For Institutional Investors in the US

JAAA AAA CLO ETF

Provides exposure to the high-quality, floating rate CLO market in a liquid, transparent manner

NAV
$49.56
As of 05/26/2023

1-Day Change
$0.04 (0.08%)
 As of 05/26/2023

YTD Return
2.60%
As of 05/26/2023

Overview

ABOUT THIS ETF

An ETF investing in high-quality CLOs which seeks to deliver investors risk-managed access to an asset class that may provide consistent risk-adjusted returns and low correlation to traditional fixed income asset classes while exhibiting low volatility with low downgrade risk.

WHY INVEST IN THIS ETF

High-Quality Asset Class
A robust asset class during uncertain times, AAA-rated CLOs have endured through the Global Financial Crisis and the COVID-19 pandemic, eliciting growth in the CLO market.

Risk Management
AAA-rated CLOs may help diversify a traditional fixed income portfolio, while exhibiting low volatility and low downgrade risk.

Efficient ETF Structure
Provides exposure to AAA-rated CLO markets historically available only to institutional investors with the lower cost, transparency, and liquidity characteristics of the ETF structure.

Knowledge Shared

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At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

View Our Insights

PORTFOLIO MANAGEMENT

John Kerschner, CFA

John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

Nick Childs, CFA

Nick Childs, CFA

Portfolio Manager

Industry since 2003. Joined Firm in 2017.

Jessica Shill

Jessica Shill

Portfolio Manager | Securitised Products Analyst

Industry since 2017.

Performance

RETURNS (%) (As of 03/31/2023)
NAV Market Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR Since Inception
(10/16/2020)
NAV 1.45 1.45 2.32 1.68
Market Price 1.43 1.43 2.22 1.72
J.P. Morgan CLO AAA Index 1.76 1.76 3.10 2.11
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
RETURNS (%) (As of 04/30/2023)
NAV Market Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR Since Inception
(10/16/2020)
NAV 1.10 2.29 3.22 1.95
Market Price 1.12 2.39 3.32 2.04
J.P. Morgan CLO AAA Index 1.22 2.51 3.95 2.34
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
Calendar Year Returns (%)
NAV Market Price J.P. Morgan CLO AAA Index
2022 2021
NAV 0.49 1.35
Market Price 0.55 1.44
J.P. Morgan CLO AAA Index 1.05 1.40

PREMIUM/DISCOUNT HISTORY
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
05/01/202305/02/202305/05/2023$0.251298$0.000000$0.000000$0.251298
04/03/202304/04/202304/10/2023$0.234412$0.000000$0.000000$0.234412
03/01/202303/02/202303/07/2023$0.214527$0.000000$0.000000$0.214527
02/01/202302/02/202302/07/2023$0.221102$0.000000$0.000000$0.221102
12/23/202212/27/202212/30/2022$0.221207$0.000000$0.000000$0.221207
12/01/202212/02/202212/07/2022$0.215154$0.000000$0.000000$0.215154
11/01/202211/02/202211/07/2022$0.172469$0.000000$0.000000$0.172469
View Full History

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 37 - - - 4
Ultrashort Bond | Rank/Count 73/238 -/- -/- -/- 7/233
(As Of 04/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 20 - - - 4
Ultrashort Bond | Rank / Count 35/236 -/- -/- -/- 6/227

Portfolio

Index represents the J.P. Morgan CLO AAA Index

Top Holdings (As of 05/26/2023)
% of Fund
OHA Credit Funding 3 LTD|6.39043|07/02/2035, 6.39%, 07/02/35 2.94
Dryden 64 CLO Ltd|6.23171|04/18/2031, 6.23%, 04/18/31 2.12
AGL CLO 14 Ltd|6.41143|12/02/2034, 6.41%, 12/02/34 2.06
SOUND POINT CLO XVII|6.23043|10/20/2030, 6.23%, 10/20/30 2.03
Madison Park Funding XXI Ltd|5.87243|10/15/2032, 5.87%, 10/15/32 1.79
Madison Park Funding XVIII Ltd|6.20143|10/21/2030, 6.20%, 10/21/30 1.77
Octagon Investment Partners 50 Ltd|6.41029|01/15/2035, 6.41%, 01/15/35 1.75
Golub Capital Partners CLO 66B Ltd|6.92592|04/25/2036, 6.93%, 04/25/36 1.70
Shackleton 2017-XI Clo Ltd|6.41071|08/15/2030, 6.41%, 08/15/30 1.63
Cifc Funding 2014-IV-R Ltd|6.41793|01/17/2035, 6.42%, 01/17/35 1.61
View full holdings

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Portfolio Characteristics (As of 05/26/2023)
 
Number of Holdings
Debt Issues		 153
Portfolio Turnover Rate
(1-year trailing)		 32.99%
Weighted Average Maturity
(years)		 3.28
Effective Duration
(years)		 0.15
Yield to Worst
 7.24%

Yield to Worst calculation excludes cash.
Sector Allocation % OF FUND % OF FUND (As of 05/26/2023)
Regional Allocation % OF FUND % OF FUND (As of May 26, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 05/26/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of May 26, 2023)
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

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