000		02/15/21		50		49,110

Freeport-McMoRan, Inc.,

Gtd. Notes		3.875		03/15/23		75		69,844

Gtd. Notes		4.550		11/14/24		30		27,862

IAMGOLD Corp. (Canada), Gtd. Notes, 144A		7.000		04/15/25		125		118,125

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Mining 2.9% (cont’d.)
International Wire Group, Inc., Sec’d. Notes, 144A		10.750%		08/01/21		25		$22,625

Kinross Gold Corp. (Canada), Gtd. Notes		5.950		03/15/24		50		50,125

								736,066

Miscellaneous Manufacturers 0.1%
FXI Holdings, Inc., Sr. Sec’d. Notes, 144A		7.875		11/01/24		25		22,562

Oil & Gas 8.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., Gtd. Notes		7.875		12/15/24		125		89,062

Antero Resources Corp.,

Gtd. Notes		5.000		03/01/25		125		118,750

Gtd. Notes		5.625		06/01/23		50		49,625

Ascent Resources Utica Holdings LLC/ARU Finance Corp., Sr. Unsec’d. Notes, 144A		10.000		04/01/22		100		105,750

Centennial Resource Production LLC, Gtd. Notes, 144A		5.375		01/15/26		75		70,312

Chesapeake Energy Corp., Gtd. Notes		8.000		06/15/27		200		190,000

Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750		02/15/20		225		232,312

CNX Resources Corp., Gtd. Notes		5.875		04/15/22		50		48,937

CrownRock LP/CrownRock Finance, Inc., Sr. Unsec’d. Notes, 144A		5.625		10/15/25		25		23,375

Diamond Offshore Drilling, Inc., Sr. Unsec’d. Notes		7.875		08/15/25		25		22,312

Diamondback Energy, Inc., Gtd. Notes		5.375		05/31/25		50		49,437

Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750		01/30/28		50		51,375

Ensco PLC (United Kingdom), Sr. Unsec’d. Notes		7.750		02/01/26		75		61,875

Extraction Oil & Gas, Inc.,

Gtd. Notes, 144A		5.625		02/01/26		75		58,500

Gtd. Notes, 144A		7.375		05/15/24		50		44,000

Hilcorp Energy I LP/Hilcorp Finance Co., Sr. Unsec’d. Notes, 144A		5.750		10/01/25		75		69,375

MEG Energy Corp. (Canada),

Gtd. Notes, 144A		6.375		01/30/23		150		139,875

Gtd. Notes, 144A		7.000		03/31/24		75		70,219

Nabors Industries, Inc., Gtd. Notes		5.750		02/01/25		50		40,562

Precision Drilling Corp. (Canada), Gtd. Notes, 144A		7.125		01/15/26		50		46,875

Range Resources Corp.,

Gtd. Notes		4.875		05/15/25		25		22,625

Gtd. Notes		5.000		08/15/22		50		47,375

Seven Generations Energy Ltd. (Canada), Gtd. Notes, 144A		5.375		09/30/25		25		23,250

Sunoco LP/Sunoco Finance Corp., Gtd. Notes, 144A		5.500		02/15/26		100		95,250

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Oil & Gas 8.0% (cont’d.)
Transocean Pontus Ltd. (Cayman Islands), Sr. Sec’d. Notes, 144A		6.125%		08/01/25		50		$48,750

Transocean, Inc. (Cayman Islands),

Gtd. Notes, 144A		7.250		11/01/25		85		78,625

Gtd. Notes, 144A		7.500		01/15/26		25		23,250

WPX Energy, Inc.,

Sr. Unsec’d. Notes		5.250		09/15/24		50		47,500

Sr. Unsec’d. Notes		5.750		06/01/26		75		72,000

								2,041,153

Packaging & Containers 1.0%
ARD Finance SA (Luxembourg), Sr. Sec’d. Notes, Cash coupon 7.125% or PIK 7.875%		7.125		09/15/23		200		184,000

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,

Gtd. Notes, 144A		7.000		07/15/24		50		49,875

Sr. Sec’d. Notes, 144A		5.125		07/15/23		25		24,406

								258,281

Pharmaceuticals 0.6%
Bausch Health Cos., Inc. (Canada), Gtd. Notes, 144A		6.125		04/15/25		75		70,402

NVA Holdings, Inc., Gtd. Notes, 144A		6.875		04/01/26		75		71,531

								141,933

Pipelines 1.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp., Gtd. Notes		5.375		09/15/24		25		24,380

CNX Midstream Partners LP/CNX Midstream Finance Corp., Sr. Unsec’d. Notes, 144A		6.500		03/15/26		25		24,161

NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A		7.768		12/15/37		50		57,500

Rockies Express Pipeline LLC,

Sr. Unsec’d. Notes, 144A		6.875		04/15/40		50		53,250

Sr. Unsec’d. Notes, 144A		7.500		07/15/38		100		114,000

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,

Gtd. Notes, 144A		5.500		09/15/24		50		50,125

Gtd. Notes, 144A		5.500		01/15/28		50		49,125

Targa Resources Partners LP/Targa Resources Partners Finance Corp.,

Gtd. Notes		5.125		02/01/25		50		48,250

Gtd. Notes, 144A		5.875		04/15/26		75		74,625

								495,416

Real Estate 0.9%
Five Point Operating Co. LP/Five Point Capital Corp., Gtd. Notes, 144A		7.875		11/15/25		50		49,187

Greystar Real Estate Partners LLC, Sr. Sec’d. Notes, 144A		5.750		12/01/25		100		95,000

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Real Estate 0.9% (cont’d.)
Hunt Cos., Inc., Sr. Sec’d. Notes, 144A		6.250%		02/15/26		100		$90,250

								234,437

Real Estate Investment Trusts (REITs) 0.9%
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		5.375		04/15/26		75		74,385

MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., Gtd. Notes		4.500		01/15/28		75		66,188

MPT Operating Partnership LP/MPT Finance Corp., Gtd. Notes		5.000		10/15/27		100		95,000

								235,573

Retail 4.3%
Beacon Roofing Supply, Inc., Gtd. Notes, 144A		4.875		11/01/25		100		90,750

Brinker International, Inc., Gtd. Notes, 144A		5.000		10/01/24		75		71,062

CEC Entertainment, Inc., Gtd. Notes		8.000		02/15/22		75		67,500

Ferrellgas LP/Ferrellgas Finance Corp., Gtd. Notes		6.750		06/15/23		50		42,000

Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., Sr. Unsec’d. Notes		8.625		06/15/20		100		75,000

Golden Nugget, Inc.,

Gtd. Notes, 144A		8.750		10/01/25		75		75,000

Sr. Unsec’d. Notes, 144A		6.750		10/15/24		100		98,250

L Brands, Inc.,

Gtd. Notes		5.250		02/01/28		50		44,110

Gtd. Notes		5.625		10/15/23		50		50,437

Gtd. Notes		6.875		11/01/35		100		84,688

PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875		06/01/25		75		57,188

PF Chang’s China Bistro, Inc., Gtd. Notes, 144A		10.250		06/30/20		50		47,250

Rite Aid Corp., Gtd. Notes, 144A		6.125		04/01/23		150		129,000

Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes		5.625		12/01/25		100		96,000

Suburban Propane Partners LP/Suburban Energy Finance Corp., Sr. Unsec’d. Notes		5.500		06/01/24		75		71,063

								1,099,298

Semiconductors 0.1%
Micron Technology, Inc., Sr. Unsec’d. Notes		5.500		02/01/25		25		25,094

Software 2.1%
Infor Software Parent LLC/Infor Software Parent, Inc., Sr. Unsec’d. Notes, Cash coupon 7.125% or PIK 7.875%, 144A		7.125		05/01/21		175		174,562

Infor US, Inc., Gtd. Notes		6.500		05/15/22		200		199,000

Informatica LLC, Sr. Unsec’d. Notes, 144A		7.125		07/15/23		50		50,125

RP Crown Parent LLC, Sr. Sec’d. Notes, 144A		7.375		10/15/24		110		111,513

								535,200

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS 90.6% (Continued)

Telecommunications 7.3%
CenturyLink, Inc., Sr. Unsec’d. Notes		6.450%		06/15/21		175		$178,937

CommScope Technologies LLC,

Gtd. Notes, 144A		5.000		03/15/27		90		74,138

Gtd. Notes, 144A		6.000		06/15/25		25		23,157

GTT Communications, Inc., Gtd. Notes, 144A		7.875		12/31/24		125		114,687

Intelsat Jackson Holdings SA (Luxembourg), Gtd. Notes, 144A		9.750		07/15/25		100		103,250

Level 3 Financing, Inc., Gtd. Notes		5.375		08/15/22		125		124,688

ORBCOMM, Inc., Sr. Sec’d. Notes, 144A		8.000		04/01/24		125		130,156

Sprint Capital Corp., Gtd. Notes		8.750		03/15/32		300		325,875

Sprint Communications, Inc., Gtd. Notes, 144A		7.000		03/01/20		50		51,688

Sprint Corp., Gtd. Notes		7.625		02/15/25		225		231,469

Wind Tre SpA, (Italy), Sr. Sec’d. Notes, 144A		5.000		01/20/26		400		330,900

Xplornet Communications, Inc. (Canada), Gtd. Notes, Cash coupon 9.625% or PIK 10.625%, 144A		10.625		06/01/22		150		150,000

								1,838,945

Textiles 0.6%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC (China), Sr. Sec’d. Notes, 144A		7.500		05/01/25		150		141,750

Transportation 0.2%
XPO Logistics, Inc., Gtd. Notes, 144A		6.125		09/01/23		50		50,313

Trucking & Leasing 0.8%
Park Aerospace Holdings Ltd. (Cayman Islands),

Gtd. Notes, 144A		5.250		08/15/22		125		125,000

Gtd. Notes, 144A		5.500		02/15/24		75		75,460

								200,460

TOTAL CORPORATE BONDS
(cost $23,882,223)								22,970,339

TOTAL LONG-TERM INVESTMENTS
(cost $25,596,595)								24,680,281


					Shares

SHORT-TERM INVESTMENTS 0.7%

AFFILIATED MUTUAL FUND 0.7%

PGIM Institutional Money Market Fund(w) (cost $175,639)						175,642		175,642

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Description

Interest Rate

Maturity
Date

Principal
Amount
(000)#

Value

SHORT-TERM INVESTMENTS 0.7% (Continued)

TIME DEPOSITS 0.0%*

Brown Brothers Harriman & Co. (Cayman Islands) (cost $5,208)

1.540%

12/03/18

$5,208

TOTAL SHORT-TERM TERM INVESTMENTS

(cost $180,847)

180,850

TOTAL INVESTMENTS 98.1%

(cost $25,777,442)

24,861,131

Other assets in excess of liabilities 1.9%

483,964

NET ASSETS - 100.0%

25,345,095

The following abbreviations are used in the quarterly schedule of portfolio holdings:


144A		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.
CLO		Collateralized Loan Obligation
LIBOR		London Interbank Offered Rate
PIK		Payment-in-Kind

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

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

* A zero balance may reflect actual amounts rounding to less than 0.05%.

PGIM Active High Yield Bond ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Futures contracts outstanding at November 30, 2018:


Number of contracts		Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	1	5 Year U.S. Treasury Notes	Mar. 2019	$	112,961	$	(78)
	15	10 Year U.S. Treasury Notes	Mar. 2019		1,791,797		4,484

							4,406

		Short Positions:
	2	U.S. Long Bond	Mar. 2019		279,813		(1,250)

						$	3,156

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency	Securities Market Value
Citigroup Global Markets, Inc.	$150,000	$ –

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of November 30, 2018 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Asset-Backed Securities

Collateralized Loan Obligations

–

1,233,158

–

Bank Loans

–

476,784

–

Corporate Bonds

–

22,970,339

–

Affiliated Mutual Fund

175,642

–

Time Deposits

–

5,208

–

Other Financial Instruments*

Futures contracts

3,156

–

Total

178,798

24,685,489

–

PGIM Active High Yield Bond ETF

Notes to Schedule of Investments

as of November 30, 2018 (unaudited)

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

Derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

PGIM Active High Yield Bond ETF

Notes to Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

The Fund may invest its overnight sweep cash in the PGIM Institutional Money Market Fund, a series of the Prudential Investment Portfolios 2, registered under the Investment Company Act of 1940, as amended, and managed by PGIM Investments.

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)

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited)


Description	Shares		Value

LONG-TERM INVESTMENTS 99.2%

COMMON STOCKS 99.2%

Aerospace & Defense 1.6%

General Dynamics Corp.		224		$41,415

Huntington Ingalls Industries, Inc.		185		39,868

Raytheon Co.		223		39,101

Textron, Inc.		653		36,659

United Technologies Corp.		329		40,085

				197,128

Air Freight & Logistics 0.7%

CH Robinson Worldwide, Inc.		463		42,749

FedEx Corp.		193		44,197

				86,946

Airlines 0.4%

Delta Air Lines, Inc.		821		49,843

Auto Components 0.4%

BorgWarner, Inc.		1,139		45,082

Banks 5.0%

Bank of America Corp.		1,529		43,424

BB&T Corp.		926		47,319

Citigroup, Inc.		625		40,494

Citizens Financial Group, Inc.		1,221		44,396

Fifth Third Bancorp		1,625		45,386

Huntington Bancshares, Inc.		3,054		44,558

JPMorgan Chase & Co.		401		44,587

KeyCorp		2,348		43,062

PNC Financial Services Group, Inc. (The)		349		47,387

Regions Financial Corp.		2,533		41,668

SunTrust Banks, Inc.		705		44,196

US Bancorp		855		46,563

Wells Fargo & Co.		811		44,021

Zions Bancorp NA		905		44,037

				621,098


Beverages 0.8%

Monster Beverage Corp.*		821		48,997

PepsiCo, Inc.		406		49,508

				98,505

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Biotechnology 1.4%

Amgen, Inc.		216		$44,982

Biogen, Inc.*		129		43,050

Gilead Sciences, Inc.		571		41,078

Vertex Pharmaceuticals, Inc.*		235		42,486

				171,596

Building Products 1.3%

AO Smith Corp.		896		42,452

Fortune Brands Home & Security, Inc.		891		39,026

Johnson Controls International PLC		1,283		44,623

Masco Corp.		1,348		42,718

				168,819

Capital Markets 2.7%

Affiliated Managers Group, Inc.		346		38,448

Franklin Resources, Inc.		1,473		49,920

Goldman Sachs Group, Inc. (The)		198		37,757

Invesco Ltd.		2,123		43,203

Morgan Stanley		949		42,126

Raymond James Financial, Inc.		490		39,068

State Street Corp.		530		38,701

T Rowe Price Group, Inc.		428		42,526

				331,749

Chemicals 2.9%

Air Products & Chemicals, Inc.		274		44,078

Albemarle Corp.		449		43,248

Eastman Chemical Co.		519		40,908

Ecolab, Inc.		294		47,184

LyondellBasell Industries NV (Class A Stock)		446		41,616

Mosaic Co. (The)		1,316		47,376

PPG Industries, Inc.		444		48,543

Sherwin-Williams Co. (The)		105		44,527

				357,480

Commercial Services & Supplies 0.4%

Waste Management, Inc.		483		45,281

Communications Equipment 1.4%

Cisco Systems, Inc.		951		45,524

F5 Networks, Inc.*		258		44,368

Juniper Networks, Inc.		1,526		43,811

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Communications Equipment 1.4% (cont’d.)

