At a glance
CLOX charges 0.2% a year, above the 0.07% average of the 7 funds most like it (the 7th cheapest of 8). It has $321.2M in assets, the 8th largest of that group; it paid 4.73% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.9% with distributions reinvested, the best of those 8 funds; over three years it returned +6.1% a year. Its ten largest positions make up 18.9% of the fund, out of 95 in all.
The short version
Eldridge AAA CLO ETF (CLOX) is an actively managed bond fund that buys mainly AAA-rated slices of collateralized loan obligations (CLOs). CLOs are pools of corporate loans packaged into layered securities. Its trailing 12-month yield was 4.73% as of October 27, 2026, paid monthly. Its 0.20% expense ratio matches the much larger Janus Henderson AAA CLO ETF (JAAA) but is higher than most investment-grade corporate bond funds.
Price history
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CLOX +4.9% 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 | |
|---|---|---|---|---|---|---|
| CLOX official prospectus, to Dec 31, 2024 | — | +6.91% | — | — | — | +7.72% |
| CLOX price data to Oct 27, 2026 | +3.9% | +4.9% | +6.1% | — | — | +6.3% |
- Over the year to Oct 27, 2026, CLOX returned +4.9%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.5%); its best was 2024 (+7.2%).
- The deepest fall in its price history was 4.1% (Mar 6, 2025 to Apr 4, 2025), recovered by Apr 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.9% | — |
| 2025 | +5.5% | +6.91% |
| 2024 | +7.2% | — |
| 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) | $0.9000 | |
| 2025 | $1.3200 | -18.0% |
| 2024 | $1.6100 |
What's inside
As of Aug 31, 2026, the fund held 95 securities; the ten largest made up 18.85% of assets.
| Holding | Weight | |
|---|---|---|
| Rad CLO Ltd CDOs and CLOs | 2.65% | |
| Sixth Street CLO LTD. CDOs and CLOs | 2.02% | |
| Carlyle Global Market Strategi CDOs and CLOs | 1.95% | |
| Birch Grove CLO Ltd. CDOs and CLOs | 1.94% | |
| Palmer Square CLO Ltd CDOs and CLOs | 1.87% | |
| ARES CLO Ltd CDOs and CLOs | 1.87% | |
| Hartwick Park CLO, Ltd. CDOs and CLOs | 1.87% | |
| Carlyle Global Market Strategi CDOs and CLOs | 1.56% | |
| Bain Capital Credit CLO, Limit CDOs and CLOs | 1.56% | |
| Rad CLO Ltd CDOs and CLOs | 1.56% | |
| Babson CLO Ltd CDOs and CLOs | 1.56% | |
| Neuberger Berman CLO Ltd CDOs and CLOs | 1.56% | |
| Elmwood CLO 27 Ltd CDOs and CLOs | 1.56% | |
| Elmwood CLO 30 Ltd CDOs and CLOs | 1.56% | |
| Babson CLO Ltd CDOs and CLOs | 1.56% |
By country
Cayman Islands 85.46%Jersey 11.55%Bermuda 2.26%By issuer
Companies 99.27%The bonds mature in 11.8 years on average (weighted by size), with an average coupon of 5%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $37.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.35%, +0.40%, +0.46%.
How it works
CLOX does not track an index. Its adviser, Panagram Structured Asset Management, picks the holdings. Under normal conditions, at least 80% of net assets go into CLO tranches rated AAA, the top rating, when bought. A tranche is one layer of a CLO. The AAA layers are paid first from the loan pool and are the last to absorb losses. Up to 20% of total assets may go into CLOs rated AA or A. The loans underneath are mostly senior secured company loans. Many are "covenant lite," which means lenders get few early warnings if a borrower weakens.
