What exactly are Collateralised Loan Obligations (CLOs) that CLOZ and JBBB invest in?

Collateralised Loan Obligations are structured financial products backed by pools of corporate loans. Both CLOZ and JBBB are securitised bond funds focused on this asset class. CLOZ targets BBB and B rated tranches, while JBBB focuses on B to BBB tranches. Unlike traditional bond funds holding government or corporate bonds, these ETFs provide exposure to the credit performance of leveraged loans held by private equity-backed companies. Investors should understand that CLOs carry specific credit and liquidity risks distinct from standard fixed-income securities.

How does the expense ratio impact the long-term returns of CLOZ compared to JBBB?

The expense ratio represents the annual fee deducted from the fund's assets. CLOZ charges 0.50%, whereas JBBB charges slightly less at 0.47%. This 0.03 percentage point difference means that for every $10,000 invested, CLOZ incurs roughly $3 more in annual costs than JBBB. Over time, even small fee differences can compound, reducing net returns. While JBBB has a marginally lower cost structure, investors must consider this alongside other factors like yield and fund size when evaluating overall efficiency.

Why is inception date important when comparing young funds like CLOZ and JBBB?

The inception date marks when a fund began trading, establishing its performance history. JBBB launched on 11 January 2022, giving it a longer track record than CLOZ, which started on 24 January 2023. A longer history allows investors to observe how the fund performed through more market cycles. CLOZ's recent inception means less historical data is available for analysis. Beginners should recognise that newer funds may carry additional operational risk until their strategies are fully tested over time.

How do the net assets of CLOZ and JBBB affect liquidity and stability?

Net assets indicate the fund's total size and potential liquidity. JBBB manages $1.5 billion, significantly larger than CLOZ's $787 million. Larger funds often benefit from better liquidity and economies of scale, which can reduce trading costs for the fund itself. However, size does not guarantee performance. The smaller asset base of CLOZ might make it more agile or potentially more volatile. Investors should weigh the stability associated with JBBB's larger scale against CLOZ's smaller footprint.

What does the difference in dividend yield tell us about CLOZ and JBBB?

CLOZ offers a current dividend yield of 7.11%, higher than JBBB's 6.33%. A higher yield may provide more immediate income distribution. However, yield alone does not indicate total return or risk quality. The yield difference suggests CLOZ might be investing in tranches with higher risk premiums or different coupon structures. Beginners should understand that distributions are not guaranteed and can fluctuate based on the underlying loans' performance and interest rate environments affecting these securitised bond funds.

Are the top holdings of CLOZ and JBBB similar to each other?

Based on available data, there is no overlap among the listed top ten holdings. JBBB's top holding is JAAA at 1.63%, while CLOZ's top holdings are not available. This indicates the funds likely use different specific security selections despite being in the same CLO category. Investors cannot assume the portfolios are identical. Different holdings imply distinct risks and performance drivers, highlighting the importance of understanding each fund's unique composition rather than treating them as direct substitutes.

Which fund has a more transparent issuer structure, CLOZ or JBBB?

JBBB is issued by Janus, a well-known asset manager, providing clear insight into its management. CLOZ lists the issuer as 'not available' in the provided data. While Eldridge is the product name, the explicit issuer disclosure for JBBB offers a level of familiarity. Transparency in fund management is crucial for investors to assess governance and operational quality. The lack of issuer information for CLOZ may require additional due diligence from investors seeking to understand the management structure behind the fund.

How do interest rate changes typically affect CLO ETFs like CLOZ and JBBB?

CLOs are often floating-rate instruments, meaning their interest payments adjust with benchmark rates. Both CLOZ and JBBB may offer some protection against rising interest rates compared to fixed-rate bonds. However, higher rates can increase borrower default risks in the underlying corporate loans, potentially impacting credit quality. The specific impact depends on the loan terms and borrower health within each portfolio. Investors should monitor how these funds manage credit risk when interest rate environments shift significantly.

What does 'Securitized Bond - Focused' category mean for these two funds?

Both CLOZ and JBBB fall under the 'Securitized Bond - Focused' category. This classification indicates they invest primarily in asset-backed securities, specifically collateralised loan obligations, rather than general corporate or government bonds. This focus subjects them to risks specific to the securitised lending market, including prepayment and extension risk. Understanding this category helps investors recognise that these funds are niche products within the fixed-income universe, requiring knowledge of structured credit rather than traditional bond investing principles.

How should a beginner evaluate the lack of sector weight data for CLOZ?

