A modular multilevel-clamped composited multilevel converter ($M-MC^2$) is proposed. $M-MC^2$ enables topology reconfiguration, power device reuse, and composited clamping. An advanced five-level converter ($5L-M-MC^2$) is derived from the concept of $M-MC^2$. $5L-M-MC^2$ integrates dual three-level T-type modules and one three-level neutral point clamped module. This converter can also integrate dual three-level T-type modules and one passive diode module by utilizing the device reuse scheme. The operation principle and SPWM modulation are discussed to highlight converter performance. The proposed $M-MC^2$ is comprehensively compared with state-of-the-art five-level converters. Finally, simulations and experimental results are presented to validate the effectiveness of the main contributions of this study.