ICLO vs PAAA: Grades, Fees and Holdings Compared

Invesco AAA CLO Floating Rate Note ETF

ICLOACboe

PGIM AAA CLO ETF

PAAAANYSE Arca

Overlap

0.0%by weight

Expense ratio

ICLO0.19%PAAA0.19%

Avg volume · 30D

PAAA 18.4×the volume

ICLO133KPAAA2.44M

3Y return · a year

PAAA +0.1pt

ICLO+6.1%PAAA+6.2%

ICLO vs PAAA Performance

Oct 31, 2025 – Nov 2, 2026

+4.8%ICLO+4.9%PAAA

Expense ratio: ICLO 0.19%; PAAA 0.19%
Fund size: ICLO $614M; PAAA $15B
1Y total return: ICLO +4.8%; PAAA +4.9%, better
Yield (12M): ICLO 4.75%; PAAA 5.06%, better
Holdings: ICLO 160; PAAA 326
Avg volume (30D): ICLO 133K sh; PAAA 2.44M sh, better
NAV per share: ICLO $25.56; PAAA $51.31
52W range

ETF.net Grade

Pillar letters and Scores for ICLO, PAAA, with each pillar’s weight
Pillar	ICLO	PAAA
Cost30% weight	A80	A80
Mission25% weight	Not scored	Not scored
Risk15% weight	C54	A78Higher
Tradability15% weight	A78	A96Higher
Holdings10% weight	C52	A75Higher
Durability5% weight	A84	A87Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ICLO 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 ICLO 6th 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 5AFAAAFIDELITY AAA CLO ETFScore 72
Rank 6AICLOInvesco AAA CLO Floating Rate Note ETFScore 71
Rank 7BAAACColumbia AAA CLO ETFScore 70

Our read on each fund

ETF.net Research

ICLOAInvesco AAA CLO Floating Rate Note ETF

PAAAAPGIM AAA CLO ETF

In short

ICLO Invesco's play on the top slice of the CLO stack: an actively managed fund that keeps at least 80% in AAA-rated CLO floating rate notes, charges 0.19%, and pays monthly. One of the first ETFs to put this institutional corner into a ticker.

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

ICLO The actively managed ETF seeks current income and 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

ICLO At 0.19% a year it undercuts the 0.25% median for CLO funds and sits at the low end of the AAA CLO field, level with PAAA and a hair under JAAA, CLOA, FAAA and ACLO at 0.20%.
Coupons on CLO floating rate notes reset with short-term rates, so interest-rate sensitivity is minimal by design. This is a credit sleeve, not a duration bet.invesco.com
Actively run, not index-shadowing: Invesco's team picks roughly 150 CLO tranches rather than taking whatever a benchmark prints, and income is paid out monthly.invesco.com
Listed in 2022, it was among the first AAA CLO ETFs to reach retail brokerage accounts, giving it a longer live record than most of the peer group.invesco.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

ICLO AAA here means top of the CLO capital stack, not Treasury-grade. The collateral underneath is leveraged corporate loans, and senior tranches can still move in a credit squeeze.invesco.com
Floating rate cuts both ways. Coupons reset upward when short-term rates rise, and the income the fund passes through shrinks when they fall.invesco.com
It is not the most heavily traded name in the AAA CLO group, so bid-ask spreads can run wider than at the category's largest funds. Limit orders matter more here.

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 ICLO profile⁠

Full PAAA profile⁠

ICLO vs PAAA Holdings

How ICLO and PAAA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ICLO and 0.0% of PAAA.

Level by level

Asset classAlternatives, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile90.2%

Sector

No Sector split for ICLO and PAAA.

Country, concentration and asset class

Country by domicile

Country weights in ICLO and PAAA, widest gap first
Country	More in ICLOMore in PAAA	ICLO	PAAA
United States	ICLO +9.6 points	18.6%	9.0%
Cayman Islands	PAAA +6.4 points	79.6%	86.0%
United Kingdom	PAAA +3.0 points	1.1%	4.1%
Other countries (2)	PAAA +0.1 points	0.8%	0.9%

Outside the US: ICLO 2% developed, 98% emerging. PAAA 5% developed, 95% emerging.

