ACLO vs FAAA: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

FIDELITY AAA CLO ETF

FAAAANasdaq

Overlap

No data

Expense ratio

ACLO0.20%FAAA0.20%

Avg volume · 30D

FAAA 1.9×the volume

ACLO36.8KFAAA68.9K

ACLO vs FAAA Performance

Jul 31, 2026 – Oct 30, 2026

+1.1%ACLO+1.2%FAAA

Expense ratio: ACLO 0.20%; FAAA 0.20%
Fund size: ACLO $596M; FAAA $134M
1Y total return: ACLO +5.0%; FAAA No data
Yield (12M): ACLO 4.89%; FAAA No data
Holdings: ACLO 368; FAAA 226
Avg volume (30D): ACLO 36.8K sh; FAAA 68.9K sh, better
NAV per share: ACLO $50.53; FAAA $50.24
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, FAAA, with each pillar’s weight
Pillar	ACLO	FAAA
Cost30% weight	A80	A80
Mission25% weight	Not scored	Not scored
Risk15% weight	B64	A74Higher
Tradability15% weight	A70Higher	B58
Holdings10% weight	A84Higher	A83
Durability5% weight	B64Higher	C53

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and FAAA 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 ›

ACLO ranks 4th and FAAA 5th 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
Rank 6AICLOInvesco AAA CLO Floating Rate Note ETFScore 71

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

FAAAAFIDELITY AAA CLO 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.

FAAA Fidelity's CLO entrant costs nothing to own right now: the 0.20% management fee is waived in full through January 31, 2027. Underneath sits an actively run book of AAA-rated CLO tranches with floating-rate coupons.

Stated mandate

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

FAAA The fund seeks to generate income by investing at least 80% of its assets in floating-rate collateralized loan obligations rated AAA.

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.

FAAA Fee waived in full: 0.00% net on a 0.20% gross expense ratio through January 31, 2027. Peer AAA CLO funds CLOA and JAAA charge 0.20% and PAAA 0.19%, with no waiver.fidelity.com
At least 80% of assets go into AAA-rated CLO tranches, the senior slice of the structure, and floating-rate coupons keep interest-rate sensitivity short.sec.gov fidelity.com
Actively managed by Fidelity's fixed income group, and per the prospectus the adviser pays the fund's other expenses with limited exceptions, so the headline fee is the fee.sec.gov fidelity.com
Cost and portfolio construction put it among the stronger builds in a crowded AAA CLO field of more than 30 US funds.

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.

FAAA The zero fee is contractual, not permanent. It runs through January 31, 2027, after which the 0.20% gross rate can apply.fidelity.com
Launched in 2026, so the track record is short and the fund is smaller and less heavily traded than the category's longest-standing names.
AAA is the senior CLO tranche, not a loss shield: prices can move in loan-market stress, and income floats with short-term rates on an irregular payout schedule.sec.gov

Full ACLO profile⁠

Full FAAA profile⁠

ACLO vs FAAA Holdings

How ACLO and FAAA differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile94.1%
Asset classFixed Income100%

Sector

No Sector split for ACLO and FAAA.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and FAAA, widest gap first
Country	More in ACLOMore in FAAA	ACLO	FAAA
Cayman Islands	FAAA +5.8 points	86.5%	92.3%
Ireland	ACLO +3.8 points	3.8%	0.0%
United Kingdom	ACLO +1.3 points	3.9%	2.6%
United States	ACLO +0.7 points	5.8%	5.1%
Bermuda	ACLO +0.1 points	0.1%	0.0%

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

Concentration

Weight in the 10 largest Holdings

ACLO9.4%
FAAA16.9%

Securities held

ACLO365
FAAA225

Asset class

ACLO: Fixed Income
FAAA: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 365 securities, FAAA 225.

All 363 ACLO holdings⁠All FAAA 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 FAAA 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
FAAA 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
FAAA 0.20%

Year by year

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

Expense ratio

0.20%ACLO
0.20%FAAA

ACLO0.20%FAAA0.20%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

FAAA 8th cheapest of 34 funds

ACLO vs FAAA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACLO 4.89%; FAAA No data
Payout (12M): ACLO $2.47; FAAA No data
Last payment: ACLO $0.19; FAAA $0.13
Ex-dividend: ACLO Oct 1, 2026; FAAA Oct 29, 2026
Paid on: ACLO Oct 5, 2026; FAAA Pays Nov 2, 2026
Frequency: ACLO Monthly; FAAA Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠

FAAAMonthly · 9 paymentsAll FAAA payments⁠

ACLO vs FAAA 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 2024FAAA No data
Return per unit of riskSharpe ratio, 3 years: ACLO 1.74since Dec 2024FAAA No data
Worst fallMax drawdown, 5 years: ACLO −1.0%since Nov 2024FAAA No data
Market sensitivityBeta, 5 years: ACLO 0.04FAAA 0.03; Market = 1

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