Alternative Access First Priority CLO Bond ETF
$25.01−0.01 (−0.04%)
- Expense ratio
- 0.19%
- Fund size
- $68M
- 1Y return
- +4.6%
- Yield · Last 12 months
- 4.68%
- Holdings
- 31
- Volume · 30D
- 0M sh
- NAV per share
- $25.04
- 52W range
The ETF.net AAA Grade
Score 58 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 83Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 43Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 32Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 47Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 56Category rank
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
- 31
- 49%
- 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.
Returns run to the Sep 22, 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 | +0.6% |
| 3 months | +1.1% |
| 1 year | +4.6% |
| 3 years | +5.8% |
| 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
ETF.net Research hasn’t filed on AAA yet — coverage lands here as it’s written.
AAA Dividends
- 4.68%
- $1.17
- $0.09 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 31, 2026 | Sep 1, 2026 | $0.09 |
| Jul 31, 2026 | Aug 3, 2026 | $0.10 |
| Jun 30, 2026 | Jul 1, 2026 | $0.09 |
| May 29, 2026 | Jun 1, 2026 | $0.10 |
| Apr 30, 2026 | May 1, 2026 | $0.10 |
| Mar 31, 2026 | Apr 1, 2026 | $0.09 |
| Feb 27, 2026 | Mar 2, 2026 | $0.09 |
| Jan 30, 2026 | Feb 2, 2026 | $0.10 |
| Dec 26, 2025 | Dec 30, 2025 | $0.10 |
| Nov 28, 2025 | Dec 1, 2025 | $0.10 |
| Oct 31, 2025 | Nov 3, 2025 | $0.11 |
| Sep 30, 2025 | Oct 1, 2025 | $0.10 |
AAA Risk
- 1.0%
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.
- 1.31
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
- The middle half of Collateralized Loan Obligations (CLO) funds
- Median 0.29%
No Collateralized Loan Obligations (CLO) fund charges less.