ACLO vs CLOA: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

iShares AAA CLO Active ETF

CLOAANasdaq

Overlap

No data

Expense ratio

ACLO0.20%CLOA0.20%

Avg volume · 30D

CLOA 16.1×the volume

ACLO36.8KCLOA593K

ACLO vs CLOA Performance

Oct 31, 2025 – Oct 30, 2026

+5.0%ACLO+5.0%CLOA

Expense ratio: ACLO 0.20%; CLOA 0.20%
Fund size: ACLO $596M; CLOA $2.8B
1Y total return: ACLO +5.0%; CLOA +5.0%
Yield (12M): ACLO 4.89%, better; CLOA 4.77%
Holdings: ACLO 368; CLOA 458
Avg volume (30D): ACLO 36.8K sh; CLOA 593K sh, better
NAV per share: ACLO $50.53; CLOA $51.96
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, CLOA, with each pillar’s weight
Pillar	ACLO	CLOA
Cost30% weight	A80	A80
Mission25% weight	Not scored	Not scored
Risk15% weight	B64	B68Higher
Tradability15% weight	A70	A94Higher
Holdings10% weight	A84	A98Higher
Durability5% weight	B64	A91Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and CLOA are both graded against the same 34 Collateralized Loan Obligations (CLO) funds, so their Grades compare head to head.

Collateralized Loan Obligations (CLO)⁠

Category · 34 funds

See all 34 ›

CLOA ranks 1st and ACLO 4th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

Rank 1ACLOAiShares AAA CLO Active ETFScore 83
Rank 1AJAAAJanus Henderson AAA CLO ETFScore 83
Rank 3APAAAPGIM AAA CLO ETFScore 82
Rank 4AACLOTCW AAA CLO ETFScore 74
Rank 5AFAAAFIDELITY AAA CLO ETFScore 73

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

CLOAAiShares AAA CLO Active ETF

In short

ACLO A 2024 arrival in the crowded AAA CLO aisle. TCW runs it actively, holding roughly 300 of the highest-rated slices of leveraged-loan pools, paying income monthly, at a fee matching the category's cheapest tier.

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

ACLO The fund seeks capital preservation and current income through principal investment in U.S. dollar-denominated AAA-rated collateralized loan obligations.

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

ACLO At 0.20% it undercuts the AAA CLO cohort median of 0.25% and matches the cheapest names in the group, including JAAA and CLOA.
The mandate is stated narrowly: capital preservation and current income from US dollar AAA-rated CLOs, the top-rated tranches of the structure.tcw.com
Roughly 300 positions, chosen deal by deal rather than tracked, so no single CLO carries the portfolio.
Pays monthly, and the portfolio itself grades out as one of the stronger books among AAA CLO funds.

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

ACLO It trades lightly next to the giants of the category, so spreads can run wider. Limit orders earn their keep here.
Launched in late 2024, so the record is short and has not spanned a full credit cycle.
Active with no declared index, so there is no tracking figure to hold it to. Results ride on TCW's deal selection.

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 ACLO profile⁠

Full CLOA profile⁠

ACLO vs CLOA Holdings

How ACLO and CLOA differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile95.4%
Asset classFixed Income100%

Sector

No Sector split for ACLO.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and CLOA, widest gap first
Country	More in ACLOMore in CLOA	ACLO	CLOA
Ireland	ACLO +3.8 points	3.8%	0.0%
Cayman Islands	CLOA +3.0 points	86.5%	89.5%
United States	CLOA +1.2 points	5.8%	7.0%
United Kingdom	ACLO +0.8 points	3.9%	3.1%
Bermuda	CLOA +0.4 points	0.1%	0.5%

Outside the US: ACLO 8% developed, 92% emerging. CLOA 3% developed, 97% emerging.

Concentration

Weight in the 10 largest Holdings

ACLO9.4%
CLOA9.2%

Securities held

ACLO365
CLOA456

Asset class

ACLO: Fixed Income
CLOA: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 365 securities, CLOA 456.

All 363 ACLO holdings⁠All 458 CLOA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ACLO vs CLOA Cost

Same expense ratio

$4,155

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ACLO 0.20%
$4,155
CLOA 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
CLOA 0.20%

Year by year

Year	ACLO	CLOA
10	$365	$365
20	$1,421	$1,421
30	$4,155	$4,155

Expense ratio

0.20%ACLO
0.20%CLOA

ACLO0.20%CLOA0.20%

0.18%0.68%

Middle half of Collateralized Loan Obligations (CLO) funds
Median 0.28%

ACLO 8th cheapest of 34 funds

CLOA 8th cheapest of 34 funds

ACLO vs CLOA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACLO 4.89%, better; CLOA 4.77%
Payout (12M): ACLO $2.47; CLOA $2.48
Last payment: ACLO $0.19; CLOA $0.20
Ex-dividend: ACLO Oct 1, 2026; CLOA Oct 1, 2026
Paid on: ACLO Oct 5, 2026; CLOA Oct 6, 2026
Frequency: ACLO Monthly; CLOA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠

CLOAMonthly · 44 paymentsAll CLOA payments⁠

ACLO vs CLOA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ACLO 0.6%since Dec 2024CLOA 0.8%
Return per unit of riskSharpe ratio, 3 years: ACLO 1.74since Dec 2024CLOA 2.24
Worst fallMax drawdown, 5 years: ACLO −1.0%since Nov 2024CLOA −1.4%since Jan 2023
Market sensitivityBeta, 5 years: ACLO 0.04CLOA 0.01; Market = 1

ACLO and CLOA in the news

All news⁠

ETF Filings
First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor
Sep 21, 2026CLOA

Popular comparisons

ACLOAvsJAAAA
TCW AAA CLO ETF · Janus Henderson AAA CLO ETF
Expense ratio
0.20% · 0.20%
Category
CLOAAvsJAAAA
iShares AAA CLO Active ETF · Janus Henderson AAA CLO ETF
Expense ratio
0.20% · 0.20%
Category
ACLOAvsPAAAA
TCW AAA CLO ETF · PGIM AAA CLO ETF
Expense ratio
0.20% · 0.19%
Category
CLOAAvsPAAAA
iShares AAA CLO Active ETF · PGIM AAA CLO ETF
Expense ratio
0.20% · 0.19%
Category
ACLOAvsFAAAA
TCW AAA CLO ETF · FIDELITY AAA CLO ETF
Expense ratio
0.20% · 0.20%
Category
CLOAAvsFAAAA
iShares AAA CLO Active ETF · FIDELITY AAA CLO ETF
Expense ratio
0.20% · 0.20%
Category

ACLO vs CLOA

In short

Stated mandate

Why people hold it

Worth knowing

How ACLO and CLOA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor

How ACLO and CLOA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings