ACLO vs JA: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

Janus Henderson AA-A CLO ETF

JACNYSE Arca

Overlap

No data

Expense ratio

ACLO −0.09pt a year

ACLO0.20%JA0.29%

Avg volume · 30D

ACLO 1.8×the volume

ACLO36.8KJA20.7K

ACLO vs JA Performance

Jul 31, 2026 – Oct 30, 2026

+1.1%ACLO+1.2%JA

Expense ratio: ACLO 0.20%, better; JA 0.29%
Fund size: ACLO $596M; JA $183M
1Y total return: ACLO +5.0%; JA No data
Yield (12M): ACLO 4.89%; JA No data
Holdings: ACLO 368; JA 69
Avg volume (30D): ACLO 36.8K sh, better; JA 20.7K sh
NAV per share: ACLO $50.53; JA $50.23
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, JA, with each pillar’s weight
Pillar	ACLO	JA
Cost30% weight	A80Higher	C45
Mission25% weight	Not scored	Not scored
Risk15% weight	B64	B64
Tradability15% weight	A70Higher	C48
Holdings10% weight	A84Higher	D36
Durability5% weight	B64Higher	C50

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and JA 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 JA 19th 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 18CASECAmerican Century Securitized Credit ETFScore 49
Rank 19CJAJanus Henderson AA-A CLO ETFScore 48
Rank 20CAAADPGIM AAA CLO Aggregate Duration ETFScore 44

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

JACJanus Henderson AA-A 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.

JA Most CLO ETFs pile into the AAA tranche. JA steps one rung down to AA and A rated, floating-rate CLOs, run by the same Janus securitized desk behind JAAA and JBBB. Fee: 0.29% net of a waiver through February 28, 2028.

Stated mandate

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

JA The fund seeks capital preservation and current income through an actively managed portfolio focused on high-quality AA to A rated collateralized loan obligations.

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.

JA The mandate names its rung: AA and A rated, floating-rate CLOs, benchmarked to a 70/30 blend of the JPMorgan CLO A and CLO AA indexes. You know where in the capital stack you sit.janushenderson.com janushenderson.com 2
Coupons reset with short-term rates, so interest-rate duration stays short and the fund behaves unlike a fixed-rate bond fund. Income is paid monthly.janushenderson.com
Same securitized desk that runs the firm's established AAA and B-BBB CLO ETFs (JAAA and JBBB). JA fills the middle rung their lineup was missing.janushenderson.com
0.29% net of a waiver through February 28, 2028 (0.32% gross), near the category median. AAA-only JAAA charges 0.20% and PAAA 0.19%, but those buy a different tranche.

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.

JA AA and A tranches sit below AAA in a CLO's payment waterfall: more spread on offer, more exposure to downgrades and to defaults in the underlying loan pool.sec.gov
Launched in February 2026, so the track record is short and has not yet been tested across a full credit cycle.
Thinly traded and modest in size next to the AAA heavyweights, which can mean wider bid-ask spreads.

Full ACLO profile⁠

Full JA profile⁠

ACLO vs JA Holdings

How ACLO and JA differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile91.9%
Asset classFixed Income100%

Sector

No Sector split for ACLO and JA.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and JA, widest gap first
Country	More in ACLOMore in JA	ACLO	JA
Bermuda	JA +5.8 points	0.1%	5.9%
Cayman Islands	ACLO +4.3 points	86.5%	82.2%
Ireland	ACLO +3.8 points	3.8%	0.0%
United States	JA +1.7 points	5.8%	7.5%
United Kingdom	JA +0.5 points	3.9%	4.4%

Outside the US: ACLO 8% developed, 92% emerging. JA 5% developed, 95% emerging.

Concentration

Weight in the 10 largest Holdings

ACLO9.4%
JA34.8%

Securities held

ACLO365
JA66

Asset class

ACLO: Fixed Income
JA: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 365 securities, JA 66.

All 363 ACLO holdings⁠All 65 JA 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 JA Cost

Overpaying JA vs ACLO

$1,797

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

ACLO 0.20%
$4,155
JA 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
JA 0.29%
Overpaying

Year by year

Year	ACLO	JA	Overpaying
10	$365	$527	$162
20	$1,421	$2,044	$623
30	$4,155	$5,952	$1,797

Expense ratio

0.20%ACLO, cheaper
0.29%JA

ACLO0.20%JA0.29%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

JA 18th cheapest of 34 funds

ACLO vs JA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACLO 4.89%; JA No data
Payout (12M): ACLO $2.47; JA No data
Last payment: ACLO $0.19; JA $0.20
Ex-dividend: ACLO Oct 1, 2026; JA Oct 30, 2026
Paid on: ACLO Oct 5, 2026; JA Pays Nov 5, 2026
Frequency: ACLO Monthly; JA Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠

JAMonthly · 8 paymentsAll JA payments⁠

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

ACLO and JA in the news

All news⁠

ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026JA

Popular comparisons

ACLOAvsCLOAA
TCW AAA CLO ETF · iShares AAA CLO Active ETF
Expense ratio
0.20% · 0.20%
Category
JACvsCLOAA
Janus Henderson AA-A CLO ETF · iShares AAA CLO Active ETF
Expense ratio
0.29% · 0.20%
Category
ACLOAvsJAAAA
TCW AAA CLO ETF · Janus Henderson AAA CLO ETF
Expense ratio
0.20% · 0.20%
Category
JACvsJAAAA
Janus Henderson AA-A CLO ETF · Janus Henderson AAA CLO ETF
Expense ratio
0.29% · 0.20%
Category
ACLOAvsPAAAA
TCW AAA CLO ETF · PGIM AAA CLO ETF
Expense ratio
0.20% · 0.19%
Category
JACvsPAAAA
Janus Henderson AA-A CLO ETF · PGIM AAA CLO ETF
Expense ratio
0.29% · 0.19%
Category

ACLO vs JA

In short

Stated mandate

Why people hold it

Worth knowing

How ACLO and JA 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

PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%

How ACLO and JA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings