CLOC vs JBBB

CLOCBAAM Crescent CLO ETF

JBBBCJanus Henderson B-BBB 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.

JBBB Most CLO ETFs stop at AAA. JBBB deliberately goes down the stack to BBB+ through B- tranches: floating-rate income with real credit risk attached, from the same Janus Henderson shop that runs its AAA sibling.

Stated mandate

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

JBBB The fund seeks capital preservation and current income through floating-rate exposure to collateralized loan obligations generally rated from BBB+ through B-.

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.

• JBBB The mezzanine option in a shelf full of AAA funds. While category leaders JAAA, CLOA and PAAA buy top-of-stack paper, JBBB targets CLOs rated BBB+ through B-.janushenderson.com
• CLO coupons float with short-term rates, so interest-rate duration is minimal. Stated goals are capital preservation and current income, and it pays monthly.
• Spread across roughly 220 positions inside a multi-billion-dollar, moderately traded fund, running as a standard 1940 Act ETF since January 2022.

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.

• JBBB 0.47% a year, close to double the 0.25% median for CLO funds and the roughly 0.20% the large AAA rivals charge.
• BBB+ to B- tranches sit further down the credit ladder than the AAA paper most peers hold. More credit risk is the point, not an accident.
• Floating rate cuts both ways: as short-term rates move lower, the coupons the portfolio collects reset lower with them.

Full CLOC profile⁠

Full JBBB profile⁠