ACLO vs RCLR: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

Reckoner BBB-B CLO Reinvesting ETF

RCLRFNYSE Arca

Overlap

No data

Expense ratio

ACLO −0.40pt a year

ACLO0.20%RCLR0.60%

Avg volume · 30D

ACLO 47.6×the volume

ACLO36.8KRCLR772

ACLO vs RCLR Performance

Jul 31, 2026 – Nov 2, 2026

+1.2%ACLO+1.0%RCLR

Expense ratio: ACLO 0.20%, better; RCLR 0.60%
Fund size: ACLO $595M; RCLR $15M
1Y total return: ACLO +5.2%; RCLR No data
Yield (12M): ACLO 5.30%; RCLR No data
Holdings: ACLO 369; RCLR 2
Avg volume (30D): ACLO 36.8K sh, better; RCLR 772 sh
NAV per share: ACLO $50.35; RCLR $51.38
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, RCLR, with each pillar’s weight
Pillar	ACLO	RCLR
Cost30% weight	A80Higher	F8
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	F19
Tradability15% weight	A70Higher	C43
Holdings10% weight	A85Higher	F20
Durability5% weight	B64Higher	D28

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and RCLR 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 RCLR 33rd 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 32FRCLYReckoner BBB-B CLO Annual ETFScore 20
Rank 33FRCLRReckoner BBB-B CLO Reinvesting ETFScore 19
GCLONot yet graded

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

RCLRFReckoner BBB-B 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.

RCLR Most bond funds pipe cash out on a schedule. RCLR runs the other way: it holds Reckoner's BBB-B CLO strategy and aims to minimize payouts to at most one a year, keeping income inside the fund rather than in your account.

Stated mandate

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

RCLR The Fund seeks total return while minimizing dividend or distribution payments.

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.

RCLR Rare shape for a US bond fund: the stated goal is total return while minimizing dividend and distribution payments, with payouts limited to one a year.
One ticket into mid-tier CLO debt: it invests through the Reckoner BBB-B CLO ETF (RCLO) instead of leaving you to source individual tranches.
Ordinary 1940 Act fund wrapper, the same regulated structure behind mainstream ETFs, so there is no partnership paperwork attached.
Fixed income exposure without a payout drip to redeploy, since the design retains income rather than pushing it out each month.

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.

RCLR Costs 0.60% a year against a 0.40% median for high-yield bond ETFs, and well above index staples like SCYB at 0.03% and SPHY at 0.05%.
Arrived in February 2026 as a small fund, so the record is short and trading has been light. Spreads can run wider than in the category's giants.
Not the shape for spending money: distributions are deliberately minimized to at most one payment a year, so regular cash flow is not part of the design.

Full ACLO profile⁠

Full RCLR profile⁠

ACLO vs RCLR Holdings

How ACLO and RCLR 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 RCLR.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and RCLR, widest gap first
Country	More in ACLOMore in RCLR	ACLO	RCLR
United States	RCLR +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

ACLO9.9%
RCLR100.2%

Securities held

ACLO367
RCLR1

Asset class

ACLO: Fixed Income
RCLR: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 367 securities, RCLR 1.

All 364 ACLO holdings⁠All RCLR 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 RCLR Cost

Overpaying RCLR vs ACLO

$7,662

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

ACLO 0.20%
$4,155
RCLR 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
RCLR 0.60%
Overpaying

Year by year

Year	ACLO	RCLR	Overpaying
10	$365	$1,076	$711
20	$1,421	$4,116	$2,695
30	$4,155	$11,817	$7,662

Expense ratio

0.20%ACLO, cheaper
0.60%RCLR

ACLO0.20%RCLR0.60%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

RCLR 31st cheapest of 34 funds

ACLO vs RCLR Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ACLO 5.30%; RCLR No data
Payout (12M): ACLO $2.67; RCLR None
Last payment: ACLO $0.20; RCLR No data
Ex-dividend: ACLO Nov 2, 2026; RCLR No data
Paid on: ACLO Pays Nov 4, 2026; RCLR No data
Frequency: ACLO Monthly; RCLR No data

Distribution history

Per share, 2024 to 2026, same scale for both

ACLOMonthly · 25 paymentsAll ACLO payments⁠

RCLRAll RCLR payments⁠

No distribution history available.

ACLO vs RCLR 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 2024RCLR No data
Return per unit of riskSharpe ratio, 3 years: ACLO 1.74since Dec 2024RCLR No data
Worst fallMax drawdown, 5 years: ACLO −1.0%since Nov 2024RCLR No data
Market sensitivityBeta, 5 years: ACLO 0.04RCLR 0.09; Market = 1

Popular comparisons

ACLOAvsCLOAA
TCW AAA CLO ETF · iShares AAA CLO Active ETF
Expense ratio
0.20% · 0.20%
Category
RCLRFvsCLOAA
Reckoner BBB-B CLO Reinvesting ETF · iShares AAA CLO Active ETF
Expense ratio
0.60% · 0.20%
Category
ACLOAvsJAAAA
TCW AAA CLO ETF · Janus Henderson AAA CLO ETF
Expense ratio
0.20% · 0.20%
Category
RCLRFvsJAAAA
Reckoner BBB-B CLO Reinvesting ETF · Janus Henderson AAA CLO ETF
Expense ratio
0.60% · 0.20%
Category
ACLOAvsPAAAA
TCW AAA CLO ETF · PGIM AAA CLO ETF
Expense ratio
0.20% · 0.19%
Category
RCLRFvsPAAAA
Reckoner BBB-B CLO Reinvesting ETF · PGIM AAA CLO ETF
Expense ratio
0.60% · 0.19%
Category