NCLO Fees and Costs — Nuveen AA-BBB CLO ETF
Data updated: 2026-10-13
The net expense ratio is 0.26%: a 0.25% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 25%.
NCLO Fees and Expenses
Annual operating expenses and sales charges of NCLO. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.26% |
| Fee waiver | — |
| Net expense ratio | 0.26% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
NCLO Costs Over Time
On $10,000 invested in NCLO, assuming 5% a year before costs, total costs come to $165 over 5 years, cutting the return by 0.27% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.26%) | $27 | $86 | $150 |
| Lost growth on money paid in costs | $0 | $4 | $15 |
| Total costs | $27 | $90 | $165 |
| Value after costs | $10,473 | $11,486 | $12,598 |
| Impact on return, per year | 0.27% | 0.27% | 0.27% |
NCLO Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $290.8M
- Portfolio turnover (prospectus): 25%
NCLO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $167.0M | 65.73% |
| Morgan Stanley & Co. LLC | $15.3M | 6.04% |
| Barclays Capital Inc. | $14.5M | 5.69% |
| BofA Securities, Inc. | $13.3M | 5.22% |
| SMBC Nikko Securities America, Inc. | $8.8M | 3.45% |
| BNP Paribas Securities Corp. | $8.1M | 3.19% |
| Wells Fargo Securities, LLC | $7.1M | 2.81% |
| SG Americas Securities, LLC | $7.1M | 2.80% |
| Scotia Capital (USA) Inc. | $6.8M | 2.68% |
| BNY Mellon Capital Markets, LLC | $6.1M | 2.39% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.