AAAD vs ACLO: Grades, Fees and Holdings Compared

PGIM AAA CLO Aggregate Duration ETF

AAADCNYSE Arca

TCW AAA CLO ETF

ACLOANYSE

Overlap

No data

Expense ratio

AAAD −0.01pt a year

AAAD0.19%ACLO0.20%

Avg volume · 30D

ACLO 150.0×the volume

AAAD245ACLO36.8K

AAAD vs ACLO Performance

Jul 31, 2026 – Oct 30, 2026

+0.3%AAAD+1.1%ACLO

Expense ratio: AAAD 0.19%, better; ACLO 0.20%
Fund size: AAAD $26M; ACLO $596M
1Y total return: AAAD No data; ACLO +5.0%
Yield (12M): AAAD No data; ACLO 4.89%
Holdings: AAAD 10; ACLO 368
Avg volume (30D): AAAD 245 sh; ACLO 36.8K sh, better
NAV per share: AAAD $48.92; ACLO $50.53
52W range

ETF.net Grade

Pillar letters and Scores for AAAD, ACLO, with each pillar’s weight
Pillar	AAAD	ACLO
Cost30% weight	A80	A80
Mission25% weight	Not scored	Not scored
Risk15% weight	F8	B64Higher
Tradability15% weight	D25	A70Higher
Holdings10% weight	F24	A84Higher
Durability5% weight	C40	B64Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. AAAD and ACLO are both graded against the same 34 Collateralized Loan Obligations (CLO) funds, so their Grades compare head to head.

Collateralized Loan Obligations (CLO)⁠

Category · 34 funds

See all 34 ›

ACLO ranks 4th and AAAD 20th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

Rank 1ACLOAiShares AAA CLO Active ETFScore 83
Rank 1AJAAAJanus Henderson AAA CLO ETFScore 83
Rank 3APAAAPGIM AAA CLO ETFScore 82
Rank 4AACLOTCW AAA CLO ETFScore 74
Rank 5AFAAAFIDELITY AAA CLO ETFScore 73
Rank 19CJAJanus Henderson AA-A CLO ETFScore 48
Rank 20CAAADPGIM AAA CLO Aggregate Duration ETFScore 44
Rank 20CAAAPPacer Barings CLO Market Flex ETFScore 44

Our read on each fund

ETF.net Research

AAADCPGIM AAA CLO Aggregate Duration ETF

ACLOATCW AAA CLO ETF

In short

AAAD Almost every AAA CLO ETF is floating rate with next to no duration. AAAD takes the same senior CLO collateral and layers Treasury futures on top, targeting a duration within a year of the broad US bond index. A core-style bond fund built out of CLOs.

ACLO A 2024 arrival in the crowded AAA CLO aisle. TCW runs it actively, holding roughly 300 of the highest-rated slices of leveraged-loan pools, paying income monthly, at a fee matching the category's cheapest tier.

Stated mandate

AAAD Seeks to maximize total return through current income and capital appreciation.

ACLO The fund seeks capital preservation and current income through principal investment in U.S. dollar-denominated AAA-rated collateralized loan obligations.

Why people hold it

AAAD The mechanism is the whole idea: AAA-rated CLOs for the credit exposure, Treasury futures and rate swaps for the duration, aiming to stay within a year of the Bloomberg US Aggregate.sec.gov
Priced at 0.19%, a hair under the 0.20% charged by the category's best-known AAA CLO funds (JAAA, CLOA, ACLO) and well below the cohort median near 0.29%.
Not built from scratch: it can hold AAA CLOs directly or through PGIM's established PAAA fund, leaning on the same securitized credit desk.pgim.com
One ticker covers both jobs, senior CLO credit and interest-rate exposure, instead of pairing a floating-rate CLO fund with a separate Treasury sleeve. Income is paid quarterly.sec.gov

ACLO At 0.20% it undercuts the AAA CLO cohort median of 0.25% and matches the cheapest names in the group, including JAAA and CLOA.
The mandate is stated narrowly: capital preservation and current income from US dollar AAA-rated CLOs, the top-rated tranches of the structure.tcw.com
Roughly 300 positions, chosen deal by deal rather than tracked, so no single CLO carries the portfolio.
Pays monthly, and the portfolio itself grades out as one of the stronger books among AAA CLO funds.

Worth knowing

AAAD Duration cuts both ways. CLOs themselves usually carry under a year of it; the overlay deliberately stretches the portfolio far longer, so prices move with Treasury yields.sec.gov
Layered plumbing: PGIM's own disclosure flags that the fund of funds structure carries the underlying funds' risks and that leveraging techniques can magnify losses.pgim.com
A 2026 launch with a limited operating history per its own disclosure, and thinner trading than the category's heavyweights, which can widen bid-ask spreads.pgim.com

ACLO It trades lightly next to the giants of the category, so spreads can run wider. Limit orders earn their keep here.
Launched in late 2024, so the record is short and has not spanned a full credit cycle.
Active with no declared index, so there is no tracking figure to hold it to. Results ride on TCW's deal selection.

Full AAAD profile⁠

Full ACLO profile⁠

AAAD vs ACLO Holdings

How AAAD and ACLO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile7.7%
Asset classFixed Income100%

Sector

No Sector split for AAAD and ACLO.

Country, concentration and asset class

Country by domicile

Country weights in AAAD and ACLO, widest gap first
Country	More in AAADMore in ACLO	AAAD	ACLO
United States	AAAD +92.3 points	98.1%	5.8%
Cayman Islands	ACLO +84.6 points	1.9%	86.5%
United Kingdom	ACLO +3.9 points	0.0%	3.9%
Ireland	ACLO +3.8 points	0.0%	3.8%
Bermuda	ACLO +0.1 points	0.0%	0.1%

Outside the US: ACLO 8% developed, 92% emerging.

Concentration

Weight in the 10 largest Holdings

AAAD101.4%
ACLO9.4%

Securities held

AAAD5
ACLO365

Asset class

AAAD: Fixed Income
ACLO: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. AAAD holds 5 securities, ACLO 365.

All AAAD holdings⁠All 363 ACLO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAAD vs ACLO Cost

Overpaying ACLO vs AAAD

$203

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AAAD 0.19%
$3,952
ACLO 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

AAAD 0.19%
ACLO 0.20%
Overpaying

Year by year

Year	AAAD	ACLO	Overpaying
10	$347	$365	$18
20	$1,351	$1,421	$70
30	$3,952	$4,155	$203

Expense ratio

0.19%AAAD, cheaper
0.20%ACLO

AAAD0.19%ACLO0.20%

0.18%0.68%

Middle half of Collateralized Loan Obligations (CLO) funds
Median 0.28%

AAAD 2nd cheapest of 34 funds

ACLO 8th cheapest of 34 funds

AAAD vs ACLO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AAAD No data; ACLO 4.89%
Payout (12M): AAAD No data; ACLO $2.47
Last payment: AAAD $0.20; ACLO $0.19
Ex-dividend: AAAD Oct 30, 2026; ACLO Oct 1, 2026
Paid on: AAAD Pays Nov 3, 2026; ACLO Oct 5, 2026
Frequency: AAAD Monthly; ACLO Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

AAADMonthly · 5 paymentsAll AAAD payments⁠

ACLOMonthly · 24 paymentsAll ACLO payments⁠

AAAD vs ACLO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AAAD No dataACLO 0.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: AAAD No dataACLO 1.74since Dec 2024
Worst fallMax drawdown, 5 years: AAAD No dataACLO −1.0%since Nov 2024
Market sensitivityBeta, 5 years: AAAD 0.78ACLO 0.04; Market = 1

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