CLOA vs NCLO: Grades, Fees and Holdings Compared

iShares AAA CLO Active ETF

CLOAANasdaq

Nuveen AA-BBB CLO ETF

NCLOCNYSE Arca

Overlap

No data

Expense ratio

CLOA −0.06pt a year

CLOA0.20%NCLO0.26%

Avg volume · 30D

CLOA 7.4×the volume

CLOA593KNCLO80K

CLOA vs NCLO Performance

Oct 31, 2025 – Nov 2, 2026

+5.0%CLOA+5.3%NCLO

Expense ratio: CLOA 0.20%, better; NCLO 0.26%
Fund size: CLOA $2.8B; NCLO $244M
1Y total return: CLOA +5.0%; NCLO +5.3%, better
Yield (12M): CLOA 5.20%; NCLO 6.06%, better
Holdings: CLOA 458; NCLO 145
Avg volume (30D): CLOA 593K sh, better; NCLO 80K sh
NAV per share: CLOA $51.96; NCLO $25.02
52W range

ETF.net Grade

Pillar letters and Scores for CLOA, NCLO, with each pillar’s weight
Pillar	CLOA	NCLO
Cost30% weight	A80Higher	C53
Mission25% weight	Not scored	Not scored
Risk15% weight	A77Higher	F16
Tradability15% weight	A94Higher	B62
Holdings10% weight	A98Higher	A75
Durability5% weight	A91Higher	B60

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. CLOA and NCLO 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 NCLO 16th 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 14CPSQAPalmer Square CLO Senior Debt ETFScore 51
Rank 16CNCLONuveen AA-BBB CLO ETFScore 50
Rank 17CASECAmerican Century Securitized Credit ETFScore 49

Our read on each fund

ETF.net Research

CLOAAiShares AAA CLO Active ETF

NCLOCNuveen AA-BBB CLO 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.

NCLO No data

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.

NCLO No data

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.

NCLO No data

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.

NCLO No data

Full CLOA profile⁠

Full NCLO profile⁠

CLOA vs NCLO Holdings

How CLOA and NCLO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector3 Sectors0.0%
Countryby domicile97.7%
Asset classFixed Income100%

Sector

Sector weights in CLOA and NCLO, widest gap first
Sector	More in CLOAMore in NCLO	CLOA	NCLO
CLO	CLOA +100.0 points	100.0%	0.0%
Securitized	NCLO +99.6 points	0.0%	99.6%
Corporate	NCLO +0.4 points	0.0%	0.4%

Country, concentration and asset class

Country by domicile

Country weights in CLOA and NCLO, widest gap first
Country	More in CLOAMore in NCLO	CLOA	NCLO
United States	NCLO +1.9 points	7.0%	8.9%
Cayman Islands	CLOA +1.9 points	89.5%	87.6%
Other countries (2)	CLOA +0.1 points	3.5%	3.4%

Outside the US: CLOA 3% developed, 97% emerging. NCLO 4% developed, 96% emerging.

Concentration

Weight in the 10 largest Holdings

CLOA9.2%
NCLO17.5%

Securities held

CLOA456
NCLO133

Asset class

CLOA: Fixed Income
NCLO: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. CLOA holds 456 securities, NCLO 133.

All 458 CLOA holdings⁠All 107 NCLO 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 NCLO Cost

Overpaying NCLO vs CLOA

$1,203

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

CLOA 0.20%
$4,155
NCLO 0.26%
$5,358

Amount$10,000

Years30 years

Cost over time

CLOA 0.20%
NCLO 0.26%
Overpaying

Year by year

Year	CLOA	NCLO	Overpaying
10	$365	$473	$108
20	$1,421	$1,838	$417
30	$4,155	$5,358	$1,203

Expense ratio

0.20%CLOA, cheaper
0.26%NCLO

CLOA0.20%NCLO0.26%

0.18%0.68%

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

CLOA 8th cheapest of 34 funds

NCLO 17th cheapest of 34 funds

CLOA vs NCLO Dividends

Last 12 months to Nov 2, 2026

Yield (12M): CLOA 5.20%; NCLO 6.06%, better
Payout (12M): CLOA $2.69; NCLO $1.51
Last payment: CLOA $0.21; NCLO $0.10
Ex-dividend: CLOA Nov 2, 2026; NCLO Nov 2, 2026
Paid on: CLOA Pays Nov 5, 2026; NCLO Pays Nov 3, 2026
Frequency: CLOA Monthly; NCLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CLOAMonthly · 45 paymentsAll CLOA payments⁠

NCLOMonthly · 23 paymentsAll NCLO payments⁠

CLOA vs NCLO 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%NCLO 0.9%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: CLOA 2.24NCLO 1.77since Jan 2025
Worst fallMax drawdown, 5 years: CLOA −1.4%since Jan 2023NCLO −3.1%since Dec 2024
Market sensitivityBeta, 5 years: CLOA 0.01NCLO 0.06; Market = 1

CLOA and NCLO in the news

All news⁠

ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026NCLO
ETF Filings
First Trust files for FFLT, an investment-grade floating-rate ETF with a 50% CLO floor
Sep 21, 2026CLOA

Popular comparisons

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Category

CLOA vs NCLO

In short

Stated mandate

Why people hold it

Worth knowing

How CLOA and NCLO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%

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

How CLOA and NCLO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings