PGIM AAA CLO ETF

PAAA is an actively managed fund that holds USD-denominated collateralized loan obligations with AAA credit rating. Securities are selected using both top-down analysis and bottom-up research.

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Investors have been married to their money market funds for the better part of the last two years. But a recent poll from VettaFi's Q4 Fixed Income Symposium in October showed more market participants may finally be willing to break out of their comfort zones and redeploy those funds into riskier assets.

More Money Market Substitutes Taking Shape

PGIM launched PAAA in 2023, targeting retail investors with access to the $1.2 trillion collateralized loan obligation (CLO) market, traditionally reserved for institutions. PAAA primarily invests in senior AAA-rated CLO tranches, aiming for total returns through current income and capital appreciation. The fund maintains a high level of diversification, with no single holding exceeding 2%, and invests in a range of issuances from reputable managers.

PAAA: PGIM's Answer To The AAA CLO Dilemma

PGIM, the $1.2 trillion investment management arm of Prudential Financial, has launched the PGIM AAA CLO ETF (NYSE Arca: PAAA). PAAA seeks total return through current income and capital appreciation by investing primarily in U.S. CLOs rated AAA or equivalent.

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