3 Ways ETFs Revolutionized Access to CLOs | ETF Trends Before the advent of exchange-traded funds (ETFs), investing in collateralized loan obligations (CLOs) was limited to insurance companies, pension funds, sovereign wealth funds, and other institutional investors. In recent years, however, ETFs have significantly expanded access to CLOs. Below are three ways that ETFs have "democratized†access to CLOs. 1. Simplified Transactions By investing in a CLO ETF, an investor can gain exposure to CLOs, which trad ...