At a glance
CLOA charges 0.2% a year, above the 0.07% average of the 7 funds most like it (the 7th cheapest of 8). It has $2.21B in assets, the 8th largest of that group; it paid 4.8% of its price in distributions over the past 12 months, monthly. Over the past year it returned +5.0% with distributions reinvested, the best of those 8 funds; over three years it returned +6.1% a year. Its ten largest positions make up 8.9% of the fund, out of 412 in all.
The short version
iShares AAA CLO Active ETF (CLOA) is an actively managed BlackRock bond fund. It mostly buys AAA-rated slices of collateralized loan obligations (CLOs), which are pools of business loans split into layers by risk. Almost all its holdings pay floating rates, so its income tends to move with short-term interest rates. It charges 0.20% a year, the same as its closest rival, the much larger Janus Henderson AAA CLO ETF (JAAA).
Price history
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CLOA +5.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CLOA official prospectus, to Dec 31, 2024 | — | +7.31% | — | — | — | +8.06% |
| CLOA price data to Oct 27, 2026 | +3.9% | +5.0% | +6.1% | — | — | +6.6% |
- Over the year to Oct 27, 2026, CLOA returned +5.0%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.4%); its best was 2024 (+7.2%).
- The deepest fall in its price history was 1.3% (Feb 22, 2023 to Mar 22, 2023), recovered by Apr 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.9% | — |
| 2025 | +5.4% | — |
| 2024 | +7.2% | +7.31% |
| 2023 | +8.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8100 | |
| 2025 | $2.7700 | -10.4% |
| 2024 | $3.0900 | +2.3% |
| 2023 | $3.0200 |
What's inside
As of Jul 31, 2026, the fund held 412 securities; the ten largest made up 8.91% of assets.
| Holding | Weight | |
|---|---|---|
| TPG CLO Ltd CDOs and CLOs | 0.91% | |
| AB BSL CLO Ltd CDOs and CLOs | 0.91% | |
| Elmwood CLO 28 Ltd CDOs and CLOs | 0.91% | |
| KKR Financial CLO Ltd CDOs and CLOs | 0.91% | |
| 1988 CLO Ltd. CDOs and CLOs | 0.91% | |
| ARES CLO Ltd CDOs and CLOs | 0.91% | |
| Bain Capital Credit CLO, Limited CDOs and CLOs | 0.90% | |
| KKR Financial CLO Ltd CDOs and CLOs | 0.88% | |
| New Mountain CLO Ltd CDOs and CLOs | 0.86% | |
| Carlyle Global Market Strategies CDOs and CLOs | 0.83% | |
| Abry Liquid Credit CLO Ltd CDOs and CLOs | 0.77% | |
| Anchorage Capital CLO LTD CDOs and CLOs | 0.73% | |
| Elmwood CLO 20 Ltd CDOs and CLOs | 0.72% | |
| KKR Financial CLO Ltd CDOs and CLOs | 0.69% | |
| Peebles Park CLO Ltd CDOs and CLOs | 0.68% |
By country
Cayman Islands 89.83%Jersey 8.57%Bermuda 1.14%United States 0.32%By issuer
Companies 99.86%The bonds mature in 11.8 years on average (weighted by size), with an average coupon of 4.94%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $140.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.45%, +0.29%, +0.39%.
How it works
CLOA does not track an index. BlackRock's managers pick the holdings. Under normal conditions, at least 80% of assets go into US dollar CLOs rated AAA, the top credit grade, by at least one major rating agency at the time of purchase. Unrated deals the team judges to be of similar quality also count. Up to 20% can go into CLOs rated AA or A. The managers buy new deals directly from the banks that arrange them, and older deals from other investors.
A CLO is a special-purpose company that owns a pool of loans to businesses. Many of those loans are rated below investment grade, and some are "covenant lite," meaning the lender gets few protections. The CLO's cash flows are split into layers called tranches. The bottom layer, called equity, takes the first losses. The AAA layer is paid first, but that protection is not complete. Outside firms, such as TPG, KKR, Ares and Carlyle, manage the loans inside each CLO.
The fund caps any single CLO at 10% of net assets, and it also caps fixed-rate CLOs at 10%. That means most holdings pay floating rates. As of July 31, 2026, it held 412 positions, and the top 10 made up 8.91% of assets. Most deals were registered in the Cayman Islands. The prospectus reports 89% portfolio turnover, which means the managers trade often.
