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PAAA vs YCLO

PGIM AAA CLO ETF

PAAAANYSE Arca

Franklin BSP CLO ETF

YCLOCNYSE Arca

Overlap

No data

Expense ratio

PAAA −0.16pt a year

PAAA0.19%YCLO0.35%

Avg volume · 30D

PAAA 840.3×the volume

PAAA2.67MYCLO3.18K

PAAA vs YCLO Performance

Aug 7, 2026 – Nov 9, 2026

+1.2%PAAA+0.8%YCLO

Aug 7, 2026 to Nov 9, 2026. PAAA +1.2%. YCLO +0.8%. Use the arrow keys to read each point.0%0.25%0.5%1%Aug 2026Sep 2026Nov 2026
Expense ratio
PAAA 0.19%, better
YCLO 0.35%
Fund size
PAAA $15.7B
YCLO $49M
1Y total return
PAAA +4.8%
YCLO No data
Yield (12M)
PAAA 4.62%
YCLO No data
Holdings
PAAA 333
YCLO 44
Avg volume (30D)
PAAA 2.67M sh, better
YCLO 3.18K sh
NAV per share
PAAA $51.35
YCLO $25.13
52W range

ETF.net Grade

PAAA: Cost 80, Risk 79, Mission not scored, Tradability 96, Holdings 74, Durability 87. YCLO: Cost 38, Risk 64, Mission not scored, Tradability 27, Holdings 45, Durability 45.
Pillar letters and Scores for PAAA, YCLO, with each pillar’s weight
PillarPAAAYCLO
Cost30% weightA80HigherD38
Mission25% weightNot scoredNot scored
Risk15% weightA79HigherB64
Tradability15% weightA96HigherD27
Holdings10% weightA74HigherC45
Durability5% weightA87HigherC45

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 YCLO 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 YCLO 23rd of 34 funds in the Collateralized Loan Obligations (CLO) Category.

  1. Rank 1ACLOAiShares AAA CLO Active ETFScore 84
  2. Rank 2AJAAAJanus Henderson AAA CLO ETFScore 83
  3. Rank 3APAAAPGIM AAA CLO ETFScore 82
  4. Rank 4AACLOTCW AAA CLO ETFScore 75
  5. Rank 22CFCLOFidelity CLO ETFScore 43
  6. Rank 23CYCLOFranklin BSP CLO ETFScore 42
  7. Rank 24CJBBBJanus Henderson B-BBB CLO ETFScore 40

Our read on each fund

ETF.net Research

PAAAAPGIM AAA CLO ETF

YCLOCFranklin BSP 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.

YCLO Most CLO ETFs park in AAA. YCLO roams the whole investment-grade CLO stack, US and European deals alike, run by Franklin's Benefit Street Partners credit desk with capital preservation as the stated first job.

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.

YCLO The Fund seeks capital preservation and current income.

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.
  • YCLO Active mandate across investment-grade CLO tranches in both US and European deals, hunting relative value instead of sitting only at the top of the stack.businesswire.comfranklintempleton.com
  • Stated job is capital preservation and current income, and CLO tranches pay floating-rate coupons, so the income stream resets with short-term rates.businesswire.com
  • The desk is not new to this: BSP is Franklin's alternative credit arm and its structured credit platform dates to 2009.businesswire.com

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.
  • YCLO Costs 0.35% a year, above the CLO ETF median and above the big AAA-only names like JAAA, CLOA and PAAA. That is the price of the wider mandate.
  • Reaching below AAA adds credit and downgrade risk; ratings on CLO tranches can be cut, and pricing can gap in stressed markets.businesswire.com
  • Launched in 2026, thinly traded, and a concentrated book of a few dozen tranches, so wider spreads come with the territory. Income arrives quarterly.

Full PAAA profile⁠

Full YCLO profile⁠

PAAA vs YCLO 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 YCLO Cost

Overpaying YCLO vs PAAA

$3,174

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

  • PAAA 0.19%

    $3,952

  • YCLO 0.35%

    $7,126

$10,000
30 years

Cost over time

  • PAAA 0.19%
  • YCLO 0.35%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530YCLO $7,126PAAA $3,952

Year by year

YearPAAAYCLOOverpaying
10$347$634$287
20$1,351$2,454$1,103
30$3,952$7,126$3,174

Expense ratio

  • 0.19%PAAA, cheaper
  • 0.35%YCLO
  • Middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.28%

PAAA 2nd cheapest of 34 funds

YCLO 21st cheapest of 34 funds

PAAA vs YCLO Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
PAAA 4.62%
YCLO No data
Payout (12M)
PAAA $2.38
YCLO No data
Last payment
PAAA $0.21
YCLO $0.11
Ex-dividend
PAAA Oct 30, 2026
YCLO Nov 2, 2026
Paid on
PAAA Nov 3, 2026
YCLO Nov 5, 2026
Frequency
PAAA Monthly
YCLO 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
YCLOMonthly · 5 paymentsAll YCLO payments⁠
One bar per payment. 5 payments from 2023 to 2026 YTD. Jul 1, 2026 $0.08; Aug 3, 2026 $0.09; Sep 1, 2026 $0.11; Oct 1, 2026 $0.10; Nov 2, 2026 $0.11. Use the arrow keys to read each point.$0$0.2520232026YTD

PAAA vs YCLO 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%YCLO No data
Return per unit of riskSharpe ratio, 3 years
PAAA 2.82YCLO No data
Worst fallMax drawdown, 5 years
PAAA −1.0%since Jul 2023YCLO No data
Market sensitivityBeta, 5 years
PAAA 0.03YCLO −0.05

PAAA and YCLO in the news

All news⁠

Popular comparisons

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    Category
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