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AAAP vs PAAA

Pacer Barings CLO Market Flex ETF

AAAPCNasdaq

PGIM AAA CLO ETF

PAAAANYSE Arca

Overlap

No data

Expense ratio

PAAA −0.20pt a year

AAAP0.39%PAAA0.19%

Avg volume · 30D

PAAA 49.6×the volume

AAAP49.3KPAAA2.44M

AAAP vs PAAA Performance

Jul 31, 2026 – Oct 30, 2026

+1.1%AAAP+1.2%PAAA

Jul 31, 2026 to Oct 30, 2026. AAAP +1.1%. PAAA +1.2%. Use the arrow keys to read each point.0%0.25%0.5%0.75%Jul 2026Sep 2026Oct 2026
Expense ratio
AAAP 0.39%
PAAA 0.19%, better
Fund size
AAAP $108M
PAAA $15.1B
1Y total return
AAAP No data
PAAA +4.8%
Yield (12M)
AAAP No data
PAAA 5.06%
Holdings
AAAP 98
PAAA 325
Avg volume (30D)
AAAP 49.3K sh
PAAA 2.44M sh, better
NAV per share
AAAP $25.20
PAAA $51.48
52W range

ETF.net Grade

AAAP: Cost 32, Risk 79, Mission not scored, Tradability 35, Holdings 52, Durability 38. PAAA: Cost 80, Risk 79, Mission not scored, Tradability 96, Holdings 75, Durability 87.
Pillar letters and Scores for AAAP, PAAA, with each pillar’s weight
PillarAAAPPAAA
Cost30% weightD32A80Higher
Mission25% weightNot scoredNot scored
Risk15% weightA79A79
Tradability15% weightD35A96Higher
Holdings10% weightC52A75Higher
Durability5% weightD38A87Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AAAP and PAAA 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 ›

PAAA ranks 3rd and AAAP 20th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

  1. Rank 1ACLOAiShares AAA CLO Active ETFScore 83
  2. Rank 1AJAAAJanus Henderson AAA CLO ETFScore 83
  3. Rank 3APAAAPGIM AAA CLO ETFScore 82
  4. Rank 4AACLOTCW AAA CLO ETFScore 74
  5. Rank 20CAAADPGIM AAA CLO Aggregate Duration ETFScore 44
  6. Rank 20CAAAPPacer Barings CLO Market Flex ETFScore 44
  7. Rank 22CFCLOFidelity CLO ETFScore 42

Our read on each fund

ETF.net Research

AAAPCPacer Barings CLO Market Flex ETF

PAAAAPGIM AAA CLO ETF

In short

AAAP No data

PAAA PGIM'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.

Stated mandate

AAAP No data

PAAA 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

AAAP No data

  • PAAA 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

AAAP No data

  • PAAA 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.

Full AAAP profile⁠

Full PAAA profile⁠

AAAP vs PAAA Holdings

As of
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.

AAAP vs PAAA Cost

Overpaying AAAP vs PAAA

$3,946

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

  • AAAP 0.39%

    $7,898

  • PAAA 0.19%

    $3,952

$10,000
30 years

Cost over time

  • AAAP 0.39%
  • PAAA 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530AAAP $7,898PAAA $3,952

Year by year

YearAAAPPAAAOverpaying
10$705$347$358
20$2,725$1,351$1,374
30$7,898$3,952$3,946

Expense ratio

  • 0.39%AAAP
  • 0.19%PAAA, cheaper
  • Middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.28%

PAAA 2nd cheapest of 34 funds

AAAP 23rd cheapest of 34 funds

AAAP vs PAAA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAAP No data
PAAA 5.06%
Payout (12M)
AAAP No data
PAAA $2.60
Last payment
AAAP $0.13
PAAA $0.21
Ex-dividend
AAAP Oct 30, 2026
PAAA Oct 30, 2026
Paid on
AAAP Pays Nov 2, 2026
PAAA Pays Nov 3, 2026
Frequency
AAAP Monthly
PAAA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

AAAPMonthly · 4 paymentsAll AAAP payments⁠
One bar per payment. 4 payments from 2023 to 2026 YTD. Jul 31, 2026 $0.06; Aug 31, 2026 $0.10; Sep 30, 2026 $0.12; Oct 30, 2026 $0.13. Use the arrow keys to read each point.$0$0.2520232026YTD
PAAAMonthly · 39 paymentsAll PAAA payments⁠
One bar per payment. 39 payments from 2023 to 2026 YTD. Sep 1, 2023 $0.29; Oct 2, 2023 $0.23; Nov 1, 2023 $0.29; Dec 1, 2023 $0.28; Dec 27, 2023 $0.31; Feb 1, 2024 $0.28; Mar 1, 2024 $0.27; Apr 1, 2024 $0.30; May 1, 2024 $0.27; Jun 3, 2024 $0.28; Jul 1, 2024 $0.22; Aug 1, 2024 $0.24; Sep 3, 2024 $0.24; Oct 1, 2024 $0.25; Nov 1, 2024 $0.20; Dec 2, 2024 $0.20; Dec 27, 2024 $0.25; Feb 3, 2025 $0.21; Mar 3, 2025 $0.19; Apr 1, 2025 $0.23; May 1, 2025 $0.22; Jun 2, 2025 $0.23; Jul 1, 2025 $0.22; Aug 1, 2025 $0.22; Sep 2, 2025 $0.23; Oct 1, 2025 $0.22; Nov 3, 2025 $0.22; Dec 1, 2025 $0.21; Dec 19, 2025 $0.21; Feb 2, 2026 $0.19; Mar 2, 2026 $0.19; Mar 31, 2026 $0.20; Apr 30, 2026 $0.19; May 29, 2026 $0.19; Jun 30, 2026 $0.20; Jul 31, 2026 $0.20; Aug 31, 2026 $0.20; Sep 30, 2026 $0.19; Oct 30, 2026 $0.21. Use the arrow keys to read each point.$0$0.2520232026YTD

AAAP vs PAAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AAAP No dataPAAA 0.7%
Return per unit of riskSharpe ratio, 3 years
AAAP No dataPAAA 2.82
Worst fallMax drawdown, 5 years
AAAP No dataPAAA −1.0%since Jul 2023
Market sensitivityBeta, 5 years
AAAP 0.02PAAA 0.03

AAAP and PAAA in the news

All news⁠

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