iShares AAA CLO Active ETF
Actively managed bond ETF
As of its 2026 Q2 report, iShares AAA CLO Active ETF held 433 positions with $2.07B in net assets. Its ten largest holdings made up 9.6% of the fund. The fund costs 0.2% a year. Over the 12 months to May 2026, it returned 5.4%, with dividends reinvested. In 2026 Q3 it added 78 new positions and exited 98.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Madison Park Funding Ltd 4.80% floating · due 2039-02-13 | 1.35% | $28.01M | — |
New Mountain CLO Ltd 4.88% floating · due 2038-03-31 | 1.06% | $22.01M | — |
Elmwood CLO 20 Ltd 4.83% floating · due 2039-01-20 | 1.02% | $21.01M | — |
Dewolf Park clo, ltd 4.87% floating · due 2039-01-22 | 0.97% | $20.01M | — |
ARES CLO Ltd 4.84% floating · due 2039-04-15 | 0.97% | $20.00M | — |
Carlyle Global Market Strategies 4.84% floating · due 2039-04-20 | 0.97% | $19.99M | — |
OCP CLO Ltd 5.19% 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 LTD 4.93% floating · due 2038-01-19 | 0.78% | $16.12M | — |
KKR Financial CLO Ltd 4.88% floating · due 2038-01-20 | 0.74% | $15.26M | — |
The 200 largest of 433 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 100.12% |
| Cash & short-term | 0.57% |
How it has done
C000239899 share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.39%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
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
- Expense ratio, by class
- 0.20%
- Portfolio turnover
- 89.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
78 new· the largest 8
98 exited· the largest 6
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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