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PQIN PGIM QMA Strategic Alpha International Equity ETF Gray Swan

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PQIN PGIM QMA Strategic Alpha International Equity ETF Gray Swan ETF Risk Report: PQIN Buyer beware: Every ETF holds the full risk of its underlying equities Disclosures in the best interest of investors PGIM QMA Strategic Alpha International Equity ETF Gray Swan Event Risks exist for every equity held by PQIN. Gray swan events include accounting fraud, management failures, failed internal controls, M&A problems, restatements, etc. These risks occur infrequently, but Gray Swan Event Factor for PQIN 1.52% consistently for all equities. Equities account for 92.09% of PQIN’s assets. Most investors ignore these risks until after they are disclosed; whereupon a stock’s price drops precipitously. Just as insurance companies can predict likely costs for a ETF's Governance Risk Statement: "QMA tracks major adverse events related to driver’s future car accidents based on the driver’s history, fraud or nancial malfeasance, and impact the ranking of a stock within the we predict the likely cost (price drop) for PQIN following framework. If QMA feels that a particular company has issues of growing concern, gray swan disclosures within its holdings. The expected it's weighting in the portfolio can be reduced or the position may be removed price decrease across the PQIN equity portfolio is 1.52%. altogether." However, individual equity risks vary signicantly. This report helps investors know their risk exposure. Inception Date: 12/04/2020 Year-to-Date Return: 5.25% The fund's goal is to outperform the returns of the MSCI EAFE Index over the long term. Under normal Net Assets: $41.5m 1-Year Return: 46.76% circumstances, the fund invests at least 80% of its investable assets in equity and equity-related securities of Price: $59.76 3-Year Return: NA non-US companies. Actively managed, an equal-weight Net Asset Value (NAV): $59.33 5-Year Return: NA method is used when allocating to the stocks the multi- factor, quantitatively driven model deems attractive. The Net Expense Ratio: 0.29% Yield: 2.11% management team exercises judgment when evaluating underlying data and positions recommended by its As of: 03/31/2021 quantitative tools. Company Ticker Held Current GSEF Category Value Top Holdings by Value Wm Morrison Superma... MRW Long - NA $128k This table shows Gray Swan Event Factors for the top ten equity holdings by dollar-value, as of Sep 24, 2021. Hitachi Ltd 6501 Long - NA $110k Investors should invest in ETFs only when they adequately Fujitsu Ltd 6702 Long - NA $110k understand an ETF’s risks. Buyer beware. ETF prospectuses generally acknowledge that ETF managers Seven & I Holdings ... 3382 Long - NA $109k do NO traditional risk analysis on equities in their fund. Mitsubishi Chemical... 