Key stats
About PGIM AAA CLO ETF
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Inception date
Jul 19, 2023
Structure
Open-Ended Fund
Replication method
Physical
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
PGIM Investments LLC
Distributor
Prudential Investment Management Services LLC
ISIN
US69344A8348
PAAA provides exposure to collateralized loan obligations dominated in USD in seeking to maximize total return through current income and capital growth. It mainly focuses on the senior tranches of CLOs which have the highest ratings, the lowest risk, and minimal yields. Securities selected are typically with floating rates and AAA ratings, although it may hold lower ratings no less than A- up to 20% of the portfolio. The fund also maintains its diversification by not investing more than 10% in any single CLO and capping its fixed-rate CLOs. In managing the fund, top-down economic analysis is paired with bottom-up research to develop views on economic, policy, and market trends, as well as internal rating and outlook on issuers. The fund may also utilize derivatives including futures, forwards, options, and swaps to hedge investment risks. Due to the funds active management, investment decisions are at the discretion of the manager.
Related funds
Classification
What's in the fund
Exposure type
Securitized
Bonds, Cash & Other100.00%
Securitized96.67%
Cash2.70%
Miscellaneous0.63%
Top 10 holdings
Frequently Asked Questions
An exchange-traded fund (ETF) is a collection of assets (stocks, bonds, commodities, etc.) that track an underlying index and can be bought on an exchange like individual stocks.
PAAA assets under management is 4.61 B USD. AUM is an important metric as it reflects the fund's size and can serve as a gauge of how successful the fund is in attracting investors, which, in its turn, can influence decision-making.
Since ETFs work like an individual stock, they can be bought and sold on exchanges (e.g. NASDAQ, NYSE, EURONEXT). As it happens with stocks, you need to select a brokerage to access trading. Explore our list of available brokers to find the one to help execute your strategies. Don't forget to do your research before getting to trading. Explore ETFs metrics in our ETF screener to find a reliable opportunity.
PAAA invests in bonds. See more details in our Analysis section.
PAAA expense ratio is 0.19%. It's an important metric for helping traders understand the fund's operating costs relative to assets and how expensive it would be to hold the fund.
No, PAAA isn't leveraged, meaning it doesn't use borrowings or financial derivatives to magnify the performance of the underlying assets or index it follows.
Yes, PAAA pays dividends to its holders with the dividend yield of 5.09%.
PAAA shares are issued by Prudential Financial, Inc.
PAAA follows the No Underlying Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
The fund started trading on Jul 19, 2023.
The fund's management style is active, aiming to outperform its benchmark index by actively selecting and adjusting assets. The goal is to achieve returns that exceed those of the index the fund tracks.