ETF Evaluator:
Invesco AAA CLO Floating Rate Note ETF ()
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(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) |
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ETF Details
Invesco AAA CLO Floating Rate Note ETF Overview
Invesco AAA CLO Floating Rate Note ETF (ICLO) is an actively managed Taxable Bond Securitized Bond - Focused exchange-traded fund (ETF). Invesco launched the ETF in 2022.
The investment seeks current income and capital preservation.
The fund is an actively managed ETF that seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in floating rate note securities issued by collateralized loan obligations (CLOs) that are rated AAA (or equivalent by a nationally recognized statistical rating organization (“NRSRO”)) at the time of purchase. The fund may invest in CLO securities of any maturity.
About Invesco AAA CLO Floating Rate Note ETF (ICLO)
There are 2 members of the management team with an average tenure of 3.64 years: Scott Baskind (2022) and Ian Gilbertson (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and J.P. Morgan CLOIE AAA TR USD index with a weighting of 100%. Invesco AAA CLO Floating Rate Note ETF has 157 securities in its portfolio. The top 10 holdings constitute 23.0% 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.
Invesco AAA CLO Floating Rate Note ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Invesco AAA CLO Floating Rate Note ETF has 49.2% 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 98.6% (49.4% domestic bond, 49.2% foreign bond and 0.0% convertible bond). Invesco AAA CLO Floating Rate Note ETF has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $530 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.
ICLO 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 Invesco AAA CLO Floating Rate Note ETF expense ratio is low compared to funds in the Securitized Bond - Focused category. Invesco AAA CLO Floating Rate Note ETF has an expense ratio of 0.19%, which is 39% lower than its category average, making the fund expense ratio grade a A. 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. Invesco AAA CLO Floating Rate Note ETF has a portfolio turnover rate of 61%, 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, Invesco AAA CLO Floating Rate Note ETF returned 0.4%, which earned it a grade of C, 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.
Invesco AAA CLO Floating Rate Note ETF has a trailing yield of 4.97%, which is below 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.
Invesco AAA CLO Floating Rate Note ETF Grades
Year to date, the ETF has returned 2.8%, 0.3 percentage points better than the category, which translates into a grade of C. The fund has returned 5.0% over the past year (grade of C) and 6.3% over the past three years (grade of C).
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ICLO 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 |
|
| ICLO Return (NAV) | 0.4% | 1.2% | 5.0% | 6.3% | na | na |
| ICLO Return (Price) | 0.4% | 1.2% | 5.1% | 6.3% | na | na |
| NAV +/- Price Return | 0.000% | 0.001% | -0.079% | -0.038% | na | na |
| Securitized Bond - Focused Avg | 0.3% | 1.2% | 4.9% | 6.6% | 3.4% | 1.9% |
| ICLO Grade (NAV) | C | C | C | C | na | na |
| +/- Category (NAV) | 0.1% | 0.1% | 0.1% | -0.3% | na | na |
| ICLO Tax-Cost Ratio | na | na | 2.0% | 2.5% | na | na |
ICLO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ICLO Return (NAV) | 2.8% | 5.4% | 7.1% | 8.9% | na | na | na | na | na | na | na |
| ICLO Return (Price) | 2.9% | 5.3% | 7.0% | 9.0% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.029% | -0.023% | -0.002% | 0.009% | 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% |
| ICLO Grade (NAV) | C | D | C | B | na | na | na | na | na | na | na |
| +/- Category | 0.3% | -0.5% | -0.6% | -0.1% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.03 |
| R-Squared: | 8% |
| Standard Deviation: | 0.6% |
| Category Risk Index: | 0.46 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.05 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 5.0% |
| Total Assets: | $ 530 Mil |
| Share Class Assets: | $ 530 Mil |
| Turnover: | 61.0% |
| Expense Ratio: | 0.19% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond 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: 2 | |||
| Longest Tenure: 3.6 years | |||
| Average Tenure: 3.6 years | |||
| Managers (Year): Baskind Scott (2022), Gilbertson Ian (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 157 |
| % in Top 10 Holdings: | 23.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 49.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 49.4% |
| Foreign Bond: | 49.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | December 9, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.19% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.31% |
