The folks at an $11.5-billion-AUMS*, U.S. subsidiary of a Canadian multinational are teaming up with those at a 225-person, $46-billion-AUM**, alternative credit asset manager in California. Together, the two firm's teams are rolling out an active fund that focuses on collateralized loan obligations.

Yesterday, the Advisors Asset Management, Inc. (AAM) [profile] team filed to launch the AAM Crescent CLO ETF (CLOC on the NYSE Arca, Inc.). Monument, Colorado-based AAM will serve as investment advisor to the planned ETF, while Los Angeles-based Crescent Capital Group LP will serve as subadvisor.

CLOC will come with an expense ratio of 18 basis points. That bakes in a 31bps fee waiver promised through December 31, 2026.

The PM team for CLOC, all from Crescent, will include:

John Fekete, managing director and head of tradeable credit;

James Guido, vice president, trader, and assistant portfolio manager; and

Wayne Hosang, managing director and PM.

CLOC will be an actively managed, diversified series of ETF Series Solutions. The planned ETF's other service providers will include:

Cohen & Company, Ltd. as independent accounting firm;

Morgan, Lewis & Bockius LLP as counsel;

ACA Foreside's Quasar Distributors, LLC as distributor and principal underwriter;

U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, fund accountant, and transfer agent; and

U.S. Bank National Association as custodian and securities lending agent.

*As of June 30, 2025.

**As of March 31, 2025. 

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