CLOA vs ICLO: Grades, Fees and Holdings Compared

iShares AAA CLO Active ETF

CLOAANasdaq

Invesco AAA CLO Floating Rate Note ETF

ICLOACboe

Overlap

0.0%by weight

Expense ratio

ICLO −0.01pt a year

CLOA0.20%ICLO0.19%

Avg volume · 30D

CLOA 4.4×the volume

CLOA593KICLO133K

3Y return · a year

CLOA +0.1pt

CLOA+6.2%ICLO+6.1%

CLOA vs ICLO Performance

Oct 31, 2025 – Nov 2, 2026

+5.0%CLOA+4.8%ICLO

Expense ratio: CLOA 0.20%; ICLO 0.19%, better
Fund size: CLOA $2.8B; ICLO $614M
1Y total return: CLOA +5.0%, better; ICLO +4.8%
Yield (12M): CLOA 5.20%, better; ICLO 4.75%
Holdings: CLOA 458; ICLO 160
Avg volume (30D): CLOA 593K sh, better; ICLO 133K sh
NAV per share: CLOA $51.96; ICLO $25.56
52W range

ETF.net Grade

Pillar letters and Scores for CLOA, ICLO, with each pillar’s weight
Pillar	CLOA	ICLO
Cost30% weight	A80	A80
Mission25% weight	Not scored	Not scored
Risk15% weight	A77Higher	C54
Tradability15% weight	A94Higher	A78
Holdings10% weight	A98Higher	C52
Durability5% weight	A91Higher	A84

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. CLOA and ICLO 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 ›

CLOA ranks 1st and ICLO 6th 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 5AFAAAFIDELITY AAA CLO ETFScore 72
Rank 6AICLOInvesco AAA CLO Floating Rate Note ETFScore 71
Rank 7BAAACColumbia AAA CLO ETFScore 70

Our read on each fund

ETF.net Research

CLOAAiShares AAA CLO Active ETF

ICLOAInvesco AAA CLO Floating Rate Note ETF

In short

CLOA BlackRock's play in AAA CLOs: active credit picking measured against J.P. Morgan's CLOIE AAA index, 0.20% a year, spread over roughly 400 positions. A billion-dollar-plus book built since its 2023 launch.

ICLO Invesco's play on the top slice of the CLO stack: an actively managed fund that keeps at least 80% in AAA-rated CLO floating rate notes, charges 0.19%, and pays monthly. One of the first ETFs to put this institutional corner into a ticker.

Stated mandate

CLOA The fund seeks exposure to U.S. dollar-denominated AAA-rated collateralized loan obligations, using active credit selection to pursue income and capital preservation with potentially low volatility.

ICLO The actively managed ETF seeks current income and capital preservation.

Why people hold it

CLOA Charges 0.20% a year, below the 0.25% typical for CLO funds and level with what most of the category's biggest names (JAAA, FAAA, ACLO) charge.
Roughly 400 separate CLO positions, one of the deepest books in its peer group, so no single deal carries the fund.
Actively run: the team selects deals and CLO managers instead of buying whatever a benchmark holds. The CLOIE AAA index is the yardstick, not the rulebook.
Income arrives monthly, and it sits among the easier funds in its cohort to get in and out of.

ICLO At 0.19% a year it undercuts the 0.25% median for CLO funds and sits at the low end of the AAA CLO field, level with PAAA and a hair under JAAA, CLOA, FAAA and ACLO at 0.20%.
Coupons on CLO floating rate notes reset with short-term rates, so interest-rate sensitivity is minimal by design. This is a credit sleeve, not a duration bet.invesco.com
Actively run, not index-shadowing: Invesco's team picks roughly 150 CLO tranches rather than taking whatever a benchmark prints, and income is paid out monthly.invesco.com
Listed in 2022, it was among the first AAA CLO ETFs to reach retail brokerage accounts, giving it a longer live record than most of the peer group.invesco.com

Worth knowing

CLOA Active means manager-dependent. There is no index to fall back on, so outcomes hinge on which deals the desk picks.
The mandate pursues income and capital preservation with potentially low volatility. That is the aim, not a floor; CLO prices still move.
Trading since January 2023, so its record is short next to long-running bond funds and covers a narrow slice of credit history.

