Muzinich & Co launches its first European ETF focusing on CLO bonds
17 JUN, 2026
By Joanna Piwko from RankiaPro Europe
Muzinich & Co. has announced the launch of the Muzinich AAA CLO UCITS ETF, the first European listed fund from the manager specializing in public and private corporate credit. With this vehicle, the firm expands investors' access to its capabilities in loans, CLOs and short-duration investment grade fixed income strategies, in a context of increased demand for conservative and income-generating solutions.
The new ETF is designed to offer exposure to AAA-rated CLO bonds, providing a defensive positioning within the investment grade credit universe. According to the firm, the strategy seeks to give preferential and structurally protected access to diversified cash flows from loans.
The fund will feature variable rate coupons and a reduced duration, with the aim of generating stable income above that available in money markets or short-term public debt, while limiting sensitivity to interest rate movements. The portfolio will be actively managed, with a particular focus on risk control and credit selection, primarily concentrating on AAA tranches of CLOs.
In addition, the UCITS ETF format will allow investors to benefit from daily liquidity, transparency and ease of access, facilitating their integration into diversified portfolios.
Launch in a still nascent European market
The vehicle has been launched through the white label platform of Waystone, which provides a UCITS structure with regulatory supervision, risk management and operational support. For Muzinich, this framework enhances the transparency and operational efficiency of the product.
The launch takes place in an environment marked by higher official interest rates and economic uncertainty, factors that have boosted the appeal of high-quality, short-duration and income-generating assets. In parallel, the issuance of CLOs has consolidated as one of the most scalable sources of variable rate investment grade credit, reaching record levels in 2025.
Muzinich also emphasizes that the European CLO ETF market is still in an earlier stage of development than that of the United States, so management experience and execution capability will be differentiating elements. The ETF will have its initial listing center in Xetra, in Frankfurt, and will have a TER of 25 basis points.
Investors are increasingly seeking cash plus style income solutions capable of navigating in environments of higher interest rates for longer. This ETF provides access to high-quality credit, focusing on capital preservation and transparency.
Rafael Ximénez de Embún, Managing Director Iberia & Latam at Muzinich & Co
Our approach combines deep expertise in structured credit, leveraged loans, CLO structuring and a broader credit investment. This ETF allows clients to access that expertise through a simple, liquid, and transparent vehicle.
Sam McGairl, Portfolio Manager at Muzinich & Co
