PGIM AAA CLO ETF
$51.49+0.00 (+0.01%)
- Expense ratio
- 0.19%
- Fund size
- $13.3B
- 1Y return
- +4.9%
- Yield · Last 12 months
- 4.71%
- Volume · 30D
- 2.2M sh
- NAV per share
- $51.47
- 52W range
The ETF.net PAAA Grade
Score 82 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 83Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.AScore 77Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 97Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 68Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 86Category rank
Our read on PAAA
APGIM's entry in the AAA CLO race: an actively run book of the senior-most slice of collateralized loan obligations, floating-rate, priced at 0.19%, paid out monthly. Same playbook as the category's biggest names, a hair cheaper.
The Fund seeks to maximize total return through current income and capital appreciation. It invests primarily in U.S. dollar-denominated AAA-rated CLOs and is actively managed rather than designed to replicate a specific index.
Why people hold it
- At 0.19%, one of the cheapest tickets into AAA CLOs, undercutting the 0.20% charged by CLOA, JAAA, FAAA and ACLO and sitting well below the category median.
- Keeps at least 80% of investable assets in US dollar CLOs rated AAA at purchase, the tranche that stands first in line for cash from the underlying loan pool.mutualfunds.compgim.com
- CLO coupons float, so the income stream resets with short-term rates rather than locking to a fixed coupon. Cash goes out monthly.pgim.com
- A multi-billion-dollar fund that trades actively, with spread and execution behavior among the strongest in its peer group.
Worth knowing
- Actively managed against the JP Morgan CLOIE AAA Index, not built to match it. Holdings and results can diverge from the benchmark by design.
- The AAA stamp sits atop a pool of leveraged loans to below-investment-grade borrowers, and up to 20% of investable assets can go outside AAA-rated CLOs.mutualfunds.com
- Launched in 2023, so the track record is short and does not yet span a full credit cycle.
PAAA Holdings
- Bonds
- —
- 17%
- (PIPA070) PGIM Core Government Money Market Fund
Geography
- United States100.00%
PAAA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | PAAA |
|---|---|
| Year to date | +3.6% |
| 1 month | +0.4% |
| 3 months | +1.3% |
| 1 year | +4.9% |
| 3 years | +6.3% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PAAA |
|---|---|---|
| 2026 YTD | +3.6% | |
| 2025 | +5.4% | |
| 2024 | +7.5% | |
| 2023 | +3.8% |
PAAA in the news
ETF.net Research hasn’t filed on PAAA yet — coverage lands here as it’s written.
PAAA Dividends
- 4.71%
- $2.43
- $0.20 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 31, 2026 | Sep 2, 2026 | $0.20 |
| Jul 31, 2026 | Aug 4, 2026 | $0.20 |
| Jun 30, 2026 | Jul 2, 2026 | $0.20 |
| May 29, 2026 | Jun 2, 2026 | $0.19 |
| Apr 30, 2026 | May 4, 2026 | $0.19 |
| Mar 31, 2026 | Apr 2, 2026 | $0.20 |
| Mar 2, 2026 | Mar 4, 2026 | $0.19 |
| Feb 2, 2026 | Feb 4, 2026 | $0.19 |
| Dec 19, 2025 | Dec 24, 2025 | $0.21 |
| Dec 1, 2025 | Dec 3, 2025 | $0.21 |
| Nov 3, 2025 | Nov 5, 2025 | $0.22 |
| Oct 1, 2025 | Oct 3, 2025 | $0.22 |
PAAA Risk
- 0.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 2.91
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −1.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.03
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PAAA Cost
- The middle half of Collateralized Loan Obligations (CLO) funds
- Median 0.29%
No Collateralized Loan Obligations (CLO) fund charges less.