ICLO AAA here means top of the CLO capital stack, not Treasury-grade. The collateral underneath is leveraged corporate loans, and senior tranches can still move in a credit squeeze.invesco.com
Floating rate cuts both ways. Coupons reset upward when short-term rates rise, and the income the fund passes through shrinks when they fall.invesco.com
It is not the most heavily traded name in the AAA CLO group, so bid-ask spreads can run wider than at the category's largest funds. Limit orders matter more here.

Full CLOA profile⁠

Full ICLO profile⁠

CLOA vs ICLO Holdings

How CLOA and ICLO differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of CLOA and 0.0% of ICLO.

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile88.1%

Sector

No Sector split for ICLO.

Country, concentration and asset class

Country by domicile

Country weights in CLOA and ICLO, widest gap first
Country	More in CLOAMore in ICLO	CLOA	ICLO
United States	ICLO +11.6 points	7.0%	18.6%
Cayman Islands	CLOA +9.9 points	89.5%	79.6%
United Kingdom	CLOA +2.0 points	3.1%	1.1%
Other countries (2)	ICLO +0.3 points	0.5%	0.8%

Outside the US: CLOA 3% developed, 97% emerging. ICLO 2% developed, 98% emerging.

Concentration

Weight in the 10 largest Holdings

CLOA9.2%
ICLO26.3%

Securities held

CLOA456
ICLO155

Asset class

CLOA: Fixed Income
ICLO: Alternatives

Holdings

Only in CLOA456
In both0
Only in ICLO155

Only in CLOA

456 securities, 98.1% of CLOA by weight

BGCLO_24-19AAA A1R3 144A 5.34% 07/17/20370.92%
OAKCL_22-3AR A1R2 144A 5.09% 10/15/20390.90%
OCP_20-19A A1R2 144A 5.26% 04/20/20380.90%
CIFC_23-3A A1R 144A 5.28% 01/20/20390.88%
DCLO_24-7AR A1R 144A 5.31% 07/20/20390.88%
CIFC_19-7R A1R 144A 5.40% 10/19/20380.85%
KLLM_24-16AR A1R 144A 5.29% 07/20/20370.81%
ANCHC_16-RR 1R2 144A 5.37% 01/19/20380.76%
OCP_25-45 A 144A 5.27% 10/15/20380.74%
APID_21-37AR A1R 144A 5.03% 10/22/20390.72%
ABBSL_7 A1 144A 5.27% 01/17/20390.72%
ANCHC_19-11 A1R 144A 5.34% 07/22/20390.72%
ELM28_24-4 Ar 144A 5.34% 04/17/20370.72%
TPG_25-2 A1 144A 5.33% 01/21/20390.72%
ARES_21-ALFAR Ar 144A 5.21% 04/15/20390.72%
SIXST_24-25AR Ar 144A 5.27% 07/24/20370.72%
Nmc CLO_7A A1 144A 5.28% 03/31/20380.68%
CGMS_22-3AR2 A1R2 144A 5.24% 04/20/20390.66%
SONA_2 A1 144A 5.02% 07/22/20390.66%
PLMRS_24-2 A1R 144A 5.30% 07/20/20380.60%
BRDGS_24-1A A1R 144A 5.37% 04/20/20390.57%
RRAM_18_5AR AAR2 144A 5.24% 07/15/20390.56%
DCLO_22-4AR A1R 144A 5.27% 01/15/20390.56%
APID_26-58 A1 144A 5.04% 10/20/20390.54%
BSP_22-26AR Arr 144A 5.00% 10/20/20390.54%
SIM_26-1A A1 144A 5.31% 10/20/20390.54%
CGMS_21-1A A1AR 144A 5.41% 01/15/20400.54%
WWICK_23-1 Ar 144A 5.36% 10/20/20380.54%
REGT4_16-RR A1R 144A 5.23% 04/15/20390.54%
OAKC_18-1A 1R2 144A 5.30% 07/20/20390.54%
OCP_19-17ARRR A1R3 144A 5.35% 07/19/20390.54%
PBSPK_24-1 Ar 144A 5.28% 04/21/20370.54%
OCP_21-21A Ar 144A 5.26% 01/20/20380.54%
MNPCLO_1 A1 144A 5.23% 04/25/20380.54%
OAKC_20-7 A1R2 144A 5.40% 07/19/20380.50%
ALCCL_26-3 A1 144A 5.31% 04/20/20390.50%
CEDF_16-5 AR2 144A 5.38% 01/17/20390.50%
BRTPT_25-9 A1 144A 5.34% 01/20/20390.50%
CIFC_14-3RRR A1R 144A 5.22% 03/31/20380.50%
ELM40_25-3A A 144A 5.36% 03/22/20380.49%
HLSY_25-10A A1 144A 5.43% 10/20/20380.49%
BLUEM_22-35A A1R 144A 5.49% 10/22/20370.49%
DCLO_5R A1R 144A 5.28% 01/15/20390.48%
OHALF_13-2AR2 AR2 144A 5.30% 10/20/20380.48%
WWICK_25-7A A1 144A 5.36% 10/21/20380.47%
BRDGS_2R A1R 144A 5.34% 01/20/20390.47%
CIFC_17-5AR AR2 144A 5.31% 07/17/20370.47%
ELRCLO_26-3 A1 144A 5.29% 03/31/20380.47%
OAKC_19-3AR2 AR2 144A 5.40% 01/20/20380.46%
ELM15_22--2AR A1R2 144A 5.27% 10/22/20390.46%

Only in ICLO

155 securities, 100% of ICLO by weight

Invesco Premier US Government Money Portfolio5.38%
Elmwood CLO 29 Ltd 5.28% 04/20/20373.21%
Green Lakes Park CLO LLC 5.25% 01/25/20382.46%
ABPCI Direct Lending Fund CLO XVII LLC 5.55% 08/01/20382.41%
Empower CLO 2024-2 Ltd 5.24% 07/15/20372.41%
CIFC Funding 2022-II Ltd 5.09% 04/19/20352.41%
Carlyle US CLO 2022-1 Ltd 5.02% 04/15/20352.25%
Barings Euro CLO 2024-1 DAC 3.91% 04/20/20392.15%
Penta Clo 18 DAC 3.90% 01/15/20391.97%
CIFC Funding 2017-I Ltd 5.26% 04/21/20371.65%
OWL Rock CLO XXV LLC 5.13% 07/22/20361.61%
AGL CLO 30 Ltd 5.26% 04/21/20371.61%
Symphony CLO 30 Ltd 5.28% 10/20/20371.60%
Golub Capital Partners CLO 19B-R3 Ltd 5.23% 10/20/20361.60%
Golub Capital Partners CLO 52 B R Ltd 5.30% 07/20/20391.60%
AGL CLO 30 Ltd 5.61% 04/21/20371.60%
Cairn Clo XVI DAC 3.89% 01/15/20401.45%
Pikes Peak Clo 12 Ltd 5.30% 04/20/20381.44%
Golub Capital Partners CLO 79B Ltd 5.25% 04/20/20381.29%
Sona Fios CLO II DAC 3.78% 02/15/20391.25%
Blackrock MT Lassen Clo XV LLC 5.69% 07/15/20371.20%
BlackRock DLF X 2025-C CLO LP 5.01% 11/21/20331.19%
Park Blue CLO 2025-VII Ltd 5.29% 04/25/20381.16%
Carysfort Park CLO DAC 3.92% 04/28/20391.08%
Magnetite XVII Ltd 5.27% 07/25/20391.07%
Park Blue CLO 2022-1 Ltd 5.50% 10/20/20371.03%
Milford Park CLO Ltd 5.24% 01/20/20380.99%
Elmwood CLO III Ltd 5.50% 07/18/20370.96%
Golub Capital Partners CLO 62B Ltd 5.63% 10/15/20370.96%
Balboa Bay Loan Funding 2024-1 Ltd 5.58% 07/20/20370.96%
Empower CLO 2024-1 Ltd 5.35% 04/25/20370.96%
OHA Credit Funding 17-R Ltd 5.38% 04/20/20390.96%
GoldenTree Loan Management US CLO 16 Ltd 5.20% 01/20/20380.91%
Neuberger Berman Loan Advisers Euro CLO 3.75% 07/15/20400.90%
CIFC Funding 2023-II Ltd 5.19% 01/21/20370.85%
Cairn CLO XIII DAC 4.24% 10/20/20330.81%
Sixth Street CLO XX Ltd 5.69% 07/17/20380.80%
Elmwood CLO 29 Ltd 5.63% 04/20/20370.80%
New Mountain CLO 8 Ltd 5.35% 10/20/20380.80%
Neuberger Berman Loan Advisers LaSalle Street Lending CLO II Ltd 5.42% 04/20/20380.80%
Cedar Funding XIV CLO Ltd 5.42% 10/15/20370.80%
Cerberus Loan Funding XL LLC 5.64% 03/22/20350.80%
Regatta XVII Funding Ltd 5.22% 10/15/20370.80%
Golub Capital Partners CLO 61M 5.30% 07/25/20350.80%
Rad Clo 18 Llc 07/15/20370.80%
CIFC Funding 2014-V Ltd 5.31% 07/17/20370.80%
Magnetite XXXIV Ltd 5.18% 01/15/20380.80%
Oak Hill Credit Partners X-R Ltd 5.21% 04/20/20380.80%
OHA Credit Funding 7 Ltd 5.40% 07/19/20380.74%
Benefit Street Partners CLO XXVI Ltd 5.28% 10/20/20390.73%

