PGIM AAA CLO ETF
PGIM ETF Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Expense ratio |
|---|---|
| PAAA | 0.19% |
Portfolio turnover 68.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 95.88% |
| Cash & short-term | 7.64% |
| Bonds | 0.39% |
Latest quarter
What changed since the fund's previous filing
Largest new: (PIPA070) PGIM Core Government Money Market Fund, CBAMR LTD, Regatta XXVII Funding Ltd / Regatta XXVII Funding LLC, ELEVATION CLO 2021-12 LTD, OCTAGON INVESTMENT PARTNERS 31 LTD, Cbam 2020-13 Ltd., ELMWOOD CLO 25 LTD, AGL CLO I LTD
Largest exited: (PIPA070) PGIM Core Government Money Market Fund, NEUBERGER BERMAN LOAN ADVISERS CLO, BENEFIT STREET PARTNERS CLO XXIII L, COLUMBIA CENT CLO 33 LTD, MARBLE POINT CLO LTD 2021-21, Battalion Clo 17 Ltd., Carlyle Us Clo 2018-2 LLC, EMPOWER CLO 2024-1 LTD
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | (PIPA070) PGIM Core Government Money Market Fund | 7.64% | $776.01M | — |
| — | CBAMR LTD0.00% floating · due 2039-04-17 | 1.92% | $195.00M | — |
| — | Regatta XXVII Funding Ltd / Regatta XXVII Funding LLC0.01% floating · due 2039-07-26 | 1.58% | $160.00M | — |
| — | ELEVATION CLO 2021-12 LTD4.95% floating · due 2037-04-20 | 1.13% | $114.94M | — |
| — | OCTAGON INVESTMENT PARTNERS 31 LTD4.98% 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 LTD0.00% floating · due 2037-04-17 | 0.99% | $100.26M | — |
| — | NEUBERGER BERMAN LOAN ADVISERS CLO 33 LTD4.90% floating · due 2039-04-16 | 0.96% | $97.64M | — |
| — | RR 27 LTD4.90% floating · due 2040-10-15 | 0.93% | $93.94M | — |
| — | AGL CLO I LTD4.88% floating · due 2039-01-21 | 0.87% | $88.05M | — |
Top 10 positions are 18.04% of net assets, top 25 29.06%, across 326 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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