AAAP — Pacer Barings CLO Market Flex ETF
Data updated: 2026-09-29
AAAP — Pacer Barings CLO Market Flex ETF. 0.39% expense ratio · since 2026. Holdings, fees, performance and SEC filings.
AAAP Fund Overview
AAAP — Pacer Barings CLO Market Flex ETF is a US ETF managed by Pacer Funds Trust, categorised as Long Securitized (MBS/ABS/CMBS) Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Pacer Funds Trust
- Category: Long Securitized (MBS/ABS/CMBS) Bond
- Assets under management: $86.33M
- Ticker: AAAP
- SEC CIK: 0001616668
- SEC series ID: S000101891
- Share class ID: C000272255
AAAP Investment Objective and Strategy
Pacer Barings CLO Market Flex ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pacer Funds Trust.
Investment objective
The Pacer Barings CLO Market Flex ETF (the Fund) is an actively-managed exchange traded fund (ETF) that seeks current income and capital preservation.
Principal investment strategy
Barings LLC (the Sub-Adviser) or Baring International Investment Limited (the Sub-Sub-Adviser) seeks to achieve the Funds investment objective by actively managing a portfolio that primarily invests in income producing debt of collateralized loan obligations (CLOs). Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in CLO debt investments. At the time of investment, these CLO debt investments are anticipated to carry a rating of BB (or equivalent by a nationally recognized statistical rating organization NRSRO) or higher, or if unrated is determined by the Sub-Adviser or Sub-Sub-Adviser to be of comparable credit quality. The Fund intends to invest across CLO debt rating categories (AAA, AA, A, BBB, BB); however, will seek to maintain an average credit rating for the portfolio that is of investment grade quality, meaning BBB- or above.
After investing, a CLO debt investment may be downgraded by a NRSRO and the Sub-Adviser will retain discretion to determine whether it remains an appropriate investment for the Fund. The Fund may also invest in CLO tranches rated below investment grade, often referred to as junk bonds. CLOs are asset-backed securities issued by a trust or other special purpose entity that are backed by pools of loans that may include, among other things, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including covenant lite loans which have few or no financial maintenance covenants, any or all of which may be rated below investment grade or may be comparable unrated obligations and to a lesser extent high yield bonds that are also rated below investment grade and infrastructure debt.
The Fund intends to primarily invest in CLOs that are backed by pools of loans issued in the broadly syndicated market; however, will invest in CLOs that include loans issued privately. The Fund may invest in CLOs in both the primary (i.e. directly from arranging banks) and in the secondary market. The Fund intends to primarily make CLO debt investments that are U.S. dollar denominated; however, may invest up to 30% of its net assets in CLOs that are denominated in foreign currencies. Although the Funds investment in non-U.S. dollar denominated holdings may be on a currency hedged or unhedged basis, under normal circumstances, the Fund will seek to hedge its exposure to foreign currency to U.S. dollars, described further below. The secondary market on which CLO debt investments are traded may be less liquid than the market for investment-grade corporate bonds and government securities.
Less liquidity in the secondary trading market could adversely affect the ability of the Fund to sell a CLO debt investment or the price at which the Fund could sell a CLO debt investment and could adversely affect the daily NAV of Fund shares. When secondary markets for CLO debt investments are less liquid than the market for investment-grade corporate bonds and government securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The Fund may invest up to 15% of its net assets in illiquid investments, as such term is defined by Rule 22e-4 under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is non-diversified for purposes of the 1940 Act, which means that it may invest a greater percentage of its assets in a particular issuer and may invest in fewer issuers than a diversified fund.
The Fund may invest a portion of its assets in cash or cash equivalents, including but not limited to obligations of the U.S. government, money market fund shares, commercial paper, certificate of deposit and/or bankers acceptances, as well as other interest bearing or discount obligations or debt instruments that carry an investment grade rating by a NRSRO. The Fund may invest up to 10% of its net assets in affiliated or non-affiliated ETFs. The Fund may invest in investments of any duration or maturity. The Fund may invest in derivatives seeking to mitigate risks associated with the Funds existing portfolio of CLOs. Derivatives are instruments that may have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, interest rates, currencies or market indices.
The Fund currently expects its use of derivatives will be limited to currency forward or futures contracts to hedge any foreign currency exposure back to U.S. dollars. The Fund may temporarily deviate from maintaining at least 80% of its net assets in CLO debt investments while investing new cash or raising cash to process redemptions, due to unusual market conditions including but not limited to taking a defensive position, or due to downgrades of held CLO debt investments.
AAAP Holdings
Top 10 holdings of Pacer Barings CLO Market Flex ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| U.S. Bank Money Market Deposit Account | 19.18% |
| Anchorage Capital CLO LTD | 3.48% |
| Bryant Park Funding Ltd | 3.48% |
| KKR Financial CLO Ltd | 2.80% |
| Sixth Street CLO LTD. | 2.32% |
| Canyon Capital CLO Ltd | 2.32% |
| KKR Financial CLO Ltd | 2.32% |
| HPS Loan Management Ltd | 2.32% |
| Apidos CLO | 2.32% |
| CIFC Funding Ltd | 2.32% |
AAAP Portfolio Allocation
Asset-class allocation of Pacer Barings CLO Market Flex ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 95.7% |
| Cash & Equivalents | 19.2% |
AAAP Performance
Total returns for AAAP (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.06% |
AAAP Costs and Fees
AAAP costs about $39 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.39%
- Gross expense ratio: 0.39%
AAAP Debt Constituents
No individual debt constituents are reported in Pacer Barings CLO Market Flex ETF's latest SEC N-PORT filing.
AAAP Prospectus and SEC Filings
Official Pacer Barings CLO Market Flex ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Long Securitized (MBS/ABS/CMBS) Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.