At a glance
CLOZ charges 0.5% a year, above the 0.08% average of the 7 funds most like it (the most expensive of 8). It has $804.8M in assets, the 8th largest of that group; it paid 7.15% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.1% with distributions reinvested, 2nd of those 8 funds; over three years it returned +8.1% a year. Its ten largest positions make up 10.8% of the fund, out of 200 in all.
The short version
The Eldridge BBB-B CLO ETF (CLOZ) is an actively managed bond fund. It buys middle-ranked slices of collateralized loan obligations (CLOs), which are pools of corporate loans split into layers of bonds, and most of what it buys is rated BBB or BB. Its trailing 12-month yield was 7.15% as of October 27, 2026, paid monthly. However, up to 70% of the fund can be below investment grade, and its 0.50% expense ratio is well above the 0.08% average of similar funds.
Price history
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CLOZ +4.1% 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 | |
|---|---|---|---|---|---|---|
| CLOZ official prospectus, to Dec 31, 2024 | — | +11.50% | — | — | — | +13.94% |
| CLOZ price data to Oct 27, 2026 | +3.0% | +4.1% | +8.1% | — | — | +9.4% |
- Over the year to Oct 27, 2026, CLOZ returned +4.1%, 2nd of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.0%); its best was 2024 (+11.9%).
- The deepest fall in its price history was 5.3% (Feb 19, 2025 to Apr 8, 2025), recovered by May 14, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.0% | — |
| 2025 | +6.0% | +11.50% |
| 2024 | +11.9% | — |
| 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) | $1.3600 | |
| 2025 | $2.0200 | -17.9% |
| 2024 | $2.4600 |
What's inside
As of Aug 31, 2026, the fund held 200 securities; the ten largest made up 10.85% of assets, and 8.27% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| AGL Core CLO CDOs and CLOs | 1.25% | |
| Madison Park Funding Ltd CDOs and CLOs | 1.25% | |
| Benefit Street Partners CLO Lt CDOs and CLOs | 1.24% | |
| RR Ltd CDOs and CLOs | 1.18% | |
| Bain Capital Credit CLO, Limit CDOs and CLOs | 1.08% | |
| Benefit Street Partners CLO Lt CDOs and CLOs | 1.03% | |
| ARES CLO Ltd CDOs and CLOs | 1.00% | |
| Bain Capital Credit CLO, Limit CDOs and CLOs | 0.94% | |
| CIFC Funding Ltd CDOs and CLOs | 0.94% | |
| Babson CLO Ltd CDOs and CLOs | 0.94% | |
| Madison Park Funding Ltd CDOs and CLOs | 0.93% | |
| Carlyle Global Market Strategi CDOs and CLOs | 0.91% | |
| ARES CLO Ltd CDOs and CLOs | 0.89% | |
| CIFC Funding Ltd CDOs and CLOs | 0.88% | |
| Magnetite CLO Ltd CDOs and CLOs | 0.88% |
By country
Cayman Islands 82.66%Jersey 8.79%United States 1.23%Bermuda 0.49%By issuer
Companies 93.17%The bonds mature in 11.9 years on average (weighted by size), with an average coupon of 7.27%.
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 $136.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.24%, +0.50%, +0.88%.
How it works
CLOZ does not track an index; its adviser, Panagram Structured Asset Management, picks the holdings. Normally at least 80% of net assets go into collateralized loan obligations (CLOs) rated BBB+ to B- by rating agencies when bought. A CLO pools business loans and issues bonds in slices called tranches. The fund focuses on the middle, or “mezzanine,” BBB and BB tranches, which rank behind senior tranches for payment. CLOs typically pay floating rates, so income rises and falls with short-term rates.
Up to 70% of assets may be in tranches rated BB+ or lower, known as junk. Up to 10% may be rated above BBB+. No more than 20% may go to CLOs from one manager (the firm picking the loans). Each CLO must have raised at least $250 million at launch. If agencies disagree, the fund uses the highest rating.
