CLOC vs RCLR

CLOCBAAM Crescent CLO ETF

RCLRFReckoner BBB-B CLO Reinvesting 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.

RCLR Most bond funds pipe cash out on a schedule. RCLR runs the other way: it holds Reckoner's BBB-B CLO strategy and aims to minimize payouts to at most one a year, keeping income inside the fund rather than in your account.

Stated mandate

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

RCLR The Fund seeks total return while minimizing dividend or distribution payments.

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.

• RCLR Rare shape for a US bond fund: the stated goal is total return while minimizing dividend and distribution payments, with payouts limited to one a year.
• One ticket into mid-tier CLO debt: it invests through the Reckoner BBB-B CLO ETF (RCLO) instead of leaving you to source individual tranches.
• Ordinary 1940 Act fund wrapper, the same regulated structure behind mainstream ETFs, so there is no partnership paperwork attached.
• Fixed income exposure without a payout drip to redeploy, since the design retains income rather than pushing it out each month.

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.

• RCLR Costs 0.60% a year against a 0.40% median for high-yield bond ETFs, and well above index staples like SCYB at 0.03% and SPHY at 0.05%.
• Arrived in February 2026 as a small fund, so the record is short and trading has been light. Spreads can run wider than in the category's giants.
• Not the shape for spending money: distributions are deliberately minimized to at most one payment a year, so regular cash flow is not part of the design.

Full CLOC profile⁠

Full RCLR profile⁠