PGIM AAA CLO ETF
Actively managed bond ETF
As of its 2026 Q2 report, PGIM AAA CLO ETF held 330 positions with $10.15B in net assets. Its ten largest holdings made up 18.0% of the fund. The PAAA share class costs 0.19% a year. Over the 12 months to May 2026, PAAA returned 5.3%, with dividends reinvested. In 2026 Q2 it added 47 new positions and exited 64.
The investment objective is to seek to maximize total return, through a combination of current income and capital appreciation.
The fund invests at least 80% of its assets in U.S. dollar-denominated collateralized loan obligations rated AAA by a nationally recognized rating organization at purchase, or if unrated, determined by the subadviser to be of comparable quality; up to 20% may be in CLOs rated below AAA but not below A-. The subadviser conducts top-down macroeconomic analysis combined with bottom-up security research using proprietary models to select individual CLOs, with no more than 10% of net assets in any single CLO. Because the fund is non-diversified, it may invest in a smaller number of issuers than a diversified fund. The fund engages in active trading and may use derivatives to enhance returns or hedge risks.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
(PIPA070) PGIM Core Government Money Market Fund | 7.64% | $776.01M | — |
CBAMR LTD 0.00% floating · due 2039-04-17 | 1.92% | $195.00M | — |
Regatta XXVII Funding Ltd / Regatta XXVII Funding LLC 0.01% floating · due 2039-07-26 | 1.58% | $160.00M | — |
ELEVATION CLO 2021-12 LTD 4.95% floating · due 2037-04-20 | 1.13% | $114.94M | — |
OCTAGON INVESTMENT PARTNERS 31 LTD 4.98% floating · due 2037-04-24 | 1.04% | $105.29M | — |
Cbam 2020-13 Ltd. 4.98% floating · due 2039-04-20 | 0.99% | $100.32M | — |
ELMWOOD CLO 25 LTD 0.00% floating · due 2037-04-17 | 0.99% | $100.26M | — |
NEUBERGER BERMAN LOAN ADVISERS CLO 33 LTD 4.90% floating · due 2039-04-16 | 0.96% | $97.64M | — |
RR 27 LTD 4.90% floating · due 2040-10-15 | 0.93% | $93.94M | — |
AGL CLO I LTD 4.88% floating · due 2039-01-21 | 0.87% | $88.05M | — |
The 200 largest of 330 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 95.88% |
| Cash & short-term | 7.64% |
| Bonds | 0.39% |
How it has done
PAAA share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.40%. Past returns are a record, not a forecast.
Fees & fund details
PGIM AAA CLO ETF is an actively managed bond ETF.
- Asset class
- Bonds
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.19%· PAAA 0.19%
- Portfolio turnover
- 68.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
47 new· the largest 8
64 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-29
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 3-5y | 0.0% |
| 5-10y | 20.6% |
| 10y+ | 79.4% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 4.0%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 97% |
| Interest rates | 3% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.15 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.12 yr | 92% |
| 1 yr | 0.00 yr | 2% |
| 5 yr | 0.00 yr | 0% |
| 10 yr | 0.01 yr | 5% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.42 yr | 10% |
| 5 yr | 3.72 yr | 89% |
| 10 yr | 0.02 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.12 | +0.00 | +0.00 | $459 | $0 |
| 1 yr | +0.00 | +0.41 | +0.00 | $420.0k | $2.8k |
| 5 yr | +0.00 | +3.72 | +0.01 | $3.77m | $6.8k |
| 10 yr | +0.01 | +0.02 | +0.00 | $24.4k | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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