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NCLO vs PAAA

Nuveen AA-BBB CLO ETF

NCLOCNYSE Arca

PGIM AAA CLO ETF

PAAAANYSE Arca

Overlap

No data

Expense ratio

PAAA −0.07pt a year

NCLO0.26%PAAA0.19%

Avg volume · 30D

PAAA 30.5×the volume

NCLO80KPAAA2.44M

NCLO vs PAAA Performance

Oct 31, 2025 – Nov 2, 2026

+5.3%NCLO+4.9%PAAA

Oct 31, 2025 to Nov 2, 2026. NCLO +5.3%. PAAA +4.9%. Use the arrow keys to read each point.−1%0%1%2%3%Oct 2025May 2026Nov 2026
Expense ratio
NCLO 0.26%
PAAA 0.19%, better
Fund size
NCLO $244M
PAAA $15B
1Y total return
NCLO +5.3%, better
PAAA +4.9%
Yield (12M)
NCLO 6.06%, better
PAAA 5.06%
Holdings
NCLO 145
PAAA 326
Avg volume (30D)
NCLO 80K sh
PAAA 2.44M sh, better
NAV per share
NCLO $25.02
PAAA $51.31
52W range

ETF.net Grade

NCLO: Cost 53, Risk 16, Mission not scored, Tradability 62, Holdings 75, Durability 60. PAAA: Cost 80, Risk 78, Mission not scored, Tradability 96, Holdings 75, Durability 87.
Pillar letters and Scores for NCLO, PAAA, with each pillar’s weight
PillarNCLOPAAA
Cost30% weightC53A80Higher
Mission25% weightNot scoredNot scored
Risk15% weightF16A78Higher
Tradability15% weightB62A96Higher
Holdings10% weightA75A75
Durability5% weightB60A87Higher

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. NCLO 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 NCLO 16th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

  1. Rank 1ACLOAiShares AAA CLO Active ETFScore 85
  2. Rank 2AJAAAJanus Henderson AAA CLO ETFScore 82
  3. Rank 2APAAAPGIM AAA CLO ETFScore 82
  4. Rank 4AACLOTCW AAA CLO ETFScore 75
  5. Rank 14CPSQAPalmer Square CLO Senior Debt ETFScore 51
  6. Rank 16CNCLONuveen AA-BBB CLO ETFScore 50
  7. Rank 17CASECAmerican Century Securitized Credit ETFScore 49

Our read on each fund

ETF.net Research

NCLOCNuveen AA-BBB CLO ETF

PAAAAPGIM AAA CLO ETF

In short

NCLO 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

NCLO 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

NCLO 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

NCLO 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 NCLO profile⁠

Full PAAA profile⁠

NCLO vs 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.

NCLO vs PAAA Cost

Overpaying NCLO vs PAAA

$1,406

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

  • NCLO 0.26%

    $5,358

  • PAAA 0.19%

    $3,952

$10,000
30 years

Cost over time

  • NCLO 0.26%
  • 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$6K051015202530NCLO $5,358PAAA $3,952

Year by year

YearNCLOPAAAOverpaying
10$473$347$126
20$1,838$1,351$487
30$5,358$3,952$1,406

Expense ratio

  • 0.26%NCLO
  • 0.19%PAAA, cheaper
  • Middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.28%

PAAA 2nd cheapest of 34 funds

NCLO 17th cheapest of 34 funds

NCLO vs PAAA Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
NCLO 6.06%, better
PAAA 5.06%
Payout (12M)
NCLO $1.51
PAAA $2.60
Last payment
NCLO $0.10
PAAA $0.21
Ex-dividend
NCLO Nov 2, 2026
PAAA Oct 30, 2026
Paid on
NCLO Pays Nov 3, 2026
PAAA Pays Nov 3, 2026
Frequency
NCLO Monthly
PAAA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

NCLOMonthly · 23 paymentsAll NCLO payments⁠
One bar per payment. 23 payments from 2023 to 2026 YTD. Dec 18, 2024 $0.09; Feb 3, 2025 $0.12; Mar 3, 2025 $0.12; Apr 1, 2025 $0.13; May 1, 2025 $0.12; Jun 2, 2025 $0.14; Jul 1, 2025 $0.12; Aug 1, 2025 $0.13; Sep 2, 2025 $0.16; Oct 1, 2025 $0.10; Nov 3, 2025 $0.12; Dec 1, 2025 $0.12; Dec 18, 2025 $0.15; Feb 2, 2026 $0.10; Mar 2, 2026 $0.10; Apr 1, 2026 $0.11; May 1, 2026 $0.12; Jun 1, 2026 $0.11; Jul 1, 2026 $0.12; Aug 3, 2026 $0.12; Sep 1, 2026 $0.11; Oct 1, 2026 $0.12; Nov 2, 2026 $0.10. 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

NCLO vs PAAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NCLO 0.9%since Jan 2025PAAA 0.7%
Return per unit of riskSharpe ratio, 3 years
NCLO 1.77since Jan 2025PAAA 2.82
Worst fallMax drawdown, 5 years
NCLO −3.1%since Dec 2024PAAA −1.0%since Jul 2023
Market sensitivityBeta, 5 years
NCLO 0.06PAAA 0.03

NCLO and PAAA in the news

All news⁠

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