CLOZ lists its sector weights as 'not available', as does JBBB. Without this data, investors cannot easily see the geographic or industry diversification within the CLO tranches. Beginners should rely on other metrics like net assets, expense ratios, and yield, but must acknowledge this gap in information. It is important to understand that lack of transparency in sector exposure means investors are accepting the manager's discretion without full visibility into the underlying distribution of risk across industries.

Does the lower expense ratio of JBBB automatically make it a better choice?

While JBBB has a lower expense ratio of 0.47% compared to CLOZ's 0.50%, cost is just one factor. JBBB also has a longer track record and larger net assets. However, CLOZ offers a higher dividend yield. A lower fee does not guarantee better net performance if the underlying assets underperform or if distributions fluctuate. Investors must balance the cost efficiency of JBBB against the income potential of CLOZ, considering all available metrics rather than prioritising fees alone.

Is this comparison page considered financial advice for investing in CLOZ or JBBB?

No, this content is strictly educational and does not constitute financial advice. It presents factual data such as expense ratios, net assets, and dividend yields to help beginners understand the differences between CLOZ and JBBB. Investing involves risk, including loss of principal. Readers should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions based on the information provided here regarding these exchange-traded funds.

CLOZ vs JBBB

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare CLOZ and JBBB. This page outlines fee structures, dividend yields and how each securitised bond fund tracks its market. See the difference between Eldridge's $787 million CLO ETF and Janus' $1.5 billion Trust, noting expense ratios of 0.50% and 0.47% respectively. Holdings data not available. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

CLOZ

Metric

JBBB

0.50%

Expense Ratio

0.47%

7.11%

Dividend Yield

6.33%

$787.00M

Net Assets

$1.52B

204

Holdings

286

Jan 24, 2023

Inception Date

Jan 11, 2022

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Index Tracked

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Securitized Bond - Focused

Fund Category

Securitized Bond - Focused

JBBB costs about $3.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Discover More Comparisons

CLOZ vs JAAA

CLOZ vs JAAA compares fees and holdings. CLOZ has a 0.50% expense ratio. JAAA has 0.20%. Review dividends and tracking data for both funds today.

CLOI vs JBBB

Compare CLOI and JBBB ETFs. Review 0.36% vs 0.47% expense ratios, dividend yields of 5.15% and 6.33%, holdings and market tracking details factually.

JAAA vs JBBB

Compare JAAA and JBBB CLO ETFs. Review 0.20% and 0.47% expense ratios, 4.88% and 6.33% yields, assets, inception dates, and holdings for informed research.

Investment Analysis

CLOZ

Pros

Expense ratio of 0.50% is stated for CLOZ.
Net assets of $787 million support fund scale.
Dividend yield of 7.11% exceeds that of JBBB.

Considerations

Inception on Jan 24, 2023 limits track record.
Issuer and index information are not available.
Top holdings and sector weights are not available.

JBBB

Pros

Net assets of $1.5 billion indicate larger fund size.
Expense ratio of 0.47% is marginally lower than CLOZ.
Issuer name, Janus, is disclosed.

Considerations

Top holdings include JAAA at 1.63% weight.
Index tracked information is not available.
Sector weights are not available for JBBB.

About CLOZ and JBBB

CLOZ (CLOZ)

The Eldridge BBB-B CLO ETF (CLOZ) is an exchange-traded fund designed to provide targeted exposure to Collateralised Loan Obligations, specifically focusing on the 'BBB' to 'B' rated tranches. Launched in January 2023, the fund holds 204 individual securities, allowing investors to access a specific slice of the credit markets that offers higher yields compared to traditional investment-grade bonds. With net assets of USD 787 million and an expense ratio of 0.50%, CLOZ aims to deliver income generation through its current dividend yield of 7.11%. It is categorised under Securitized Bond - Focused, offering investors a structured approach to alternative credit markets. However, potential investors should note that these lower-rated tranches can be more sensitive to economic downturns and credit risk.

JBBB (JBBB)

The JANUS DETROIT STREET TRUST B-BBB CLO ETF is an exchange-traded fund focused on collateralised loan obligations (CLOs). It holds a diversified portfolio of securitised assets, typically rated between B and BBB. With 286 holdings and net assets of USD 1.52 billion, the fund aims to provide exposure to the leveraged loan market through structured credit instruments. Investors may be attracted to its historically high dividend yield of 6.33%, which stems from the interest payments generated by these underlying loans. However, it is important to recognise that the sector has experienced periods of lower valuations. As with all fixed-income investments, the fund’s value can fluctuate due to changes in interest rates and credit conditions. The expense ratio is 0.47%, which is relatively competitive for an active or specialised fixed-income ETF. It serves as a tool for those looking to diversify beyond traditional bonds into securitised credit.

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CLOZ vs JBBB

Fund Snapshot