ETF Evaluator:
iShares BBB-B CLO Active ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Securitized Bond - Focused Over the Last Year
| 6.0% | iShares BBB-B CLO Active ETF (BCLO) |
| 5.6% | Nuveen AA-BBB CLO ETF (NCLO) |
| 5.4% | Reckoner Yield Enhanced AAA CLO ETF (RAAA) |
| 5.4% | Eldridge BBB-B CLO ETF (CLOZ) |
| 5.3% | BondBloxx Private Credit CLO ETF (PCMM) |
Risk
Index
Risk
Index
ETF Details
iShares BBB-B CLO Active ETF Overview
iShares BBB-B CLO Active ETF (BCLO) is an actively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). iShares launched the ETF in 2025.
The investment seeks to provide capital preservation and current income by investing principally in a portfolio composed of collateralized loan obligations (“CLOs”) rated from BBB+ to B‑.
The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of borrowings for investment purposes, in CLOs that are, at the time of purchase, rated from BBB+ to B‑. The fund is non-diversified.
About iShares BBB-B CLO Active ETF (BCLO)
There are 3 members of the management team with an average tenure of 1.50 years: Saffet Ozbalci (2025), Nidhi Patel (2025) and Jason Choi (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: JPM CLO High Quality Mezzanine TR USD index with a weighting of 100% and Bloomberg US Universal TR USD index with a weighting of 100%. iShares BBB-B CLO Active ETF has 55 securities in its portfolio. The top 10 holdings constitute 36.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares BBB-B CLO Active ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares BBB-B CLO Active ETF has 55.2% 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 100.1% (44.9% domestic bond, 55.2% foreign bond and 0.0% convertible bond). iShares BBB-B CLO Active ETF has -0.1% of the portfolio in cash.
Assets Under Management
The fund has $84 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.
BCLO 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 iShares BBB-B CLO Active ETF expense ratio is average compared to funds in the Securitized Bond - Focused category. iShares BBB-B CLO Active ETF has an expense ratio of 0.45%, which is 44% higher than its category average, making the fund expense ratio grade a D. 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. iShares BBB-B CLO Active ETF has a portfolio turnover rate of 30%, 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 July 2026, iShares BBB-B CLO Active ETF returned 0.5%, which earned it a grade of B, 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.
iShares BBB-B CLO Active ETF has a trailing yield of 6.57%, which is above the 5.32% category average.
The fund normally distributes its income monthly and its capital gains annually.
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.
iShares BBB-B CLO Active ETF Grades
Year to date, the ETF has returned 3.3%, 0.7 percentage points better than the category, which translates into a grade of A. The fund has returned 6.0% over the past year (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about iShares BBB-B CLO Active ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
BCLO Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BCLO Return (NAV) | 0.5% | 1.5% | 6.0% | na | na | na |
| BCLO Return (Price) | 0.1% | 1.1% | 5.8% | na | na | na |
| NAV +/- Price Return | 0.387% | 0.376% | 0.117% | na | na | na |
| Securitized Bond - Focused Avg | 0.3% | 1.2% | 4.9% | 6.6% | 3.4% | 1.9% |
| BCLO Grade (NAV) | B | A | A | na | na | na |
| +/- Category (NAV) | 0.1% | 0.3% | 1.0% | na | na | na |
| BCLO Tax-Cost Ratio | na | na | 2.6% | na | na | na |
BCLO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BCLO Return (NAV) | 3.3% | na | na | na | na | na | na | na | na | na | na |
| BCLO Return (Price) | 3.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.050% | na | na | na | na | na | na | na | na | na | na |
| Securitized Bond - Focused Avg | 2.5% | 5.9% | 7.6% | 9.0% | -3.7% | 0.3% | 5.8% | 7.5% | 0.6% | 3.1% | 3.0% |
| BCLO Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 6.6% |
| Total Assets: | $ 84 Mil |
| Share Class Assets: | $ 84 Mil |
| Turnover: | 30.0% |
| Expense Ratio: | 0.45% |
| Index Fund: | No |
| Index Tracked: | JPM CLO High Quality Mezzanine TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Ozbalci Saffet (2025), Patel Nidhi (2025), Choi Jason (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 55 |
| % in Top 10 Holdings: | 36.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 55.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 44.9% |
| Foreign Bond: | 55.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | |
| Inception Date: | January 29, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.45% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.31% |