Motorola Solutions, Inc.		353		$46,331

				180,034

Construction & Engineering 0.3%

Jacobs Engineering Group, Inc.		586		38,483

Consumer Finance 1.3%

American Express Co.		418		46,929

Capital One Financial Corp.		476		42,688

Discover Financial Services		576		41,069

Synchrony Financial		1,444		37,515

				168,201

Containers & Packaging 1.5%

Avery Dennison Corp.		435		41,934

International Paper Co.		1,005		46,421

Packaging Corp. of America		483		47,247

Westrock Co.		1,011		47,628

				183,230

Distributors 0.4%

Genuine Parts Co.		449		46,566

Diversified Financial Services 0.7%

Berkshire Hathaway, Inc. (Class B Stock)*		208		45,394

Jefferies Financial Group, Inc.		2,031		44,377

				89,771

Diversified Telecommunication Services 0.7%

AT&T, Inc.		1,346		42,049

Verizon Communications, Inc.		811		48,903

				90,952

Electric Utilities 3.5%

American Electric Power Co., Inc.		608		47,266

Duke Energy Corp.		539		47,739

Entergy Corp.		528		45,968

Eversource Energy		704		48,111

Exelon Corp.		1,003		46,529

FirstEnergy Corp.		1,154		43,656

NextEra Energy, Inc.		255		46,336

PG&E Corp.*		894		23,584

PPL Corp.		1,413		43,224

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Electric Utilities 3.5% (cont’d.)

Xcel Energy, Inc.		903		$47,362

				439,775

Electrical Equipment 1.3%

AMETEK, Inc.		594		43,617

Eaton Corp. PLC		543		41,778

Emerson Electric Co.		593		40,039

Rockwell Automation, Inc.		253		44,108

				169,542

Electronic Equipment, Instruments & Components 1.0%

Amphenol Corp. (Class A Stock)		505		44,410

FLIR Systems, Inc.		761		34,899

TE Connectivity Ltd.		544		41,850

				121,159

Energy Equipment & Services 0.8%

Halliburton Co.		1,088		34,196

National Oilwell Varco, Inc.		1,023		32,849

Schlumberger Ltd.		730		32,923

				99,968

Entertainment 0.7%

Viacom, Inc. (Class B Stock)		1,328		40,982

Walt Disney Co. (The)		375		43,309

				84,291

Equity Real Estate Investment Trusts (REITs) 5.9%

Apartment Investment & Management Co. (Class A Stock)		1,013		47,702

AvalonBay Communities, Inc.		248		47,261

Boston Properties, Inc.		370		48,544

Crown Castle International Corp.		408		46,879

Equinix, Inc.		108		41,610

Equity Residential		678		48,308

Essex Property Trust, Inc.		179		46,989

Host Hotels & Resorts, Inc.		2,244		42,636

Kimco Realty Corp.		2,880		47,088

Mid-America Apartment Communities, Inc.		444		45,981

Prologis, Inc.		683		45,993

Regency Centers Corp.		693		44,116

SL Green Realty Corp.		470		45,317

Vornado Realty Trust		635		45,695

Welltower, Inc.		690		49,908

PGIM QMA Strategic Alpha Large-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Equity Real Estate Investment Trusts (REITs) 5.9% (cont’d.)

Weyerhaeuser Co.		1,519		$40,117

				734,144

Food & Staples Retailing 1.8%

Costco Wholesale Corp.		191		44,174

Kroger Co. (The)		1,603		47,545

Sysco Corp.		621		41,855

Walgreens Boots Alliance, Inc.		571		48,347

Walmart, Inc.		455		44,431

				226,352

Food Products 2.8%

Archer-Daniels-Midland Co.		884		40,682

Hershey Co. (The)		414		44,836

JM Smucker Co. (The)		414		43,267

Kellogg Co.		624		39,718

Kraft Heinz Co. (The)		786		40,180

McCormick & Co., Inc.		319		47,850

Mondelez International, Inc. (Class A Stock)		1,056		47,499

Tyson Foods, Inc. (Class A Stock)		703		41,442

				345,474

Health Care Equipment & Supplies 5.0%

Abbott Laboratories		614		45,467

Baxter International, Inc.		608		41,678

Becton Dickinson & Co.		179		45,242

Boston Scientific Corp.*		1,144		43,094

Danaher Corp.		415		45,459

DENTSPLY SIRONA, Inc.		1,174		44,354

Edwards Lifesciences Corp.*		296		47,955

Hologic, Inc.*		1,056		46,897

IDEXX Laboratories, Inc.*		194		39,529

Medtronic PLC		451		43,986

ResMed, Inc.		411		45,946

Stryker Corp.		249		43,690

Varian Medical Systems, Inc.*		404		49,850

Zimmer Biomet Holdings, Inc.		341		39,904

				623,051

Health Care Providers & Services 3.8%

Anthem, Inc.		158		45,831

Cardinal Health, Inc.		828		45,399

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Health Care Providers & Services 3.8% (cont’d)

Centene Corp.*		298		$42,390

Cigna Corp.		206		46,016

CVS Health Corp.		591		47,398

Henry Schein, Inc.*		513		45,760

Laboratory Corp. of America Holdings*		251		36,556

McKesson Corp.		326		40,587

Quest Diagnostics, Inc.		426		37,731

UnitedHealth Group, Inc.		160		45,018

Universal Health Services, Inc. (Class B Stock)		350		48,297

				480,983

Health Care Technology 0.3%

Cerner Corp.*		678		39,263

Hotels, Restaurants & Leisure 0.7%

Darden Restaurants, Inc.		396		43,774

Norwegian Cruise Line Holdings Ltd.*		840		43,109

				86,883

Household Durables 0.4%

PulteGroup, Inc.		1,846		48,956

Household Products 0.7%

Colgate-Palmolive Co.		696		44,210

Procter & Gamble Co. (The)		538		50,846

				95,056

Independent Power & Renewable Electricity Producers 0.7%

AES Corp.		2,839		43,976

NRG Energy, Inc.		1,158		44,502

				88,478

Industrial Conglomerates 0.7%

Honeywell International, Inc.		274		40,210

Roper Technologies, Inc.		153		45,531

				85,741

Insurance 4.9%

Aflac, Inc.		986		45,100

Allstate Corp. (The)		459		40,938

American International Group, Inc.		884		38,233

Assurant, Inc.		419		40,744

Chubb Ltd.		349		46,675

Cincinnati Financial Corp.		586		47,894

Everest Re Group Ltd.		203		45,082

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Insurance 4.9% (cont’d.)

Hartford Financial Services Group, Inc. (The)		935		$41,318

Lincoln National Corp.		676		42,568

Loews Corp.		926		44,504

MetLife, Inc.		994		44,362

Progressive Corp. (The)		620		41,100

Torchmark Corp.		514		44,415

Travelers Cos., Inc. (The)		350		45,630

				608,563

Interactive Media & Services 1.0%

Alphabet, Inc.,

(Class A Stock)*		39		43,276

(Class C Stock)*		40		43,777

Facebook, Inc. (Class A Stock)*		275		38,668

				125,721

Internet & Direct Marketing Retail 0.7%

Booking Holdings, Inc.*		25		47,297

Expedia Group, Inc.		358		43,243

				90,540

IT Services 3.3%

Accenture PLC (Class A Stock)		271		44,585

Alliance Data Systems Corp.		205		41,074

Cognizant Technology Solutions Corp. (Class A Stock)		593		42,239

DXC Technology Co.		484		30,511

Fidelity National Information Services, Inc.		416		44,907

Fiserv, Inc.*		553		43,759

International Business Machines Corp.		300		37,281

Paychex, Inc.		633		44,791

Total System Services, Inc.		456		39,841

VeriSign, Inc.*		298		46,506

				415,494

Life Sciences Tools & Services 1.8%

Agilent Technologies, Inc.		646		46,738

Mettler-Toledo International, Inc.*		76		48,386

PerkinElmer, Inc.		489		42,572

Thermo Fisher Scientific, Inc.		186		46,416

Waters Corp.*		233		46,269

				230,381

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Machinery 3.5%

Cummins, Inc.		296		$44,714

Dover Corp.		524		44,482

Flowserve Corp.		841		40,797

Ingersoll-Rand PLC		441		45,652

PACCAR, Inc.		693		43,118

Parker-Hannifin Corp.		264		45,419

Pentair PLC		1,103		47,098

Snap-on, Inc.		254		42,225

Stanley Black & Decker, Inc.		340		44,489

Xylem, Inc.		608		44,372

				442,366

Metals & Mining 0.7%

Freeport-McMoRan, Inc.		3,439		41,062

Nucor Corp.		739		44,643

				85,705

Multiline Retail 1.6%

Dollar General Corp.		393		43,619

Kohl’s Corp.		594		39,899

Macy’s, Inc.		1,301		44,520

Nordstrom, Inc.		696		36,798

Target Corp.		508		36,048

				200,884

Multi-Utilities 2.5%

Ameren Corp.		673		46,181

CenterPoint Energy, Inc.		1,571		44,004

Consolidated Edison, Inc.		573		46,041

Dominion Energy, Inc.		603		44,923

DTE Energy Co.		393		47,058

Public Service Enterprise Group, Inc.		810		45,279

WEC Energy Group, Inc.		631		45,735

				319,221

Oil, Gas & Consumable Fuels 3.7%

Apache Corp.		979		34,392

Chevron Corp.		371		44,127

ConocoPhillips		590		39,046

Exxon Mobil Corp.		536		42,612

HollyFrontier Corp.		648		40,481

Kinder Morgan, Inc.		2,434		41,548

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Oil, Gas & Consumable Fuels 3.7% (cont’d)

Marathon Petroleum Corp.		544		$35,447

Occidental Petroleum Corp.		596		41,881

ONEOK, Inc.		646		39,684

Phillips 66		396		37,034

Pioneer Natural Resources Co.		251		37,085

Valero Energy Corp.		411		32,839

				466,176

Personal Products 0.4%

Estee Lauder Cos., Inc. (The) (Class A Stock)		340		48,504

Pharmaceuticals 3.4%
Allergan PLC		233		36,488

Bristol-Myers Squibb Co.		754		40,309

Eli Lilly & Co.		393		46,626

Johnson & Johnson		319		46,861

Merck & Co., Inc.		611		48,477

Mylan NV*		1,316		44,560

Nektar Therapeutics (Class A Stock)*		864		34,897

Perrigo Co. PLC		599		37,306

Pfizer, Inc.		993		45,906

Zoetis, Inc. (Class A Stock)		475		44,588

				426,018

Professional Services 0.7%

Robert Half International, Inc.		665		41,117

Verisk Analytics, Inc. (Class A Stock)*		375		46,245

				87,362

Real Estate Management & Development 0.4%


CBRE Group, Inc. (Class A Stock)*		1,081		47,218

Road & Rail 1.0%

JB Hunt Transport Services, Inc.		383		40,736

Kansas City Southern		414		42,663

Norfolk Southern Corp.		254		43,368

				126,767

Semiconductors & Semiconductor Equipment 3.1%

Analog Devices, Inc.		509		46,787

Applied Materials, Inc.		1,254		46,749

Intel Corp.		949		46,795

KLA-Tencor Corp.		469		46,225

Micron Technology, Inc.*		1,009		38,907

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 99.2% (Continued)

Semiconductors & Semiconductor Equipment 3.1% (cont’d)

QUALCOMM, Inc.		659		$38,393

Skyworks Solutions, Inc.		491		35,730

Texas Instruments, Inc.		426		42,536

Xilinx, Inc.		553		51,141

				393,263

Software 3.4%

Adobe, Inc.*		168		42,150

ANSYS, Inc.*		275		44,555

Cadence Design Systems, Inc.*		1,081		48,688

Citrix Systems, Inc.*		419		45,658

Intuit, Inc.		204		43,764

Oracle Corp.		904		44,079

Red Hat, Inc.*		348		62,139

Symantec Corp.		2,111		46,674

Synopsys, Inc.*		489		44,959

				422,666

Specialty Retail 4.7%

Advance Auto Parts, Inc.		259		46,027

AutoZone, Inc.*		58		46,926

Best Buy Co., Inc.		583		37,656

CarMax, Inc.*		616		40,699

Foot Locker, Inc.		859		48,448

Gap, Inc. (The)		1,600		43,664

Home Depot, Inc. (The)		225		40,572

Lowe’s Cos., Inc.		411		38,786

O’Reilly Automotive, Inc.*		126		43,694

Ross Stores, Inc.		444		38,894

Tiffany & Co.		380		34,580

TJX Cos., Inc. (The)		778		38,005

Tractor Supply Co.		490		46,614

Ulta Beauty, Inc.*		154		45,860

				590,425

Technology Hardware, Storage & Peripherals 1.0%

Hewlett Packard Enterprise Co.		2,811		42,165

Seagate Technology PLC		989		42,616

Western Digital Corp.		778		35,313

				120,094

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description					Shares		Value
COMMON STOCKS 99.2% (Continued)

Textiles, Apparel & Luxury Goods 1.8%
Michael Kors Holdings Ltd.*						680		$29,750

NIKE, Inc. (Class B Stock)						563		42,293

PVH Corp.						336		37,131

Ralph Lauren Corp. (Class A Stock)						338		37,653

Tapestry, Inc.						980		38,151

VF Corp.						486		39,507

								224,485

Tobacco 0.4%
Philip Morris International, Inc.						523		45,255

Trading Companies & Distributors 0.8%
Fastenal Co.						824		48,830

WW Grainger, Inc.						156		48,990

								97,820

Water Utilities 0.4%
American Water Works Co., Inc.						484		46,178

TOTAL LONG-TERM INVESTMENTS

(cost $12,379,390)								12,400,986

	Interest Rate		Maturity Date		Principal Amount (000)#

SHORT-TERM INVESTMENT 0.6%

TIME DEPOSIT

Citibank, NA (cost $75,801)		1.540%		12/03/18		76		75,801


TOTAL INVESTMENTS 99.8%

(cost $12,455,191)								12,476,787

Other assets in excess of liabilities 0.2%								22,653

NET ASSETS 100.0%							$	12,499,440

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

* Non-income producing security.

