Is the iShares CLOA ETF a Buy After Richard Bernstein Advisors Loaded Up on 6.2 Million Shares?
Key Points
Richard Bernstein Advisors acquired 6,186,664 shares; estimated trade size was $320.66 million based on quarterly average price.
The quarter-end position value increased by $320.69 million, reflecting both share purchases and price changes.
The transaction value represented 9.3% of 13F reportable assets under management (AUM).
The new position makes up 9.3% of reportable AUM, placing it within the fund's top five holdings.
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What happened
According to a filing with the Securities and Exchange Commission dated April 22, 2026, Richard Bernstein Advisors LLC reported a new position in BlackRock ETF Trust II - iShares AAA CLO Active ETF (NASDAQ:CLOA). The fund acquired 6,186,664 shares during the first quarter, with an estimated transaction value of $320.66 million based on the average closing price in the quarter.
What else to know
- This was a new position for the fund, representing 9.3% of its 13F reportable AUM as of March 31, 2026.
- Top holdings after the filing:
- NYSEMKT:IDEV: $516.31 million (15.0% of AUM)
- NYSEMKT:QUAL: $354.14 million (10.3% of AUM)
- NASDAQ:IEF: $350.64 million (10.2% of AUM)
- NASDAQ:CLOA: $320.68 million (9.3% of AUM)
- NASDAQ:EMXC: $267.46 million (7.8% of AUM)
- As of April 21, 2026, shares were priced at $51.85, down 0.36% from the 52-week high.
- One-year total return was 6.2%, underperforming the S&P 500 by 30.7 percentage points.
- Richard Bernstein Advisors reported 227 positions and $3.45 billion in reportable AUM at quarter-end.
ETF overview
| Metric | Value |
|---|---|
| AUM | $2.05 billion |
| Price (as of market close 2026-04-21) | $51.85 |
| Dividend yield | 5.10% |
| 1-year total return | 6.23% |
ETF snapshot
- The ETF seeks capital preservation and current income through active management of a portfolio of U.S. dollar-denominated AAA-rated collateralized loan obligations (CLOs).
- Underlying holdings are principally AAA-rated CLO tranches.
- Structured as an exchange-traded fund with a focus on institutional-grade fixed income; expense ratio is 0.20%.
The iShares AAA CLO Active ETF (CLOA) offers investors access to a diversified pool of AAA-rated CLO securities, emphasizing high credit quality and capital preservation. The fund's active management approach enables dynamic allocation within the CLO market, seeking to optimize yield while maintaining a robust risk profile.
With a focus on senior secured loan exposure and a disciplined investment process, CLOA targets institutional and sophisticated retail investors seeking stable income and low credit risk within the fixed income universe.
What this transaction means for investors
New York-based investment firm Richard Bernstein Advisors’ purchase of the iShares AAA CLO Active ETF (CLOA) is a noteworthy event because the company initiated a new position in the ETF and it was a substantial enough buy to catapult CLOA to one of the top five holdings.
The transaction demonstrates Richard Bernstein Advisors is bullish on CLOA. The ETF is designed for investors who want an actively-managed fund delivering higher yields than traditional investment-grade bonds while keeping volatility low.
Here, CLOA delivers with a robust dividend yield exceeding 5%. The ETF also makes payouts monthly. Its very low three-year beta of 0.03 indicates it is less volatile than the overall stock market. Although CLOA’s expense ratio of 0.20% is not cheap, it’s to be expected given the fund is actively managed.
CLOA is for income-focused investors who want low risk. It offers limited capital appreciation compared to stocks, so the main draws are its dividend and safety.
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Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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