“If I’m looking at CLO ETF vs a BDC, CLO ETFs have become a more attractive place to get risk-adjusted yield rather than restricting my clients’ liquidity,” said Cyrus Amini, chief investment officer at Hyphen Wealth Management, adding that liquidity has also become strained for public BDCs, since investors are reluctant to sell and recognize substantial losses. “I think we’ve seen that decision play out, since the flows into these ETF funds have been very strong.”