At a glance
CLOI charges 0.36% a year, above the 0.08% average of the 7 funds most like it (the most expensive of 8). It has $1.42B in assets, the 8th largest of that group; it paid 5.08% of its price in distributions over the past 12 months, monthly. Over the past year it returned +5.1% with distributions reinvested, the best of those 8 funds; over three years it returned +6.6% a year. Its ten largest positions make up 22.9% of the fund, out of 171 in all.
The short version
VanEck CLO ETF (CLOI) is an actively managed bond fund that mainly buys investment-grade slices of collateralized loan obligations (CLOs). A CLO is a pool of corporate loans. Most of its holdings pay floating rates, and it pays income monthly, with a trailing 12-month yield of 5.08% as of October 27, 2026. At 0.36% a year, it costs more than its closest CLO rival, Janus Henderson AAA CLO ETF (JAAA), at 0.20%. It can also hold lower-rated tranches.
Price history
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CLOI +5.1% 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 | |
|---|---|---|---|---|---|---|
| CLOI official prospectus, to Dec 31, 2025 | — | +5.76% | — | — | — | +7.52% |
| ICE Bof A US Broad Market Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +7.15% | — | — | — | +3.53% |
| CLOI price data to Oct 27, 2026 | +4.0% | +5.1% | +6.6% | — | — | +6.8% |
- Over the year to Oct 27, 2026, CLOI returned +5.1%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.8%); its best was 2023 (+8.9%).
- The deepest fall in its price history was 3.3% (Apr 1, 2025 to Apr 4, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.0% | — |
| 2025 | +5.8% | +5.76% |
| 2024 | +8.3% | +8.14% |
| 2023 | +8.9% | +9.37% |
| 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) | $1.9492 | |
| 2025 | $2.9616 | -16.4% |
| 2024 | $3.5410 | +20.9% |
| 2023 | $2.9290 |
What's inside
As of Jun 30, 2026, the fund held 171 securities; the ten largest made up 22.85% of assets, and 5.32% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| 610 Funding 2 CLO Ltd CDOs and CLOs | 4.47% | |
| Signal Peak CLO, LLC CDOs and CLOs | 2.60% | |
| Regatta VI Funding Ltd. CDOs and CLOs | 2.56% | |
| Ocean Trails CLO CDOs and CLOs | 2.46% | |
| CQS US CLO Ltd CDOs and CLOs | 2.44% | |
| Neuberger Berman CLO Ltd CDOs and CLOs | 1.88% | |
| Octagon 64 Ltd CDOs and CLOs | 1.76% | |
| Neuberger Berman CLO Ltd CDOs and CLOs | 1.58% | |
| HalseyPoint CLO Ltd. CDOs and CLOs | 1.55% | |
| KKR Financial CLO Ltd CDOs and CLOs | 1.55% | |
| Silver Rock CLO Ltd CDOs and CLOs | 1.48% | |
| Trinitas CLO Ltd CDOs and CLOs | 1.42% | |
| Sculptor CLO Ltd CDOs and CLOs | 1.41% | |
| ICG US CLO Ltd CDOs and CLOs | 1.32% | |
| Market Street CLO Ltd CDOs and CLOs | 1.29% |
By country
Cayman Islands 85.03%Jersey 6.66%Bermuda 3.95%By issuer
Companies 95.64%The bonds mature in 10.5 years on average (weighted by size), with an average coupon of 5.14%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $105.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.79%, +0.51%, +0.36%.
How it works
CLOI does not track an index. PineBridge Investments, the sub-adviser, picks its holdings for VanEck. A CLO is a trust that owns a pool of business loans, many of them to companies with below-investment-grade credit. It pays for that pool by selling layers called tranches. Cash from the loans pays the top tranches first, so the lower ones absorb losses first. The fund normally keeps at least 80% of its assets in tranches rated BBB- or higher, which is investment grade. It cannot own CLO equity, the bottom layer, or any tranche rated below BB-.
PineBridge studies each CLO's manager, its loans, its legal terms and how it holds up in stress tests. Then it adjusts the mix based on its broader credit views. Portfolio turnover was 39% in the latest prospectus. As of June 30, 2026, the fund held 171 securities. The 10 largest made up 22.85% of assets, led by 610 Funding 2 CLO at about 4.5% and Signal Peak CLO 4 at 2.6%. About 85% came from Cayman Islands issuers, and 5.32% was in cash.
Most holdings pay floating rates, so income rises and falls with short-term interest rates. Up to 30% may go into CLOs priced in other currencies, and the fund may hedge that exposure with currency forwards or futures. It reported no derivatives as of June 30, 2026. The fund is non-diversified, so it can put more of its money in a single issuer than a diversified fund can.
