Alternative Access First Priority CLO Bond ETF
$24.95+0.02 (+0.07%)
- 0.19%
- $72M
- +4.3%
- 4.63%
- 0M sh
- $24.99
- low $24.67high $25.18
The ETF.net AAA Grade
B
Score 56 out of 100
- 13 of 34
Score 56 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A83 out of 100Rank 1 of 34Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D36 out of 100Rank 23 of 33Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D30 out of 100Rank 29 of 34Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C43 out of 100Rank 26 of 34Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B56 out of 100Rank 15 of 34
Our read on AAA
BLaunched in 2020, this small independent fund holds roughly 30 first-priority CLO bonds and pays monthly, with capital preservation and income as its stated goal. At 0.19% it undercuts most of the big-name CLO ETFs that now crowd the category.
The Fund seeks capital preservation and income.
Why people hold it
- 0.19% a year, under the 0.25% CLO ETF median and a hair below CLOA, JAAA, FAAA and ACLO at 0.20%. Fee is one of the few fixed quantities in a capital-preservation product.
- The mandate is plain: capital preservation and income from first-priority CLO bonds, the senior slice of the structure that stands first in line to be paid.
- Income lands monthly, and the book stays tight at roughly 30 positions, so what sits inside is easy to see rather than buried in hundreds of line items.
- A boutique shop in a peer group otherwise stacked with BlackRock, Janus Henderson, PGIM, Fidelity and TCW. Different house, same senior-tranche corner of credit.
Worth knowing
- Small and thinly traded next to JAAA, CLOA and PAAA, so bid-ask spreads can run wider and sizable orders need more care at the point of trade.
- Roughly 30 positions means each bond carries real weight. Less spreading of risk than a portfolio holding hundreds of deals.
- Capital preservation is the stated objective, not a promise. These are floating-rate corporate credit instruments and their prices move.
AAA Holdings
- Bonds
- 35
- 52%
- Cash
Geography
- United States100.00%
AAA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
AAA$10,433
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | AAA |
|---|---|
| Year to date | +3.2% |
| 1 month | +0.7% |
| 3 months | +1.0% |
| 1 year | +4.3% |
| 3 years | +5.7% |
| 5 years | +4.8% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | AAA |
|---|---|---|
| 2026 YTD | +3.2% | |
| 2025 | +4.9% | |
| 2024 | +6.9% | |
| 2023 | +8.9% | |
| 2022 | +0.1% | |
| 2021 | +0.9% | |
| 2020 | +0.3% |
AAA in the news
AAA Dividends
- 4.63%
- $1.16
- $0.09 per share
- Monthly
Distribution history
AAA Risk
- 1.1%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.96
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −2.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.01
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
AAA Cost
0.19%
AAA0.19%
- The middle half of Collateralized Loan Obligations (CLO) funds
- Median 0.29%
No Collateralized Loan Obligations (CLO) fund charges less.
Other funds in Collateralized Loan Obligations (CLO)
- BPSQAPalmer Square CLO Senior Debt ETFExpense ratio 0.21%1 year return +5.4%
- BTRPAHartford AAA CLO ETFExpense ratio 0.24%1 year return +5.5%
- CUUPPPrincipal Exchange-Traded Funds - Principal CLO ETFExpense ratio 0.19%1 year return —
- CASECAmerican Century Securitized Credit ETFExpense ratio 0.29%1 year return —
- CPCLOVirtus ETF Trust II - Virtus Seix AAA Private Credit CLO ETFExpense ratio 0.29%1 year return +4.9%