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CLOA vs PAAA: Differences, Returns & Fees

CLOA's duration was 0.2 years on Jul 31, 2026 and PAAA's 0.1 on May 29, 2026; PAAA charges 0.19% to CLOA's 0.20%. Net assets: $2.8bn on Oct 20, 2026 for iShares AAA CLO Active ETF, and $14.9bn on Oct 19, 2026 for PGIM AAA CLO ETF.

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Answers cite the figures on this page.

PAAA costs 0.01 points a year less; their one-year returns differ by 0.2 points; PAAA is 5.4 times larger.

CLOA vs PAAA: Differences, Returns & Fees
CLOAPAAA
Expense ratio0.20%0.19%
Net assets, as of Oct 19, 2026$2.8bn$14.9bn
Total return, 1 year+5.0%+4.8%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common12%

Holdings in common uses holdings dated May 29, 2026 and Jul 31, 2026.

+5.0%
CLOA total return, 1 year
+4.8%
PAAA total return, 1 year
0.20%
CLOA expense ratio
0.19%
PAAA expense ratio

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Client brief · page 1 of 2Report BR-030073A052

CLOA and PAAA are built for the same job. How do they differ in cost, holdings and results?

  1. Holdings in common. 12% of the weight is in the same securities (holdings dated Jul 31, 2026 and May 29, 2026).
  2. Size. CLOA has $2.8bn in net assets and PAAA $14.9bn (net assets, as of Oct 19, 2026); PAAA is 5.3 times larger.
  3. What each follows (similar). Both follow No index, actively managed.

Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.

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What they hold in common

By the books each fund has filed, CLOA and PAAA hold 12% of their money in the same securities at the same weight. Holdings dated May 29, 2026 and Jul 31, 2026.

half

12% in common

Positions both hold, largest shared weight first
Holding CLOA PAAA
Peebles Park CLO Ltd, due Apr 21, 2037 0.68% 0.68%
Neuberger Berman Loan Advisers CLO 33 Ltd, due Apr 16, 2039 0.51% 0.96%
OHA Credit Funding 3 LTD, due Jan 20, 2038 0.59% 0.49%
Elmwood CLO 28 Ltd, due Apr 17, 2037 0.91% 0.49%
AGL Core CLO 27 Ltd, due Jan 21, 2039 0.45% 0.87%
CIFC Funding 2021-VI Ltd, due Jul 15, 2039 0.45% 0.48%
Regatta 32 Funding Ltd, due Jul 25, 2038 0.45% 0.65%
New Mountain CLO 3 Ltd, due Oct 20, 2038 0.45% 0.44%
720 East CLO 2023-I Ltd, due Apr 15, 2038 0.46% 0.40%
CarVal CLO XI C Ltd, due Oct 20, 2037 0.36% 0.32%
Empower CLO 2025-1 Ltd, due Jul 20, 2038 0.27% 0.55%
Benefit Street Partners Clo XXXVII Ltd, due Jan 25, 2038 0.30% 0.26%
Only in CLOA
TPG CLO 2025-2 Ltd, due Jan 21, 2039 0.91%
AB BSL CLO 7 Ltd, due Jan 15, 2039 0.91%
KKR CLO 67 Ltd, due Jul 15, 2039 0.91%
1988 CLO 2 Ltd, due Apr 15, 2038 0.91%
ARES Loan Funding I Ltd, due Apr 15, 2039 0.91%
Bain Capital Credit CLO 2024-1 Ltd, due Apr 16, 2039 0.90%
KKR CLO 43 Ltd, due Apr 15, 2038 0.88%
New Mountain CLO 7 Ltd, due Mar 31, 2038 0.86%
Only in PAAA
CBAMR 2017-2 LTD, due Apr 17, 2039 1.92%
REG27 2024-1AR A1R, due Jul 26, 2039 1.58%
AWPT 2021-12A A1R2, due Apr 20, 2037 1.13%
OCT28 2016-1A A1R3, due Apr 24, 2037 1.04%
CBAMR 2020-13A A1R, due Apr 20, 2039 0.99%
ELMWOOD CLO 25 LTD, due Apr 17, 2037 0.99%
RAD 2024-25A A1, due Jul 20, 2037 0.80%
MIDO 2025-18A A1, due Oct 18, 2035 0.77%

Check overlap with more funds →

On the same fields

CLOA
iShares AAA CLO Active ETF
PAAA
PGIM AAA CLO ETF
Where it sits Bond ETF Bond ETF
Issuer iShares PGIM
What it is Actively managed Actively managed
Total return, 1 year +5.0% +4.8%
Expense ratio 0.20% 0.19%
Holdings 450 329
Net assets, CLOA as of Oct 20, 2026 and PAAA as of Oct 19, 2026 $2.8bn $14.9bn

CLOA and PAAA on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.

About CLOA

CLOA is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +5.0% with distributions reinvested. The prospectus expense ratio is 0.20% a year.

About PAAA

PAAA is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +4.8% with distributions reinvested. The prospectus expense ratio is 0.19% a year.

Questions people ask

Which returned more over the last year, CLOA or PAAA?
In the year to Oct 20, 2026, with distributions reinvested, CLOA returned +5.0% and PAAA +4.8%.
Which is cheaper, CLOA or PAAA?
PAAA is cheaper, by 0.01 percentage points a year. That is about $1 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
CLOA vs JAAACLOA vs CLOICLOI vs PAAAJAAA vs PAAA
CLOA on its own →PAAA on its own →Hold both: look the portfolio through →Rankings →CLOA dividend history →CLOA holdings →PAAA dividend history →PAAA holdings →Standards and sources →
Where these figures came from
CLOA filings on SEC EDGAR ↗CLOA prospectus with the expense ratio (SEC) ↗iShares page for CLOA ↗PAAA filings on SEC EDGAR ↗PAAA prospectus with the expense ratio (SEC) ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, CLOA against PAAA, data as of Oct 20, 2026. https://etfiq.com/compare/any/cloa-vs-paaa

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.