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ICLO: Mildly Disappointing (Rating Downgrade)
ICLO, an Invesco ETF with an 80/20 AAA/AA allocation, has underperformed pure AAA peers despite its higher risk allocation, prompting a downgrade to 'Hold'. The fund's 15% allocation to 'AA' securities aimed to enhance yield without significant drawdown but failed to outperform competitors like JAAA and PAAA. The underperformance is attributed to poor security selection by the portfolio management team, not the expense ratio, which is comparable to peers.
ICLO: Not A Fund I'd Consider With Rates Dropping
Floating rate notes excelled during the Fed's rate hike cycle, but their appeal may wane as we enter a rate-cutting phase. The Invesco AAA CLO Floating Rate Note ETF focuses on top-quality AAA-rated collateralized loan obligations, offering higher credit quality and protection against defaults. ICLO's narrow focus on AAA-rated CLOs might lead to lower returns compared to funds with riskier assets, especially in a tight credit spread environment.
ICLO: AAA-Rated CLO ETF, Good 6.7% SEC Yield, Strong Performance
ICLO focuses on AAA-rated CLOs, high-quality, variable rate investments. I'm bullish on ICLO due to its 6.7% SEC yield, stable share price, and strong performance track record. It seems like a particularly compelling opportunity for more risk-averse, short-term investors.
Invesco AAA CLO Floating Rate Note ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| TJD Thomas John Drogan PR Inc.IPAL SECURITIES Inc. | 10,793 | $275,329 | $276,686.11 | $1,357.11 | 0.49% |
| BS Barrett Schultz Ashton Thomas Securities LLC | 175,978 | $4.5M | $4.51M | $10,467.16 | 0.23% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 2,740 | $70,034.4 | $70,239.9 | $205.5 | 0.29% |
 PAX Financial Group PAX Financial Group LLC | 26,079 | $665,275.29 | $668,535.16 | $3,259.87 | 0.49% |
| CAL CoreCap Advisors LLC CoreCap Advisors LLC | 2,723 | $69,525.25 | $69,804.1 | $278.85 | 0.4% |
Invesco AAA CLO Floating Rate Note ETF (ICLO) FAQ
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Invesco AAA CLO Floating Rate Note ETF Profile
| BATS Exchange | US Country |
Overview
The fund is an actively managed Exchange-Traded Fund (ETF) with a primary focus on investment in floating rate note securities issued by collateralized loan obligations (CLOs). These securities are distinctively chosen based on their AAA rating—or its equivalent—by a nationally recognized statistical rating organization (NRSRO) at the time of their purchase. This strategy underscores the fund’s commitment to high-quality investments, aiming to leverage the stability and potential returns associated with top-rated CLOs. The fund operates under the principle of investing at least 80% of its net assets, in addition to any borrowings for investment purposes, into these select floating rate note securities. Moreover, it maintains the flexibility to invest in CLO securities across various maturities, catering to a broad investment approach. However, it is important to note that the fund is non-diversified, indicating a concentrated investment strategy in specific securities, which may affect its risk profile.
Products and Services
- AAA-Rated CLO Floating Rate Note Securities Investment
This service involves the active management and investment in floating rate note securities issued by collateralized loan obligations rated AAA or equivalent. It highlights the fund's strategy to invest in high-quality, lower-risk securities, seeking to provide stable returns through interest income generated by these top-rated CLOs.
- Investment in CLO Securities of Any Maturity
Unlike funds with strict maturity constraints, this fund offers the flexibility to invest in CLO securities of any maturity. This approach allows the fund to navigate the fixed income market more freely, exploiting opportunities in both short-term and long-term CLO securities based on market conditions and investment objectives.
