AAAC vs CLOA

AAACBColumbia AAA CLO ETF

CLOAAiShares AAA CLO Active ETF

In short

AAAC A late arrival to the AAA CLO crowd, competing on price: 0.20% a year, under the category median, with an active hand picking the paper. The stated goal is high current income, with capital preservation riding shotgun.

CLOA BlackRock's play in AAA CLOs: active credit picking measured against J.P. Morgan's CLOIE AAA index, 0.20% a year, spread over roughly 400 positions. A billion-dollar-plus book built since its 2023 launch.

Stated mandate

AAAC The Fund seeks high current income and capital preservation. Its strategy involves selecting collateralized loan obligations and other instruments through credit analysis.

CLOA The fund seeks exposure to U.S. dollar-denominated AAA-rated collateralized loan obligations, using active credit selection to pursue income and capital preservation with potentially low volatility.

Why people hold it

• AAAC Charges 0.20% a year, under the CLO category median and level with what the biggest incumbents (JAAA, CLOA) charge.
• Actively managed, so a credit team selects the CLOs and other instruments through its own analysis instead of following an index.
• Even as a newcomer, the build stands in the upper tier of a crowded CLO peer group.
• Ordinary 1940 Act fund structure: same plumbing as a conventional bond ETF, no partnership paperwork.

• CLOA Charges 0.20% a year, below the 0.25% typical for CLO funds and level with what most of the category's biggest names (JAAA, FAAA, ACLO) charge.
• Roughly 400 separate CLO positions, one of the deepest books in its peer group, so no single deal carries the fund.
• Actively run: the team selects deals and CLO managers instead of buying whatever a benchmark holds. The CLOIE AAA index is the yardstick, not the rulebook.
• Income arrives monthly, and it sits among the easier funds in its cohort to get in and out of.

Worth knowing

• AAAC Launched in December 2025, so the track record is thin and risk measures rest on a short history.
• Payouts have arrived on an irregular schedule rather than a fixed monthly rhythm.
• Smaller and less traded than the category's established giants, which can mean wider spreads on large orders.

• CLOA Active means manager-dependent. There is no index to fall back on, so outcomes hinge on which deals the desk picks.
• The mandate pursues income and capital preservation with potentially low volatility. That is the aim, not a floor; CLO prices still move.
• Trading since January 2023, so its record is short next to long-running bond funds and covers a narrow slice of credit history.

Full AAAC profile⁠

Full CLOA profile⁠