What Is PAAA? PGIM AAA CLO ETF

PAAA is PGIM AAA CLO ETF, an ETF that tracks Actively managed, no tracked index at a 0.19% expense ratio. PAAA is actively managed rather than tracking an index, and invests in securitized bonds. It is relatively new, launched in 2023. It charges 0.19%. It distributes about 5.28%, and that payout moves with rates rather than being fixed.

PAAA is issued by PGIM and tracks Actively managed, no tracked index, so a single ticker gives you the whole portfolio of underlying holdings weighted by the index's methodology rather than by any active stock-picking.

PAAA does not hold a basket of individual stocks. It gets its exposure synthetically, through derivatives such as swaps and futures rather than by owning the underlying shares, so there is no conventional top-10 equity holdings list. See the description above for what PAAA actually tracks and how that exposure is built.

There are three common ways to get PAAA exposure. Buy shares (or fractional shares) of PAAA directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so PAAA sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. PAAA trades like a stock during market hours, so you buy it the same way you would any listed share.

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Whether PAAA is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks Actively managed, no tracked index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is PAAA a buy?

PAAA gives you Actively managed, no tracked index exposure in one ticker at a 0.19% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.

Whether PAAA is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is PAAA a buy?

PAAA yields 5.28% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see PAAA dividend: yield and schedule.

New to funds like PAAA? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.