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of November 30, 2018 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Common Stocks

Aerospace & Defense

197,128

–

Air Freight & Logistics

86,946

–

Airlines

49,843

–

Auto Components

45,082

–

Banks

621,098

–

Beverages

98,505

–

Biotechnology

171,596

–

Building Products

168,819

–

Capital Markets

331,749

–

Chemicals

357,480

–

Commercial Services & Supplies

45,281

–

Communications Equipment

180,034

–

Construction & Engineering

38,483

–

Consumer Finance

168,201

–

Containers & Packaging

183,230

–

Distributors

46,566

–

Diversified Financial Services

89,771

–

Diversified Telecommunication Services

90,952

–

Electric Utilities

439,775

–

Electrical Equipment

169,542

–

Electronic Equipment, Instruments & Components

121,159

–

Energy Equipment & Services

99,968

–

Entertainment

84,291

–

Equity Real Estate Investment Trusts (REITs)

734,144

–

Food & Staples Retailing

226,352

–

Food Products

345,474

–

Health Care Equipment & Supplies

623,051

–

Health Care Providers & Services

480,983

–

Health Care Technology

39,263

–

Hotels, Restaurants & Leisure

86,883

–

Household Durables

48,956

–

Household Products

95,056

–

Independent Power & Renewable Electricity Producers

88,478

–

Industrial Conglomerates

85,741

–

Insurance

608,563

–

Interactive Media & Services

125,721

–

Internet & Direct Marketing Retail

90,540

–

IT Services

415,494

–

PGIM QMA Strategic Alpha Large-Cap Core ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Life Sciences Tools & Services

230,381

–

Machinery

442,366

–

Metals & Mining

85,705

–

Multiline Retail

200,884

–

Multi-Utilities

319,221

–

Oil, Gas & Consumable Fuels

466,176

–

Personal Products

48,504

–

Pharmaceuticals

426,018

–

Professional Services

87,362

–

Real Estate Management & Development

47,218

–

Road & Rail

126,767

–

Semiconductors & Semiconductor Equipment

393,263

–

Software

422,666

–

Specialty Retail

590,425

–

Technology Hardware, Storage & Peripherals

120,094

–

Textiles, Apparel & Luxury Goods

224,485

–

Tobacco

45,255

–

Trading Companies & Distributors

97,820

–

Water Utilities

46,178

–

Time Deposit

–

75,801

–

Total

12,400,986

75,801

–

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited)


Description	Shares		Value

LONG-TERM INVESTMENTS 98.0%

COMMON STOCKS 98.0%
Aerospace & Defense 1.1%

Astronics Corp.*		718		$23,306

Cubic Corp.		308		18,847

Mercury Systems, Inc.*		423		21,916

Moog, Inc. (Class A Stock)		260		22,737

National Presto Industries, Inc.		156		20,043

Sparton Corp.*		1,475		21,181

Wesco Aircraft Holdings, Inc.*		1,883		17,926

				145,956

Air Freight & Logistics 0.7%

Air Transport Services Group, Inc.*		1,110		20,568

Echo Global Logistics, Inc.*		830		21,057

Forward Air Corp.		340		22,195

Hub Group, Inc. (Class A Stock)*		448		19,909

				83,729

Auto Components 0.9%

Dana, Inc.		1,450		21,039

LCI Industries		283		21,899

Modine Manufacturing Co.*		1,524		19,888

Stoneridge, Inc.*		798		21,347

Tenneco, Inc. (Class A Stock)		610		20,588

				104,761

Automobiles 0.1%

Winnebago Industries, Inc.		748		18,722

Banks 6.6%

Allegiance Bancshares, Inc.*		533		20,217

Ameris Bancorp		463		19,830

Atlantic Capital Bancshares, Inc.*		1,308		24,080

BancFirst Corp.		356		19,872

Blue Hills Bancorp, Inc.		879		20,867

Carolina Financial Corp.		614		21,097

Central Pacific Financial Corp.		739		20,722

Civista Bancshares, Inc.		983		20,948

ConnectOne Bancorp, Inc.		979		19,717

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Banks 6.6% (cont’d.)

Customers Bancorp, Inc.*		1,031		$20,115

Eagle Bancorp, Inc.*		423		24,382

Enterprise Financial Services Corp.		453		20,245

Equity Bancshares, Inc. (Class A Stock)*		564		21,302

First Financial Bankshares, Inc.		326		21,360

Glacier Bancorp, Inc.		463		21,863

Guaranty Bancorp		780		19,976

Hanmi Financial Corp.		974		21,857

HarborOne Bancorp, Inc.*		1,141		20,230

Home BancShares, Inc.		1,049		20,571

HomeTrust Bancshares, Inc.		756		19,648

Independent Bank Corp.		261		20,977

Independent Bank Group, Inc.		351		20,084

Investar Holding Corp.		808		20,305

Live Oak Bancshares, Inc.		1,085		19,432

Midland States Bancorp, Inc.		778		20,189

National Bank Holdings Corp. (Class A Stock)		585		21,780

National Commerce Corp.*		544		22,489

Old Line Bancshares, Inc.		690		20,935

Origin Bancorp, Inc.		559		20,895

Pacific Premier Bancorp, Inc.*		688		21,239

People’s Utah Bancorp		615		19,871

Preferred Bank		399		20,437

ServisFirst Bancshares, Inc.		560		22,047

Stock Yards Bancorp, Inc.		650		20,378

Tompkins Financial Corp.		275		22,487

TriCo Bancshares		559		21,494

United Community Banks, Inc.		798		20,628

Veritex Holdings, Inc.*		871		22,376

Washington Trust Bancorp, Inc.		398		20,935

West Bancorporation, Inc.		963		19,742

				837,619

Beverages 0.6%

Boston Beer Co., Inc. (The) (Class A Stock)*		68		18,669

Coca-Cola Bottling Co. Consolidated		109		23,165

Craft Brew Alliance, Inc.*		1,229		19,762

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Beverages 0.6% (cont’d.)


National Beverage Corp.		203		$17,716

				79,312


Biotechnology 7.0%


Abeona Therapeutics, Inc.*		2,664		21,845

ACADIA Pharmaceuticals, Inc.*		1,089		20,756

Acorda Therapeutics, Inc.*		1,116		22,800

Aduro Biotech, Inc.*		5,738		14,230

Akebia Therapeutics, Inc.*		2,656		21,460

Albireo Pharma, Inc.*		843		22,297

Allena Pharmaceuticals, Inc.*		2,678		25,093

Arcus Biosciences, Inc.*		1,711		19,540

Arena Pharmaceuticals, Inc.*		603		24,729

Athenex, Inc.*		1,763		23,307

Bellicum Pharmaceuticals, Inc.*		4,925		22,507

BioSpecifics Technologies Corp.*		369		22,646

Catalyst Pharmaceuticals, Inc.*		7,415		18,797

Corvus Pharmaceuticals, Inc.*		2,735		16,355

CTI BioPharma Corp.*		12,226		20,540

Eagle Pharmaceuticals, Inc.*		408		20,563

Emergent BioSolutions, Inc.*		313		22,799

Enanta Pharmaceuticals, Inc.*		268		21,210

Fennec Pharmaceuticals, Inc.*		2,896		19,403

Global Blood Therapeutics, Inc.*		531		16,748

GlycoMimetics, Inc.*		1,676		19,257

Homology Medicines, Inc.*		1,026		22,562

Jounce Therapeutics, Inc.*		4,605		19,894

Kiniksa Pharmaceuticals Ltd. (Class A Stock)*		1,121		22,667

Kura Oncology, Inc.*		1,791		22,745

MacroGenics, Inc.*		1,235		21,254

Minerva Neurosciences, Inc.*		2,434		19,253

Myriad Genetics, Inc.*		693		22,342

Ovid therapeutics, Inc.*		4,324		17,426

Palatin Technologies, Inc.*		22,206		17,974

Pfenex, Inc.*		4,068		16,842

Pieris Pharmaceuticals, Inc.*		6,243		21,164

PTC Therapeutics, Inc.*		635		22,555

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Biotechnology 7.0% (cont’d.)

REGENXBIO, Inc.*		328		$19,650

Repligen Corp.*		315		20,371

Retrophin, Inc.*		829		20,344

Rhythm Pharmaceuticals, Inc.*		746		22,029

Savara, Inc.*		2,085		18,702

Spectrum Pharmaceuticals, Inc.*		1,595		23,064

Vanda Pharmaceuticals, Inc.*		908		22,736

Veracyte, Inc.*		1,529		18,715

Xencor, Inc.*		558		23,442

Zafgen, Inc.*		1,953		9,843

				882,456

Building Products 2.0%

Advanced Drainage Systems, Inc.		766		20,889

Apogee Enterprises, Inc.		546		19,902

Builders FirstSource, Inc.*		1,626		22,000

Continental Building Products, Inc.*		713		20,378

CSW Industrials, Inc.*		393		20,817

Insteel Industries, Inc.		740		20,380

Masonite International Corp.*		376		20,180

NCI Building Systems, Inc.*		1,714		19,454

Patrick Industries, Inc.*		479		19,026

Simpson Manufacturing Co., Inc.		356		20,826

Trex Co., Inc.*		335		21,350

Universal Forest Products, Inc.		741		20,496

				245,698

Capital Markets 2.6%

Blucora, Inc.*		698		21,610

BrightSphere Investment Group PLC		1,600		21,072

Cohen & Steers, Inc.		543		20,286

Cowen, Inc. (Class A Stock)*		1,313		20,890

Diamond Hill Investment Group, Inc.		118		19,859

Donnelley Financial Solutions, Inc.*		1,214		20,225

Federated Investors, Inc. (Class B Stock)		816		21,608

Greenhill & Co., Inc.		936		22,024

Houlihan Lokey, Inc. (Class A Stock)		501		21,192

Ladenburg Thalmann Financial Services, Inc.		7,443		21,287

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Capital Markets 2.6% (cont’d.)

Moelis & Co. (Class A Stock)		501		$20,250

Piper Jaffray Cos.		289		20,626

Pzena Investment Management, Inc. (Class A Stock)		2,025		20,675

Silvercrest Asset Management Group, Inc. (Class A Stock)		1,423		19,879

Virtus Investment Partners, Inc.		200		19,000

Westwood Holdings Group, Inc.		500		19,610

				330,093

Chemicals 2.0%

AdvanSix, Inc.*		769		22,078

Balchem Corp.		228		19,768

Chase Corp.		184		20,731

Ferro Corp.*		1,075		20,747

Ingevity Corp.*		211		20,680

Innophos Holdings, Inc.		694		19,252

Kronos Worldwide, Inc.		1,585		19,606

OMNOVA Solutions, Inc.*		2,685		21,883

PolyOne Corp.		624		20,979

Quaker Chemical Corp.		104		21,449

Trinseo S.A.		423		21,374

Tronox Ltd. (Class A Stock)		1,774		18,769

				247,316

Commercial Services & Supplies 2.4%

BrightView Holdings, Inc.*		1,531		19,291

Covanta Holding Corp.		1,310		21,694

Deluxe Corp.		421		21,197

Herman Miller, Inc.		616		20,858

HNI Corp.		544		20,971

Kimball International, Inc. (Class B Stock)		1,285		19,609

Knoll, Inc.		1,071		20,745

McGrath RentCorp		393		20,998

Mobile Mini, Inc.		503		20,331

MSA Safety, Inc.		193		21,035

SP Plus Corp.*		654		19,823

Tetra Tech, Inc.		308		18,776

UniFirst Corp.		141		21,772

US Ecology, Inc.		293		20,413

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Commercial Services & Supplies 2.4% (cont’d.)

Viad Corp.		406	$	20,442

				307,955

Communications Equipment 1.6%

Aerohive Networks, Inc.*		5,200		19,032

CalAmp Corp.*		1,076		19,045

Calix, Inc.*		2,021		19,503

Casa Systems, Inc.*		1,356		21,086

Extreme Networks, Inc.*		3,281		21,589

InterDigital, Inc.		278		20,922

Lumentum Holdings, Inc.*		548		24,370

NETGEAR, Inc.*		384		21,274

Quantenna Communications, Inc.*		1,288		19,294

Viavi Solutions, Inc.*		2,083		21,122

				207,237

Construction & Engineering 1.3%

Comfort Systems USA, Inc.		361		19,010

EMCOR Group, Inc.		279		20,328

HC2 Holdings, Inc.*		4,075		12,877

MYR Group, Inc.*		650		20,345

NV5 Global, Inc.*		254		18,641

Orion Group Holdings, Inc.*		4,744		20,684

Primoris Services Corp.		876		21,155

Sterling Construction Co., Inc.*		1,579		20,322

				153,362

Construction Materials 0.2%

US Concrete, Inc.*		571		22,457

Consumer Finance 0.6%

Elevate Credit, Inc.*		4,998		24,190

Enova International, Inc.*		893		19,771

Green Dot Corp. (Class A Stock)*		258		21,502

Regional Management Corp.*		730		19,827

				85,290

Containers & Packaging 0.2%

Greif, Inc. (Class A Stock)		420		21,533

Distributors 0.1%

Core-Mark Holding Co., Inc.		718		18,869

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Diversified Consumer Services 0.5%

Career Education Corp.*		1,604		$21,638

Carriage Services, Inc. (Class A Stock)		1,204		20,516

Strategic Education, Inc.		143		19,518

				61,672

Diversified Financial Services 0.2%

Marlin Business Services Corp.		813		20,650

Diversified Telecommunication Services 0.5%

Ooma, Inc.*		1,355		20,244

ORBCOMM, Inc.*		2,148		20,363

Vonage Holdings Corp.*		1,823		19,306

				59,913


Electric Utilities 0.2%

Spark Energy, Inc. (Class A Stock)		2,225		20,225

Electrical Equipment 1.1%

Allied Motion Technologies, Inc.		444		21,006

Atkore International Group, Inc.*		1,060		21,645

AZZ, Inc.		439		20,958

EnerSys		241		21,056

Generac Holdings, Inc.*		384		21,857

Vivint Solar, Inc.*		3,641		19,916

				126,438

Electronic Equipment, Instruments & Components 1.5%

Badger Meter, Inc.		399		22,144

ePlus, Inc.*		253		20,683

II-VI, Inc.*		618		23,126

Insight Enterprises, Inc.*		454		20,239

Methode Electronics, Inc.		718		21,755

Napco Security Technologies, Inc.*		1,210		20,013

PAR Technology Corp.*		1,244		24,718

Park Electrochemical Corp.		1,151		20,499

Vishay Precision Group, Inc.*		611		20,731

				193,908

Energy Equipment & Services 0.9%

Cactus, Inc. (Class A Stock)*		588		16,981

Keane Group, Inc.*		1,693		18,826

Mammoth Energy Services, Inc.		795		20,002

Profire Energy, Inc.*		8,891		17,426

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Energy Equipment & Services 0.9% (cont’d.)

ProPetro Holding Corp.*		1,176		$19,075

TETRA Technologies, Inc.*		7,181		16,660

				108,970

Entertainment 0.4%

IMAX Corp.*		1,053		19,544

Rosetta Stone, Inc.*		1,164		19,450

World Wrestling Entertainment, Inc. (Class A Stock)		305		22,558

				61,552

Equity Real Estate Investment Trusts (REITs) 3.1%

Alexander’s, Inc.		65		20,187

Americold Realty Trust		785		21,038

Armada Hoffler Properties, Inc.		1,340		20,381

City Office REIT, Inc.		1,840		20,129

Clipper Realty, Inc.		1,468		18,937

First Industrial Realty Trust, Inc.		645		20,679

GEO Group, Inc. (The)		905		21,032

Monmouth Real Estate Investment Corp.		1,364		19,001

National Health Investors, Inc.		273		21,289

National Storage Affiliates Trust		755		21,117

Pennsylvania Real Estate Investment Trust		2,256		18,477

PS Business Parks, Inc.		150		21,153

QTS Realty Trust, Inc. (Class A Stock)		514		20,863

Ryman Hospitality Properties, Inc.		275		20,380

Saul Centers, Inc.		411		21,639

Tanger Factory Outlet Centers, Inc.		861		20,363

UMH Properties, Inc.		1,546		20,144

Universal Health Realty Income Trust		311		21,835

Urban Edge Properties		985		19,641

				388,285

Food & Staples Retailing 0.6%

BJ’s Wholesale Club Holdings, Inc.*		904		21,117

Chefs’ Warehouse, Inc. (The)*		583		22,218

PriceSmart, Inc.		304		20,335

				63,670

Food Products 0.5%

Calavo Growers, Inc.		210		20,639

John B Sanfilippo & Son, Inc.		318		19,786

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Food Products 0.5% (cont’d.)

Lancaster Colony Corp.		115		$20,737

				61,162

Gas Utilities 0.5%

Chesapeake Utilities Corp.		250		21,510

New Jersey Resources Corp.		430		20,868

South Jersey Industries, Inc.		651		20,311

				62,689

Health Care Equipment & Supplies 5.4%

Accuray, Inc.*		4,315		17,691

AtriCure, Inc.*		664		22,237

Atrion Corp.		29		22,423

Cardiovascular Systems, Inc.*		681		21,022

Cerus Corp.*		3,898		20,464

CONMED Corp.		300		20,388

CryoLife, Inc.*		694		21,042

CytoSorbents Corp.*		2,121		22,143

Endologix, Inc.*		20,139		17,142

GenMark Diagnostics, Inc.*		4,646		24,206

Globus Medical, Inc. (Class A Stock)*		398		19,219

Haemonetics Corp.*		195		20,920

Inogen, Inc.*		148		21,809

Integer Holdings Corp.*		246		21,791

iRadimed Corp.*		809		23,283

Lantheus Holdings, Inc.*		1,381		25,894

LeMaitre Vascular, Inc.		765		21,336

LivaNova PLC*		179		18,113

Meridian Bioscience, Inc.		1,051		19,906

Merit Medical Systems, Inc.*		355		22,383

Natus Medical, Inc.*		688		24,341

Neuronetics, Inc.*		933		16,645

NuVasive, Inc.*		358		22,801

Nuvectra Corp.*		1,176		23,485

OraSure Technologies, Inc.*		1,523		19,342

Orthofix Medical, Inc.*		345		20,786

Oxford Immunotec Global PLC*		1,303		19,623

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Health Care Equipment & Supplies 5.4% (cont’d.)

Quidel Corp.*		326		$19,827

STAAR Surgical Co.*		478		18,169

Surmodics, Inc.*		349		21,146

Utah Medical Products, Inc.		236		22,394

Varex Imaging Corp.*		766		20,184

Wright Medical Group NV*		696		19,460

				691,615

Health Care Providers & Services 2.2%

Addus HomeCare Corp.*		284		21,078

Amedisys, Inc.*		175		23,844

AMN Healthcare Services, Inc.*		356		22,677

BioTelemetry, Inc.*		334		23,694

Civitas Solutions, Inc.*		1,418		19,682

CorVel Corp.*		320		22,304

Ensign Group, Inc. (The)		446		20,235

HealthEquity, Inc.*		225		19,955

LHC Group, Inc.*		215		22,547

National Research Corp.		526		20,972

Providence Service Corp. (The)*		296		20,960

Select Medical Holdings Corp.*		1,065		20,640

US Physical Therapy, Inc.		176		20,942

				279,530

Health Care Technology 1.5%

Allscripts Healthcare Solutions, Inc.*		2,021		20,634

Castlight Health, Inc. (Class B Stock)*		7,608		19,857

Computer Programs & Systems, Inc.		791		21,104

HealthStream, Inc.		815		20,082

HMS Holdings Corp.*		571		20,408

Medidata Solutions, Inc.*		294		22,700

NextGen Healthcare, Inc.*		1,325		23,254

Omnicell, Inc.*		293		22,628

Simulations Plus, Inc.		994		19,701

				190,368

Hotels, Restaurants & Leisure 2.3%

Belmond Ltd. (Class A Stock)*		1,146		20,858

BJ’s Restaurants, Inc.		321		17,437

Bluegreen Vacations Corp.		1,758		24,401

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Hotels, Restaurants & Leisure 2.3% (cont’d.)

Carrols Restaurant Group, Inc.*		1,803		$19,869

Cheesecake Factory, Inc. (The)		410		19,348

Dave & Buster’s Entertainment, Inc.		355		20,185

Fiesta Restaurant Group, Inc.*		1,004		18,925

Jack in the Box, Inc.		255		22,616

Lindblad Expeditions Holdings, Inc.*		1,556		20,041

Marriott Vacations Worldwide Corp.		271		22,005

Monarch Casino & Resort, Inc.*		536		21,440

RCI Hospitality Holdings, Inc.		785		19,641

Ruth’s Hospitality Group, Inc.		741		18,132

Texas Roadhouse, Inc. (Class A Stock)		313		20,667

				285,565

Household Durables 1.8%

Hamilton Beach Brands Holding Co. (Class A Stock)		908		20,566

Helen of Troy Ltd.*		153		21,884

Hooker Furniture Corp.		691		20,820

KB Home		993		20,962

La-Z-Boy, Inc.		714		20,870

LGI Homes, Inc.*		508		23,449

Meritage Homes Corp.*		551		21,076

Taylor Morrison Home Corp. (Class A Stock)*		1,276		21,577

TopBuild Corp.*		406		20,686

William Lyon Homes (Class A Stock)*		1,703		21,168

ZAGG, Inc.*		1,915		19,246

				232,304

Household Products 0.3%

Central Garden & Pet Co.*		644		21,799

Central Garden & Pet Co. (Class A Stock)*		701		21,801

				43,600

Industrial Conglomerates 0.1%

Raven Industries, Inc.		473		19,086

Insurance 1.4%

Ambac Financial Group, Inc.*		1,108		19,368

FedNat Holding Co.		890		19,473

Global Indemnity Ltd.		608		20,830

James River Group Holdings Ltd.		576		21,923

Kemper Corp.		273		20,775

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Insurance 1.4% (cont’d.)

Kinsale Capital Group, Inc.		344		21,400

MBIA, Inc.*		2,235		20,808

National General Holdings Corp.		740		19,647

Universal Insurance Holdings, Inc.		456		20,014

				184,238

Interactive Media & Services 0.6%

Care.com, Inc.*		1,113		19,945

Cargurus, Inc. (Class A Stock)*		503		19,572

Liberty TripAdvisor Holdings, Inc. (Class A Stock)*		1,110		21,123

QuinStreet, Inc.*		1,225		19,772

				80,412

Internet & Direct Marketing Retail 1.6%

1-800-Flowers.com, Inc. (Class A Stock)*		1,583		19,803

Duluth Holdings, Inc. (Class B Stock)*		685		21,495

Groupon, Inc. (Class A Stock)*		7,010		21,521

Leaf Group Ltd.*		2,403		19,584

Liberty Expedia Holdings, Inc. (Class A Stock)*		495		20,745

Nutrisystem, Inc.		563		20,938

Overstock.com, Inc.*		1,156		22,611

PetMed Express, Inc.		756		18,212

Shutterfly, Inc.*		361		18,046

Shutterstock, Inc.		548		20,939

				203,894

IT Services 2.0%

Cass Information Systems, Inc.		309		20,397

CSG Systems International, Inc.		558		19,569

ExlService Holdings, Inc.*		353		20,460

Hackett Group, Inc. (The)		1,084		19,133

Information Services Group, Inc.*		5,034		20,891

LiveRamp Holdings, Inc.*		448		21,190

MAXIMUS, Inc.		308		21,905

NIC, Inc.		1,498		19,474

Perficient, Inc.*		816		20,653

PFSweb, Inc.*		3,075		18,911

ServiceSource International, Inc.*		14,265		18,830

TTEC Holdings, Inc.		696		20,358

Virtusa Corp.*		446		19,771

				261,542

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Leisure Products 0.9%

Callaway Golf Co.		970		$16,616

Johnson Outdoors, Inc. (Class A Stock)		285		20,321

Marine Products Corp.		904		19,653

MasterCraft Boat Holdings, Inc.*		733		18,992

Nautilus, Inc.*		1,618		20,888

Sturm Ruger & Co., Inc.		354		18,978

				115,448

Life Sciences Tools & Services 0.5%

Enzo Biochem, Inc.*		6,439		19,832

Medpace Holdings, Inc.*		355		21,978

Syneos Health, Inc. (Class A Stock)*		410		21,205

				63,015

Machinery 5.5%

Alamo Group, Inc.		235		19,460

Albany International Corp. (Class A Stock)		281		20,333

Altra Industrial Motion Corp.		625		19,719

Astec Industries, Inc.		586		20,903

Barnes Group, Inc.		360		21,618

Blue Bird Corp.*		1,078		20,622

Chart Industries, Inc.*		304		19,322

Columbus McKinnon Corp.		569		19,801

Commercial Vehicle Group, Inc.*		3,038		21,205

DMC Global, Inc.		551		20,056

EnPro Industries, Inc.		294		20,692

Federal Signal Corp.		883		20,715

Global Brass & Copper Holdings, Inc.		661		21,397

Gorman-Rupp Co. (The)		579		19,385

Hillenbrand, Inc.		428		18,965

Kadant, Inc.		203		18,489

Kennametal, Inc.		534		22,332

Lydall, Inc.*		851		18,833

Manitex International, Inc.*		2,523		18,393

Meritor, Inc.*		1,215		20,048

Milacron Holdings Corp.*		1,476		21,033

Mueller Industries, Inc.		820		19,532

Mueller Water Products, Inc. (Class A Stock)		1,879		19,786

Omega Flex, Inc.		351		19,445

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Machinery 5.5% (cont’d.)

RBC Bearings, Inc.*		131		$20,046

REV Group, Inc.		1,824		22,253

Rexnord Corp.*		720		20,383

Spartan Motors, Inc.		2,465		19,843

SPX Corp.*		696		20,588

Standex International Corp.		263		20,961

Tennant Co.		336		20,110

Wabash National Corp.		1,339		20,808

Watts Water Technologies, Inc. (Class A Stock)		279		20,579

Woodward, Inc.		255		21,338

				688,993

Marine 0.2%

Matson, Inc.		521		20,501

Media 1.0%

Central European Media Enterprises Ltd. (Class A Stock)*		6,076		19,929

Hemisphere Media Group, Inc. (Class A Stock)*		1,481		20,541

Loral Space & Communications, Inc.*		456		19,385

Nexstar Media Group, Inc. (Class A Stock)		256		21,156

Sinclair Broadcast Group, Inc. (Class A Stock)		656		20,631

Tribune Publishing Co.*		1,378		20,105

				121,747

Metals & Mining 0.6%

Cleveland-Cliffs, Inc.*		2,054		19,061

Gold Resource Corp.		5,174		19,765

Ryerson Holding Corp.*		2,348		19,230

Worthington Industries, Inc.		485		20,089

				78,145

Multiline Retail 0.4%

Big Lots, Inc.		473		20,604

Ollie’s Bargain Outlet Holdings, Inc.*		228		20,224

				40,828

Oil, Gas & Consumable Fuels 1.7%

Abraxas Petroleum Corp.*		12,226		19,928

Carrizo Oil & Gas, Inc.*		1,105		18,907

CONSOL Energy, Inc.*		509		17,489

Delek US Holdings, Inc.		540		21,487

Denbury Resources, Inc.*		7,284		16,462

Eclipse Resources Corp.*		15,801		17,697

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Oil, Gas & Consumable Fuels 1.7% (cont’d.)

Evolution Petroleum Corp.		2,171		$18,909

Goodrich Petroleum Corp.*		1,479		21,327

Laredo Petroleum, Inc.*		3,875		16,934

Penn Virginia Corp.*		320		18,608

Renewable Energy Group, Inc.*		819		22,072

				209,820

Paper & Forest Products 0.8%

Boise Cascade Co.		713		18,952

Louisiana-Pacific Corp.		870		19,888

Neenah, Inc.		286		19,700

Schweitzer-Mauduit International, Inc.		663		18,902

Verso Corp. (Class A Stock)*		778		19,621

				97,063

Personal Products 0.4%

Inter Parfums, Inc.		334		20,631

USANA Health Sciences, Inc.*		173		21,172

				41,803

Pharmaceuticals 3.4%

Aclaris Therapeutics, Inc.*		2,083		19,414

Akorn, Inc.*		3,051		20,930

Amphastar Pharmaceuticals, Inc.*		978		21,242

ANI Pharmaceuticals, Inc.*		391		21,736

Aquestive Therapeutics, Inc.*		1,235		10,609

Aratana Therapeutics, Inc.*		3,229		20,988

Assembly Biosciences, Inc.*		899		23,176

Assertio Therapeutics, Inc.*		3,818		19,033

Clearside Biomedical, Inc.*		11,943		17,556

Corcept Therapeutics, Inc.*		1,621		22,581

Cymabay Therapeutics, Inc.*		1,956		17,467

Durect Corp.*		22,550		20,042

Horizon Pharma PLC*		944		18,861

Innoviva, Inc.*		1,273		23,245

Intersect ENT, Inc.*		690		20,707

Intra-Cellular Therapies, Inc.*		1,150		16,617

Kala Pharmaceuticals, Inc.*		3,174		19,996

Odonate Therapeutics, Inc.*		1,221		19,243

Pacira Pharmaceuticals, Inc.*		425		20,540

Phibro Animal Health Corp. (Class A Stock)		574		19,459

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Pharmaceuticals 3.4% (cont’d.)

