CLOC vs JA

CLOCBAAM Crescent CLO ETF

JACJanus Henderson AA-A CLO 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.

JA Most CLO ETFs pile into the AAA tranche. JA steps one rung down to AA and A rated, floating-rate CLOs, run by the same Janus securitized desk behind JAAA and JBBB. Fee: 0.29% net of a waiver through February 28, 2028.

Stated mandate

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

JA The fund seeks capital preservation and current income through an actively managed portfolio focused on high-quality AA to A rated collateralized loan obligations.

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.

• JA The mandate names its rung: AA and A rated, floating-rate CLOs, benchmarked to a 70/30 blend of the JPMorgan CLO A and CLO AA indexes. You know where in the capital stack you sit.janushenderson.comjanushenderson.com 2
• Coupons reset with short-term rates, so interest-rate duration stays short and the fund behaves unlike a fixed-rate bond fund. Income is paid monthly.janushenderson.com
• Same securitized desk that runs the firm's established AAA and B-BBB CLO ETFs (JAAA and JBBB). JA fills the middle rung their lineup was missing.janushenderson.com
• 0.29% net of a waiver through February 28, 2028 (0.32% gross), near the category median. AAA-only JAAA charges 0.20% and PAAA 0.19%, but those buy a different tranche.

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.

• JA AA and A tranches sit below AAA in a CLO's payment waterfall: more spread on offer, more exposure to downgrades and to defaults in the underlying loan pool.sec.gov
• Launched in February 2026, so the track record is short and has not yet been tested across a full credit cycle.
• Thinly traded and modest in size next to the AAA heavyweights, which can mean wider bid-ask spreads.

Full CLOC profile⁠

Full JA profile⁠