CLOC vs RCLY

CLOCBAAM Crescent CLO ETF

RCLYFReckoner BBB-B CLO Annual 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.

RCLY Most bond ETFs pay you monthly. RCLY is built the other way: exposure to BBB through B rated collateralized loan obligations with a stated mandate to make just one distribution a year.

Stated mandate

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

RCLY The Fund seeks total return while targeting only one dividend or distribution payment each year.

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.

• RCLY The mandate is unusual and explicit: seek total return while targeting a single dividend or distribution each year, so income lands as one annual event rather than twelve monthly ones.
• It goes down the CLO stack. The category's largest funds (JAAA, CLOA, PAAA, FAAA) concentrate on AAA tranches; this one targets BBB through B rated slices instead.
• Structurally simple: it is a wrapper on Reckoner's own BBB-B CLO ETF (RCLO), so one portfolio runs the credit exposure while this fund handles the annual payout schedule.

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.

• RCLY Costs 0.55% a year, above the CLO ETF norm: the big AAA funds in the category charge about 0.20%, and the cohort median sits near a quarter point.
• Launched in February 2026, so the track record is short, and it has been a small, lightly traded fund, which can mean wider bid-ask spreads.
• BBB-B rated tranches sit below the AAA paper most CLO ETFs hold, so moves in credit stress can be larger. And by design, cash arrives once a year, not monthly.

Full CLOC profile⁠

Full RCLY profile⁠