BMO AAA CLO ETF (ZAAA) and RBC AAA CLO (CAD Hedged) ETF (RCLO) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZAAA focuses its top 3 sector exposures on Industrials, Non-Corporate, and Finance, while RCLO leans towards Finance and Industrials. When evaluating costs, ZAAA features a management fee (MER) of 0.23%, compared to 0.39% for RCLO. Performance-wise, ZAAA has returned 5.29% year-to-date with +$27 M in net flows, whereas RCLO is at 2.59% with +$19 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
ZAAA
RCLO
| AuM | $76.12 M | $80.75 M |
| Management Fees | 0.23% | 0.39% |
| Exp. ratio | 0.23% | 0.33% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZAAA | +1.31% | +0.30% | +5.29% | +6.42% | - |
RCLO | +0.31% | +0.92% | +2.59% | +3.47% | - | |
| Flows | ZAAA | +$8 M | +$12 M | +$27 M | +$39 M | - |
RCLO | +$1 M | +$3 M | +$19 M | +$34 M | - |
ZAAA vs RCLO exposure
Countries
ZAAA
Other
78.98%
USA
21.01%
RCLO
Other
91.15%
Other
8.85%
Sectors
ZAAA
Other
78.99%
Industrials
20.90%
RCLO
Other
91.15%
Other
8.85%
As of September 17, 2026
Top 10 Holdings
ZAAA
US671026AW26
3.69%
US92920DAL91
3.32%
Magnetite CLO, 2026-55A, FRN 15apr2039, USD (ABS, A1)
3.32%
AIMCO CLO 2026-27A, FRN 20apr2039, USD (ABS, A1)
2.86%
Diameter Capital CLO 2022-4A, FRN 18jan2039, USD (ABS, ARR)
1.94%
AIMCO CLO 2025-23A, FRN 20apr2038, USD (ABS, A)
1.94%
CIFC Funding 2023-3A, FRN 20jan2039, USD (ABS, A1R)
1.85%
US720916AA38
1.85%
US03990NAA37
1.85%
US76676AAA88
1.66%
RCLO
USG6463GAL89
6.56%
USG7089UAM74
5.79%
Ares Euro CLO XVIII, FRN 17apr2039, EUR (ABS, ARR)
5.66%
USG5279JAF15
4.43%
USG3038PAU15
4.11%
USG72014AL00
4.10%
USG37939AA65
4.10%
USG6000NAF62
4.10%
USG6S34PAJ38
3.78%
USG7310CAL03
3.69%
Diversification
ZAAA
Total weight of top 10 holdings out of 1,412 total
24.28%
RCLO
Total weight of top 10 holdings out of 24 total
46.32%
Characteristics
Compare
ZAAA
RCLO
| Provider | BMO | RBC Global Asset Management |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | ||
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 5.08% | 5.01% |
| Meets ESG criteria | No | No |
| Inception Date | April 30, 2025 | April 25, 2025 |
Frequently asked questions about ZAAA and RCLO
Which ETF has performed better year to date: ZAAA or RCLO?
As of September 17, 2026, ZAAA has returned 5.29% year to date, while RCLO has returned 2.59%. ZAAA is ahead on YTD performance.
Which ETF is larger by assets under management: ZAAA or RCLO?
As of September 17, 2026, ZAAA manages $76.12 M in assets, while RCLO manages $80.75 M. RCLO is the larger fund by AUM.
How are ZAAA and RCLO managed?
ZAAA is actively managed by BMO. It does not track an index. RCLO is actively managed by RBC Global Asset Management. It does not track an index.
What sectors do ZAAA and RCLO emphasize?
ZAAA is most exposed to Industrials, Non-Corporate, and Finance. RCLO is most exposed to Finance and Industrials.
Which ETF is attracting more investor flows: ZAAA or RCLO?
Year to date, ZAAA has seen +$27.17 M in net flows, compared with +$18.78 M for RCLO. ZAAA has attracted more net investor money so far.
How do the fees of ZAAA and RCLO compare?
ZAAA has an expense ratio of 0.23%, while RCLO has an expense ratio of 0.33%.
What are the top holdings of ZAAA and RCLO?
ZAAA's largest holdings include Magnetite CLO, 2026-55A, FRN 15apr2039, USD (ABS, A1) and AIMCO CLO 2026-27A, FRN 20apr2039, USD (ABS, A1). RCLO's top holdings include Ares Euro CLO XVIII, FRN 17apr2039, EUR (ABS, ARR) and Apidos CLO 2021-37, FRN 22oct2034, USD (ABS, A).
Which ETF is more diversified: ZAAA or RCLO?
ZAAA holds 153 securities, while RCLO holds 3. On holdings count, ZAAA is the more diversified portfolio.
Recent articles about ZAAA and RCLO
New: Actively managed CLO exposure for Canadian investors with RCLO
The RBC iShares alliance is expanding its lineup with RCLO, bringing access to collateralized loan obligations (CLOs) to Canadian investors. The Fund aims to deliver higher yields with improved credit quality by investing primarily in AAA-rated CLOs.
Posted on 6/11/2025 by Edouard Caillieux inLaunches
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