ACLO vs RAAR: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

Reckoner Yield Enhanced AAA CLO Reinvesting ETF

RAARDNYSE Arca

Overlap

No data

Expense ratio

ACLO −0.20pt a year

ACLO0.20%RAAR0.40%

Avg volume · 30D

ACLO 13.9×the volume

ACLO36.8KRAAR2.64K

ACLO vs RAAR Performance

Jul 31, 2026 – Oct 30, 2026

+1.1%ACLO+1.1%RAAR

Expense ratio: ACLO 0.20%, better; RAAR 0.40%
Fund size: ACLO $596M; RAAR $18M
1Y total return: ACLO +5.0%; RAAR No data
Yield (12M): ACLO 4.89%; RAAR No data
Holdings: ACLO 368; RAAR 2
Avg volume (30D): ACLO 36.8K sh, better; RAAR 2.64K sh
NAV per share: ACLO $50.53; RAAR $51.69
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, RAAR, with each pillar’s weight
Pillar	ACLO	RAAR
Cost30% weight	A80Higher	D32
Mission25% weight	Not scored	Not scored
Risk15% weight	B64Higher	D36
Tradability15% weight	A70Higher	C42
Holdings10% weight	A84Higher	F22
Durability5% weight	B64Higher	C40

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and RAAR 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 RAAR 30th 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 27DEVLNEaton Vance Floating-Rate ETFScore 35
Rank 30DRAARReckoner Yield Enhanced AAA CLO Reinvesting ETFScore 33
Rank 31DPCMMBondbloxx Private Credit CLO ETFScore 25

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

RAARDReckoner Yield Enhanced AAA CLO Reinvesting 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.

RAAR Most AAA CLO ETFs exist to spray income at you every month. RAAR is the odd one out: an actively managed AAA CLO fund that aims to distribute just once a year, letting interest stack up inside the wrapper instead.

Stated mandate

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

RAAR The Fund is an actively-managed ETF that seeks total return by investing in AAA-rated debt tranches of collateralized loan obligations (CLOs), while aiming to limit dividend or income distributions to once per year.

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.

RAAR The rare accumulator. It aims to limit distributions to once a year, so CLO interest builds inside the fund instead of landing in your account twelve times a year.
Exactly what the name says: AAA-rated CLO debt tranches, the senior slice of the loan securitization stack, picked by an active manager rather than tracked off an index.
Built around the same AAA CLO strategy as its sibling RAAA, with the payout switch turned from routine income to an annual event.

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.

RAAR It charges 0.40% a year. The typical AAA CLO ETF sits near 0.25%, and the category's largest names (JAAA, CLOA, PAAA) run about 0.20%.
Launched in late 2024 and still a small, thinly traded fund, so bid-ask spreads can run wider than the category's heavyweights. Limit orders matter here.
The once-a-year cadence is a stated aim, not a promise, and by design there is no monthly cash landing in your account from this fund.

Full ACLO profile⁠

Full RAAR profile⁠

ACLO vs RAAR Holdings

How ACLO and RAAR 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 RAAR.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and RAAR, widest gap first
Country	More in ACLOMore in RAAR	ACLO	RAAR
United States	RAAR +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%
RAAR100.0%

Securities held

ACLO365
RAAR1

Asset class

ACLO: Fixed Income
RAAR: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 365 securities, RAAR 1.

All 363 ACLO holdings⁠All RAAR 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 RAAR Cost

Overpaying RAAR vs ACLO

$3,935

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

ACLO 0.20%
$4,155
RAAR 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
RAAR 0.40%
Overpaying

Year by year

Year	ACLO	RAAR	Overpaying
10	$365	$723	$358
20	$1,421	$2,793	$1,372
30	$4,155	$8,090	$3,935

Expense ratio

0.20%ACLO, cheaper
0.40%RAAR

ACLO0.20%RAAR0.40%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

RAAR 24th cheapest of 34 funds

ACLO vs RAAR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACLO 4.89%; RAAR No data
Payout (12M): ACLO $2.47; RAAR None
Last payment: ACLO $0.19; RAAR No data
Ex-dividend: ACLO Oct 1, 2026; RAAR No data
Paid on: ACLO Oct 5, 2026; RAAR No data
Frequency: ACLO Monthly; RAAR No data

Distribution history

Per share, 2024 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠

RAARAll RAAR payments⁠

No distribution history available.

ACLO vs RAAR 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 2024RAAR No data
Return per unit of riskSharpe ratio, 3 years: ACLO 1.74since Dec 2024RAAR No data
Worst fallMax drawdown, 5 years: ACLO −1.0%since Nov 2024RAAR No data
Market sensitivityBeta, 5 years: ACLO 0.04RAAR 0.06; Market = 1

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