Concentration

Weight in the 10 largest Holdings

ICLO26.3%
PAAA14.2%

Securities held

ICLO155
PAAA325

Asset class

ICLO: Alternatives
PAAA: Fixed Income

Holdings

Only in ICLO155
In both0
Only in PAAA325

Only in ICLO

155 securities, 100% of ICLO by weight

Invesco Premier US Government Money Portfolio5.38%
Elmwood CLO 29 Ltd 5.28% 04/20/20373.21%
Green Lakes Park CLO LLC 5.25% 01/25/20382.46%
ABPCI Direct Lending Fund CLO XVII LLC 5.55% 08/01/20382.41%
Empower CLO 2024-2 Ltd 5.24% 07/15/20372.41%
CIFC Funding 2022-II Ltd 5.09% 04/19/20352.41%
Carlyle US CLO 2022-1 Ltd 5.02% 04/15/20352.25%
Barings Euro CLO 2024-1 DAC 3.91% 04/20/20392.15%
Penta Clo 18 DAC 3.90% 01/15/20391.97%
CIFC Funding 2017-I Ltd 5.26% 04/21/20371.65%
OWL Rock CLO XXV LLC 5.13% 07/22/20361.61%
AGL CLO 30 Ltd 5.26% 04/21/20371.61%
Symphony CLO 30 Ltd 5.28% 10/20/20371.60%
Golub Capital Partners CLO 19B-R3 Ltd 5.23% 10/20/20361.60%
Golub Capital Partners CLO 52 B R Ltd 5.30% 07/20/20391.60%
AGL CLO 30 Ltd 5.61% 04/21/20371.60%
Cairn Clo XVI DAC 3.89% 01/15/20401.45%
Pikes Peak Clo 12 Ltd 5.30% 04/20/20381.44%
Golub Capital Partners CLO 79B Ltd 5.25% 04/20/20381.29%
Sona Fios CLO II DAC 3.78% 02/15/20391.25%
Blackrock MT Lassen Clo XV LLC 5.69% 07/15/20371.20%
BlackRock DLF X 2025-C CLO LP 5.01% 11/21/20331.19%
Park Blue CLO 2025-VII Ltd 5.29% 04/25/20381.16%
Carysfort Park CLO DAC 3.92% 04/28/20391.08%
Magnetite XVII Ltd 5.27% 07/25/20391.07%
Park Blue CLO 2022-1 Ltd 5.50% 10/20/20371.03%
Milford Park CLO Ltd 5.24% 01/20/20380.99%
Elmwood CLO III Ltd 5.50% 07/18/20370.96%
Golub Capital Partners CLO 62B Ltd 5.63% 10/15/20370.96%
Balboa Bay Loan Funding 2024-1 Ltd 5.58% 07/20/20370.96%
Empower CLO 2024-1 Ltd 5.35% 04/25/20370.96%
OHA Credit Funding 17-R Ltd 5.38% 04/20/20390.96%
GoldenTree Loan Management US CLO 16 Ltd 5.20% 01/20/20380.91%
Neuberger Berman Loan Advisers Euro CLO 3.75% 07/15/20400.90%
CIFC Funding 2023-II Ltd 5.19% 01/21/20370.85%
Cairn CLO XIII DAC 4.24% 10/20/20330.81%
Sixth Street CLO XX Ltd 5.69% 07/17/20380.80%
Elmwood CLO 29 Ltd 5.63% 04/20/20370.80%
New Mountain CLO 8 Ltd 5.35% 10/20/20380.80%
Neuberger Berman Loan Advisers LaSalle Street Lending CLO II Ltd 5.42% 04/20/20380.80%
Cedar Funding XIV CLO Ltd 5.42% 10/15/20370.80%
Cerberus Loan Funding XL LLC 5.64% 03/22/20350.80%
Regatta XVII Funding Ltd 5.22% 10/15/20370.80%
Golub Capital Partners CLO 61M 5.30% 07/25/20350.80%
Rad Clo 18 Llc 07/15/20370.80%
CIFC Funding 2014-V Ltd 5.31% 07/17/20370.80%
Magnetite XXXIV Ltd 5.18% 01/15/20380.80%
Oak Hill Credit Partners X-R Ltd 5.21% 04/20/20380.80%
OHA Credit Funding 7 Ltd 5.40% 07/19/20380.74%
Benefit Street Partners CLO XXVI Ltd 5.28% 10/20/20390.73%