Supernus Pharmaceuticals, Inc.*		460		$21,813

Verrica Pharmaceuticals, Inc.*		1,466		17,592

				432,847

Professional Services 2.4%

ASGN, Inc.*		301		20,844

BG Staffing, Inc.		790		19,576

CRA International, Inc.		459		22,376

Exponent, Inc.		390		19,625

Forrester Research, Inc.		484		22,622

Heidrick & Struggles International, Inc.		581		21,299

ICF International, Inc.		278		19,468

Insperity, Inc.		180		18,007

Kforce, Inc.		654		20,725

Korn/Ferry International		449		21,988

Mistras Group, Inc.*		1,223		21,023

Resources Connection, Inc.		1,243		20,932

TriNet Group, Inc.*		456		20,935

TrueBlue, Inc.*		835		21,084

				290,504

Real Estate Management & Development 1.8%

Consolidated-Tomoka Land Co.		354		20,539

Cushman & Wakefield PLC*		1,246		23,201

Essential Properties Realty Trust, Inc.		1,459		20,645

FRP Holdings, Inc.*		408		19,103

HFF, Inc. (Class A Stock)		549		22,180

Kennedy-Wilson Holdings, Inc.		1,059		20,746

Marcus & Millichap, Inc.*		555		20,252

Maui Land & Pineapple Co., Inc.*		1,794		20,685

Newmark Group, Inc. (Class A Stock)		2,146		18,026

RMR Group, Inc. (The) (Class A Stock)		285		18,422

Trinity Place Holdings, Inc.*		4,084		20,134

				223,933

Road & Rail 1.2%

ArcBest Corp.		515		20,734

Heartland Express, Inc.		1,046		21,704

Marten Transport Ltd.		1,048		20,415

Saia, Inc.*		328		19,782

Universal Logistics Holdings, Inc.		793		18,532

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Road & Rail 1.2% (cont’d)

US Xpress Enterprises, Inc. (Class A Stock)*		2,760		$22,715

Werner Enterprises, Inc.		624		21,129

				145,011

Semiconductors & Semiconductor Equipment 3.2%

Advanced Energy Industries, Inc.*		491		23,097

Aquantia Corp.*		2,061		20,095

Cabot Microelectronics Corp.		204		21,926

Cirrus Logic, Inc.*		576		21,565

Cohu, Inc.		1,119		21,932

Diodes, Inc.*		621		21,629

Entegris, Inc.		798		23,461

FormFactor, Inc.*		1,463		24,125

Ichor Holdings Ltd.*		1,333		24,261

Lattice Semiconductor Corp.*		3,641		21,336

MaxLinear, Inc. (Class A Stock)*		1,128		23,011

Nanometrics, Inc.*		646		20,750

NVE Corp.		246		23,503

Semtech Corp.*		460		24,536

Silicon Laboratories, Inc.*		254		22,446

SMART Global Holdings, Inc.*		714		24,483

Synaptics, Inc.*		606		23,307

Xperi Corp.		1,509		21,277

				406,740

Software 5.0%

8x8, Inc.*		1,139		22,450

A10 Networks, Inc.*		3,308		20,840

Agilysys, Inc.*		1,255		20,695

Alarm.com Holdings, Inc.*		435		22,120

Altair Engineering, Inc. (Class A Stock)*		636		20,549

Amber Road, Inc.*		2,343		20,431

American Software, Inc. (Class A Stock)		1,728		17,971

Appfolio, Inc. (Class A Stock)*		355		21,758

Blackbaud, Inc.		295		21,609

ChannelAdvisor Corp.*		1,850		19,887

CommVault Systems, Inc.*		353		20,806

Cornerstone OnDemand, Inc.*		415		22,667

Envestnet, Inc.*		396		21,637

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Software 5.0% (cont’d.)

ForeScout Technologies, Inc.*		761		$20,661

HubSpot, Inc.*		160		22,245

Imperva, Inc.*		368		20,428

j2 Global, Inc.		285		21,036

LivePerson, Inc.*		1,009		19,040

Mitek Systems, Inc.*		2,178		20,843

MobileIron, Inc.*		4,175		20,291

Monotype Imaging Holdings, Inc.		1,155		19,924

Progress Software Corp.		636		22,362

QAD, Inc. (Class A Stock)		503		21,342

Qualys, Inc.*		285		22,447

SailPoint Technologies Holding, Inc.*		845		21,995

SPS Commerce, Inc.*		225		19,177

Telaria, Inc.*		6,205		18,615

Telenav, Inc.*		4,700		19,646

Varonis Systems, Inc.*		349		20,211

Zix Corp.*		3,098		20,633

				624,316

Specialty Retail 3.1%

American Eagle Outfitters, Inc.		969		20,281

America’s Car-Mart, Inc.*		278		20,630

Asbury Automotive Group, Inc.*		303		20,943

Boot Barn Holdings, Inc.*		816		18,474

Buckle, Inc. (The)		954		18,221

Children’s Place, Inc. (The)		144		18,668

Conn’s, Inc.*		716		19,984

Five Below, Inc.*		166		17,395

Hudson Ltd. (Class A Stock)*		1,055		21,891

Lithia Motors, Inc. (Class A Stock)		246		20,384

MarineMax, Inc.*		850		18,046

Monro, Inc.		283		23,014

Murphy USA, Inc.*		259		20,984

RTW RetailWinds, Inc.*		5,376		18,010

Sally Beauty Holdings, Inc.*		950		20,055

Sleep Number Corp.*		544		20,857

Sportsman’s Warehouse Holdings, Inc.*		4,166		18,747

Tailored Brands, Inc.		894		20,473

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.0% (Continued)

Specialty Retail 3.1% (cont’d.)

Winmark Corp.		134		$19,874

Zumiez, Inc.*		966		19,050

				395,981

Technology Hardware, Storage & Peripherals 0.4%

Avid Technology, Inc.*		3,668		23,622

Immersion Corp.*		2,281		21,647

				45,269

Textiles, Apparel & Luxury Goods 1.2%

Crocs, Inc.*		805		22,379

Deckers Outdoor Corp.*		155		20,652

Fossil Group, Inc.*		1,044		20,181

G-III Apparel Group Ltd.*		500		20,040

Oxford Industries, Inc.		230		18,490

Steven Madden Ltd.		639		20,595

Superior Group of Cos., Inc.		1,089		20,016

Wolverine World Wide, Inc.		609		21,071

				163,424

Thrifts & Mortgage Finance 2.1%

Axos Financial, Inc.*		708		22,090

BSB Bancorp, Inc.*		724		23,769

Essent Group Ltd.*		513		19,781

Federal Agricultural Mortgage Corp. (Class C Stock)		290		19,157

FS Bancorp, Inc.		441		21,106

Hingham Institution for Savings		101		22,442

Merchants Bancorp		888		21,214

Meridian Bancorp, Inc.		1,288		21,059

Meta Financial Group, Inc.		818		18,699

NMI Holdings, Inc. (Class A Stock)*		1,001		19,560

Sterling Bancorp, Inc.		2,201		18,554

Walker & Dunlop, Inc.		441		20,828

WSFS Financial Corp.		476		20,025

				268,284

Tobacco 0.1%

Vector Group Ltd.		1,461		18,409

Trading Companies & Distributors 1.7%

Applied Industrial Technologies, Inc.		311		20,287

Beacon Roofing Supply, Inc.*		766		26,703

BMC Stock Holdings, Inc.*		1,270		21,603

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description					Shares		Value

COMMON STOCKS 98.0% (Continued)

Trading Companies & Distributors 1.7% (cont’d)

DXP Enterprises, Inc.*						518		$18,767

GMS, Inc.*						1,204		22,623

Lawson Products, Inc.*						651		20,051

MRC Global, Inc.*						1,285		20,213

Rush Enterprises, Inc.,

(Class A Stock)						554		21,107

(Class B Stock)						549		21,241

Systemax, Inc.						744		20,750

								213,345
Water Utilities 1.0%

American States Water Co.						318		21,331

California Water Service Group						468		21,397

Middlesex Water Co.						414		21,462

Pure Cycle Corp.*						1,900		19,950

SJW Group						323		18,101

York Water Co. (The)						645		21,362

								123,603

Wireless Telecommunication Services 0.2%

Shenandoah Telecommunications Co.						458		22,882

TOTAL LONG-TERM INVESTMENTS

(cost $12,243,940)								12,345,564

	Interest Rate		Maturity Date		Principal Amount (000)#

SHORT-TERM INVESTMENT 1.9%

TIME DEPOSIT

BNP Paribas (France) (cost $244,551)		1.540%		12/03/18		245		244,551


TOTAL INVESTMENTS 99.9%

(cost $12,488,491)								12,590,115

Other assets in excess of liabilities 0.1%								9,440

NET ASSETS 100.0%								$ 12,599,555

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

* Non-income producing security.

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of November 30, 2018 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Common Stocks

Aerospace & Defense

145,956

–

Air Freight & Logistics

83,729

–

Auto Components

104,761

–

Automobiles

18,722

–

Banks

837,619

–

Beverages

79,312

–

Biotechnology

882,456

–

Building Products

245,698

–

Capital Markets

330,093

–

Chemicals

247,316

–

Commercial Services & Supplies

307,955

–

Communications Equipment

207,237

–

Construction & Engineering

153,362

–

Construction Materials

22,457

–

Consumer Finance

85,290

–

Containers & Packaging

21,533

–

Distributors

18,869

–

Diversified Consumer Services

61,672

–

Diversified Financial Services

20,650

–

Diversified Telecommunication Services

59,913

–

Electric Utilities

20,225

–

Electrical Equipment

126,438

–

Electronic Equipment, Instruments & Components

193,908

–

Energy Equipment & Services

108,970

–

Entertainment

61,552

–

Equity Real Estate Investment Trusts (REITs)

388,285

–

Food & Staples Retailing

63,670

–

Food Products

61,162

–

Gas Utilities

62,689

–

Health Care Equipment & Supplies

691,615

–

Health Care Providers & Services

279,530

–

Health Care Technology

190,368

–

Hotels, Restaurants & Leisure

285,565

–

Household Durables

232,304

–

Household Products

43,600

–

Industrial Conglomerates

19,086

–

Insurance

184,238

–

Interactive Media & Services

80,412

–

Internet & Direct Marketing Retail

203,894

–

PGIM QMA Strategic Alpha Small-Cap Growth ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

IT Services

261,542

–

Leisure Products

115,448

–

Life Sciences Tools & Services

63,015

–

Machinery

688,993

–

Marine

20,501

–

Media

121,747

–

Metals & Mining

78,145

–

Multiline Retail

40,828

–

Oil, Gas & Consumable Fuels

209,820

–

Paper & Forest Products

97,063

–

Personal Products

41,803

–

Pharmaceuticals

432,847

–

Professional Services

290,504

–

Real Estate Management & Development

223,933

–

Road & Rail

145,011

–

Semiconductors & Semiconductor Equipment

406,740

–

Software

624,316

–

Specialty Retail

395,981

–

Technology Hardware, Storage & Peripherals

45,269

–

Textiles, Apparel & Luxury Goods

163,424

–

Thrifts & Mortgage Finance

268,284

–

Tobacco

18,409

–

Trading Companies & Distributors

213,345

–

Water Utilities

123,603

–

Wireless Telecommunication Services

22,882

–

Time Deposit

–

244,551

–

Total

12,345,564

244,551

–

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited)


Description	Shares		Value

LONG-TERM INVESTMENTS 98.2%

COMMON STOCKS 98.2%

Aerospace & Defense 0.9%

AAR Corp.		354		$15,466

Cubic Corp.		253		15,481

Moog, Inc. (Class A Stock)		214		18,714

National Presto Industries, Inc.		129		16,574

Sparton Corp.*		1,210		17,376

Vectrus, Inc.*		699		16,937

Wesco Aircraft Holdings, Inc.*		1,545		14,708

				115,256

Air Freight & Logistics 0.3%

Atlas Air Worldwide Holdings, Inc.*		316		16,827

Hub Group, Inc. (Class A Stock)*		368		16,354

Radiant Logistics, Inc.*		2,906		15,809

				48,990

Airlines 0.2%

Hawaiian Holdings, Inc.		473		18,986

Auto Components 0.3%

Standard Motor Products, Inc.		313		16,486

Stoneridge, Inc.*		654		17,495

				33,981

Banks 19.3%

1st Constitution Bancorp		836		16,536

1st Source Corp.		356		17,216

Access National Corp.		640		16,922

ACNB Corp.		433		15,627

Allegiance Bancshares, Inc.*		438		16,613

Ames National Corp.		613		16,833

Arrow Financial Corp.		486		16,898

Atlantic Capital Bancshares, Inc.*		1,074		19,772

Banc of California, Inc.		1,006		17,303

BancFirst Corp.		293		16,355

Bancorp, Inc. (The)*		1,613		16,049

Bank of Commerce Holdings		1,340		16,214

Bank of Marin Bancorp		402		17,161

Bank of Princeton (The)		573		16,846

Bankwell Financial Group, Inc.		565		16,764

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Banks 19.3% (cont’d.)

