ETF Evaluator:
Alternative AccessFirstPriorityCLO BdETF (AAA)
Follow This ETF
(as of Jul 31)
Best Performing in Securitized Bond - Focused Over the Last Year
| 6.3% | iShares BBB-B CLO Active ETF (BCLO) |
| 5.7% | VanEck AA-BB CLO ETF (CLOB) |
| 5.7% | Nuveen AA-BBB CLO ETF (NCLO) |
| 5.6% | Eldridge BBB-B CLO ETF (CLOZ) |
| 5.5% | BondBloxx Private Credit CLO ETF (PCMM) |
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ETF Details
Alternative AccessFirstPriorityCLO BdETF Overview
Alternative AccessFirstPriorityCLO BdETF (AAA) is an actively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). Alternative Access Funds launched the ETF in 2020.
The investment seeks capital preservation and income.
The fund is an actively-managed exchange-traded fund (“ETF”). Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in AAA rated first priority debt tranches of U.S. dollar-dominated collateralized loan obligations (“CLOs”). It may invest in CLOs of any maturity. The fund is actively managed and does not seek to track the performance of any particular index.
About Alternative AccessFirstPriorityCLO BdETF (AAA)
There are 1 members of the management team with an average tenure of 5.81 years: Peter Coppa (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Bloomberg USFRN 5- Yr TR USD index with a weighting of 100%. Alternative AccessFirstPriorityCLO BdETF has 32 securities in its portfolio. The top 10 holdings constitute 43.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Alternative AccessFirstPriorityCLO BdETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Alternative AccessFirstPriorityCLO BdETF has 36.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.9% (56.5% domestic bond, 36.4% foreign bond and 0.0% convertible bond). Alternative AccessFirstPriorityCLO BdETF has 7.1% of the portfolio in cash.
Assets Under Management
The fund has $44 million in total assets, which is below the $1 billion average for the Securitized Bond - Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AAA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Alternative AccessFirstPriorityCLO BdETF expense ratio is below average compared to funds in the Securitized Bond - Focused category. Alternative AccessFirstPriorityCLO BdETF has an expense ratio of 0.25%, which is 20% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Alternative AccessFirstPriorityCLO BdETF has a portfolio turnover rate of 32%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Securitized Bond - Focused category.
Recently, in the month of June 2026, Alternative AccessFirstPriorityCLO BdETF returned 0.3%, which earned it a grade of F, as the Securitized Bond - Focused category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Alternative AccessFirstPriorityCLO BdETF has a trailing yield of 4.82%, which is below the 5.39% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Alternative AccessFirstPriorityCLO BdETF Grades
Year to date, the ETF has returned 2.3%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 4.9% over the past year (grade of D), 6.3% over the past three years (grade of D) and 4.6% per year over the past five years (grade of B).
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AAA Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AAA Return (NAV) | 0.3% | 1.3% | 4.9% | 6.3% | 4.6% | na |
| AAA Return (Price) | 0.1% | 1.0% | 4.7% | 6.3% | 4.6% | na |
| NAV +/- Price Return | 0.201% | 0.276% | 0.276% | 0.023% | 0.005% | na |
| Securitized Bond - Focused Avg | 0.3% | 1.7% | 5.1% | 7.0% | 3.4% | 2.0% |
| AAA Grade (NAV) | F | F | D | D | B | na |
| +/- Category (NAV) | -0.1% | -0.4% | -0.2% | -0.7% | 1.2% | na |
| AAA Tax-Cost Ratio | na | na | 1.9% | 2.3% | 1.9% | na |
AAA Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AAA Return (NAV) | 2.3% | 5.1% | 6.8% | 8.3% | 0.4% | 1.1% | na | na | na | na | na |
| AAA Return (Price) | 1.9% | 4.9% | 6.8% | 8.9% | 0.1% | 0.9% | na | na | na | na | na |
| NAV +/- Price Ret | -0.168% | -0.039% | 0.000% | 0.072% | -0.602% | -0.247% | na | na | na | na | na |
| Securitized Bond - Focused Avg | 2.2% | 5.9% | 7.6% | 9.0% | -3.7% | 0.3% | 5.8% | 7.5% | 0.6% | 3.1% | 3.0% |
| AAA Grade (NAV) | C | F | D | D | B | B | na | na | na | na | na |
| +/- Category | 0.1% | -0.8% | -0.8% | -0.6% | 4.0% | 0.8% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.01 |
| R-Squared: | 2% |
| Standard Deviation: | 0.6% |
| Category Risk Index: | 0.37 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.05 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 4.8% |
| Total Assets: | $ 45 Mil |
| Share Class Assets: | $ 45 Mil |
| Turnover: | 32.0% |
| Expense Ratio: | 0.25% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Coppa Peter (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 32 |
| % in Top 10 Holdings: | 43.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 36.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 56.5% |
| Foreign Bond: | 36.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Alternative Access Funds |
| Phone Number: | 323-925-3305 |
| Website: | |
| Inception Date: | September 8, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.31% |
