ACLO vs TRPA: Grades, Fees and Holdings Compared

TCW AAA CLO ETF

ACLOANYSE

Hartford AAA CLO ETF

TRPABCboe

Overlap

No data

Expense ratio

ACLO −0.04pt a year

ACLO0.20%TRPA0.24%

Avg volume · 30D

ACLO 1.03×the volume

ACLO36.8KTRPA35.5K

ACLO vs TRPA Performance

Oct 31, 2025 – Oct 30, 2026

+5.0%ACLO+5.1%TRPA

Expense ratio: ACLO 0.20%, better; TRPA 0.24%
Fund size: ACLO $596M; TRPA $171M
1Y total return: ACLO +5.0%; TRPA +5.1%, better
Yield (12M): ACLO 4.89%, better; TRPA 4.79%
Holdings: ACLO 368; TRPA 191
Avg volume (30D): ACLO 36.8K sh, better; TRPA 35.5K sh
NAV per share: ACLO $50.53; TRPA $38.88
52W range

ETF.net Grade

Pillar letters and Scores for ACLO, TRPA, with each pillar’s weight
Pillar	ACLO	TRPA
Cost30% weight	A80Higher	B58
Mission25% weight	Not scored	Not scored
Risk15% weight	B64Higher	C48
Tradability15% weight	A70Higher	C49
Holdings10% weight	A84Higher	A79
Durability5% weight	B64	B66Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ACLO and TRPA 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 TRPA 11th 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 11BCLOONYLI Investment Grade CLO ETFScore 57
Rank 11BTRPAHartford AAA CLO ETFScore 57
Rank 13CUUPPPrincipal CLO ETFScore 53

Our read on each fund

ETF.net Research

ACLOATCW AAA CLO ETF

TRPABHartford AAA 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.

TRPA Floating-rate AAA CLO paper, actively picked instead of indexed: capital preservation plus monthly income from the senior slice of the loan-securitization stack. The quieter, smaller name in an aisle that filled up fast.

Stated mandate

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

TRPA The Fund seeks capital preservation and current income by investing primarily in high-quality, floating-rate collateralized loan obligations. It is actively managed and does not seek to track a specified 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.

TRPA The mandate is plain English: capital preservation and current income from high-quality floating-rate CLOs, with a manager choosing the paper rather than a rulebook.
Coupons float, resetting with short-term rates instead of locking in for years, which keeps interest-rate sensitivity low by design.
Pays monthly, and the 0.24% fee sits right around the middle of the AAA CLO group.
Lands in the upper half of its AAA CLO peer group, with the portfolio itself the sturdiest part of the profile.

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.

TRPA That 0.24% is a shade above the category's biggest names: JAAA, CLOA, FAAA and ACLO charge 0.20%, PAAA 0.19%.
It trades thinly next to the category's giants, so wider spreads and limit orders come with the territory.
AAA is the senior slice of a CLO, not a government guarantee. The collateral underneath is leveraged corporate loans.

Full ACLO profile⁠

Full TRPA profile⁠

ACLO vs TRPA Holdings

How ACLO and TRPA differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile95.5%
Asset classFixed Income100%

Sector

No Sector split for ACLO and TRPA.

Country, concentration and asset class

Country by domicile

Country weights in ACLO and TRPA, widest gap first
Country	More in ACLOMore in TRPA	ACLO	TRPA
Ireland	ACLO +3.8 points	3.8%	0.0%
United States	TRPA +2.7 points	5.8%	8.5%
Cayman Islands	TRPA +1.8 points	86.5%	88.3%
United Kingdom	ACLO +0.7 points	3.9%	3.2%
Bermuda	ACLO +0.1 points	0.1%	0.0%

Outside the US: ACLO 8% developed, 92% emerging. TRPA 4% developed, 96% emerging.

Concentration

Weight in the 10 largest Holdings

ACLO9.4%
TRPA12.8%

Securities held

ACLO365
TRPA190

Asset class

ACLO: Fixed Income
TRPA: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. ACLO holds 365 securities, TRPA 190.

All 363 ACLO holdings⁠All 173 TRPA 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 TRPA Cost

Overpaying TRPA vs ACLO

$804

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

ACLO 0.20%
$4,155
TRPA 0.24%
$4,959

Amount$10,000

Years30 years

Cost over time

ACLO 0.20%
TRPA 0.24%
Overpaying

Year by year

Year	ACLO	TRPA	Overpaying
10	$365	$437	$72
20	$1,421	$1,699	$278
30	$4,155	$4,959	$804

Expense ratio

0.20%ACLO, cheaper
0.24%TRPA

ACLO0.20%TRPA0.24%

0.18%0.68%

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

ACLO 8th cheapest of 34 funds

TRPA 15th cheapest of 34 funds

ACLO vs TRPA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ACLO 4.89%, better; TRPA 4.79%
Payout (12M): ACLO $2.47; TRPA $1.86
Last payment: ACLO $0.19; TRPA $0.15
Ex-dividend: ACLO Oct 1, 2026; TRPA Oct 29, 2026
Paid on: ACLO Oct 5, 2026; TRPA Pays Nov 2, 2026
Frequency: ACLO Monthly; TRPA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ACLOMonthly · 24 paymentsAll ACLO payments⁠

TRPAMonthly · 46 paymentsAll TRPA payments⁠

ACLO vs TRPA 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 2024TRPA 1.2%
Return per unit of riskSharpe ratio, 3 years: ACLO 1.74since Dec 2024TRPA 1.67
Worst fallMax drawdown, 5 years: ACLO −1.0%since Nov 2024TRPA −6.7%
Market sensitivityBeta, 5 years: ACLO 0.04TRPA 0.09; Market = 1

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