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JAAA vs PAAA: Differences, Returns & Fees

JAAA's duration was 0.0 years on Jul 31, 2026 and PAAA's 0.1 on May 29, 2026; PAAA charges 0.19% to JAAA's 0.20%. Net assets: $32.5bn on Oct 20, 2026 for Janus Henderson AAA CLO ETF, and $14.9bn on Oct 19, 2026 for PGIM AAA CLO ETF.

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Ask IQ about JAAA and PAAA

Answers cite the figures on this page.

PAAA costs 0.01 points a year less; their one-year returns differ by 0.1 points; JAAA is 2.2 times larger.

JAAA vs PAAA: Differences, Returns & Fees
JAAAPAAA
Expense ratio0.20%0.19%
Net assets, as of Oct 19, 2026$32.5bn$14.9bn
Total return, 1 year+4.9%+4.8%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common9%

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

+4.9%
JAAA total return, 1 year
+4.8%
PAAA total return, 1 year
0.20%
JAAA expense ratio
0.19%
PAAA expense ratio

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Client brief · page 1 of 2Report BR-F8DD563F78

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

  1. Holdings in common. 9% of the weight is in the same securities (holdings dated Jul 31, 2026 and May 29, 2026).
  2. What each follows (similar). Both follow No index, actively managed.
  3. One-year total return (similar). Over 1 year to Oct 20, 2026 JAAA returned +4.9% and PAAA +4.8% with distributions reinvested, a gap of 0.1 points.

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, JAAA and PAAA hold 9% of their money in the same securities at the same weight. Holdings dated May 29, 2026 and Jul 31, 2026.

half

9% in common

Positions both hold, largest shared weight first
Holding JAAA PAAA
Magnetite XXXII Ltd., Series 2022-32A, Class AR, due Oct 15, 2037 0.60% 0.50%
Elmwood CLO 28 Ltd., Series 2024-4A, Class AR, due Apr 17, 2037 0.51% 0.49%
ARES Loan Funding II Ltd., Series 2022-ALF2A, Class A1R2, due Oct 20, 2038 0.45% 0.40%
Regatta 32 Funding Ltd., Series 2025-4A, Class A1, due Jul 25, 2038 0.37% 0.65%
KKR CLO 54 Ltd., Series 2024-54A, Class A, due Jan 15, 2038 0.32% 0.44%
Kings Park CLO Ltd., Series 2021-1A, Class A1R, due Jan 21, 2039 0.39% 0.30%
Madison Park Funding XL-R Ltd., Series 2025-40RA, Class A, due Oct 16, 2038 0.28% 0.53%
KKR CLO 52 Ltd., Series 2023-52A, Class A1R, due Jul 16, 2038 0.27% 0.62%
Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, due Oct 20, 2037 0.26% 0.55%
LCM 40 Ltd., Series 40A, Class A1R, due Jan 15, 2038 0.25% 0.45%
Sixth Street CLO IX Ltd., Series 2017-9A, Class AR, due Jul 21, 2037 0.27% 0.24%
HPS Loan Management Ltd., Series 2019-15A, Class A1R2, due Oct 22, 2038 0.27% 0.23%
Only in JAAA
KKR CLO 35 Ltd., Series 35A, Class AR, due Jan 20, 2038 0.85%
AB BSL CLO 1 Ltd., Series 2020-1A, Class A1R2, due Oct 15, 2038 0.78%
Anchorage Capital CLO 16 Ltd., Series 2020-16A, Class A1R2, due Jan 19, 2038 0.73%
Palmer Square CLO Ltd., Series 2018-2A, Class A1R2, due Apr 16, 2037 0.68%
Ares LXI CLO Ltd., Series 2021-61A, Class A1R2, due Apr 20, 2037 0.68%
WISE CLO Ltd., Series 2024-1A, Class AR, due Apr 15, 2037 0.62%
Carlyle US CLO Ltd., Series 2021-10A, Class A1R, due Jan 20, 2038 0.60%
Regatta XIX Funding Ltd., Series 2022-1A, Class A1R, due Oct 20, 2038 0.60%
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%
NEUB 2019-33A AR2, due Apr 16, 2039 0.96%
AGL 2023-27A AR, due Jan 21, 2039 0.87%

Check overlap with more funds →

On the same fields

JAAA
Janus Henderson AAA CLO ETF
PAAA
PGIM AAA CLO ETF
Where it sits Bond ETF Bond ETF
Issuer Janus Henderson PGIM
What it is Actively managed Actively managed
Total return, 1 year +4.9% +4.8%
Expense ratio 0.20% 0.19%
Holdings 598 329
Net assets, JAAA as of Oct 20, 2026 and PAAA as of Oct 19, 2026 $32.5bn $14.9bn

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

About JAAA

JAAA is actively managed and tracks no index. Over the year to Oct 20, 2026 it returned +4.9% 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, JAAA or PAAA?
In the year to Oct 20, 2026, with distributions reinvested, JAAA returned +4.9% and PAAA +4.8%.
Which is cheaper, JAAA 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 JAAACLOI vs JAAABOXX vs JAAAJAAA vs MINTCLOA vs PAAACLOI vs PAAAJAAA vs VBILJAAA vs PFF
JAAA on its own →PAAA on its own →Hold both: look the portfolio through →Rankings →JAAA dividend history →JAAA holdings →PAAA dividend history →PAAA holdings →Standards and sources →
Where these figures came from
JAAA filings on SEC EDGAR ↗JAAA prospectus with the expense ratio (SEC) ↗Janus Henderson page for JAAA ↗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, JAAA against PAAA, data as of Oct 20, 2026. https://etfiq.com/compare/any/jaaa-vs-paaa

Open data

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