Please ensure Javascript is enabled for purposes of website accessibility EUR AAA CLO Active Core UCITS ETF - Janus Henderson Investors - LatAm Chile PA
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For qualified investors in Chile

JCL0 EUR AAA CLO Active Core UCITS ETF

A high-quality, floating rate active ETF offering enhanced yield over investment grade corporates.

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ISIN
LU2941599081

NAV
EUR 10.46
As of 17/07/2026

JCL0
EUR AAA CLO Active Core UCITS ETF

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Overview

Quarterly update

Watch the investment team recap this quarter.

(Note: Filmed in July 2026).

Investment objective

The Fund aims to provide a return from a combination of income and capital growth over the long term by investing in an actively managed portfolio of AAA-rated collateralised loan obligations (CLOs). The Fund is actively managed with reference to the J.P. Morgan European Collateralised Loan Obligation Index AAA sub-set (€-CLOIE AAA).

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The Fund will invest at least 80% of its Net Asset Value in eligible CLOs of any maturity that are rated AAA (or equivalent by a nationally recognised ratings agency) at the time of purchase with a focus on European CLOs.
In case securities in the portfolio are downgraded below a rating of AAA (or equivalent), the Investment Manager will seek to sell the relevant securities as soon as reasonably possible, provided that it determines that it is in the best interests of investors
The Fund may invest up to:
5% of its Net Asset Value in a single CLO security
15% of its Net Asset Value in CLOs managed by an individual manager
30% of its Net Asset Value in eligible non-European focused CLOs with non-Euro denominated; securities hedged back to Euro
10% of its Net Asset Value in fixed rate securities that are hedged back to floating rate.
The Fund will not invest more than 10% of its Net Asset Value in Eligible Collective Investment Schemes.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

About this fund

The Fund aims to provide a return from a combination of income and capital growth over the long term by investing in an actively managed portfolio of AAA-rated collateralised loan obligations (CLOs).

The Fund will invest at least 80% of its Net Asset Value in eligible CLOs of any maturity that are rated AAA (or equivalent by a nationally recognised ratings agency) at the time of purchase with a focus on European CLOs.

Past performance does not predict future returns. 
 

Why CLO investing at Janus Henderson

Specialised and experienced team

Janus Henderson has a long-standing history of CLO investing, supported by a global portfolio management team that combines the expertise of securitised and loan specialists.

Disciplined investment process

Rigorous CLO manager due diligence and portfolio construction seeking to deliver optimal risk-adjusted returns through different market environments.

Global CLO platform

Scale and expertise seeking to offer competitive investor advantages, from deep market access to efficient execution.

Portfolio characteristics

(As of 30/06/2026)

EUR Acc.
Number of holdings: 86
Average CLO rating: AAA
Current yield (%) (EUR): 3.64
Yield to maturity (EUR) (based on cash rates): 3.70
Spread to maturity (%): 1.26
Yield to maturity (EUR) (based on forward rates): 3.81
Effective interest rate duration (years): 0.24
Weighted average life (years): 4.92
EUR Dist.
Number of holdings: 86
Average CLO rating: AAA
Current yield (%) (EUR): 3.64
Yield to maturity (EUR) (based on cash rates): 3.70
Spread to maturity (%): 1.26
Yield to maturity (EUR) (based on forward rates): 3.81
Effective interest rate duration (years): 0.24
Weighted average life (years): 4.92
USD-Hedged Acc
Number of holdings: 86
Average CLO rating: AAA
Yield to maturity (USD): 5.18
Current yield (%) (USD): 5.12
Spread to maturity (%): 1.26
Effective interest rate duration (years): 0.24
Weighted average life (years): 4.92
GBP-Hedged Dist.
Number of holdings: 86
Average CLO rating: AAA
Yield to maturity (GBP): 5.23
Current yield (%) (GBP): 5.17
Spread to maturity (%): 1.26
Effective interest rate duration (years): 0.24
Weighted average life (years): 4.92
CHF-Hedged-Acc.
Number of holdings: 86
Average CLO rating: AAA
Yield to maturity (CHF): 1.46
Current yield (%) (CHF): 1.40
Spread to maturity (%): 1.26
Effective interest rate duration (years): 0.24
Weighted average life (years): 4.92

Listings Information

Exchange Ticker Currency SEDOL WKN Bloomberg Ticker RIC
SIX Swiss Exchange (Small- & Medium-Caps) - SW JCL0 SE EUR BTZML66 A40VNF JCL0 SE EQUITY JCL0.S
Borsa Italiana JCL0 IM EUR BPBKMP2 A40VNF JCL0 IM EQUITY JCL0.IM
Xetra JCL0 GY EUR BSY3JH0 A40VNF JCL0 GY EQUITY JCL0.GY
London Stock Exchange JCLG LN GBP BTJQX57 A40VNF JCLG LN EQUITY JCLG.L

Portfolio Management

Denis Struc

Portfolio Manager

Industry since 2005. Joined Firm in 2010.

