ICLO vs JAAA: Grades, Fees and Holdings Compared

Invesco AAA CLO Floating Rate Note ETF

ICLOACboe

Janus Henderson AAA CLO ETF

JAAAANYSE Arca

Overlap

0.0%by weight

Expense ratio

ICLO −0.01pt a year

ICLO0.19%JAAA0.20%

Avg volume · 30D

JAAA 49.1×the volume

ICLO133KJAAA6.54M

3Y return · a year

ICLO+6.1%JAAA+6.1%

ICLO vs JAAA Performance

Oct 31, 2025 – Nov 2, 2026

+4.8%ICLO+4.9%JAAA

Expense ratio: ICLO 0.19%, better; JAAA 0.20%
Fund size: ICLO $614M; JAAA $32.3B
1Y total return: ICLO +4.8%; JAAA +4.9%, better
Yield (12M): ICLO 4.75%; JAAA 5.26%, better
Holdings: ICLO 160; JAAA 635
Avg volume (30D): ICLO 133K sh; JAAA 6.54M sh, better
NAV per share: ICLO $25.56; JAAA $50.49
52W range

ETF.net Grade

Pillar letters and Scores for ICLO, JAAA, with each pillar’s weight
Pillar	ICLO	JAAA
Cost30% weight	A80	A80
Mission25% weight	Not scored	Not scored
Risk15% weight	C54	A71Higher
Tradability15% weight	A78	A98Higher
Holdings10% weight	C52	A81Higher
Durability5% weight	A84	A93Higher

Rank among Collateralized Loan Obligations (CLO) funds

How we build Categories ›

Same Category. ICLO and JAAA 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 ›

JAAA ranks 2nd 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 2APAAAPGIM 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

ICLOAInvesco AAA CLO Floating Rate Note ETF

JAAAAJanus Henderson AAA CLO ETF

In short

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.

JAAA The AAA CLO trade in an ETF wrapper, running since 2020: floating-rate exposure to the senior slice of the corporate loan stack, aiming for capital preservation and income, at a fee below the group norm.

Stated mandate

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

JAAA The fund seeks capital preservation and current income through floating-rate exposure to high-quality AAA-rated collateralized loan obligations.

Why people hold it

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

JAAA Costs 0.20% a year, under the typical fee in its CLO peer group, and the newer AAA CLO rivals (CLOA, FAAA, ACLO) cluster at that same number rather than undercutting it.
Very actively traded and a multi-billion-dollar fund, which is real market depth for an asset class that mostly lives in institutional hands.
AAA CLO tranches pay floating coupons, so income resets as short-term rates move instead of being locked in. Distributions land monthly.
Spread across roughly 400 positions at the top AAA rung of the loan capital stack, so no single deal carries the fund. One of the stronger builds in its peer group.

Worth knowing

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.

JAAA Actively managed with no declared index behind it, so which deals and tranches the fund owns comes down to the manager, not a published rulebook.
Floating rate cuts both ways: when short-term rates fall, the income these deals throw off falls with them.
AAA is the senior rung, but it is still corporate loan credit, not Treasuries. The fund's stated aim is capital preservation, not a guarantee of it.

Full ICLO profile⁠

Full JAAA profile⁠

ICLO vs JAAA Holdings

How ICLO and JAAA differ

Overlap by weight

0.0%

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

Level by level

Asset classAlternatives, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile85.9%

Sector

No Sector split for ICLO and JAAA.

Country, concentration and asset class

Country by domicile

Country weights in ICLO and JAAA, widest gap first
Country	More in ICLOMore in JAAA	ICLO	JAAA
United States	ICLO +14.2 points	18.6%	4.4%
Cayman Islands	JAAA +12.8 points	79.6%	92.4%
United Kingdom	JAAA +0.7 points	1.1%	1.8%
Bermuda	JAAA +0.5 points	0.6%	1.1%
Ireland	JAAA +0.1 points	0.2%	0.3%

Outside the US: ICLO 2% developed, 98% emerging. JAAA 2% developed, 98% emerging.