The managers buy CLOs both at issue and in later trading. For each, they study the CLO manager, legal terms, the “waterfall” that sets payment order, and how it fares under stress. The adviser reviews holdings daily and may sell when better opportunities appear or credit weakens. As of August 31, 2026, it held about 200 positions, the largest being AGL Core CLO 2 at 1.25%. Unlike many ETFs, it mostly creates and redeems shares for cash, which can add trading costs.
What it really costs
- CLOZ charges 0.5% 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 $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CLOZ | $51 | $160 | $280 | $628 |
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
CLOZ pays a high monthly income from floating-rate CLO tranches, but that income comes with credit risk below the top-rated tiers.
CLOZ could add high monthly income to the bond side of a portfolio. Its trailing 12-month yield was 7.15% as of October 27, 2026. The catch is its short record. The fund launched in January 2023, so it has no history through the 2008, 2020 or 2022 sell-offs. It also hasn't yet lived through a wave of corporate loan defaults. Its worst calendar year, 2025, was still a gain of about 6%. Its deepest drop was 5.3%, from February 19 to April 8, 2025, and it recovered about 1.2 months later. Middle-ranked tranches take losses before senior ones, so a retiree selling in a credit downturn could face bigger losses than that record shows. In the SEC's standard example, the 0.50% fee adds up to $628 over 10 years on $10,000. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts. The trailing 12-month yield was 7.15% as of October 27, 2026.
- Investors who accept below-investment-grade credit risk in exchange for mostly floating-rate coupons, which tend to rise and fall with short-term rates.
- Investors who want a small, specialized CLO position spread across 200 holdings, with no single position above about 1.25% as of August 31, 2026.
Look elsewhere if
- Cost-conscious investors. The 0.50% expense ratio ranks 8th of 8 among similar funds, which average 0.08%.
- Investors who want top-rated CLOs. Janus Henderson AAA CLO ETF (JAAA) focuses on AAA tranches and charges 0.20%.
- Anyone who wants a long track record. CLOZ launched in January 2023 and hasn't been tested by a recession or a major loan-default cycle.
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 |
|---|---|---|---|---|---|
| CLOZ this fund | 11.9 yrs | 0.5% | $804.8M | +4.1% | +8.1% |
| 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% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| 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
Does CLOZ pay monthly dividends?
Yes. CLOZ pays income monthly. Over the 12 months to October 27, 2026, it paid $1.85 per share, a trailing yield of 7.15%. The money comes from interest on its CLO holdings, which had an average coupon of 7.27% as of August 31, 2026. Most of these coupons float, so the payouts can shrink if short-term interest rates fall, and they can drop if loans in the pools default.
What's the difference between CLOZ and JAAA?
Both ETFs hold CLOs, but at different levels of risk. JAAA, the Janus Henderson AAA CLO ETF, focuses on AAA tranches, which get paid first. CLOZ buys mostly BBB and BB tranches, which take losses earlier. JAAA charges 0.20% a year, and CLOZ charges 0.50%. JAAA is also far larger, with $29.2 billion in net assets as of July 31, 2026, against $805 million for CLOZ. CLOZ returned 8.1% a year over three years through October 27, 2026. JAAA returned 6.1% a year over three years through October 30, 2026.
Is CLOZ a junk bond fund?
Partly. Up to 70% of the fund can be in CLO tranches rated BB+ or lower, the range known as junk or high yield. It focuses on BBB and BB tranches. It is not a typical corporate junk bond fund, though. Instead of company bonds, it holds slices of CLOs backed by pools of senior secured loans. Those slices are leveraged inside the CLO structure, which can make losses bigger when loans default.
Is CLOZ safe for retirement?
No bond fund is risk-free, and CLOZ is not insured. Investors could lose money. So far it has been fairly steady. Volatility was 3.7% over three years, and its deepest drop was 5.3% in early 2025. Per its prospectus, it returned 11.5% for the year ended December 31, 2024, and 13.94% a year since its January 2023 launch. That record is short, though, and it has never been through a recession or a major default cycle.
What is the CLOZ expense ratio?
The expense ratio is 0.50% a year, all of it management fee, according to the prospectus filed December 18, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On those terms, costs come to $51 after one year, $160 after three, $280 after five and $628 after ten. That is much higher than the 0.08% average for similar funds. Trading costs such as bid/ask spreads come on top.