Banner Corp.		281		$16,860

Bar Harbor Bankshares		661		17,008

Baycom Corp.*		681		15,738

BCB Bancorp, Inc.		1,423		16,663

Berkshire Hills Bancorp, Inc.		495		16,904

Blue Hills Bancorp, Inc.		721		17,117

Boston Private Financial Holdings, Inc.		1,286		16,319

Bridge Bancorp, Inc.		563		16,620

Bryn Mawr Bank Corp.		424		16,672

Byline Bancorp, Inc.*		789		16,364

C&F Financial Corp.		315		16,563

Capital City Bank Group, Inc.		675		18,171

Capstar Financial Holdings, Inc.		1,051		17,215

Carolina Financial Corp.		504		17,317

Cathay General Bancorp		441		17,450

CenterState Bank Corp.		686		17,157

Central Pacific Financial Corp.		608		17,048

Central Valley Community Bancorp		845		17,196

Chemical Financial Corp.		365		17,228

Chemung Financial Corp.		389		16,805

Civista Bancshares, Inc.		806		17,176

CNB Financial Corp.		644		17,169

Coastal Financial Corp.*		1,108		17,673

Codorus Valley Bancorp, Inc.		654		15,703

Community Bankers Trust Corp.*		1,963		16,234

Community Financial Corp. (The)		564		16,988

Community Trust Bancorp, Inc.		373		17,236

ConnectOne Bancorp, Inc.		804		16,193

County Bancorp, Inc.		814		17,420

Customers Bancorp, Inc.*		846		16,505

Eagle Bancorp, Inc.*		346		19,943

Enterprise Bancorp, Inc.		549		18,765

Enterprise Financial Services Corp.		371		16,580

Equity Bancshares, Inc. (Class A Stock)*		463		17,488

Evans Bancorp, Inc.		415		16,807

Farmers National Banc Corp.		1,235		17,315

Financial Institutions, Inc.		573		17,236

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Banks 19.3% (cont’d.)

First BanCorp		1,820		$16,471

First Bancorp, Inc.		600		17,058

First Bancorp		441		17,649

First Bancshares, Inc. (The)		469		16,518

First Bank		1,428		17,079

First Busey Corp.		601		17,243

First Business Financial Services, Inc.		840		18,018

First Community Bankshares, Inc.		491		17,072

First Financial Corp.		360		16,808

First Financial Northwest, Inc.		1,099		16,727

First Guaranty Bancshares, Inc.		748		16,591

First Internet Bancorp		675		16,774

First Merchants Corp.		409		17,194

First Midwest Bancorp, Inc.		735		17,339

First Northwest Bancorp		1,099		17,013

First of Long Island Corp. (The)		823		17,793

First Savings Financial Group, Inc.		265		15,190

First United Corp.		874		15,758

Flushing Financial Corp.		738		17,247

Franklin Financial Network, Inc.*		494		16,648

Fulton Financial Corp.		1,029		17,915

Great Southern Bancorp, Inc.		314		17,044

Great Western Bancorp, Inc.		470		17,540

Guaranty Bancorp		640		16,390

Hancock Whitney Corp.		415		16,691

Hanmi Financial Corp.		799		17,930

HarborOne Bancorp, Inc.*		938		16,631

Hilltop Holdings, Inc.		858		16,765

HomeTrust Bancshares, Inc.		621		16,140

Hope Bancorp, Inc.		1,134		17,237

Horizon Bancorp, Inc.		976		16,982

Howard Bancorp, Inc.*		1,108		17,617

IBERIABANK Corp.		226		16,893

International Bancshares Corp.		424		16,277

Lakeland Bancorp, Inc.		1,030		17,026

LCNB Corp.		1,015		16,281

MBT Financial Corp.		1,504		17,176

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Banks 19.3% (cont’d.)

Mercantile Bank Corp.		524		$16,737

Metropolitan Bank Holding Corp.*		451		16,227

Middlefield Banc Corp.		368		16,755

Midland States Bancorp, Inc.		638		16,556

MidWestOne Financial Group, Inc.		546		15,692

MVB Financial Corp.		936		17,597

National Bank Holdings Corp. (Class A Stock)		480		17,870

National Commerce Corp.*		446		18,438

Nicolet Bankshares, Inc.*		321		16,676

Northeast Bancorp		910		16,944

Northrim BanCorp, Inc.		449		16,375

OFG Bancorp		935		16,998

Ohio Valley Banc Corp.		456		16,940

Old Line Bancshares, Inc.		568		17,233

Old Second Bancorp, Inc.		1,156		16,959

Origin Bancorp, Inc.		459		17,157

Orrstown Financial Services, Inc.		781		16,104

Pacific City Financial Corp.		1,035		16,664

Pacific Mercantile Bancorp*		2,108		16,864

Pacific Premier Bancorp, Inc.*		564		17,411

Park National Corp.		181		17,309

Parke Bancorp, Inc.		851		16,160

Peapack Gladstone Financial Corp.		601		17,195

Penns Woods Bancorp, Inc.		400		17,300

Peoples Bancorp of North Carolina, Inc.		604		17,196

Peoples Bancorp, Inc.		490		17,101

Peoples Financial Services Corp.		393		16,706

Premier Financial Bancorp, Inc.		904		16,823

QCR Holdings, Inc.		454		16,730

RBB Bancorp		769		16,710

Reliant Bancorp, Inc.		766		18,016

Renasant Corp.		474		17,325

Republic Bancorp, Inc. (Class A Stock)		369		15,967

S&T Bancorp, Inc.		411		17,373

Sandy Spring Bancorp, Inc.		473		17,037

SB One Bancorp		705		17,075

Select Bancorp, Inc.*		1,390		17,570

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Banks 19.3% (cont’d.)

Shore Bancshares, Inc.		1,025		$16,400

Sierra Bancorp		600		17,040

SmartFinancial, Inc.*		814		16,809

Southern First Bancshares, Inc.*		458		17,285

Southern National Bancorp of Virginia, Inc.		1,098		17,414

Stock Yards Bancorp, Inc.		534		16,741

Summit Financial Group, Inc.		821		17,274

UMB Financial Corp.		260		17,594

United Community Banks, Inc.		655		16,932

United Security Bancshares		1,558		15,705

Unity Bancorp, Inc.		794		17,643

Univest Corp. of Pennsylvania		665		16,958

Valley National Bancorp		1,699		18,383

Veritex Holdings, Inc.*		716		18,394

Washington Trust Bancorp, Inc.		326		17,148

WesBanco, Inc.		405		17,609

				2,413,799

Biotechnology 1.9%
Acorda Therapeutics, Inc.*		916		18,714

Adverum Biotechnologies, Inc.*		4,544		16,313

AgeX Therapeutics, Inc.*		1,003		5,416

AMAG Pharmaceuticals, Inc.*		938		16,931

Ardelyx, Inc.*		5,715		15,545

BioTime, Inc.*		10,035		14,350

Calithera Biosciences, Inc.*		3,345		16,491

Catalyst Biosciences, Inc.*		1,576		16,832

Chimerix, Inc.*		5,269		17,335

Five Prime Therapeutics, Inc.*		1,501		19,273

Myriad Genetics, Inc.*		569		18,345

OPKO Health, Inc.*		4,526		16,927

PDL BioPharma, Inc.*		5,936		18,224

Spero Therapeutics, Inc.*		1,995		16,319

				227,015

Building Products 0.8%
Apogee Enterprises, Inc.		449		16,366

Armstrong Flooring, Inc.*		1,085		16,969

Gibraltar Industries, Inc.*		514		18,586

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Building Products 0.8% (cont’d.)

Griffon Corp.		1,395		$16,963

Quanex Building Products Corp.		1,089		17,195

Universal Forest Products, Inc.		609		16,845

				102,924

Capital Markets 1.8%

Arlington Asset Investment Corp. (Class A Stock)		1,998		17,163

B. Riley Financial, Inc.		945		17,171

Blucora, Inc.*		574		17,771

BrightSphere Investment Group PLC		1,314		17,305

Donnelley Financial Solutions, Inc.*		996		16,593

Federated Investors, Inc. (Class B Stock)		670		17,742

GAMCO Investors, Inc. (Class A Stock)		841		18,132

Greenhill & Co., Inc.		769		18,095

Oppenheimer Holdings, Inc. (Class A Stock)		560		15,966

Piper Jaffray Cos.		238		16,986

Stifel Financial Corp.		354		17,088

Virtus Investment Partners, Inc.		165		15,675

Waddell & Reed Financial, Inc. (Class A Stock)		861		17,530

				223,217

Chemicals 1.3%

AdvanSix, Inc.*		631		18,116

Hawkins, Inc.		435		18,157

Innophos Holdings, Inc.		570		15,812

Innospec, Inc.		229		16,886

Minerals Technologies, Inc.		303		17,053

PolyOne Corp.		513		17,247

PQ Group Holdings, Inc.*		1,114		17,100

Stepan Co.		200		16,164

Trecora Resources*		1,856		17,261

Tredegar Corp.		1,054		17,560

				171,356

Commercial Services & Supplies 2.4%

ACCO Brands Corp.		2,050		16,646

Brady Corp. (Class A Stock)		411		17,903

BrightView Holdings, Inc.*		1,256		15,826

CECO Environmental Corp.*		2,164		17,983

Ennis, Inc.		855		16,698

Heritage-Crystal Clean, Inc.*		696		19,495

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Commercial Services & Supplies 2.4% (cont’d.)

Herman Miller, Inc.		506		$17,133

Kimball International, Inc. (Class B Stock)		1,055		16,099

Knoll, Inc.		879		17,026

LSC Communications, Inc.		1,624		16,272

Matthews International Corp. (Class A Stock)		396		16,683

Multi-Color Corp.		369		16,384

PICO Holdings, Inc.*		1,563		15,239

Quad/Graphics, Inc.		1,000		16,380

SP Plus Corp.*		538		16,307

Steelcase, Inc. (Class A Stock)		1,023		16,573

Tetra Tech, Inc.		253		15,423

VSE Corp.		560		16,313

				300,383

Communications Equipment 1.4%

Applied Optoelectronics, Inc.*		859		17,687

Calix, Inc.*		1,659		16,009

Ciena Corp.*		505		16,473

Comtech Telecommunications Corp.		623		15,911

DASAN Zhone Solutions, Inc.*		1,219		15,847

Harmonic, Inc.*		2,886		16,219

Infinera Corp.*		3,705		15,969

InterDigital, Inc.		229		17,235

KVH Industries, Inc.*		1,526		17,198

NetScout Systems, Inc.*		640		17,139

Ribbon Communications, Inc.*		2,543		13,580

				179,267

Construction & Engineering 1.1%

Aegion Corp. (Class A Stock)*		866		16,541

EMCOR Group, Inc.		229		16,685

IES Holdings, Inc.*		980		17,209

Northwest Pipe Co.*		678		15,994

Orion Group Holdings, Inc.*		3,894		16,978

Primoris Services Corp.		719		17,364

Sterling Construction Co., Inc.*		1,295		16,667

Tutor Perini Corp.*		985		18,331

				135,769

Construction Materials 0.1%

United States Lime & Minerals, Inc.		226		16,878

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Consumer Finance 0.5%

EZCORP, Inc. (Class A Stock)*		1,836		$17,479

Nelnet, Inc. (Class A Stock)		318		17,315

Regional Management Corp.*		600		16,296

				51,090

Containers & Packaging 0.4%


Greif, Inc.,

(Class A Stock)		345		17,688

(Class B Stock)		330		17,421

UFP Technologies, Inc.*		484		17,564

				52,673

Distributors 0.2%

Core-Mark Holding Co., Inc.		589		15,479

Weyco Group, Inc.		504		16,692

				32,171

Diversified Consumer Services 0.4%

American Public Education, Inc.*		513		16,231

K12, Inc.*		729		17,394

Laureate Education, Inc. (Class A Stock)*		1,058		15,606

				49,231

Diversified Financial Services 0.3%

Banco Latinoamericano de Comercio Exterior SA		958		16,765

FGL Holdings*		2,178		17,446

				34,211

Diversified Telecommunication Services 0.2%

Consolidated Communications Holdings, Inc.		1,291		17,764

Electric Utilities 1.0%

ALLETE, Inc.		218		17,741

El Paso Electric Co.		289		15,996

IDACORP, Inc.		171		16,799

MGE Energy, Inc.		269		17,778

Otter Tail Corp.		354		17,318

PNM Resources, Inc.		413		17,850

Portland General Electric Co.		360		17,334

				120,816

Electrical Equipment 0.7%

AZZ, Inc.		360		17,186

Encore Wire Corp.		343		17,136

EnerSys		198		17,299

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Electrical Equipment 0.7% (cont’d.)

Powell Industries, Inc.		533		$16,294

Preformed Line Products Co.		253		16,232

				84,147

Electronic Equipment, Instruments & Components 3.1%

Anixter International, Inc.*		248		15,862

AVX Corp.		1,045		17,232

Bel Fuse, Inc. (Class B Stock)		660		14,857

Belden, Inc.		319		17,794

Benchmark Electronics, Inc.		724		17,260

CTS Corp.		618		17,928

Insight Enterprises, Inc.*		373		16,628

KEMET Corp.		876		17,940

Kimball Electronics, Inc.*		966		17,040

Knowles Corp.*		1,199		18,273

Methode Electronics, Inc.		589		17,847

MTS Systems Corp.		354		18,213

Park Electrochemical Corp.		945		16,830

PC Connection, Inc.		546		17,112

Plexus Corp.*		295		18,007

Sanmina Corp.*		683		18,468

ScanSource, Inc.*		418		15,901

SYNNEX Corp.		219		17,682

Tech Data Corp.*		231		20,778

TTM Technologies, Inc.*		1,408		16,741

Vishay Intertechnology, Inc.		929		19,370

Vishay Precision Group, Inc.*		503		17,067

				384,830

Energy Equipment & Services 1.6%

Archrock, Inc.		1,620		16,524

Basic Energy Services, Inc.*		2,371		14,890

Bristow Group, Inc.*		2,134		8,365

Diamond Offshore Drilling, Inc.*		1,223		15,410

Era Group, Inc.*		1,503		15,120

Exterran Corp.*		726		16,335

Helix Energy Solutions Group, Inc.*		2,200		18,040

KLX Energy Services Holdings, Inc.*		565		11,407

Matrix Service Co.*		803		16,413

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Energy Equipment & Services 1.6% (cont’d.)

Natural Gas Services Group, Inc.*		825		$16,277

NCS Multistage Holdings, Inc.*		2,269		16,564

SEACOR Holdings, Inc.*		351		14,581

Unit Corp.*		773		16,078

				196,004

Entertainment 0.4%

Marcus Corp. (The)		411		17,451

Reading International, Inc. (Class A Stock)*		1,119		17,087

Rosetta Stone, Inc.*		955		15,958

				50,496

Equity Real Estate Investment Trusts (REITs) 8.0%

American Assets Trust, Inc.		430		17,897

Armada Hoffler Properties, Inc.		1,100		16,731

Ashford Hospitality Trust, Inc.		3,338		16,523

Bluerock Residential Growth REIT, Inc. (Class A Stock)		1,795		16,334

Braemar Hotels & Resorts, Inc.		1,728		16,416

BRT Apartments Corp.		1,434		16,362

CatchMark Timber Trust, Inc. (Class A Stock)		1,853		15,361

CBL & Associates Properties, Inc.		5,456		14,240

Cedar Realty Trust, Inc.		4,311		15,476

Chatham Lodging Trust		849		16,972

Chesapeake Lodging Trust		573		16,944

City Office REIT, Inc.		1,510		16,520

Community Healthcare Trust, Inc.		559		17,631

CoreCivic, Inc.		743		16,309

CorEnergy Infrastructure Trust, Inc.		471		17,074

CorePoint Lodging, Inc.		1,111		15,632

Cousins Properties, Inc.		1,969		16,638

DiamondRock Hospitality Co.		1,619		17,064

First Industrial Realty Trust, Inc.		530		16,992

Franklin Street Properties Corp.		2,178		16,771

Front Yard Residential Corp.		1,993		17,957

GEO Group, Inc. (The)		744		17,291

Getty Realty Corp.		598		18,293

Gladstone Commercial Corp.		865		16,556

Global Medical REIT, Inc.		1,799		17,037

Global Net Lease, Inc.		793		16,011

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Equity Real Estate Investment Trusts (REITs) 8.0% (cont’d.)

