CLOX vs PAAA

CLOXBEldridge AAA CLO ETF

PAAAAPGIM AAA CLO ETF

In short

CLOX A 2023 arrival in the AAA CLO rush: top-rated slices of leveraged loan pools, roughly 70 of them, with income paid monthly. The 0.20% fee undercuts the cohort median and matches the category's biggest names.

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

CLOX The fund aims to generate current income and preserve capital.

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

• CLOX Fee of 0.20% undercuts the cohort median of 0.25% and matches the largest names in the category (JAAA, CLOA, FAAA, ACLO).
• The mandate is plain English: current income and capital preservation. Distributions are paid monthly.
• Moderately traded with an asset base in the hundreds of millions, so it is not a thin, brand-new ticker.
• Sits in the upper half of its AAA CLO peer group, a cohort stacked with large, well-resourced managers.

• 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

• CLOX Roughly 70 positions in one corner of structured credit. That makes it a specialist income sleeve rather than a broad core bond holding.
• CLO debt pays floating rates, so the monthly income moves with short-term rates instead of locking in a fixed coupon.
• Crowded shelf: PGIM's PAAA charges 0.19% and several rivals match CLOX at 0.20%, so the price edge is over the median, not the leaders.

• 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 CLOX profile⁠

Full PAAA profile⁠