CLOC vs FUSI

CLOCBAAM Crescent CLO ETF

FUSIBAmerican Century Ultrashort Income 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.

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

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

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

• 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.

• 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

• 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.

• 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 CLOC profile⁠

Full FUSI profile⁠