Concentration

Weight in the 10 largest Holdings

ICLO26.3%
JAAA7.2%

Securities held

ICLO155
JAAA631

Asset class

ICLO: Alternatives
JAAA: Fixed Income

Holdings

Only in ICLO155
In both0
Only in JAAA631

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%

Only in JAAA

631 securities, 100% of JAAA by weight

Kkr Clo 35 Ar 5.28444% 20-JAN-2038, 5.28%, 01/20/380.78%
Ab Bsl Clo 1 A1R2 5.29249% 15-OCT-2038, 5.29%, 10/15/380.71%
Madison Park Funding XXXI A1AR3 5.27803% 23-JUL-2037, 5.28%, 07/23/370.71%
Oaktree CLO 2019-4 AR3 5.31444% 20-JUL-2037, 5.31%, 07/20/370.70%
Anchorage Capital Clo 16 Ltd|5.36624|01/19/2038, 5.37%, 01/19/380.67%
Bear Mountain Park CLO AB FLTG 37, 5.26%, 07/15/370.62%
Ares LXI CLO A1R2 5.29444% 20-APR-2037, 5.29%, 04/20/370.61%
Bain Capital Credit CLO 2017-2 Ltd|0|07/25/2037, 0.00%, 07/25/370.59%
Carlyle Us Clo 2021-8 Ltd, 5.31%, 10/15/380.56%
Madison Park Funding LIX A1R2 5.08375% 18-APR-2037, 5.31%, 04/18/370.56%
Madison Park Funding XXXVII Ltd., 5.24%, 04/15/370.56%
Wise CLO 2024-1 AR 5.28249% 15-APR-2037, 5.28%, 04/15/370.56%
Carlyle U.S. CLO 2021-10 A1R 5.39444% 20-JAN-2038, 5.39%, 01/20/380.55%
Magnetite XXXII AR 5.19249% 15-OCT-2037, 5.19%, 10/15/370.54%
Regatta XIX Funding A1R 4.96921% 20-OCT-2038, 5.32%, 10/20/380.54%
Clover Clo 2020-1 Llc Ab Fltg 37, 5.27%, 07/15/370.54%
Palmer Square CLO 2018- AB FLTG 37, 5.27%, 04/16/370.54%
Regatta XI Funding AR2 5.34624% 17-JUL-2037, 5.35%, 07/17/370.54%
Carlyle U.S. CLO 2019-2 AR3 5.2769% 15-OCT-2037, 5.28%, 10/15/370.54%
Palmer Square CLO 2018- AB FLTG 37, 5.33%, 04/18/370.53%
Galaxy 35 CLO A 5.26444% 20-APR-2038, 5.26%, 04/20/380.53%
Symphony Clo Xviii Ltd 0% 37, 5.30%, 10/23/370.53%
Ofsi Bsl Clo Xv A1 5.32444% 31-MAR-2038, 5.32%, 03/31/380.52%
Fortress Credit Bsl Ltd Fltg 2036 A, 5.64%, 04/23/360.52%
Ammc Clo 26 A1R 5.31249% 15-APR-2036, 5.31%, 04/15/360.52%
Neuberger Berman Loan Advisers CLO 39 A1R2 5.30444% 20-APR-2038, 5.30%, 04/20/380.52%
Meacham Park Clo Ltd Ab, 0.00%, 10/20/370.50%
Regatta XVIII Funding A1R 5.20249% 15-APR-2038, 5.20%, 04/15/380.50%
CIFC Funding 2024-I AR 5.31624% 18-APR-2037, 5.32%, 04/18/370.50%
Orion CLO 2023-1 A1R 5.29403% 25-OCT-2038, 5.29%, 10/25/380.49%
Cifc Funding 2018-II Ltd, 5.29%, 10/20/380.49%
Elmwood Clo I Ltd, 5.19%, 04/20/370.49%
Octagon 69 A1R 5.27403% 24-JUL-2037, 5.27%, 07/24/370.48%
Elmwood Clo Ltd 2021-8R Ab Fltg 37, 5.30%, 04/20/370.48%
Bain Capital Credit CLO AB FLTG 37, 5.27%, 07/16/370.48%
Elmwood CLO 28 AR 5.33624% 17-APR-2037, 5.34%, 04/17/370.47%
CIFC Funding 2017-III AR2 5.28444% 20-APR-2037, 5.28%, 04/20/370.47%
Captree Park CLO A1R 5.28444% 20-JUL-2037, 5.28%, 07/20/370.47%
CIFC Funding 2017-I AR3 5.25733% 21-APR-2037, 5.26%, 04/21/370.47%
Ares LXIX CLO A1R 5.29249% 15-APR-2036, 5.29%, 04/15/360.47%
Palmer Square CLO 2024-2 A1R 5.30444% 20-JUL-2038, 5.30%, 07/20/380.46%
Elmwood Clo 29 Ltd Ab Fltg 37, 5.28%, 04/20/370.46%
Kennedy Lewis CLO 3 Ltd AB, 4.91%, 07/22/370.45%
Cbamr 2017-1 AR2 5.47444% 20-JAN-2038, 5.47%, 01/20/380.45%
Cedar Funding XIV CLO AR 5.42249% 15-OCT-2037, 5.42%, 10/15/370.45%
Ares Loan Funding VIII A1 5.32403% 24-JAN-2038, 5.32%, 01/24/380.45%
Anchorage Capital CLO 17 A1R 5.27249% 15-FEB-2038, 5.27%, 02/15/380.44%
Elevation CLO 2025-18 A1 5.32444% 28-MAR-2038, 5.32%, 03/28/380.44%
Neuberger Bm Ln Adv 2021-40R Ar, 5.29%, 10/16/370.44%
Silver Pt Clo Ltd 2023-1, 5.38%, 01/18/390.44%