Weight gaps

CLOA and ICLO share no securities.

All 458 CLOA holdings⁠All 157 ICLO 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.

CLOA vs ICLO Cost

Overpaying CLOA vs ICLO

$203

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

CLOA 0.20%
$4,155
ICLO 0.19%
$3,952

Amount$10,000

Years30 years

Cost over time

CLOA 0.20%
ICLO 0.19%
Overpaying

Year by year

Year	CLOA	ICLO	Overpaying
10	$365	$347	$18
20	$1,421	$1,351	$70
30	$4,155	$3,952	$203

Expense ratio

0.20%CLOA
0.19%ICLO, cheaper

ICLO0.19%CLOA0.20%

0.18%0.68%

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

ICLO 2nd cheapest of 34 funds

CLOA 8th cheapest of 34 funds

CLOA vs ICLO Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CLOA 5.20%, better; ICLO 4.75%
Payout (12M): CLOA $2.69; ICLO $1.21
Last payment: CLOA $0.21; ICLO $0.10
Ex-dividend: CLOA Nov 2, 2026; ICLO Oct 19, 2026
Paid on: CLOA Pays Nov 5, 2026; ICLO Oct 23, 2026
Frequency: CLOA Monthly; ICLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CLOAMonthly · 45 paymentsAll CLOA payments⁠

ICLOMonthly · 46 paymentsAll ICLO payments⁠

CLOA vs ICLO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CLOA 0.8%ICLO 0.7%, better
Return per unit of riskSharpe ratio, 3 years: CLOA 2.24ICLO 2.31, better
Worst fallMax drawdown, 5 years: CLOA −1.4%since Jan 2023ICLO −3.5%since Dec 2022
Market sensitivityBeta, 5 years: CLOA 0.01ICLO 0.02; Market = 1

CLOA and ICLO in the news

All news⁠

ETF Filings
First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor
Sep 21, 2026CLOAICLO

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CLOA vs ICLO

In short

Stated mandate

Why people hold it

Worth knowing

How CLOA and ICLO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLOA

Only in ICLO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor

How CLOA and ICLO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLOA

Only in ICLO

Weight gaps