The managers buy both new deals and existing ones. For each CLO, they review the firm running the loan pool, the deal documents and payment rules, and how the deal holds up under stress. Rules spread the risk. No more than 20% of total assets can sit with one CLO manager, and every deal must be at least $250 million. As of August 31, 2026, the fund held 95 CLOs. The top 10 made up 18.85% of assets, led by RAD CLO 23 (2.65%) and Sixth Street CLO XIII (2.02%). Portfolio turnover was 65%.
Most CLOs pay floating rates, so the fund's income rises and falls with short-term interest rates. Unlike most ETFs, CLOX handles most share creations and redemptions in cash. That can add trading costs inside the fund.
What it really costs
- CLOX 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 |
|---|---|---|---|---|
| CLOX | $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 top-rated floating-rate debt, and its price has moved very little.
CLOX could add monthly income with little price movement. Its trailing 12-month yield was 4.73% ($1.21 per share) as of October 27, 2026. The fund launched in July 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its weakest calendar year, 2025, still returned 5.5%. Its deepest drop was 4.1%, from March 6 to April 4, 2025, and it had recovered by April 30. A retiree who had to sell in that stretch would have taken a small loss. Still, the fund has not been through a severe credit crisis, and its income would shrink if short-term rates fell. In the SEC's standard $10,000 example, costs come to $20 in the first year and $255 over 10 years. 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
- Retirees who want monthly income from top-rated, floating-rate debt. The trailing yield was 4.73% as of October 27, 2026.
- Investors who want a bond holding with small price swings. Its deepest drop, 4.1% in spring 2025, recovered in about a month.
- Investors comparing AAA CLO funds who want an alternative to JAAA at the same 0.20% expense ratio.
Look elsewhere if
- Cost-focused investors. Its 0.20% fee is well above the 0.03%–0.04% charged by VCIT, USIG and IGIB, though those hold corporate bonds, not CLOs.
- Investors who want a long record. The fund launched in July 2023 and has never been through a deep credit crisis or bear market.
- Investors who want fixed income payments. Floating-rate coupons mean payouts would likely fall if short-term interest rates drop.
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 |
|---|---|---|---|---|---|
| CLOX this fund | 11.8 yrs | 0.2% | $321.2M | +4.9% | +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 CLOX pay monthly dividends?
Yes. CLOX pays distributions every month. Over the 12 months to October 27, 2026, it paid $1.21 per share, a trailing yield of 4.73%. Most of the CLOs it owns pay floating interest rates. So the size of the monthly payments tends to rise when short-term rates go up and fall when they go down. Payments are not fixed or guaranteed.
What's the difference between CLOX and JAAA?
Very little in strategy or cost. Both buy mainly AAA-rated CLO tranches, and both charge 0.20% a year. Each returned 6.1% a year over three years through late October 2026. The big difference is size. JAAA had $29.2 billion in net assets as of July 31, 2026. CLOX had $321 million as of August 31, 2026. A smaller fund may trade less, and its spreads between buy and sell prices may be wider.
Is CLOX safe?
Not in the sense of being guaranteed. CLOX is not a bank deposit, it is not FDIC insured, and investors can lose money. Its AAA tranches are paid first within each CLO. Even so, CLOs use built-in leverage, and many of the underlying loans are covenant lite. Its deepest drop so far was 4.1%, in March and April 2025, and it recovered within about a month.
How does CLOX do when interest rates rise?
It has held up better than fixed-rate bond funds. Most CLOs pay floating rates that reset as short-term rates change, so their prices react less to rate moves than fixed-rate bonds do. CLOX returned 4.9% over the year to October 27, 2026. LQD, a fixed-rate corporate bond fund, lost 2.2% over the year to October 30. The trade-off is that CLOX's income falls when rates drop.
What has CLOX returned since it launched?
From its July 2023 launch through December 31, 2024, CLOX returned 7.72% a year on average, according to its prospectus. Its return for the year ended December 31, 2024, was 6.91%. Based on market prices, it returned 5.51% in 2025 and 3.87% in 2026 through October 27. Over three years to that date, it returned 6.1% a year.