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Name

As of 05/03/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PGIM AAA CLO ETF

PAAA | Active ETF

$50.77

$143 M

6.48%

$3.29

0.19%

Vitals

YTD Return

2.7%

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$143 M

Holdings in Top 10

23.5%

52 WEEK LOW AND HIGH

$50.8
$50.02
$50.99

Expenses

OPERATING FEES

Expense Ratio 0.19%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 05/03/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PGIM AAA CLO ETF

PAAA | Active ETF

$50.77

$143 M

6.48%

$3.29

0.19%

PAAA - Profile

Distributions

  • YTD Total Return 2.7%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 6.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    PGIM AAA CLO ETF
  • Fund Family Name
    Prudential
  • Inception Date
    Jul 26, 2023
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

Under normal circumstances, the Fund invests at least 80% of its investable assets in U.S. dollar-denominated collateralized loan obligations (“CLOs”) that are, at the time of purchase, rated AAA (or equivalent) by at least one nationally recognized statistical rating organization (“NRSRO”) or, if unrated, determined by the subadviser to be of comparable quality. Up to 20% of the Fund's investable assets may be invested in CLOs that are rated below AAA but not less that A- by at least one NRSRO (or, if unrated, determined by the subadviser to be of comparable quality). The term “investable assets” refers to the Fund’s net assets plus any borrowings for investment purposes. The Fund’s investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Fund is an actively managed exchange-traded fund (“ETF”) and therefore does not seek to replicate the performance of any specific index.A CLO is a type of asset backed security supported by interest and principal payments generated from a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinated corporate loans, including loans that may be rated below investment grade or equivalent unrated loans and to a lesser extent, high yield bonds rated below investment grade. The Fund will invest predominantly in the senior tranches of CLOs which are the tranches in the CLO structure which ordinarily have the highest ratings, the lowest level of risk and the lowest yields.In managing the Fund’s assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends by continually evaluating economic data that affect the movement of markets and securities prices. This top-down macroeconomic analysis is integrated into the subadviser’s bottom-up research which informs security selection. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security.The Fund will not invest more than 10% of its net assets in any single CLO. The Fund may invest in floating- and fixed-rate CLOs, but will not invest more than 10% of its net assets in fixed-rate CLOs. The Fund may purchase CLOs both in the primary and secondary markets.The Fund principally invests in CLOs rated AAA by at least one NRSRO, such as S&P Global Ratings (“S&P”), Fitch Ratings, Inc. (“Fitch”) or Moody's Investors Service, Inc. (“Moody's”), or, if unrated, determined by the subadviser to be of comparable quality. In the event that a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from an NRSRO.The Fund may invest in the aggregate up to 25% of its investable assets non-U.S. dollar denominated instruments.The Fund may invest in derivative instruments, including futures, forwards, options, swaps, and options on swaps, to try to enhance return or to try to reduce (“hedge”) investment risks. The Fund may seek to limit its risk or enhance returns through derivatives designed to adjust the Fund’s exposure to interest rates, foreign currency, portfolio duration and specific securities or baskets of securities. In selecting investments for the Fund, the Fund’s subadviser will evaluate overall investment opportunities and risks among the types of investments the Fund may hold. The Fund may also buy when-issued securities and participate in delayed-delivery transactions.The Fund engages in active trading—that is, frequent trading of its securities—in order to take advantage of new investment opportunities. The Fund expects to be more heavily involved in active trading during periods of market volatility seeking to preserve gains or limit losses.The Fund is “non-diversified” for purposes of the Investment Company Act of 1940 (the “1940 Act”), which means it may invest in a smaller number of issuers than a diversified fund.
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PAAA - Performance

Return Ranking - Trailing

Period PAAA Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period PAAA Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period PAAA Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period PAAA Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

PAAA - Holdings

Concentration Analysis

PAAA Category Low Category High PAAA % Rank
Net Assets 143 M N/A N/A N/A
Number of Holdings 87 N/A N/A N/A
Net Assets in Top 10 37.1 M N/A N/A N/A
Weighting of Top 10 23.48% N/A N/A N/A

Top 10 Holdings

  1. (PIPA070) PGIM Core Government Money Market Fund 3.03%
  2. HPS Loan Management 10-2016 Ltd 2.54%
  3. Sixth Street CLO XIX Ltd 2.38%
  4. Pikes Peak CLO 6 2.38%
  5. Bain Capital Credit CLO 2022-1 Ltd 2.38%
  6. CBAM 2020-12 Ltd 2.22%
  7. Neuberger Berman CLO XVI-S Ltd 2.22%
  8. PPM CLO 5 Ltd 2.22%
  9. Voya CLO 2020-2 Ltd 2.06%
  10. Z Capital Credit Partners CLO 2024-1 Ltd 2.06%

Asset Allocation

Weighting Return Low Return High PAAA % Rank
Bonds 		98.43% N/A N/A N/A
Cash 		3.03% N/A N/A N/A
Stocks 		0.00% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Other 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High PAAA % Rank
Cash & Equivalents 		3.03% N/A N/A N/A
Derivative 		0.00% N/A N/A N/A
Securitized 		0.00% N/A N/A N/A
Corporate 		0.00% N/A N/A N/A
Municipal 		0.00% N/A N/A N/A
Government 		0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High PAAA % Rank
US 		98.43% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

PAAA - Expenses

Operational Fees

PAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.19% N/A N/A N/A
Management Fee 0.19% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

PAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

PAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

PAAA - Distributions

Dividend Yield Analysis

PAAA Category Low Category High PAAA % Rank
Dividend Yield 6.48% N/A N/A N/A

Dividend Distribution Analysis

PAAA Category Low Category High Category Mod
Dividend Distribution Frequency Monthly

Net Income Ratio Analysis

PAAA Category Low Category High PAAA % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

PAAA Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

PAAA - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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