4188 Long - NA $109k Our Gray Swan Event Factors are meant to inform investors of signicant traditional accounting and Wolters Kluwer WKL Long - NA $107k managerial risks for the equities in each ETF. Mazda Motor Corp 7261 Long - NA $107k ETF Risk Reports are published quarterly on dedicated Bureau Veritas Sa BVI Long - NA $107k platforms like Factset, Renitiv, Capital IQ etc. Weekly updates are available for a paid subscription. Teleperformance TEP Long - NA $106k For more details contact: [email protected] Burning Rock Biotec... BNR Long - NA $106k Company Ticker Held Current GSEF Category Value Riskiest Holdings Novan, Inc. NOVN Long 7.47% High $91.4k This table shows the individual Gray Swan Event Factors for this ETF’s most at-risk equities as of Sep 24, 2021. Parsons Corporation PSN Long 5.50% High $89.8k The average equity GSEF across 6,500 public equities is Steris Plc. STE Long 5.09% High $94.4k 1.25%. Equities with a GSEF between 5% and 10% are considered high risk. Equities with a GSEF above 10% are Astrazeneca Plc. AZN Long 3.51% Mid $105k extreme risks. Merck & Co., Inc. MRK Long 3.34% Mid $97.8k Gray Swan Event Factors are derived from skilled analysts charting 15 years of negative gray swan event disclosures Dpw Holdings, Inc. DPW Long 3.32% Mid $94.9k against stock price declines following such disclosures. A Gray Swan Event Factor is an assessment of the Jd.Com, Inc. JD Long 3.10% Mid $93.8k likelihood of, and 12-month price risk for, gray swan Allstate Corp. ALL Long 2.72% Mid $99k events for each equity. Emergent Biosolutio... EBS Long 2.60% Mid $86.4k Ever Glory Internat... EVK Long 2.44% Mid $89.1k Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 This table lists the equity holdings for PGIM QMA Strategic Alpha International Equity ETF ranked by highest GSE Factor (riskiest rst). We list all equities (US and foreign) for this ETF. However, some foreign listings only show via a ticker. To further evaluate risks, you can access details for each company by opening its Brief Watchdog Report available for viewing and pdf download. The report is free to readers for their personal consumption and it includes the executive summary data pulled from the full Watchdog Report. To learn more about the full Watchdog and GSEF Reports go to last page or visit watchdogresearch.com. Company Access Details Ticker Held Current GSEF Category Value Novan, Inc. Watchdogresearch.com/watchdog/$NOVN NOVN Long 7.47% High $91.4k Parsons Corporation Watchdogresearch.com/watchdog/$PSN PSN Long 5.50% High $89.8k Steris Plc. Watchdogresearch.com/watchdog/$STE STE Long 5.09% High $94.4k Astrazeneca Plc. Watchdogresearch.com/watchdog/$AZN AZN Long 3.51% Mid $105k Merck & Co., Inc. Watchdogresearch.com/watchdog/$MRK MRK Long 3.34% Mid $97.8k Dpw Holdings, Inc. Watchdogresearch.com/watchdog/$DPW DPW Long 3.32% Mid $94.9k Jd.Com, Inc. Watchdogresearch.com/watchdog/$JD JD Long 3.10% Mid $93.8k Allstate Corp. Watchdogresearch.com/watchdog/$ALL ALL Long 2.72% Mid $99k Emergent Biosolutions Inc. Watchdogresearch.com/watchdog/$EBS EBS Long 2.60% Mid $86.4k Ever Glory International Group, Inc. Watchdogresearch.com/watchdog/$EVK EVK Long 2.44% Mid $89.1k Ormat Technologies, Inc. Watchdogresearch.com/watchdog/$ORA ORA Long 2.38% Mid $85.1k Equinor Asa Watchdogresearch.com/watchdog/$EQNR EQNR Long 2.38% Mid $88k Glaxosmithkline Plc Watchdogresearch.com/watchdog/$GSK GSK Long 2.07% Mid $100k Arcosa, Inc. Watchdogresearch.com/watchdog/$ACA ACA Long 1.86% Low $93.9k Servotronics Inc. Watchdogresearch.com/watchdog/$SVT SVT Long 1.46% Low $96.6k Cai International, Inc. Watchdogresearch.com/watchdog/$CAP CAP Long 1.37% Low $102k Trinity Industries Inc. Watchdogresearch.com/watchdog/$TRN TRN Long 1.22% Low $92.5k Genesis Healthcare, Inc. Watchdogresearch.com/watchdog/$GEN GEN Long 1.18% Low $83.9k Sap Se Watchdogresearch.com/watchdog/$SAP SAP Long 1.17% Low $101k Wide Open West, Inc. Watchdogresearch.com/watchdog/$WOW WOW Long 1.14% Low $81.2k Elbit Systems Ltd. Watchdogresearch.com/watchdog/$ESLT ESLT Long 1.13% Low $95.5k Stmicroelectronics N.V. Watchdogresearch.com/watchdog/$STM STM Long 1.10% Low $86.5k Suncor Energy Inc. Watchdogresearch.com/watchdog/$SU SU Long 1.00% Low $92.3k Alliance Data Systems Corp. Watchdogresearch.com/watchdog/$ADS ADS Long 0.98% Low $100k Regions Financial Corp. Watchdogresearch.com/watchdog/$RF RF Long 0.92% Low $94k Centerpoint Energy Inc. Watchdogresearch.com/watchdog/$CNP CNP Long 0.88% Low $92.7k Playags, Inc. Watchdogresearch.com/watchdog/$AGS AGS Long 0.87% Low $91.1k Telefonica Brasil S.A. Watchdogresearch.com/watchdog/$VIV VIV Long 0.86% Low $91.3k Rogers Corp. Watchdogresearch.com/watchdog/$ROG ROG Long 0.82% Low $99.1k Telos Corporation Pfd Exch 12% Watchdogresearch.com/watchdog/$TLS TLS Long 0.81% Low $99.4k Hecla Mining Co. Watchdogresearch.com/watchdog/$HL HL Long 0.77% Low $91.5k Leggett & Platt Inc. Watchdogresearch.com/watchdog/$LEG LEG Long 0.76% Low $91.6k Moelis & Co. Watchdogresearch.com/watchdog/$MC MC Long 0.73% Low $92.5k Dte Energy Co. Watchdogresearch.com/watchdog/$DTE DTE Long 0.69% Low $94.3k Cullen/Frost Bankers, Inc. Watchdogresearch.com/watchdog/$CFR CFR Long 0.68% Low $90.9k Novagold Resources Inc. Watchdogresearch.com/watchdog/$NG NG Long 0.66% Low $96k Osisko Gold Royalties Ltd. Watchdogresearch.com/watchdog/$OR OR Long 0.65% Low $91.8k Watchdog Research, Inc. • www.watchdogresearch.com • [email protected] • (855) 820-6272 Company Access Details Ticker Held Current GSEF Category Value Autoliv Inc. Watchdogresearch.com/watchdog/$ALV ALV Long 0.64% Low $94.5k Englobal Corp. Watchdogresearch.com/watchdog/$ENG ENG Long 0.64% Low $100k Dollar General Corp. Watchdogresearch.com/watchdog/$DG DG Long 0.63% Low $93.9k Vodafone Group Public Ltd. Co. Watchdogresearch.com/watchdog/$VOD VOD Long 0.61% Low $88.7k Genpact Ltd. Watchdogresearch.com/watchdog/$G G Long 0.59% Low $98.5k Autoweb Inc. Watchdogresearch.com/watchdog/$AUTO AUTO Long 0.59% Low $90.4k Information Services Group Inc. Watchdogresearch.com/watchdog/$III III Long 0.59% Low $89.1k Heico Corp. Watchdogresearch.com/watchdog/$HEI HEI Long 0.58% Low $98.7k Telefonica S.A. Watchdogresearch.com/watchdog/$TEF TEF Long 0.55% Low $90.2k Check Point Software Technologies Ltd. Watchdogresearch.com/watchdog/$CHKP CHKP Long 0.50% Low $89.7k Royal Dutch Shell Plc. Watchdogresearch.com/watchdog/$RDSA RDSA Long 0.49% Low $93.5k Ing Groep N.V. Watchdogresearch.com/watchdog/$ISP ISP Long 0.44% Low $97.6k Atmos Energy Corp. Watchdogresearch.com/watchdog/$ATO ATO Long 0.38% Low $88.7k Bhp Billiton Ltd. Watchdogresearch.com/watchdog/$BHP BHP Long 0.37% Low $87.4k Wm Morrison Supermarkets - MRW Long - NA $128k Hitachi Ltd - 6501 Long - NA $110k Fujitsu Ltd - 6702 Long - NA $110k Seven & I Holdings Co Ltd - 3382 Long - NA $109k Mitsubishi Chemical Holdings - 4188 Long - NA $109k Wolters Kluwer - WKL Long - NA $107k Mazda Motor Corp - 7261 Long - NA $107k Bureau Veritas Sa - BVI Long - NA $107k Teleperformance - TEP Long - NA $106k Burning Rock Biotech Ltd.
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