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ACLO vs ICLO

TCW AAA CLO ETF

ACLOANYSE

Invesco AAA CLO Floating Rate Note ETF

ICLOACboe

Overlap

Expense ratio

ICLO −0.01pt a year

ACLO0.20%ICLO0.19%

Avg volume · 30D

ICLO 3.6×the volume

ACLO36.8KICLO133K

ACLO vs ICLO Performance

Oct 31, 2025 – Nov 2, 2026

+5.2%ACLO+4.8%ICLO

Oct 31, 2025 to Nov 2, 2026. ACLO +5.2%. ICLO +4.8%. Use the arrow keys to read each point.0%1%2%3%4%Oct 2025May 2026Nov 2026
Expense ratio
ACLO 0.20%
ICLO 0.19%, better
Fund size
ACLO $595M
ICLO $614M
1Y total return
ACLO +5.2%, better
ICLO +4.8%
Yield (12M)
ACLO 5.30%, better
ICLO 4.75%
Holdings
ACLO 369
ICLO 160
Avg volume (30D)
ACLO 36.8K sh
ICLO 133K sh, better
NAV per share
ACLO $50.35
ICLO $25.56
52W range

ETF.net Grade

ACLO: Cost 80, Risk 68, Mission not scored, Tradability 70, Holdings 85, Durability 64. ICLO: Cost 80, Risk 54, Mission not scored, Tradability 78, Holdings 52, Durability 84.
Pillar letters and Scores for ACLO, ICLO, with each pillar’s weight
PillarACLOICLO
Cost30% weightA80A80
Mission25% weightNot scoredNot scored
Risk15% weightB68HigherC54
Tradability15% weightA70A78Higher
Holdings10% weightA85HigherC52
Durability5% weightB64A84Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ACLO and ICLO 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 ICLO 6th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

  1. Rank 1ACLOAiShares AAA CLO Active ETFScore 85
  2. Rank 2AJAAAJanus Henderson AAA CLO ETFScore 82
  3. Rank 2APAAAPGIM AAA CLO ETFScore 82
  4. Rank 4AACLOTCW AAA CLO ETFScore 75
  5. Rank 5AFAAAFIDELITY AAA CLO ETFScore 72
  6. Rank 6AICLOInvesco AAA CLO Floating Rate Note ETFScore 71
  7. Rank 7BAAACColumbia AAA CLO ETFScore 70

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

ICLOAInvesco AAA CLO Floating Rate Note 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.

ICLO Invesco's play on the top slice of the CLO stack: an actively managed fund that keeps at least 80% in AAA-rated CLO floating rate notes, charges 0.19%, and pays monthly. One of the first ETFs to put this institutional corner into a ticker.

Stated mandate

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

ICLO The actively managed ETF seeks current income and capital preservation.

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.
  • ICLO At 0.19% a year it undercuts the 0.25% median for CLO funds and sits at the low end of the AAA CLO field, level with PAAA and a hair under JAAA, CLOA, FAAA and ACLO at 0.20%.
  • Coupons on CLO floating rate notes reset with short-term rates, so interest-rate sensitivity is minimal by design. This is a credit sleeve, not a duration bet.invesco.com
  • Actively run, not index-shadowing: Invesco's team picks roughly 150 CLO tranches rather than taking whatever a benchmark prints, and income is paid out monthly.invesco.com
  • Listed in 2022, it was among the first AAA CLO ETFs to reach retail brokerage accounts, giving it a longer live record than most of the peer group.invesco.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.
  • ICLO AAA here means top of the CLO capital stack, not Treasury-grade. The collateral underneath is leveraged corporate loans, and senior tranches can still move in a credit squeeze.invesco.com
  • Floating rate cuts both ways. Coupons reset upward when short-term rates rise, and the income the fund passes through shrinks when they fall.invesco.com
  • It is not the most heavily traded name in the AAA CLO group, so bid-ask spreads can run wider than at the category's largest funds. Limit orders matter more here.