What it really costs
- CLOI charges 0.36% a year, versus an average of 0.08% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $37 in the first year and $456 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CLOI | $37 | $116 | $202 | $456 |
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
Its monthly floating-rate payouts and small price swings make income its main draw, though it carries real credit risk.
CLOI could add monthly income with small price swings. Its trailing yield was 5.08% as of October 27, 2026. It has had no losing calendar year. Its weakest year, 2025, still returned 5.76%. Its deepest drop, 3.3% in April 2025, was made up within about a month. But it launched in June 2022, so its record misses the 2008 crisis, the 2020 crash and much of the 2022 bear market. Its tranches rest on loans to lower-rated companies and trade privately. In a credit crunch, prices could fall and buyers could be scarce just when a retiree may need to sell. Income also falls if short-term rates drop. It costs 0.36% a year, or $37 on $10,000 in the first year under the SEC's standard example. 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
- Investors seeking monthly floating-rate income: the trailing yield was 5.08% as of October 27, 2026, and the deepest drop on record was 3.3%.
- Those wanting CLO exposure that reaches below AAA, mostly to BBB- and some BB-rated tranches, chosen by PineBridge rather than by an index.
- Bond holders looking for a counterweight to fixed-rate corporate funds like VCIT or LQD, since most CLOI holdings pay floating rates.
Look elsewhere if
- Cost-focused investors: at 0.36%, it was the most expensive of eight similar funds, against a 0.08% average and 0.20% for JAAA.
- Anyone wanting only top-rated CLO tranches. JAAA, with $29.2 billion in net assets as of July 31, 2026, focuses on AAA-rated slices.
- Those who want a record through severe crises. It launched in June 2022 and has not been through 2008- or 2020-style credit stress.
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 |
|---|---|---|---|---|---|
| CLOI this fund | 10.5 yrs | 0.36% | $1.42B | +5.1% | +6.6% |
| USIG iShares Broad USD Investment Grade Corporat… | 10.3 yrs | 0.04% | $17.85B | -0.9% | +5.7% |
| JAAA Janus Henderson AAA CLO ETF | 11.4 yrs | 0.2% | $29.21B | +4.9% | +6.1% |
| 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% |
| LQD iShares iBoxx $ Investment Grade Corporate … | 13 yrs | 0.14% | $32.04B | -2.3% | +5.2% |
| SPIB SPDR Portfolio Intermediate Term Corporate … | 5.6 yrs | 0.04% | $11.57B | 0.0% | +6.1% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
Questions investors ask
Is CLOI safe for retirement income?
It has been steady, but it is not risk-free or insured. Since it launched in June 2022, its weakest calendar year, 2025, still returned 5.76%, and its deepest drop was 3.3%. However, its CLO tranches depend on loans to lower-rated companies. They are privately issued and can be hard to value or sell in a market panic. The fund has not yet been tested by a crisis like 2008 or 2020.
What's the difference between CLOI and JAAA?
Both are actively managed CLO ETFs. Janus Henderson's JAAA focuses on AAA-rated tranches, the top layer. CLOI may hold anything from AAA down to BB-, with at least 80% investment grade. JAAA is cheaper, at 0.20% versus 0.36%. It is also much larger: $29.2 billion as of July 31, 2026, against CLOI's $1.42 billion as of June 30, 2026. Over one year, CLOI returned 5.1% and JAAA 4.8%, as of October 27 and 29, 2026.
Does CLOI pay monthly dividends?
Yes, CLOI pays income monthly. In the 12 months to October 27, 2026, it paid about $2.69 per share, a trailing yield of 5.08%. The payments come from interest on its CLO holdings. Most of those holdings pay floating rates, so income tends to rise when short-term rates rise and fall when they drop. Future payments may be higher or lower than past ones.
What is CLOI's expense ratio?
CLOI's expense ratio is 0.36% a year, with no fee waiver, according to its prospectus filed April 29, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $37 over one year, $202 over five years and $456 over ten. That was the highest of eight comparable bond funds, whose average was 0.08%. JAAA charges 0.20%. Corporate bond index funds such as VCIT charge 0.03%, but they hold fixed-rate corporate bonds, not CLOs.
What happens to CLOI when interest rates fall?
Its income would likely fall. Most of CLOI's holdings pay floating rates that reset with short-term rates, so payouts shrink when rates drop. Floating-rate securities also generally don't rise much in price when rates fall, unlike fixed-rate bonds. Lower rates can lead borrowers to refinance and CLOs to be paid off early. That returns money the fund must reinvest at lower yields. The upside is that floating rates make its price less sensitive when rates rise.