ACLO vs JBBB: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

Janus Henderson B-BBB CLO ETF

JBBBCCboe

Overlap

No data

Expense ratio

ACLO −0.27pt a year

ACLO0.20%JBBB0.47%

Avg volume · 30D

JBBB 11.1×the volume

ACLO36.8KJBBB408K

ACLO vs JBBB Performance

Oct 31, 2025 – Oct 30, 2026

+5.0%ACLO+3.3%JBBB

Expense ratio: ACLO 0.20%, better; JBBB 0.47%
Fund size: ACLO $596M; JBBB $1.5B
1Y total return: ACLO +5.0%, better; JBBB +3.3%
Yield (12M): ACLO 4.89%; JBBB 6.91%, better
Holdings: ACLO 368; JBBB 284
Avg volume (30D): ACLO 36.8K sh; JBBB 408K sh, better
NAV per share: ACLO $50.53; JBBB $47.20
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, JBBB, with each pillar’s weight
Pillar	ACLO	JBBB
Cost30% weight	A80Higher	F24
Mission25% weight	Not scored	Not scored
Risk15% weight	B64Higher	D28
Tradability15% weight	A70Higher	B64
Holdings10% weight	A84Higher	C54
Durability5% weight	B64	A88Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and JBBB 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 JBBB 24th 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 22CYCLOFranklin BSP CLO ETFScore 42
Rank 24CJBBBJanus Henderson B-BBB CLO ETFScore 41
Rank 25DCLOZEldridge BBB-B CLO ETFScore 38

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

JBBBCJanus Henderson B-BBB 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.

JBBB Most CLO ETFs stop at AAA. JBBB deliberately goes down the stack to BBB+ through B- tranches: floating-rate income with real credit risk attached, from the same Janus Henderson shop that runs its AAA sibling.

Stated mandate

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

JBBB The fund seeks capital preservation and current income through floating-rate exposure to collateralized loan obligations generally rated from BBB+ through B-.

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.

JBBB The mezzanine option in a shelf full of AAA funds. While category leaders JAAA, CLOA and PAAA buy top-of-stack paper, JBBB targets CLOs rated BBB+ through B-.janushenderson.com
CLO coupons float with short-term rates, so interest-rate duration is minimal. Stated goals are capital preservation and current income, and it pays monthly.
Spread across roughly 220 positions inside a multi-billion-dollar, moderately traded fund, running as a standard 1940 Act ETF since January 2022.

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.

JBBB 0.47% a year, close to double the 0.25% median for CLO funds and the roughly 0.20% the large AAA rivals charge.
BBB+ to B- tranches sit further down the credit ladder than the AAA paper most peers hold. More credit risk is the point, not an accident.
Floating rate cuts both ways: as short-term rates move lower, the coupons the portfolio collects reset lower with them.

Full ACLO profile⁠

Full JBBB profile⁠

ACLO vs JBBB Holdings

How ACLO and JBBB differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile92.8%
Asset classFixed Income100%

Sector

No Sector split for ACLO and JBBB.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and JBBB, widest gap first
Country	More in ACLOMore in JBBB	ACLO	JBBB
Cayman Islands	JBBB +4.3 points	86.5%	90.8%
Ireland	ACLO +3.8 points	3.8%	0.0%
Bermuda	JBBB +2.9 points	0.1%	3.0%
United Kingdom	ACLO +1.9 points	3.9%	2.0%
United States	ACLO +1.6 points	5.8%	4.2%

Outside the US: ACLO 8% developed, 92% emerging. JBBB 2% developed, 98% emerging.

Concentration

Weight in the 10 largest Holdings

ACLO9.4%
JBBB21.6%

Securities held

ACLO365
JBBB281

Asset class

ACLO: Fixed Income
JBBB: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 365 securities, JBBB 281.

All 363 ACLO holdings⁠All 275 JBBB 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 JBBB Cost

Overpaying JBBB vs ACLO

$5,263

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

ACLO 0.20%
$4,155
JBBB 0.47%
$9,418

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
JBBB 0.47%
Overpaying

Year by year

Year	ACLO	JBBB	Overpaying
10	$365	$847	$482
20	$1,421	$3,261	$1,840
30	$4,155	$9,418	$5,263

Expense ratio

0.20%ACLO, cheaper
0.47%JBBB

ACLO0.20%JBBB0.47%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

JBBB 27th cheapest of 34 funds

ACLO vs JBBB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACLO 4.89%; JBBB 6.91%, better
Payout (12M): ACLO $2.47; JBBB $3.21
Last payment: ACLO $0.19; JBBB $0.24
Ex-dividend: ACLO Oct 1, 2026; JBBB Oct 30, 2026
Paid on: ACLO Oct 5, 2026; JBBB Pays Nov 5, 2026
Frequency: ACLO Monthly; JBBB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠

JBBBMonthly · 46 paymentsAll JBBB payments⁠

ACLO vs JBBB 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 2024JBBB 3.0%
Return per unit of riskSharpe ratio, 3 years: ACLO 1.74since Dec 2024JBBB 0.93
Worst fallMax drawdown, 5 years: ACLO −1.0%since Nov 2024JBBB −10.8%since Jan 2022
Market sensitivityBeta, 5 years: ACLO 0.04JBBB 0.10; Market = 1

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