CLOC vs ICLO

CLOCBAAM Crescent CLO ETF

ICLOAInvesco AAA CLO Floating Rate Note ETF

In short

CLOC A 2025 arrival in the CLO aisle that undercuts the category on fee: 0.18% a year, below the typical CLO fund and below the giants it competes with. Its mandate leads with capital preservation, then low correlation and current income.

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

CLOC The Fund seeks capital preservation, low correlation with traditional asset classes, and current income.

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

Why people hold it

• CLOC Cheapest seat in the CLO aisle: 0.18% a year against a 0.25% category median, and a step under the biggest AAA CLO funds (JAAA, CLOA, PAAA, FAAA, ACLO at 0.19%-0.20%).
• The mandate is unusually explicit: capital preservation first, low correlation with traditional asset classes second, current income third.
• Young, but it already stands in the upper half of a crowded 27-fund CLO group.

• 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

• CLOC Thinly traded next to the multi-billion-dollar CLO names, so spreads can be wider and larger orders take patience.
• Launched in October 2025, so the history is short and there is not yet a full credit cycle to judge it by.
• Distributions have come on an irregular schedule rather than a fixed monthly rhythm, so income timing is less predictable.

• 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 CLOC profile⁠

Full ICLO profile⁠