ACLO vs FCLO: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

Fidelity CLO ETF

FCLOCNasdaq

Overlap

No data

Expense ratio

ACLO −0.25pt a year

ACLO0.20%FCLO0.45%

Avg volume · 30D

ACLO 1.4×the volume

ACLO36.8KFCLO26.5K

ACLO vs FCLO Performance

Jul 31, 2026 – Oct 30, 2026

+1.1%ACLO+1.8%FCLO

Expense ratio: ACLO 0.20%, better; FCLO 0.45%
Fund size: ACLO $596M; FCLO $43M
1Y total return: ACLO +5.0%; FCLO No data
Yield (12M): ACLO 4.89%; FCLO No data
Holdings: ACLO 368; FCLO 156
Avg volume (30D): ACLO 36.8K sh, better; FCLO 26.5K sh
NAV per share: ACLO $50.53; FCLO $50.25
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, FCLO, with each pillar’s weight
Pillar	ACLO	FCLO
Cost30% weight	A80Higher	F24
Mission25% weight	Not scored	Not scored
Risk15% weight	B64	A78Higher
Tradability15% weight	A70Higher	D36
Holdings10% weight	A84Higher	C47
Durability5% weight	B64Higher	C52

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and FCLO 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 FCLO 22nd 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 20CAAAPPacer Barings CLO Market Flex ETFScore 44
Rank 22CFCLOFidelity CLO ETFScore 42
Rank 22CYCLOFranklin BSP CLO ETFScore 42

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

FCLOCFidelity 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.

FCLO Most CLO ETFs hug the AAA tranche. FCLO goes down the stack, putting the majority of assets in CLOs rated BBB+ to B-, the mezzanine and junior slices, with its fee waived to zero through January 31, 2027 (0.45% gross after).

Stated mandate

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

FCLO The fund seeks to generate income and normally invests at least 80% of its assets in collateralized loan obligations (CLOs).

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.

FCLO Rare down-the-stack build: most assets sit in CLOs rated BBB+ to B-, the mezzanine and junior tranches, while category leaders CLOA, JAAA and PAAA stay in AAA.fidelity.com
Fee waived to zero through January 31, 2027, against 0.20% at CLOA and JAAA and 0.19% at PAAA, and below the category median.
Active mandate with room to roam: at least 80% in CLOs, plus higher-rated tranches, middle-market (private credit) CLOs and other structured products.fidelity.com

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.

FCLO Mezzanine and junior tranches sit behind AAA in the waterfall, so loan losses reach them first. Fidelity's own materials flag more volatility and risk with the higher income.fidelity.com
When the waiver ends on January 31, 2027, the 0.45% gross fee applies, above CLOA and JAAA at 0.20% and PAAA at 0.19%.
A 2026 launch still building scale and trading volume, so spreads can run wider than at the category's long-tenured AAA funds.

Full ACLO profile⁠

Full FCLO profile⁠

ACLO vs FCLO Holdings

How ACLO and FCLO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile5.8%
Asset classFixed Income100%

Sector

No Sector split for ACLO and FCLO.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and FCLO, widest gap first
Country	More in ACLOMore in FCLO	ACLO	FCLO
United States	FCLO +94.2 points	5.8%	100.0%
Cayman Islands	ACLO +86.5 points	86.5%	0.0%
United Kingdom	ACLO +3.9 points	3.9%	0.0%
Ireland	ACLO +3.8 points	3.8%	0.0%
Bermuda	ACLO +0.1 points	0.1%	0.0%

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

Concentration

Weight in the 10 largest Holdings

ACLO9.4%
FCLO37.5%

Securities held

ACLO365
FCLO154

Asset class

ACLO: Fixed Income
FCLO: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 365 securities, FCLO 154.

All 363 ACLO holdings⁠All FCLO 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 FCLO Cost

Overpaying FCLO vs ACLO

$4,886

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

ACLO 0.20%
$4,155
FCLO 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
FCLO 0.45%
Overpaying

Year by year

Year	ACLO	FCLO	Overpaying
10	$365	$812	$447
20	$1,421	$3,128	$1,707
30	$4,155	$9,041	$4,886

Expense ratio

0.20%ACLO, cheaper
0.45%FCLO

ACLO0.20%FCLO0.45%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

FCLO 25th cheapest of 34 funds

ACLO vs FCLO Dividends

Last 12 months to Oct 30, 2026

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

Distribution history

Per share, 2024 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠

FCLOMonthly · 9 paymentsAll FCLO payments⁠

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

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