---
title: "PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%"
url: "https://etf.net/news/pgim-files-for-a-clo-fund-at-0-28-and-a-real-estate-fund-at-0-49-2026-09-28"
published_at: "2026-09-28T12:13:40.000Z"
updated_at: "2026-09-28T14:15:40.492Z"
byline: "ETF.net Research"
---

# PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%

PGIM ETF Trust's preliminary prospectus, filed September 25, 2026, proposes an investment-grade CLO ETF at 0.28% and a US real estate ETF at 0.49%.

By ETF.net Research. Published Sep 28, 2026.

PGIM ETF Trust filed a preliminary prospectus with the SEC on Friday, September 25, for an investment-grade CLO fund at 0.28% and a US real estate fund at 0.49%. The filing asks to take effect on Wednesday, December 9, so the shares cannot be sold before then, and the draft says the terms can still change.

## A crowded shelf below AAA

The CLO fund is the PGIM Investment Grade CLO ETF, XCLO, for listing on NYSE Arca. It would be actively managed. A CLO is a security backed by a pool of loans to companies, split into rated layers, and the AAA layer is paid before the layers under it.

Under normal circumstances, at least 80% of investable assets would sit in investment-grade layers, from AAA down to BBB. The draft says the focus is AA and A, and that the fund does not expect to put more than 10% in BBB. The annual cost in the fee table is **0.28%**, with no other expenses shown.

CLO funds that are not limited to the AAA layer look like this.

Table: Fund, Ratings, Annual cost, Assets

Two funds in that table already charge less than 0.28%: NYLI, at 0.25% after a fee waiver, and Nuveen, at 0.26%. Janus Henderson lists JA at 0.32%, with a net expense ratio of 0.29%.

The large pools are still AAA funds. As of Monday, September 28, the Janus Henderson AAA CLO ETF, JAAA, holds $31.45 billion and charges 0.20%, and the PGIM AAA CLO ETF, PAAA, holds $13.45 billion and charges 0.19%.

Chart: **JAAA** and **PAAA** dominate assets in this CLO set

Edwin Wilches, CFA, and Gabriel Rivera, co-heads of securitized products at PGIM Credit, and portfolio manager Connor Byrnes already run PAAA, and they are the three named for XCLO.

Guggenheim listed another investment-grade CLO fund, GCLO, on Thursday, August 20, 2026, at 0.35%. Dina DiLorenzo, president and head of Guggenheim Investments, said it extends access to "the full CLO capital structure."

JA yielded **0.20** percentage points more than JAAA on the 30-day SEC yield, 4.83% against 4.63%, as of Monday, August 31, 2026.

## The same managers, in an ETF

The other proposal is the PGIM U.S. Real Estate ETF, PREI, for listing on Cboe BZX. Rick J. Romano, CFA, and Daniel Cooney, CFA, co-chief investment officers of real estate securities at PGIM Real Estate, would run it, and they already run the PGIM US Real Estate Fund. PREI would be actively managed.

At least 80% of investable assets would go into shares of US real estate companies, which can all be REITs, companies that own property and pay out most of their income. Up to 20% may be foreign securities. The proposed total annual cost is **0.49%**.

The large index funds charge less. Vanguard Real Estate ETF, VNQ, holds $70.8 billion of US real estate stocks and charges 0.13%, and the iShares Core U.S. REIT ETF, USRT, holds $4.34 billion and charges 0.08%. The active funds cost more: Cohen & Steers Real Estate Active ETF, CSRE, charges 0.70%, and Class A shares of the PGIM US Real Estate Fund charge 1.25% after waivers, through Saturday, July 31, 2027.

At 0.49%, PREI would cost less than CSRE and less than those Class A shares, and more than the index funds already listed.

Source: etf.net, https://etf.net/news/pgim-files-for-a-clo-fund-at-0-28-and-a-real-estate-fund-at-0-49-2026-09-28. Please cite the page URL.