Full ACLO profile⁠

Full ICLO profile⁠

ACLO vs ICLO 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 ICLO Cost

Overpaying ACLO vs ICLO

$203

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

  • ACLO 0.20%

    $4,155

  • ICLO 0.19%

    $3,952

$10,000
30 years

Cost over time

  • ACLO 0.20%
  • ICLO 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K$5K051015202530ACLO $4,155ICLO $3,952

Year by year

YearACLOICLOOverpaying
10$365$347$18
20$1,421$1,351$70
30$4,155$3,952$203

Expense ratio

  • 0.20%ACLO
  • 0.19%ICLO, cheaper
  • Middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.28%

ICLO 2nd cheapest of 34 funds

ACLO 8th cheapest of 34 funds

ACLO vs ICLO Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
ACLO 5.30%, better
ICLO 4.75%
Payout (12M)
ACLO $2.67
ICLO $1.21
Last payment
ACLO $0.20
ICLO $0.10
Ex-dividend
ACLO Nov 2, 2026
ICLO Oct 19, 2026
Paid on
ACLO Pays Nov 4, 2026
ICLO Oct 23, 2026
Frequency
ACLO Monthly
ICLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ACLOMonthly · 25 paymentsAll ACLO payments⁠
One bar per payment. 25 payments from 2023 to 2026 YTD. Dec 2, 2024 $0.06; Dec 18, 2024 $0.22; Dec 30, 2024 $0.01; Feb 3, 2025 $0.22; Mar 3, 2025 $0.21; Apr 1, 2025 $0.21; May 1, 2025 $0.20; Jun 2, 2025 $0.19; Jul 1, 2025 $0.19; Aug 1, 2025 $0.20; Sep 2, 2025 $0.19; Oct 1, 2025 $0.18; Nov 3, 2025 $0.22; Dec 1, 2025 $0.22; Dec 17, 2025 $0.22; Feb 2, 2026 $0.21; Mar 2, 2026 $0.21; Apr 1, 2026 $0.21; May 1, 2026 $0.21; Jun 1, 2026 $0.21; Jul 1, 2026 $0.19; Aug 3, 2026 $0.19; Sep 1, 2026 $0.19; Oct 1, 2026 $0.19; Nov 2, 2026 $0.20. Use the arrow keys to read each point.$0$0.2520232026YTD
ICLOMonthly · 46 paymentsAll ICLO payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 23, 2023 $0.12; Feb 21, 2023 $0.02; Mar 20, 2023 $0.03; Apr 24, 2023 $0.16; May 22, 2023 $0.18; Jun 20, 2023 $0.17; Jul 24, 2023 $0.17; Aug 21, 2023 $0.18; Sep 18, 2023 $0.17; Oct 23, 2023 $0.18; Nov 20, 2023 $0.19; Dec 18, 2023 $0.25; Jan 22, 2024 $0.14; Feb 20, 2024 $0.14; Mar 18, 2024 $0.14; Apr 22, 2024 $0.14; May 20, 2024 $0.13; Jun 24, 2024 $0.12; Jul 22, 2024 $0.14; Aug 19, 2024 $0.15; Sep 23, 2024 $0.16; Oct 21, 2024 $0.16; Nov 18, 2024 $0.13; Dec 23, 2024 $0.12; Jan 21, 2025 $0.12; Feb 24, 2025 $0.12; Mar 24, 2025 $0.11; Apr 21, 2025 $0.11; May 19, 2025 $0.13; Jun 23, 2025 $0.12; Jul 21, 2025 $0.12; Aug 18, 2025 $0.12; Sep 22, 2025 $0.11; Oct 20, 2025 $0.12; Nov 24, 2025 $0.13; Dec 22, 2025 $0.10; Jan 20, 2026 $0.10; Feb 23, 2026 $0.10; Mar 23, 2026 $0.10; Apr 20, 2026 $0.09; May 18, 2026 $0.09; Jun 22, 2026 $0.10; Jul 20, 2026 $0.10; Aug 24, 2026 $0.09; Sep 21, 2026 $0.10; Oct 19, 2026 $0.10. Use the arrow keys to read each point.$0$0.2520232026YTD

ACLO vs ICLO 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 2024ICLO 0.7%
Return per unit of riskSharpe ratio, 3 years
ACLO 1.74since Dec 2024ICLO 2.31
Worst fallMax drawdown, 5 years
ACLO −1.0%since Nov 2024ICLO −3.5%since Dec 2022
Market sensitivityBeta, 5 years
ACLO 0.04ICLO 0.02

ACLO and ICLO in the news

All news⁠

Popular comparisons

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