iShares AAA CLO Active ETF
BlackRock ETF Trust II
Fund classification
Classified from what the fund holds · as of 2026 Q2
iShares AAA CLO Active ETF is an actively managed bond ETF.
- Asset class
- Bonds
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2025 Q4
The iShares AAA CLO Active ETF (the Fund) seeks to provide capital preservation and current income by investing principally in a portfolio composed of U.S. dollar-denominated AAA-rated collateralized loan obligations (CLOs).
The fund invests at least 80% of assets in U.S. dollar-denominated CLOs rated AAA at purchase, with up to 20% in AA or A rated CLOs, and may hold up to 10% of net assets in any single CLO. CLOs are structured securities backed by pools of loans—including senior secured loans, covenant-lite loans, and subordinate corporate loans—with cash flows split into tranches of varying risk; the fund targets the senior AAA tranches, which offer higher ratings and lower yields than the underlying collateral. The fund is non-diversified under the Investment Company Act, meaning its performance depends on a concentrated number of issuers.
| Share class | Expense ratio |
|---|---|
| C000239899 | 0.20% |
Portfolio turnover 89.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 100.12% |
| Cash & short-term | 0.57% |
Latest quarter
What changed since the fund's previous filing
Largest new: New Mountain CLO Ltd, Elmwood CLO 20 Ltd, Dewolf Park clo, ltd, ARES CLO Ltd, Carlyle Global Market Strategies, OCP CLO Ltd, Sixth Street CLO XVI, LTD., Anchorage Capital CLO LTD
Largest exited: Serenity-Peace Park CLO LTD, Babson CLO Ltd, Sandstone Peak Ltd., Marble Point CLO XIX Ltd, Carlyle Global Market Strategies, Kennedy Lewis CLO Ltd, Regatta VI Funding Ltd., Regatta Funding
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| 3-5y | 0.4% |
| 5-10y | 3.8% |
| 10y+ | 95.8% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 3.0%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 93% |
| Interest rates | 7% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.12 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.21 yr | 95% |
| 1 yr | 0.00 yr | 0% |
| 5 yr | 0.01 yr | 5% |
| 3 mo | 3.09 yr | 99% |
| 5 yr | 0.03 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.21 | +3.09 | +0.00 | $638.6k | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.01 | +0.03 | +0.00 | $6.9k | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Madison Park Funding Ltd4.80% floating · due 2039-02-13 | 1.35% | $28.01M | — |
| — | New Mountain CLO Ltd4.88% floating · due 2038-03-31 | 1.06% | $22.01M | — |
| — | Elmwood CLO 20 Ltd4.83% floating · due 2039-01-20 | 1.02% | $21.01M | — |
| — | Dewolf Park clo, ltd4.87% floating · due 2039-01-22 | 0.97% | $20.01M | — |
| — | ARES CLO Ltd4.84% floating · due 2039-04-15 | 0.97% | $20.00M | — |
| — | Carlyle Global Market Strategies4.84% floating · due 2039-04-20 | 0.97% | $19.99M | — |
| — | OCP CLO Ltd5.19% floating · due 2037-04-23 | 0.91% | $18.88M | — |
| — | Sixth Street CLO XVI, LTD.4.80% floating · due 2038-04-21 | 0.87% | $17.98M | — |
| — | Anchorage Capital CLO LTD4.93% floating · due 2038-01-19 | 0.78% | $16.12M | — |
| — | KKR Financial CLO Ltd4.88% floating · due 2038-01-20 | 0.74% | $15.26M | — |
Top 10 positions are 9.63% of net assets, top 25 19.27%, across 136 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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