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PAAA vs PCLO

PGIM AAA CLO ETF

PAAAANYSE Arca

Virtus Seix AAA Private Credit CLO ETF

PCLOCNYSE Arca

Overlap

No data

Expense ratio

PAAA −0.10pt a year

PAAA0.19%PCLO0.29%

Avg volume · 30D

PAAA 634.3×the volume

PAAA2.44MPCLO3.85K

PAAA vs PCLO Performance

Oct 31, 2025 – Oct 30, 2026

+4.8%PAAA+4.9%PCLO

Oct 31, 2025 to Oct 30, 2026. PAAA +4.8%. PCLO +4.9%. Use the arrow keys to read each point.0%1%2%3%Oct 2025Apr 2026Oct 2026
Expense ratio
PAAA 0.19%, better
PCLO 0.29%
Fund size
PAAA $15.1B
PCLO $19M
1Y total return
PAAA +4.8%
PCLO +4.9%, better
Yield (12M)
PAAA 5.06%, better
PCLO 5.00%
Holdings
PAAA 325
PCLO 23
Avg volume (30D)
PAAA 2.44M sh, better
PCLO 3.85K sh
NAV per share
PAAA $51.48
PCLO $24.91
52W range

ETF.net Grade

PAAA: Cost 80, Risk 79, Mission not scored, Tradability 96, Holdings 75, Durability 87. PCLO: Cost 45, Risk 76, Mission not scored, Tradability 43, Holdings 46, Durability 29.
Pillar letters and Scores for PAAA, PCLO, with each pillar’s weight
PillarPAAAPCLO
Cost30% weightA80HigherC45
Mission25% weightNot scoredNot scored
Risk15% weightA79HigherA76
Tradability15% weightA96HigherC43
Holdings10% weightA75HigherC46
Durability5% weightA87HigherD29

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. PAAA and PCLO 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 PCLO 16th 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 16CNCLONuveen AA-BBB CLO ETFScore 50
  6. Rank 16CPCLOVirtus Seix AAA Private Credit CLO ETFScore 50
  7. Rank 18CASECAmerican Century Securitized Credit ETFScore 49

Our read on each fund

ETF.net Research

PAAAAPGIM AAA CLO ETF

PCLOCVirtus Seix AAA Private Credit CLO ETF

In short

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.

PCLO No data

Stated mandate

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.

PCLO No data

Why people hold it

  • 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.

PCLO No data

Worth knowing

  • 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.

PCLO No data

Full PAAA profile⁠

Full PCLO profile⁠

PAAA vs PCLO Holdings

How PAAA and PCLO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Countryby domicile42.9%
  • Asset classFixed Income100%

Sector

No Sector split for PAAA and PCLO.

Country, concentration and asset class

Country by domicile

Country weights in PAAA and PCLO, widest gap first
CountryMore in PAAAMore in PCLO
Cayman IslandsPAAA +56.2 points
United StatesPCLO +52.3 points
United KingdomPCLO +4.9 points
BermudaPAAA +0.9 points

Outside the US: PAAA 5% developed, 95% emerging. PCLO 23% developed, 77% emerging.

Concentration

Weight in the 10 largest Holdings

  • PAAA14.4%
  • PCLO54.3%

Securities held

  • PAAA324
  • PCLO22

Asset class

PAAA
Fixed Income
PCLO
Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PAAA holds 324 securities, PCLO 22.

All PAAA holdings⁠All 25 PCLO 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.

PAAA vs PCLO Cost

Overpaying PCLO vs PAAA

$2,000

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

  • PAAA 0.19%

    $3,952

  • PCLO 0.29%

    $5,952

$10,000
30 years

Cost over time

  • PAAA 0.19%
  • PCLO 0.29%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530PCLO $5,952PAAA $3,952

Year by year

YearPAAAPCLOOverpaying
10$347$527$180
20$1,351$2,044$693
30$3,952$5,952$2,000

Expense ratio

  • 0.19%PAAA, cheaper
  • 0.29%PCLO
  • Middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.28%

PAAA 2nd cheapest of 34 funds

PCLO 18th cheapest of 34 funds

PAAA vs PCLO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PAAA 5.06%, better
PCLO 5.00%
Payout (12M)
PAAA $2.60
PCLO $1.25
Last payment
PAAA $0.21
PCLO $0.10
Ex-dividend
PAAA Oct 30, 2026
PCLO Oct 20, 2026
Paid on
PAAA Pays Nov 3, 2026
PCLO Oct 27, 2026
Frequency
PAAA Monthly
PCLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

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
PCLOMonthly · 23 paymentsAll PCLO payments⁠
One bar per payment. 23 payments from 2023 to 2026 YTD. Dec 20, 2024 $0.11; Jan 21, 2025 $0.09; Feb 20, 2025 $0.13; Mar 20, 2025 $0.12; Apr 21, 2025 $0.12; May 20, 2025 $0.11; Jun 20, 2025 $0.11; Jul 21, 2025 $0.12; Aug 20, 2025 $0.12; Sep 22, 2025 $0.12; Oct 20, 2025 $0.11; Nov 20, 2025 $0.10; Dec 22, 2025 $0.11; Jan 20, 2026 $0.11; Feb 20, 2026 $0.08; Mar 20, 2026 $0.11; Apr 20, 2026 $0.11; May 20, 2026 $0.10; Jun 22, 2026 $0.10; Jul 20, 2026 $0.10; Aug 20, 2026 $0.10; Sep 21, 2026 $0.10; Oct 20, 2026 $0.10. Use the arrow keys to read each point.$0$0.2520232026YTD

PAAA vs PCLO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PAAA 0.7%PCLO 0.7%since Jan 2025Same figure. Both funds show the same value, so neither comes out ahead.
Return per unit of riskSharpe ratio, 3 years
PAAA 2.82PCLO 1.61since Jan 2025
Worst fallMax drawdown, 5 years
PAAA −1.0%since Jul 2023PCLO −0.8%since Dec 2024
Market sensitivityBeta, 5 years
PAAA 0.03PCLO 0.04

PAAA and PCLO in the news

All news⁠

Popular comparisons

  • PAAAAvsCLOAA

    PGIM AAA CLO ETF · iShares AAA CLO Active ETF

    Expense ratio
    0.19% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PCLOCvsCLOAA

    Virtus Seix AAA Private Credit CLO ETF · iShares AAA CLO Active ETF

    Expense ratio
    0.29% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PAAAAvsJAAAA

    PGIM AAA CLO ETF · Janus Henderson AAA CLO ETF

    Expense ratio
    0.19% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PCLOCvsJAAAA

    Virtus Seix AAA Private Credit CLO ETF · Janus Henderson AAA CLO ETF

    Expense ratio
    0.29% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PAAAAvsACLOA

    PGIM AAA CLO ETF · TCW AAA CLO ETF

    Expense ratio
    0.19% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PCLOCvsACLOA

    Virtus Seix AAA Private Credit CLO ETF · TCW AAA CLO ETF

    Expense ratio
    0.29% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.