Weight gaps

ICLO and JAAA share no securities.

All 157 ICLO holdings⁠All 631 JAAA 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.

ICLO vs JAAA Cost

Overpaying JAAA vs ICLO

$203

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

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

Amount$10,000

Years30 years

Cost over time

ICLO 0.19%
JAAA 0.20%
Overpaying

Year by year

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

Expense ratio

0.19%ICLO, cheaper
0.20%JAAA

ICLO0.19%JAAA0.20%

0.18%0.68%

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

ICLO 2nd cheapest of 34 funds

JAAA 8th cheapest of 34 funds

ICLO vs JAAA Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ICLO 4.75%; JAAA 5.26%, better
Payout (12M): ICLO $1.21; JAAA $2.65
Last payment: ICLO $0.10; JAAA $0.21
Ex-dividend: ICLO Oct 19, 2026; JAAA Oct 30, 2026
Paid on: ICLO Oct 23, 2026; JAAA Pays Nov 5, 2026
Frequency: ICLO Monthly; JAAA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

ICLOMonthly · 46 paymentsAll ICLO payments⁠

JAAAMonthly · 46 paymentsAll JAAA payments⁠

ICLO vs JAAA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ICLO 0.7%, betterJAAA 0.8%
Return per unit of riskSharpe ratio, 3 years: ICLO 2.31, betterJAAA 1.98
Worst fallMax drawdown, 5 years: ICLO −3.5%since Dec 2022JAAA −2.6%
Market sensitivityBeta, 5 years: ICLO 0.02JAAA 0.02; Market = 1

ICLO and JAAA 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, 2026ICLOJAAA
ETF Filings
PGIM files for a CLO fund at 0.28% and a real estate fund at 0.49%
Sep 28, 2026JAAA
ETF Launch Alert
T. Rowe Price's TSCZ enters a crowded securitized-income sleeve at 0.20%
Sep 4, 2026JAAA

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ICLO vs JAAA

In short

Stated mandate

Why people hold it