ACLO vs PSQA: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

Palmer Square CLO Senior Debt ETF

PSQACNYSE Arca

Overlap

No data

Expense ratio

ACLO −0.01pt a year

ACLO0.20%PSQA0.21%

Avg volume · 30D

PSQA 2.9×the volume

ACLO36.8KPSQA106K

ACLO vs PSQA Performance

Oct 31, 2025 – Nov 2, 2026

+5.2%ACLO+5.4%PSQA

Expense ratio: ACLO 0.20%, better; PSQA 0.21%
Fund size: ACLO $595M; PSQA $250M
1Y total return: ACLO +5.2%; PSQA +5.4%, better
Yield (12M): ACLO 5.30%, better; PSQA 3.95%
Holdings: ACLO 369; PSQA 162
Avg volume (30D): ACLO 36.8K sh; PSQA 106K sh, better
NAV per share: ACLO $50.35; PSQA $20.60
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, PSQA, with each pillar’s weight
Pillar	ACLO	PSQA
Cost30% weight	A80Higher	B61
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	D27
Tradability15% weight	A70Higher	C43
Holdings10% weight	A85Higher	A76
Durability5% weight	B64Higher	C53

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and PSQA 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 PSQA 14th of 34 funds in the Collateralized Loan Obligations (CLO) Category.

Rank 1ACLOAiShares AAA CLO Active ETFScore 85
Rank 2AJAAAJanus Henderson AAA CLO ETFScore 82
Rank 2APAAAPGIM AAA CLO ETFScore 82
Rank 4AACLOTCW AAA CLO ETFScore 75
Rank 5AFAAAFIDELITY AAA CLO ETFScore 72
Rank 14CAAAAlternative Access First Priority CLO Bond ETFScore 51
Rank 14CPSQAPalmer Square CLO Senior Debt ETFScore 51
Rank 16CNCLONuveen AA-BBB CLO ETFScore 50

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

PSQACPalmer Square CLO Senior Debt 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.

PSQA The index fund in a category of hand-picked portfolios. PSQA tracks Palmer Square's own CLO Senior Debt Index, a daily CLO benchmark since 2015, holding senior tranches rated AAA or AA at issuance.

Stated mandate

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

PSQA The Fund seeks to track, before fees and expenses, the price and yield performance of the Palmer Square CLO Senior Debt Index.

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.

PSQA Passive where the category leans active: it follows a published rulebook for senior CLO debt rather than a manager's tranche-by-tranche calls, as rivals like CLOA do.sec.gov
It tracks the house benchmark: Palmer Square launched the CLO Senior Debt Index on May 29, 2015, among the first broadly distributed daily CLO benchmarks, now subscribed to worldwide.prnewswire.com yahoo.com
Fee is 0.21%, with no waiver propping it up. That sits near the category median and within a hair of PAAA (0.19%), JAAA and CLOA (0.20%).
Scope is the top of the structure: index constituents are CLO debt rated AAA or AA at issuance, the tranches that get paid first.sec.gov

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.

PSQA Young fund: it listed in September 2024, so the record is short and has not yet run through a full credit cycle.
The AA allowance puts part of the portfolio a notch below the AAA-only lineup (JAAA, CLOA, PAAA), which means a step up in credit risk.sec.gov
Fidelity's FAAA and FCLO currently charge 0.00% under waivers running through January 31, 2027, so PSQA's 0.21% is the costlier seat while those waivers last.

Full ACLO profile⁠

Full PSQA profile⁠

ACLO vs PSQA Holdings

How ACLO and PSQA differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile94.9%
Asset classFixed Income100%

Sector

No Sector split for ACLO and PSQA.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and PSQA, widest gap first
Country	More in ACLOMore in PSQA	ACLO	PSQA
Ireland	ACLO +3.8 points	3.8%	0.0%
United States	PSQA +3.0 points	5.8%	8.8%
United Kingdom	PSQA +2.1 points	3.9%	6.0%
Cayman Islands	ACLO +1.2 points	86.5%	85.3%
Bermuda	ACLO +0.1 points	0.1%	0.0%

Outside the US: ACLO 8% developed, 92% emerging. PSQA 7% developed, 93% emerging.

Concentration

Weight in the 10 largest Holdings

ACLO9.9%
PSQA13.9%

Securities held

ACLO367
PSQA150

Asset class

ACLO: Fixed Income
PSQA: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 367 securities, PSQA 150.

All 364 ACLO holdings⁠All PSQA 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 PSQA Cost

Overpaying PSQA vs ACLO

$202

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

ACLO 0.20%
$4,155
PSQA 0.21%
$4,357

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
PSQA 0.21%
Overpaying

Year by year

Year	ACLO	PSQA	Overpaying
10	$365	$383	$18
20	$1,421	$1,491	$70
30	$4,155	$4,357	$202

Expense ratio

0.20%ACLO, cheaper
0.21%PSQA

ACLO0.20%PSQA0.21%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

PSQA 14th cheapest of 34 funds

ACLO vs PSQA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ACLO 5.30%, better; PSQA 3.95%
Payout (12M): ACLO $2.67; PSQA $0.82
Last payment: ACLO $0.20; PSQA $0.21
Ex-dividend: ACLO Nov 2, 2026; PSQA Sep 24, 2026
Paid on: ACLO Pays Nov 4, 2026; PSQA Sep 30, 2026
Frequency: ACLO Monthly; PSQA Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

ACLOMonthly · 25 paymentsAll ACLO payments⁠

PSQAQuarterly · 8 paymentsAll PSQA payments⁠

ACLO vs PSQA 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 2024PSQA 1.2%since Oct 2024
Return per unit of riskSharpe ratio, 3 years: ACLO 1.74since Dec 2024PSQA 1.21since Oct 2024
Worst fallMax drawdown, 5 years: ACLO −1.0%since Nov 2024PSQA −1.2%since Sep 2024
Market sensitivityBeta, 5 years: ACLO 0.04PSQA 0.06; Market = 1

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