CLOZ vs PAAA: Grades, Fees and Holdings Compared

Eldridge BBB-B CLO ETF

CLOZDNYSE Arca

PGIM AAA CLO ETF

PAAAANYSE Arca

Overlap

No data

Expense ratio

PAAA −0.31pt a year

CLOZ0.50%PAAA0.19%

Avg volume · 30D

PAAA 5.2×the volume

CLOZ467KPAAA2.44M

3Y return · a year

CLOZ +2.0pt

CLOZ+8.2%PAAA+6.2%

CLOZ vs PAAA Performance

Oct 31, 2025 – Nov 2, 2026

+4.1%CLOZ+4.9%PAAA

Expense ratio: CLOZ 0.50%; PAAA 0.19%, better
Fund size: CLOZ $712M; PAAA $15B
1Y total return: CLOZ +4.1%; PAAA +4.9%, better
Yield (12M): CLOZ 7.14%, better; PAAA 5.06%
Holdings: CLOZ 187; PAAA 326
Avg volume (30D): CLOZ 467K sh; PAAA 2.44M sh, better
NAV per share: CLOZ $26.08; PAAA $51.31
52W range

ETF.net Grade

Pillar letters and Scores for CLOZ, PAAA, with each pillar’s weight
Pillar	CLOZ	PAAA
Cost30% weight	F17	A80Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D29	A78Higher
Tradability15% weight	B56	A96Higher
Holdings10% weight	A77Higher	A75
Durability5% weight	A75	A87Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. CLOZ 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 2nd and CLOZ 25th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

Rank 1ACLOAiShares AAA CLO Active ETFScore 85
Rank 2AJAAAJanus Henderson AAA CLO ETFScore 82
Rank 2APAAAPGIM AAA CLO ETFScore 82
Rank 4AACLOTCW AAA CLO ETFScore 75
Rank 24CJBBBJanus Henderson B-BBB CLO ETFScore 41
Rank 25DCLOZEldridge BBB-B CLO ETFScore 38
Rank 26DABIVictoryShares Pioneer Asset-Based Inc ETFScore 36

Our read on each fund

ETF.net Research

CLOZDEldridge BBB-B CLO ETF

PAAAAPGIM AAA CLO ETF

In short

CLOZ Most CLO ETFs park in the AAA slice. CLOZ heads down the stack to the BBB and BB tranches, where coupons are fatter and credit losses land sooner. Actively managed, income first, paid monthly.

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

CLOZ The Fund seeks current income and, secondarily, capital preservation.

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

CLOZ Mezzanine specialist: 80% of assets go to CLO tranches rated BBB+ to B- per the prospectus, up to 70% below investment grade. JAAA and PAAA stay at the top of the stack.sec.gov
Income is the stated job, not a byproduct: current income first, capital preservation second, and cash goes out monthly.sec.gov
Live since January 2023, run by a structured-credit shop that invests in CLOs and private ABS as both buyer and issuer. Actively managed, no index.eldridge.com

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.com pgim.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

CLOZ The fee is the toll: 0.50% a year, double the typical CLO ETF and roughly 2.5x what AAA funds like JAAA and PAAA charge.
Further down the waterfall: with up to 70% permitted in below-investment-grade tranches, credit stress shows up in prices here sooner than in AAA CLO funds.sec.gov
No index to check it against, so tranche and CLO-manager selection is the adviser's call.eldridge.com

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 CLOZ profile⁠

Full PAAA profile⁠

CLOZ vs PAAA Holdings

How CLOZ and PAAA differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile94.1%
Asset classFixed Income100%

Sector

No Sector split for CLOZ and PAAA.

Country, concentration and asset class

Country by domicile

Country weights in CLOZ and PAAA, widest gap first
Country	More in CLOZMore in PAAA	CLOZ	PAAA
Cayman Islands	CLOZ +5.9 points	91.9%	86.0%
United Kingdom	PAAA +3.4 points	0.7%	4.1%
United States	PAAA +1.7 points	7.3%	9.0%
Bermuda	PAAA +0.9 points	0.0%	0.9%

Outside the US: CLOZ 1% developed, 99% emerging. PAAA 5% developed, 95% emerging.

Concentration

Weight in the 10 largest Holdings

CLOZ15.7%
PAAA14.2%

Securities held

CLOZ186
PAAA325

Asset class

CLOZ: Fixed Income
PAAA: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CLOZ holds 186 securities, PAAA 325.

All CLOZ holdings⁠All PAAA 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.

CLOZ vs PAAA Cost

Overpaying CLOZ vs PAAA

$6,027

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

CLOZ 0.50%
$9,979
PAAA 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

CLOZ 0.50%
PAAA 0.19%
Overpaying

Year by year

Year	CLOZ	PAAA	Overpaying
10	$900	$347	$553
20	$3,460	$1,351	$2,109
30	$9,979	$3,952	$6,027

Expense ratio

0.50%CLOZ
0.19%PAAA, cheaper

PAAA0.19%CLOZ0.50%

0.18%0.68%

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

PAAA 2nd cheapest of 34 funds

CLOZ 28th cheapest of 34 funds

CLOZ vs PAAA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CLOZ 7.14%, better; PAAA 5.06%
Payout (12M): CLOZ $1.85; PAAA $2.60
Last payment: CLOZ $0.15; PAAA $0.21
Ex-dividend: CLOZ Oct 2, 2026; PAAA Oct 30, 2026
Paid on: CLOZ Oct 8, 2026; PAAA Pays Nov 3, 2026
Frequency: CLOZ Monthly; PAAA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CLOZMonthly · 45 paymentsAll CLOZ payments⁠

PAAAMonthly · 39 paymentsAll PAAA payments⁠

CLOZ vs PAAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CLOZ 3.9%PAAA 0.7%, better
Return per unit of riskSharpe ratio, 3 years: CLOZ 0.91PAAA 2.82, better
Worst fallMax drawdown, 5 years: CLOZ −5.3%since Jan 2023PAAA −1.0%since Jul 2023
Market sensitivityBeta, 5 years: CLOZ 0.02PAAA 0.03; Market = 1

CLOZ and PAAA in the news

All news⁠

ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026PAAA

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CLOZ vs PAAA

In short

Stated mandate

Why people hold it

Worth knowing

How CLOZ and PAAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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

How CLOZ and PAAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings