CLOC vs EVLN

CLOCBAAM Crescent CLO ETF

EVLNDEaton Vance Floating-Rate ETF

In short

CLOC A 2025 arrival in the CLO aisle that undercuts the category on fee: 0.18% a year, below the typical CLO fund and below the giants it competes with. Its mandate leads with capital preservation, then low correlation and current income.

EVLN Most funds in this aisle buy AAA-rated CLO tranches. EVLN goes a layer down and picks the underlying corporate loans itself: an actively run floating-rate credit book from Eaton Vance's long-tenured loan desk.

Stated mandate

CLOC The Fund seeks capital preservation, low correlation with traditional asset classes, and current income.

EVLN The Fund seeks a high level of current income.

Why people hold it

• CLOC Cheapest seat in the CLO aisle: 0.18% a year against a 0.25% category median, and a step under the biggest AAA CLO funds (JAAA, CLOA, PAAA, FAAA, ACLO at 0.19%-0.20%).
• The mandate is unusually explicit: capital preservation first, low correlation with traditional asset classes second, current income third.
• Young, but it already stands in the upper half of a crowded 27-fund CLO group.

• EVLN Holds at least 80% of assets in floating-rate credit, led by senior secured corporate loans chosen one at a time rather than a passive slice of CLO paper.aaii.com
• Coupons reset with short-term rates, so the portfolio carries little interest-rate duration by design. This is an income mandate, not a rate call.
• Distributions land monthly, and the fund has grown into the multi-billion-dollar range since its 2024 launch.
• The mandate is global, covering loans to domestic and foreign borrowers rather than a US-only book.aaii.com

Worth knowing

• CLOC Thinly traded next to the multi-billion-dollar CLO names, so spreads can be wider and larger orders take patience.
• Launched in October 2025, so the history is short and there is not yet a full credit cycle to judge it by.
• Distributions have come on an irregular schedule rather than a fixed monthly rhythm, so income timing is less predictable.

• EVLN Costs 0.60% a year against a 0.25% peer median, and the AAA CLO funds it sits beside (JAAA, CLOA, PAAA) run near 0.20%. Active loan picking is what the extra buys.
• The mandate reaches past senior loans into CLO debt tranches, second lien and mezzanine credit, further down the capital stack than a AAA-only fund.aaii.com
• Launched in 2024, so the record inside the ETF wrapper is still short.

Full CLOC profile⁠

Full EVLN profile⁠