CLOC vs PSQA

CLOCBAAM Crescent CLO ETF

PSQACPalmer Square CLO Senior Debt 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.

PSQA The index fund in a category of hand-picked portfolios. PSQA tracks Palmer Square's own CLO Senior Debt Index, a daily CLO benchmark since 2015, holding senior tranches rated AAA or AA at issuance.

Stated mandate

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

PSQA The Fund seeks to track, before fees and expenses, the price and yield performance of the Palmer Square CLO Senior Debt Index.

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.

• PSQA Passive where the category leans active: it follows a published rulebook for senior CLO debt rather than a manager's tranche-by-tranche calls, as rivals like CLOA do.sec.gov
• It tracks the house benchmark: Palmer Square launched the CLO Senior Debt Index on May 29, 2015, among the first broadly distributed daily CLO benchmarks, now subscribed to worldwide.prnewswire.comyahoo.com
• Fee is 0.21%, with no waiver propping it up. That sits near the category median and within a hair of PAAA (0.19%), JAAA and CLOA (0.20%).
• Scope is the top of the structure: index constituents are CLO debt rated AAA or AA at issuance, the tranches that get paid first.sec.gov

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.

• PSQA Young fund: it listed in September 2024, so the record is short and has not yet run through a full credit cycle.
• The AA allowance puts part of the portfolio a notch below the AAA-only lineup (JAAA, CLOA, PAAA), which means a step up in credit risk.sec.gov
• Fidelity's FAAA and FCLO currently charge 0.00% under waivers running through January 31, 2027, so PSQA's 0.21% is the costlier seat while those waivers last.

Full CLOC profile⁠

Full PSQA profile⁠