Government Properties Income Trust		1,859		$16,359

Hersha Hospitality Trust (Class A Stock)		934		17,839

InfraREIT, Inc.		796		18,228

Investors Real Estate Trust		3,105		16,550

Kite Realty Group Trust		1,040		17,170

Lexington Realty Trust		2,004		17,595

LTC Properties, Inc.		370		17,183

Mack-Cali Realty Corp.		823		17,826

MedEquities Realty Trust, Inc.		2,045		13,988

Monmouth Real Estate Investment Corp.		1,119		15,588

National Health Investors, Inc.		224		17,468

National Storage Affiliates Trust		620		17,341

New Senior Investment Group, Inc.		3,116		16,546

NorthStar Realty Europe Corp.		1,020		16,687

One Liberty Properties, Inc.		636		16,803

Pennsylvania Real Estate Investment Trust		1,853		15,176

Piedmont Office Realty Trust, Inc. (Class A Stock)		911		16,881

PS Business Parks, Inc.		124		17,486

QTS Realty Trust, Inc. (Class A Stock)		423		17,170

RLJ Lodging Trust		844		17,167

Sabra Health Care REIT, Inc.		798		15,393

Safety Income & Growth, Inc.		914		18,042

Spirit MTA REIT		1,546		15,043

Summit Hotel Properties, Inc.		1,463		16,312

Sunstone Hotel Investors, Inc.		1,131		17,259

Tier REIT, Inc.		728		17,137

UMH Properties, Inc.		1,269		16,535

Universal Health Realty Income Trust		255		17,904

Urban Edge Properties		809		16,131

Urstadt Biddle Properties, Inc. (Class A Stock)		824		16,958

Washington Prime Group, Inc.		2		15,362

Washington Real Estate Investment Trust		591		15,933

Whitestone REIT (Class B Stock)		1,198		16,868

Xenia Hotels & Resorts, Inc.		834		16,947

				1,001,907

Food & Staples Retailing 1.4%

Andersons, Inc. (The)		516		17,059

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Food & Staples Retailing 1.4% (Cont’d.)

BJ’s Wholesale Club Holdings, Inc.*		743		$17,356

Ingles Markets, Inc. (Class A Stock)		511		14,865

Natural Grocers by Vitamin Cottage, Inc.*		1,001		18,949

Rite Aid Corp.*		12,969		14,396

Smart & Final Stores, Inc.*		3,345		21,207

SpartanNash Co.		958		17,963

United Natural Foods, Inc.*		698		15,084

Village Super Market, Inc. (Class A Stock)		621		16,947

Weis Markets, Inc.		355		16,259

				170,085

Food Products 1.0%

Alico, Inc.		509		16,822

Darling Ingredients, Inc.*		798		17,460

Fresh Del Monte Produce, Inc.		531		17,868

Hostess Brands, Inc. (Class A Stock)*		1,508		17,568

Lancaster Colony Corp.		94		16,950

Landec Corp.*		1,171		18,045

Seneca Foods Corp. (Class A Stock)*		509		17,036

				121,749

Gas Utilities 0.8%

Chesapeake Utilities Corp.		205		17,638

New Jersey Resources Corp.		354		17,180

ONE Gas, Inc.		205		17,443

South Jersey Industries, Inc.		535		16,692

Southwest Gas Holdings, Inc.		199		15,675

Spire, Inc.		221		17,439

				102,067

Health Care Equipment & Supplies 1.9%

AngioDynamics, Inc.*		799		17,171

Anika Therapeutics, Inc.*		475		16,364

Avanos Medical, Inc.*		340		16,221

CONMED Corp.		246		16,718

FONAR Corp.*		758		16,699

Integer Holdings Corp.*		203		17,982

Invacare Corp.		2,368		13,024

Lantheus Holdings, Inc.*		1,134		21,263

LivaNova PLC*		146		14,774

Meridian Bioscience, Inc.		864		16,364

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Health Care Equipment & Supplies 1.9% (cont’d.)

Orthofix Medical, Inc.*		283		$17,051

RTI Surgical, Inc.*		3,746		15,621

SeaSpine Holdings Corp.*		983		19,326

Utah Medical Products, Inc.		195		18,504

				237,082

Health Care Providers & Services 0.8%

Civitas Solutions, Inc.*		1,164		16,156

Magellan Health, Inc.*		270		14,720

National HealthCare Corp.		209		17,441

Owens & Minor, Inc.		1,826		13,932

Surgery Partners, Inc.*		1,203		17,263

Triple-S Management Corp. (Class B Stock)*		850		16,218

				95,730

Health Care Technology 0.6%

Allscripts Healthcare Solutions, Inc.*		1,659		16,938

Computer Programs & Systems, Inc.		650		17,342

HMS Holdings Corp.*		469		16,762

NextGen Healthcare, Inc.*		1,088		19,094

				70,136

Hotels, Restaurants & Leisure 1.6%

BBX Capital Corp. (Class A Stock)		2,728		18,332

Biglari Holdings, Inc.,

(Class A Stock)*		23		16,071

(Class B Stock)*		116		16,594

Carrols Restaurant Group, Inc.*		1,480		16,310

Century Casinos, Inc.*		2,411		17,986

Del Taco Restaurants, Inc.*		1,498		16,044

J Alexander’s Holdings, Inc.*		1,753		17,916

Jack in the Box, Inc.		209		18,536

Monarch Casino & Resort, Inc.*		440		17,600

RCI Hospitality Holdings, Inc.		645		16,138

Red Robin Gourmet Burgers, Inc.*		488		16,929

Speedway Motorsports, Inc.		1,041		18,093

				206,549

Household Durables 1.8%

Bassett Furniture Industries, Inc.		858		18,044

Beazer Homes USA, Inc.*		2,026		22,813

Flexsteel Industries, Inc.		679		16,853

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Household Durables 1.8% (cont’d.)

Green Brick Partners, Inc.*		1,949		$16,177

Helen of Troy Ltd.*		125		17,879

Hooker Furniture Corp.		568		17,114

KB Home		815		17,205

La-Z-Boy, Inc.		586		17,129

Lifetime Brands, Inc.		1,635		19,522

MDC Holdings, Inc.		590		17,376

Meritage Homes Corp.*		453		17,327

Taylor Morrison Home Corp. (Class A Stock)*		1,048		17,722

Tupperware Brands Corp.		461		17,500

				232,661

Household Products 0.4%

Central Garden & Pet Co.*		529		17,907

Central Garden & Pet Co. (Class A Stock)*		576		17,913

Oil-Dri Corp. of America		524		15,400

				51,220

Independent Power and Renewable Electricity Producers 0.4%

Atlantic Power Corp.*		7,878		17,253

Clearway Energy, Inc.,

(Class A Stock)		874		15,758

(Class C Stock)		859		15,685

				48,696

Insurance 3.7%

Ambac Financial Group, Inc.*		909		15,889

American Equity Investment Life Holding Co.		495		16,894

AMERISAFE, Inc.		261		16,858

Argo Group International Holdings Ltd.		258		17,884

CNO Financial Group, Inc.		883		16,159

Crawford & Co. (Class B Stock)		1,833		16,644

EMC Insurance Group, Inc.		691		22,098

Employers Holdings, Inc.		370		16,631

Enstar Group Ltd.*		96		16,912

FBL Financial Group, Inc. (Class A Stock)		236		16,598

FedNat Holding Co.		730		15,972

Genworth Financial, Inc. (Class A Stock)*		3,673		17,116

Global Indemnity Ltd.		499		17,096

Hallmark Financial Services, Inc.*		1,553		17,704

Heritage Insurance Holdings, Inc.		1,035		16,612

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Insurance 3.7% (cont’d.)

Horace Mann Educators Corp.		423		$17,038

Independence Holding Co.		438		16,859

Investors Title Co.		93		17,305

MBIA, Inc.*		1,834		17,075

National General Holdings Corp.		608		16,142

National Western Life Group, Inc. (Class A Stock)		59		18,125

NI Holdings, Inc.*		1,098		17,381

Protective Insurance Corp. (Class B Stock)		743		15,521

Safety Insurance Group, Inc.		195		17,125

State Auto Financial Corp.		516		18,060

Third Point Reinsurance Ltd.*		1,641		16,935

Tiptree, Inc.		2,979		16,325

				460,958

Internet & Direct Marketing Retail 0.3%

Lands’ End, Inc.*		943		20,020

Liberty Expedia Holdings, Inc. (Class A Stock)*		406		17,015

				37,035

IT Services 1.2%

CACI International, Inc. (Class A Stock)*		94		15,502

CSG Systems International, Inc.		458		16,062

Information Services Group, Inc.*		4,131		17,144

ManTech International Corp. (Class A Stock)		288		16,214

Perficient, Inc.*		670		16,958

Perspecta, Inc.		739		15,600

Presidio, Inc.		1,256		17,684

Sykes Enterprises, Inc.*		586		16,185

Travelport Worldwide Ltd.		1,124		17,175

				148,524

Leisure Products 0.6%

Acushnet Holdings Corp.		675		15,424

Clarus Corp.		1,473		16,674

Escalade, Inc.		1,410		16,708

Johnson Outdoors, Inc. (Class A Stock)		234		16,684

Vista Outdoor, Inc.*		1,219		13,897

				79,387

Life Sciences Tools & Services 0.3%

Harvard Bioscience, Inc.*		4,215		16,649

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Life Sciences Tools & Services 0.3% (cont’d.)

Syneos Health, Inc. (Class A Stock)*		336		$17,378

				34,027

Machinery 4.3%

Alamo Group, Inc.		194		16,065

Altra Industrial Motion Corp.		513		16,185

Astec Industries, Inc.		481		17,157

Barnes Group, Inc.		296		17,775

Blue Bird Corp.*		884		16,911

CIRCOR International, Inc.*		511		16,914

Columbus McKinnon Corp.		466		16,217

Eastern Co. (The)		609		16,626

ESCO Technologies, Inc.		269		18,905

Federal Signal Corp.		725		17,008

Gencor Industries, Inc.*		1,455		16,485

Global Brass & Copper Holdings, Inc.		544		17,609

Gorman-Rupp Co. (The)		475		15,903

Graham Corp.		656		16,348

Greenbrier Cos., Inc. (The)		356		17,412

Hurco Cos., Inc.		408		15,590

Hyster-Yale Materials Handling, Inc.		271		17,742

Kennametal, Inc.		439		18,359

LB Foster Co. (Class A Stock)*		796		15,403

Lydall, Inc.*		699		15,469

Manitowoc Co., Inc. (The)*		903		17,834

Milacron Holdings Corp.*		1,211		17,257

Miller Industries, Inc.		635		17,818

Mueller Water Products, Inc. (Class A Stock)		1,543		16,248

Park-Ohio Holdings Corp.		461		16,624

REV Group, Inc.		1,496		18,251

Rexnord Corp.*		591		16,731

SPX FLOW, Inc.*		459		17,226

Standex International Corp.		215		17,136

Titan International, Inc.		2,429		15,813

TriMas Corp.*		573		16,634

Watts Water Technologies, Inc. (Class A Stock)		229		16,891

				540,546

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Marine 0.6%

Costamare, Inc.		3,205		$16,987

Genco Shipping & Trading Ltd.*		1,669		13,936

Safe Bulkers, Inc.*		7,460		14,845

Scorpio Bulkers, Inc.		2,891		17,664

				63,432

Media 1.9%

Emerald Expositions Events, Inc.		1,476		17,269

Entercom Communications Corp. (Class A Stock)		2,371		15,483

Entravision Communications Corp. (Class A Stock)		4,670		15,084

Gannett Co., Inc.		1,715		17,785

Gray Television, Inc.*		859		15,883

Hemisphere Media Group, Inc. (Class A Stock)*		1,216		16,866

Liberty Latin America Ltd.,

(Class A Stock)*		909		16,589

(Class C Stock)*		911		16,844

Meredith Corp.		296		16,949

MSG Networks, Inc. (Class A Stock)*		660		17,675

Saga Communications, Inc. (Class A Stock)		463		17,177

Scholastic Corp.		368		17,005

Sinclair Broadcast Group, Inc. (Class A Stock)		539		16,952

TEGNA, Inc.		1,341		17,822

WideOpenWest, Inc.*		1,569		14,654

				250,037

Metals & Mining 1.1%

Commercial Metals Co.		869		16,746

Haynes International, Inc.		536		17,672

Materion Corp.		303		16,023

Olympic Steel, Inc.		865		15,881

Schnitzer Steel Industries, Inc. (Class A Stock)		619		17,338

Synalloy Corp.		1,019		16,416

TimkenSteel Corp.*		1,494		16,494

Warrior Met Coal, Inc.		671		15,903

Worthington Industries, Inc.		398		16,485

				148,958

Mortgage Real Estate Investment Trusts (REITs) 2.4%

AG Mortgage Investment Trust, Inc.		931		16,907

Anworth Mortgage Asset Corp.		3,849		17,282

Apollo Commercial Real Estate Finance, Inc.		898		17,008

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Mortgage Real Estate Investment Trusts (REITs) 2.4% (cont’d.)

