PAAA – PGIM AAA CLO ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to maximize total return, through a combination of current income and capital appreciation. 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. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
PAAA	PGIM AAA CLO ETF	ETF	Open			Jul 19, 2023	$13.92B	0.190%	—	—	$9.37B

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