Only in PAAA

325 securities, 97.9% of PAAA by weight

Cbamr 2017-2 Ltd1.31%
Rr 48 Ltd1.27%
Regatta Xxvii Funding Ltd1.06%
Regatta Xxi Funding Ltd1.05%
Benefit Street Partners Clo Xii-B Ltd1.00%
Goldenttree Loan Management Us Clo 1 Ltd1.00%
Diameter Capital Clo 1 Ltd1.00%
Ocp Clo 2024-35 Ltd1.00%
Battalion Clo Xxiii Ltd1.00%
Carval Clo Vii-C Ltd1.00%
Benefit Street Partners Clo Xxxiv Ltd0.96%
Kennedy Lewis Clo 2 Ltd0.93%
Magnetite Xl Ltd0.93%
Ocp Clo 2022-24 Ltd0.92%
Kkr Clo 46 Ltd0.92%
Barings Clo Ltd 2024-III0.91%
Battalion Clo Xxiv Ltd0.90%
Regatta Xii Funding Ltd0.88%
Agl Core Clo 2 Ltd0.87%
Regatta Xxvi Funding Ltd0.83%
Balboa Bay Loan Funding 2024-1 Ltd0.83%
Battalion Clo Xxxii Ltd0.83%
Ares Lxxii Clo Ltd0.82%
Octagon 63 Ltd0.80%
Ballyrock Clo 2019-2 Ltd0.80%
Elevation Clo 2021-12 Ltd0.76%
Barings Clo Ltd 2024-IV0.72%
Midocean Credit Clo Xxiv0.71%
Octagon Investment Partners 28 Ltd0.70%
Thl Credit Wind River 2020-1 Clo Ltd0.69%
Kkr Clo 61 Ltd0.68%
Cbamr 2020-13 Ltd0.66%
Ares Lxx Clo Ltd0.66%
Elmwood Clo 25 Ltd0.66%
Benefit Street Partners Clo Xvii Ltd0.66%
Cbamr 2018-7 Ltd0.66%
Madison Park Funding Lix Ltd0.66%
Neuberger Berman Clo Xvii Ltd0.66%
Rr 51 Ltd0.65%
Magnetite Xxix Ltd0.64%
Palmer Square Clo 2024-2 Ltd0.63%
Kennedy Lewis Clo 4 Ltd0.63%
Rr 27 Ltd0.62%
Neuberger Berman Loan Advisers Clo 33 Ltd0.61%
Oha Loan Funding 2016-1 Ltd0.60%
Midocean Credit Clo Xviii Llc0.57%
Rad Clo 25 Ltd0.56%
Peebles Park Clo Ltd0.56%
Rr 14 Ltd0.55%
Rr 26 Ltd0.53%

Weight gaps

ICLO and PAAA share no securities.

All 157 ICLO 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.

ICLO vs PAAA Cost

Same expense ratio

$3,952

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

ICLO 0.19%
$3,952
PAAA 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

ICLO 0.19%
PAAA 0.19%

Year by year

Year	ICLO	PAAA
10	$347	$347
20	$1,351	$1,351
30	$3,952	$3,952

Expense ratio

0.19%ICLO
0.19%PAAA

ICLO0.19%PAAA0.19%

0.18%0.68%

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

ICLO 2nd cheapest of 34 funds

PAAA 2nd cheapest of 34 funds

ICLO vs PAAA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ICLO 4.75%; PAAA 5.06%, better
Payout (12M): ICLO $1.21; PAAA $2.60
Last payment: ICLO $0.10; PAAA $0.21
Ex-dividend: ICLO Oct 19, 2026; PAAA Oct 30, 2026
Paid on: ICLO Oct 23, 2026; PAAA Pays Nov 3, 2026
Frequency: ICLO Monthly; PAAA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICLOMonthly · 46 paymentsAll ICLO payments⁠

PAAAMonthly · 39 paymentsAll PAAA payments⁠

ICLO vs PAAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ICLO 0.7%PAAA 0.7%
Return per unit of riskSharpe ratio, 3 years: ICLO 2.31PAAA 2.82, better
Worst fallMax drawdown, 5 years: ICLO −3.5%since Dec 2022PAAA −1.0%since Jul 2023
Market sensitivityBeta, 5 years: ICLO 0.02PAAA 0.03; Market = 1

ICLO 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
ETF Filings
First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor
Sep 21, 2026ICLO

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ICLO vs PAAA

In short

Stated mandate

Why people hold it

Worth knowing

How ICLO and PAAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLO

Only in PAAA

Weight gaps

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%

First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor

How ICLO and PAAA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLO

Only in PAAA

Weight gaps