Ares Commercial Real Estate Corp.		1,159		$16,551

Cherry Hill Mortgage Investment Corp.		894		16,995

Colony Credit Real Estate, Inc.		861		14,611

Dynex Capital, Inc.		2,805		16,914

Exantas Capital Corp.		1,546		17,269

Great Ajax Corp.		1,245		16,098

Invesco Mortgage Capital, Inc.		1,105		17,260

KKR Real Estate Finance Trust, Inc.		823		16,048

Ladder Capital Corp. (Class A Stock)		956		16,873

New York Mortgage Trust, Inc.		2,759		17,106

PennyMac Mortgage Investment Trust		816		17,177

Ready Capital Corp.		1,139		16,971

Redwood Trust, Inc.		1,014		16,924

TPG RE Finance Trust, Inc.		840		16,556

Western Asset Mortgage Capital Corp.		1,663		16,780

				301,330

Multiline Retail 0.2%

Big Lots, Inc.		389		16,945

Dillard’s, Inc. (Class A Stock)		219		15,196

				32,141

Oil, Gas & Consumable Fuels 3.2%

Adams Resources & Energy, Inc.		431		17,455

Arch Coal, Inc. (Class A Stock)		179		14,547

Ardmore Shipping Corp.*		2,443		14,389

Bonanza Creek Energy, Inc.*		610		16,183

Clean Energy Fuels Corp.*		7,114		15,864

Delek US Holdings, Inc.		444		17,667

DHT Holdings, Inc.		3,490		15,775

Dorian LPG Ltd.*		2,241		15,754

Eclipse Resources Corp.*		12,969		14,525

GasLog Ltd.		805		16,712

Gulfport Energy Corp.*		1,806		15,387

Hallador Energy Co.		2,701		15,558

Laredo Petroleum, Inc.*		3,180		13,897

Midstates Petroleum Co., Inc.*		1,929		16,030

Overseas Shipholding Group, Inc. (Class A Stock)*		8,066		17,261

Par Pacific Holdings, Inc.*		1,034		17,495

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Oil, Gas & Consumable Fuels 3.2% (cont’d.)

Peabody Energy Corp.		476		$14,823

Renewable Energy Group, Inc.*		671		18,083

REX American Resources Corp.*		233		16,214

SandRidge Energy, Inc.*		1,614		15,817

SemGroup Corp. (Class A Stock)		936		15,191

Ship Finance International Ltd.		1,359		17,640

SilverBow Resources, Inc.*		605		14,804

Teekay Tankers Ltd. (Class A Stock)		14,790		16,713

World Fuel Services Corp.		585		15,087

				398,871

Paper & Forest Products 0.8%

Clearwater Paper Corp.*		658		20,273

Louisiana-Pacific Corp.		714		16,322

Neenah, Inc.		235		16,187

PH Glatfelter Co.		1,233		15,721

Schweitzer-Mauduit International, Inc.		544		15,509

Verso Corp. (Class A Stock)*		639		16,116

				100,128

Personal Products 0.3%

Edgewell Personal Care Co.*		365		15,257

Nature’s Sunshine Products, Inc.*		1,915		17,618

				32,875

Pharmaceuticals 0.5%

Akorn, Inc.*		2,505		17,184

Aratana Therapeutics, Inc.*		2,650		17,225

Mallinckrodt PLC*		534		12,704

Prestige Consumer Healthcare, Inc.*		431		16,731

				63,844

Professional Services 1.5%

CBIZ, Inc.*		773		16,303

CRA International, Inc.		378		18,427

FTI Consulting, Inc.*		250		17,562

GP Strategies Corp.*		1,199		15,875

ICF International, Inc.		228		15,967

InnerWorkings, Inc.*		3,603		15,205

Kelly Services, Inc. (Class A Stock)		724		16,594

Mistras Group, Inc.*		1,003		17,242

Navigant Consulting, Inc.		734		18,805

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Professional Services 1.5% (cont’d.)

Resources Connection, Inc.		1,020		$17,177

TrueBlue, Inc.*		685		17,296

				186,453

Real Estate Management & Development 1.0%

Altisource Portfolio Solutions SA*		738		17,520

Consolidated-Tomoka Land Co.		290		16,826

Cushman & Wakefield PLC*		1,023		19,048

Forestar Group, Inc.*		1,099		17,628

FRP Holdings, Inc.*		335		15,685

Kennedy-Wilson Holdings, Inc.		869		17,024

Stratus Properties, Inc.*		629		17,084

				120,815

Road & Rail 0.3%

Covenant Transportation Group, Inc. (Class A Stock)*		711		16,197

Werner Enterprises, Inc.		513		17,370

				33,567

Semiconductors & Semiconductor Equipment 1.3%

Alpha & Omega Semiconductor Ltd.*		1,643		18,106

Amkor Technology, Inc.*		2,589		17,735

Cirrus Logic, Inc.*		474		17,747

Cohu, Inc.		918		17,993

Diodes, Inc.*		510		17,763

Photronics, Inc.*		1,801		17,470

Rambus, Inc.*		2,009		17,518

Synaptics, Inc.*		498		19,153

Xperi Corp.		1,239		17,470

				160,955

Software 0.8%

Agilysys, Inc.*		1,030		16,985

Avaya Holdings Corp.*		1,059		16,489

MicroStrategy, Inc. (Class A Stock)*		134		17,372

Monotype Imaging Holdings, Inc.		949		16,370

Telenav, Inc.*		3,858		16,126

Verint Systems, Inc.*		378		17,173

				100,515

Specialty Retail 4.0%

Aaron’s, Inc.		344		16,099

American Eagle Outfitters, Inc.		795		16,639

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Specialty Retail 4.0% (cont’d.)

America’s Car-Mart, Inc.*		229		$16,994

Ascena Retail Group, Inc.*		4,033		12,180

Barnes & Noble Education, Inc.*		2,733		18,229

Bed Bath & Beyond, Inc.		1,218		15,688

Buckle, Inc. (The)		783		14,955

Caleres, Inc.		460		13,906

Cato Corp. (The) (Class A Stock)		919		13,886

Chico’s FAS, Inc.		2,169		11,713

Citi Trends, Inc.		646		13,243

Conn’s, Inc.*		589		16,439

Container Store Group, Inc. (The)*		2,745		14,905

Express, Inc.*		1,879		11,725

Francesca’s Holdings Corp.*		5,715		11,373

GameStop Corp. (Class A Stock)		1,214		16,583

Genesco, Inc.*		376		15,702

Group 1 Automotive, Inc.		294		16,523

Guess?, Inc.		778		18,516

Haverty Furniture Cos., Inc.		790		16,187

Hibbett Sports, Inc.*		883		13,678

J. Jill, Inc.*		3,145		19,405

Lithia Motors, Inc. (Class A Stock)		201		16,655

MarineMax, Inc.*		699		14,840

Murphy USA, Inc.*		213		17,257

Office Depot, Inc.		5,251		16,961

Pier 1 Imports, Inc.		10,808		15,564

Rent-A-Center, Inc.*		1,169		17,161

Sally Beauty Holdings, Inc.*		780		16,466

Shoe Carnival, Inc.		416		15,779

Sonic Automotive, Inc. (Class A Stock)		944		14,906

Zumiez, Inc.*		794		15,658

				495,815

Technology Hardware, Storage & Peripherals 0.4%

Avid Technology, Inc.*		3,010		19,384

Electronics For Imaging, Inc.*		599		16,580

Stratasys Ltd.*		731		15,636

				51,600

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Textiles, Apparel & Luxury Goods 0.6%

Culp, Inc.		769		$15,757

Fossil Group, Inc.*		858		16,585

G-III Apparel Group Ltd.*		411		16,473

Movado Group, Inc.		423		15,922

Rocky Brands, Inc.		610		15,793

				80,530

Thrifts & Mortgage Finance 4.5%

BankFinancial Corp.		1,174		17,528

Bridgewater Bancshares, Inc.*		1,459		17,639

BSB Bancorp, Inc.*		595		19,534

Dime Community Bancshares, Inc.		1,030		18,797

Entegra Financial Corp.*		734		16,985

ESSA Bancorp, Inc.		1,044		16,756

Essent Group Ltd.*		421		16,234

First Defiance Financial Corp.		611		17,218

FS Bancorp, Inc.		363		17,373

Home Bancorp, Inc.		434		16,483

HomeStreet, Inc.*		643		17,117

Luther Burbank Corp.		1,716		17,846

Malvern Bancorp, Inc.*		868		18,141

Meridian Bancorp, Inc.		1,056		17,266

MGIC Investment Corp.*		1,371		16,054

NMI Holdings, Inc. (Class A Stock)*		821		16,042

Ocwen Financial Corp.*		6,268		13,225

OP Bancorp*		1,625		15,763

PCSB Financial Corp.		880		17,494

PennyMac Financial Services, Inc.*		815		16,716

Provident Bancorp, Inc.*		684		18,591

Provident Financial Services, Inc.		668		17,154

Prudential Bancorp, Inc.		961		17,058

Radian Group, Inc.		865		15,916

Riverview Bancorp, Inc.		1,990		16,199

SI Financial Group, Inc.		1,263		17,189

Southern Missouri Bancorp, Inc.		501		18,201

Sterling Bancorp, Inc.		1,806		15,225

Territorial Bancorp, Inc.		609		16,961

Timberland Bancorp, Inc.		568		16,074

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)


Description	Shares		Value

COMMON STOCKS 98.2% (Continued)

Thrifts & Mortgage Finance 4.5% (cont’d.)

United Community Financial Corp.		1,799		$17,216

Walker & Dunlop, Inc.		363		17,144

WSFS Financial Corp.		391		16,449

				559,588

Tobacco 0.2%

Universal Corp.		248		15,723

Vector Group Ltd.		1,200		15,120

				30,843

Trading Companies & Distributors 2%

Aircastle Ltd.		885		16,505

Beacon Roofing Supply, Inc.*		629		21,927

BMC Stock Holdings, Inc.*		1,043		17,741

DXP Enterprises, Inc.*		425		15,398

Foundation Building Materials, Inc.*		1,785		17,457

GATX Corp.		221		18,456

Lawson Products, Inc.*		535		16,478

Rush Enterprises, Inc.

(Class A Stock)		454		17,297

(Class B Stock)		450		17,411

Textainer Group Holdings Ltd.*		1,443		16,089

Titan Machinery, Inc.*		1,170		20,510

Triton International Ltd.		486		16,563

Veritiv Corp.*		528		16,025

Willis Lease Finance Corp.*		449		16,541

				244,398

Water Utilities 0.9%

American States Water Co.		260		17,441

AquaVenture Holdings Ltd.*		894		16,789

Artesian Resources Corp. (Class A Stock)		458		16,653

Connecticut Water Service, Inc.		243		16,908

Consolidated Water Co. Ltd.		1,258		15,586

Middlesex Water Co.		340		17,626

SJW Group		265		14,851

				115,854

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Description

Shares

Value

COMMON STOCKS 98.2% (Continued)

Wireless Telecommunication Services 0.1%

Spok Holdings, Inc.

1,144

$16,668

TOTAL LONG-TERM INVESTMENTS

(cost $12,288,734)

12,288,830

Interest Rate

Maturity

Date

Principal
Amount
(000)#

SHORT-TERM INVESTMENT 1.7%

TIME DEPOSIT

BNP Paribas (France) (cost $204,427)

1.540%

12/03/18

204

204,427

TOTAL INVESTMENTS 99.9%

(cost $12,493,161)

12,493,257

Other assets in excess of liabilities 0.1%

13,248

NET ASSETS 100.0%

$ 12,506,505

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

* Non-income producing security.

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of November 30, 2018 in valuing such portfolio securities:

Level 1

Level 2

Level 3

Investments in Securities

Common Stocks

Aerospace & Defense

115,256

–

Air Freight & Logistics

48,990

–

Airlines

18,986

–

Auto Components

33,981

–

Banks

2,413,799

–

Biotechnology

227,015

–

Building Products

102,924

–

Capital Markets

223,217

–

Chemicals

171,356

–

Commercial Services & Supplies

300,383

–

Communications Equipment

179,267

–

Construction & Engineering

135,769

–

Construction Materials

16,878

–

Consumer Finance

51,090

–

Containers & Packaging

52,673

–

Distributors

32,171

–

Diversified Consumer Services

49,231

–

Diversified Financial Services

34,211

–

Diversified Telecommunication Services

17,764

–

Electric Utilities

120,816

–

Electrical Equipment

84,147

–

Electronic Equipment, Instruments & Components

384,830

–

Energy Equipment & Services

196,004

–

Entertainment

50,496

–

Equity Real Estate Investment Trusts (REITs)

1,001,907

–

Food & Staples Retailing

170,085

–

Food Products

121,749

–

Gas Utilities

102,067

–

Health Care Equipment & Supplies

237,082

–

Health Care Providers & Services

95,730

–

Health Care Technology

70,136

–

Hotels, Restaurants & Leisure

206,549

–

Household Durables

232,661

–

Household Products

51,220

–

Independent Power and Renewable Electricity Producers

48,696

–

Insurance

460,958

–

Internet & Direct Marketing Retail

37,035

–

IT Services

148,524

–

PGIM QMA Strategic Alpha Small-Cap Value ETF

Schedule of Investments

as of November 30, 2018 (unaudited) (continued)

Leisure Products

79,387

–

Life Sciences Tools & Services

34,027

–

Machinery

540,546

–

Marine

63,432

–

Media

250,037

–

Metals & Mining

148,958

–

Mortgage Real Estate Investment Trusts (REITs)

301,330

–

Multiline Retail

32,141

–

Oil, Gas & Consumable Fuels

398,871

–

Paper & Forest Products

100,128

–

Personal Products

32,875

–

Pharmaceuticals

63,844

–

Professional Services

186,453

–

Real Estate Management & Development

120,815

–

Road & Rail

33,567

–

Semiconductors & Semiconductor Equipment

160,955

–

Software

100,515

–

Specialty Retail

495,815

–

Technology Hardware, Storage & Peripherals

51,600

–

Textiles, Apparel & Luxury Goods

80,530

–

Thrifts & Mortgage Finance

559,588

–

Tobacco

30,843

–

Trading Companies & Distributors

244,398

–

Water Utilities

115,854

–

Wireless Telecommunication Services

16,668

–

Time Deposit

–

204,427

–

Total

12,288,830

204,427

–

PGIM QMA Strategic Alpha ETF

Notes to Schedules of Investments

as of November 30, 2018 (unaudited)

Securities Valuation: Each Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

Various inputs determine how each Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy in accordance with the Financial Accounting Standards Board Accounting Standard Codification Topic 820 - Fair Value Measurements and Disclosures.

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Fund is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stocks valuation policies discussed above.

PGIM QMA Strategic Alpha ETF

Notes to Schedules of Investments

as of November 30, 2018 (unaudited) (continued)

securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Each Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above.

Other information regarding the Funds is available in the Funds’ most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov)

Item 2. Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) PGIM ETF Trust


By (Signature and Title)*		/s/ Andrew R. French
		Andrew R. French
		Secretary of the Fund

Date	January 15, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date	January 15, 2019


By (Signature and Title)*		/s/ Christian J. Kelly
		Christian J. Kelly
		Treasurer and Principal Financial and Accounting Officer

Date	January 15, 2019

* Print the name and title of each signing officer under his or her signature.