AAA ETF — AAF First Priority CLO Bond ETF

AAF First Priority CLO Bond ETF (AAA)

Updated October 2, 2026.

AAA is a low-cost ETF. its distribution rate is 4.29%, its trailing-12-month yield is 4.63%, its expense ratio is 0.19%. Dividend Vision Distribution Safety Score™ is 78/100 (Generally safe). Total return is 27.7% over the past 6.1 years, 118.9 points behind SPY at 146.6%.

At the current 4.29% distribution rate, a $10,000 investment would generate approximately $429 per year, or $35.75 per month.

AAF First Priority CLO Bond ETF is an actively-managed fund that invests at least eighty percent of its assets in AAA-rated senior debt tranches of U.S. collateralized loan obligations. The fund distributes income monthly at a moderate current distribution rate, with a low expense ratio of 0.19%. It appeals to fixed-income investors seeking regular income from investment-grade structured credit instruments.

AAA performance versus SPY

Price and return data through 2026-10-02.

Total return is 27.7% over the past 6.1 years, 118.9 points behind SPY at 146.6%. Over the past year its total return — price change plus distributions reinvested — is 4.4%. Its deepest 1-year drawdown was 1.0%.

AAA key facts

Distribution Safety Score™

78 · Generally safe

Safety-Adjusted Yield

3.35%

Issuer

Alternative Access Funds

Asset type

ETF

Asset class

Fixed Income

Inception date

09/08/2020

Expense ratio

0.19%

Distribution rate

4.29%

Distribution frequency

Monthly

Trailing yield

4.63%

Last close

$24.93 (as of 2026-10-02)

AUM

$69,876,633

Average volume

2800.0

Last dividend

$0.08919

Last ex-dividend date

09/30/2026

Last payment date

10/01/2026

Beta

0.02

How Dividend Vision calculates yield and returns

Distribution rate (4.29%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (4.63%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Alternative Access Funds; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

AAA risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 1.0%.

Who may consider AAA — and who may not

AAA may suit someone looking for low-cost broad dividend exposure, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Alternative Access Funds.