AAAD

PGIM AAA CLO Aggregate Duration ETF invests at least 80% of its assets in U.S. dollar-denominated collateralized loan obligations rated AAA to acquire structural corporate debt exposure while utilizing longer-duration fixed-income instruments and derivatives to maintain a target portfolio duration matching the broad U.S. bond market. The fund combines top-down macroeconomic analysis and bottom-up credit research to select senior tranches of CLOs primarily via an affiliated ETF, integrating a active duration overlay to mitigate the low-duration profile characteristic of standard floating-rate asset-backed structures.