CLOA vs FUSI

CLOAAiShares AAA CLO Active ETF

FUSIBAmerican Century Ultrashort Income ETF

In short

CLOA BlackRock's play in AAA CLOs: active credit picking measured against J.P. Morgan's CLOIE AAA index, 0.20% a year, spread over roughly 400 positions. A billion-dollar-plus book built since its 2023 launch.

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

CLOA The fund seeks exposure to U.S. dollar-denominated AAA-rated collateralized loan obligations, using active credit selection to pursue income and capital preservation with potentially low volatility.

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

• CLOA Charges 0.20% a year, below the 0.25% typical for CLO funds and level with what most of the category's biggest names (JAAA, FAAA, ACLO) charge.
• Roughly 400 separate CLO positions, one of the deepest books in its peer group, so no single deal carries the fund.
• Actively run: the team selects deals and CLO managers instead of buying whatever a benchmark holds. The CLOIE AAA index is the yardstick, not the rulebook.
• Income arrives monthly, and it sits among the easier funds in its cohort to get in and out of.

• 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

• CLOA Active means manager-dependent. There is no index to fall back on, so outcomes hinge on which deals the desk picks.
• The mandate pursues income and capital preservation with potentially low volatility. That is the aim, not a floor; CLO prices still move.
• Trading since January 2023, so its record is short next to long-running bond funds and covers a narrow slice of credit history.

• 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 CLOA profile⁠

Full FUSI profile⁠