ACLO vs FUSI

ACLOATCW AAA CLO ETF

FUSIBAmerican Century Ultrashort Income ETF

In short

ACLO A 2024 arrival in the crowded AAA CLO aisle. TCW runs it actively, holding roughly 300 of the highest-rated slices of leveraged-loan pools, paying income monthly, at a fee matching the category's cheapest tier.

FUSI Most funds in this corner of the bond market own one thing: AAA CLO tranches. FUSI casts wider, running an actively managed, ultrashort book across CLOs, commercial and residential mortgages and corporate credit, at 0.19% a year.

Stated mandate

ACLO The fund seeks capital preservation and current income through principal investment in U.S. dollar-denominated AAA-rated collateralized loan obligations.

FUSI The fund seeks current income and, secondarily, long-term capital appreciation. It invests primarily in investment-grade floating-rate securities across CLOs, commercial and residential mortgages, corporate credit, and similar structured investments, with tactical sector allocation.

Why people hold it

• ACLO At 0.20% it undercuts the AAA CLO cohort median of 0.25% and matches the cheapest names in the group, including JAAA and CLOA.
• The mandate is stated narrowly: capital preservation and current income from US dollar AAA-rated CLOs, the top-rated tranches of the structure.tcw.com
• Roughly 300 positions, chosen deal by deal rather than tracked, so no single CLO carries the portfolio.
• Pays monthly, and the portfolio itself grades out as one of the stronger books among AAA CLO funds.

• FUSI The multisector angle. Rather than AAA CLOs alone, the managers range across CLOs, commercial and residential mortgages and corporate credit, primarily investment grade, with duration kept under a year.americancentury.com
• 0.19% a year, with no waiver propping it up, below the category median and level with PAAA. Fidelity's FAAA and FCLO sit at 0.00% net, but only under waivers running through January 31, 2027.
• Pays monthly, and the stated benchmark is the Bloomberg U.S. 1-3 Month Treasury Bill Index. The yardstick here is cash, not the broad bond market.

Worth knowing

• ACLO It trades lightly next to the giants of the category, so spreads can run wider. Limit orders earn their keep here.
• Launched in late 2024, so the record is short and has not spanned a full credit cycle.
• Active with no declared index, so there is no tracking figure to hold it to. Results ride on TCW's deal selection.

• FUSI The mandate shifted. Effective September 14, 2026 the fund was renamed from Multisector Floating Income to Ultrashort Income and dropped its policy of keeping at least 80% in floating-rate securities.sec.gov
• One of the smaller, lighter-traded names in a category stacked with multi-billion-dollar CLO funds, so spreads can run wider than the headline names and limit orders are the usual tool.
• Fully active with no index to replicate: the sector mix, credit calls and holdings (roughly 110 positions) come from the management team, not a published rulebook.

Full ACLO profile⁠

Full FUSI profile⁠