What it really costs
- CLOA charges 0.2% a year, versus an average of 0.07% for the similar funds below (7th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CLOA | $20 | $64 | $113 | $255 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays monthly income from floating-rate AAA CLO debt, and its price has moved very little so far.
CLOA pays monthly. Its trailing 12-month yield was 4.8% ($2.49 per share) as of October 27, 2026. The fund launched in January 2023, so it has no record through the 2008, 2020 or 2022 sell-offs. Its weakest calendar year, 2025, still returned 5.4%. Its deepest drop was 1.3%, from February 22 to March 22, 2023, and it had recovered by April 18. So far, someone who had to sell shares in a rough month would have taken only small losses. But the fund has not been tested by a recession with heavy loan defaults. Its income would also shrink if short-term rates fall. It costs 0.20% a year. In the SEC's standard example, that comes to $255 over 10 years on a $10,000 investment. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want monthly payouts from floating-rate AAA CLOs; the trailing yield was 4.8% as of October 27, 2026.
- Savers who want low price swings: its deepest drop was 1.3%, in early 2023, and it recovered in under a month.
- Investors comparing CLO funds who want a BlackRock option at the same 0.20% fee as Janus Henderson's JAAA.
Look elsewhere if
- Investors who want a long track record: the fund launched in January 2023 and has never faced a recession or a wave of loan defaults.
- Investors counting on bond prices rising when rates fall; floating-rate payouts shrink instead, unlike fixed-rate corporate bond funds such as LQD.
- Cost-focused investors: 0.20% is well above the 0.03%–0.04% charged by corporate bond index funds like VCIT and USIG, though those follow different strategies.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CLOA this fund | 11.8 yrs | 0.2% | $2.21B | +5.0% | +6.1% |
| JAAA Janus Henderson AAA CLO ETF | 11.4 yrs | 0.2% | $29.21B | +4.9% | +6.1% |
| LQD iShares iBoxx $ Investment Grade Corporate … | 13 yrs | 0.14% | $32.04B | -2.3% | +5.2% |
| USIG iShares Broad USD Investment Grade Corporat… | 10.3 yrs | 0.04% | $17.85B | -0.9% | +5.7% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
Questions investors ask
Does CLOA pay monthly dividends?
Yes, CLOA pays income monthly. Over the 12 months to October 27, 2026, it paid $2.49 per share, a trailing yield of 4.8%. The payouts come from interest on CLO debt, and almost all of that debt pays floating rates. That means the income tends to rise and fall with short-term interest rates. As of July 31, 2026, the average coupon on its holdings was 4.94%.
What's the difference between CLOA and JAAA?
Very little in strategy. Both are actively managed ETFs that buy mostly AAA-rated CLOs, and both charge 0.20% a year. The main difference is size. JAAA had $29.2 billion in net assets and CLOA had $2.21 billion, both as of July 31, 2026. Returns have been close. Both returned about 6.1% a year over three years. Over one year, CLOA returned 5.0% to October 27, 2026, and JAAA returned 4.8% to October 29.
Is CLOA a safe investment?
It has been very steady so far, but it is not risk-free. Its deepest drop was 1.3%, in early 2023. CLOs are pools of business loans, many rated below investment grade. CLOA buys the AAA layers, which are paid first. The prospectus warns that even these senior layers can lose money in stressed markets, through loan defaults, downgrades or forced sales. The fund also launched in 2023, so it has never been through a recession.
Does CLOA lose value when interest rates rise?
Less than most bond funds. The fund caps fixed-rate CLOs at 10% of net assets, so nearly all its holdings pay floating rates that reset with short-term rates. That tends to keep prices steady when rates rise, but income falls when rates fall. For contrast, LQD, a fixed-rate corporate bond fund, returned -2.8% over the year to October 29, 2026. CLOA returned 5.0% over the year to October 27.
How has CLOA performed since it launched?
It has posted steady, modest gains. Its official SEC-standard return was 7.31% for 2024, and 8.06% a year since its launch in January 2023, both as of December 31, 2024. Based on share prices, it returned 5.44% in 2025 and 3.91% in 2026 through October 27. Over the three years to that date, it returned 6.1% a year. It has not had a losing calendar year, but its history is short.