Ian Bettney

Portfolio Manager

Industry since 2000. Joined Firm in 2005.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 30/06/2026
EUR Acc (Net) JPM Euro Collater Loan Oblig AAA TR
 
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
18/12/2024
EUR Acc (Net) 0.30 1.55 3.18 - - - 3.42
JPM Euro Collater Loan Oblig AAA TR 0.36 1.72 3.56 - - - 3.68
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Calendar Year Returns (%)
As of 30/06/2026
EUR Acc (Net) JPM Euro Collater Loan Oblig AAA TR
YTD 2025 Performance Inception
EUR Acc (Net) 1.55 3.47 0.19
JPM Euro Collater Loan Oblig AAA TR 1.72 3.73 0.15
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.

Recommended holding period 5 Years

Example Investment: EUR 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs8,900 EUR8,980 EUR
Average return each year-11.05%-2.14%
UnfavourableWhat you might get back after costs9,030 EUR9,280 EUR
Average return each year-9.72%-1.48%
ModerateWhat you might get back after costs10,110 EUR10,580 EUR
Average return each year1.05%1.14%
FavourableWhat you might get back after costs10,930 EUR12,280 EUR
Average return each year9.26%4.19%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 2 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 30/06/2026
EUR Acc (Net) JPM Euro Collater Loan Oblig AAA TR
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.

Growth of a Hypothetical Investment

EUR Acc (Net) JPM Euro Collater Loan Oblig AAA TR
Fee Information
Annual Charge 0.25%
Ongoing Charge
(As of ) 		-
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

A single All-in-Fee expressed as a total expense ratio ("Total Expense Ratio/TER" or "Annual Management Charge/AMC") is payable out of the assets of the relevant Fund for all ongoing fees and expenses. Further information can be found in section "Fees, Charges and Expenses" section of the Prospectus and/or Fund Supplement to the Prospectus.

Portfolio

Top Holdings (As of 30/06/2026)
% of Fund
Apna Park Clo DAC 3.691% 2038 (APNAP 1X A) 3.14
Avoca Clo Xxx DAC 3.484% 2039 2.97
CVC Cordatus Loan Fund XVI DAC 3.32% 2039 (CORDA 16X AR) 2.75
Palmer Square European Clo 2026-1 DAC 3.399% 2039 (PLMER 2026-1X A) 2.68
Cairn CLO 3.504% 2039 (CRNCL 2024-19X A) 2.62
Aurium CLO VII DAC 3.554% 2038 (ACLO 7X AR) 2.60
Ares European Clo XVI DAC 3.312% 2038 (ARESE 16X ARR) 2.54
Penta CLO 16 DAC 3.518% 2039 2.38
Voya Euro CLO VIII DAC 3.484% 2039 (VOYE 8X A) 2.38
Fidelity Grand Harbour Clo 2024-1 DAC 3.514% 2038 (FICLO 2024-1X A) 2.16
TOTAL 26.23
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Documents

Related Insights

Differentiated insights are central to our investment approach.

When supply returns: Navigating a broader securitised opportunity set
24 Jul 2026

When supply returns: Navigating a broader securitised opportunity set

Strong issuance is transforming European securitised markets. New opportunities are emerging across CMBS and CLOs, alongside greater differentiation between collateral, deals and in CLOs, managers.

Read More

EU securitisation reform marks progress, but the job is not yet done
9 Jul 2026
Timely & Topical

EU securitisation reform marks progress, but the job is not yet done

EU securitisation reform could boost lending, growth, and investor participation, but success depends on getting rules on sanctions, due diligence, market access, and capital treatment right.

Read More

JH Explorer: Takeaways from the Global ABS conference in Barcelona
30 Jun 2026
Timely & Topical

JH Explorer: Takeaways from the Global ABS conference in Barcelona

We explore where securitised markets still offer value, as resilient fundamentals meet tighter valuations and greater need for selectivity.

Read More

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Losses could be incurred if a counterparty became unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Derivatives may be used with the aim of reducing risk or managing the portfolio more efficiently. However, this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • The performance of the sub-fund’s investments in CLOs will depend in part upon the performance and operational effectiveness of the managers of the CLOs. The sub-fund will invest in CLOs which are subject to management and performance fees charged by the managers of the CLOs. These are in addition to the fees charged to the sub-fund.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital. If this happens or the market perceives this may happen, the value of the bond will fall.
  • Repayments from underlying loans are used to repay CLO securities after a specified period, but the timing is uncertain. Faster repayments can lead to early prepayment of securities trading above par, causing mark-to-market losses and forcing reinvestment at lower yields, reducing income. Slower repayments extend maturity, which can also result in losses. CLOs and callable securities may be redeemed early by issuers or equity holders, creating reinvestment challenges and potential income decline.
  • Securities could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • Collateralised Loan Obligations (CLOs) are investments backed by pools of corporate loans. They carry risks from both the loans and the structure of the CLO. Risk varies by tranche, and credit ratings are not guarantees— even highly rated tranches can lose value in stressed markets. Key risks include liquidity, interest rate changes, credit defaults, and uncertainty around repayments.
  • Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.

  • Information on compliance with EU Sustainability related disclosures can be found here.

  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
  • The Legal Entity Identifier for this product is 636700D2XS6NC5COQS63.

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