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
$50.19
As of 12/08/2023

1-Day Change
$0.04 (0.08%)
 As of 12/08/2023

YTD Return
7.87%
As of 12/08/2023

Morningstar Rating

As of 11/30/2023

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.

JAAA in the news

Bloomberg recently featured Portfolio Manager John Kerschner's comments on how JAAA is dominating the CLO ETF market in terms of inflows and where he sees further opportunity in the space.

Learn more

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

Magnifying glass

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 09/30/2023)
Nav Market-Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR Since Inception
(10/16/2020)
Nav 2.55 6.19 8.80 2.97
Market-Price 2.57 6.25 8.24 3.03
J.P. Morgan CLO AAA Index 2.43 6.36 9.06 3.28
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 11/30/2023)
Nav Market-Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR 3YR Since Inception
(10/16/2020)
Nav 1.90 7.58 8.40 3.19 3.24
Market-Price 1.86 7.64 8.38 3.22 3.30
J.P. Morgan CLO AAA Index 1.90 7.78 8.59 3.47 3.54
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 J.P. Morgan CLO AAA Index
2022 2021
Nav 0.48 1.35
J.P. Morgan CLO AAA Index 1.05 1.39

PREMIUM/DISCOUNT HISTORY
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
12/01/202312/04/202312/07/2023$0.296171$0.000000$0.000000$0.296171
11/01/202312/04/202311/07/2023$0.263299$0.000000$0.000000$0.263299
10/02/202310/03/202310/06/2023$0.276399$0.000000$0.000000$0.276399
09/01/202309/05/202309/08/2023$0.274335$0.000000$0.000000$0.274335
08/01/202308/02/202308/07/2023$0.262126$0.000000$0.000000$0.262126
07/03/202307/05/202307/10/2023$0.252747$0.000000$0.000000$0.252747
06/01/202306/02/202306/07/2023$0.247984$0.000000$0.000000$0.247984
View Full History

MORNINGSTAR PERCENTILE

(As Of 09/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 3 - - - 3
Ultrashort Bond | Rank/Count 4/235 -/- -/- -/- 4/215
(As Of 11/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 5 3 - - 3
Ultrashort Bond | Rank / Count 7/236 4/215 -/- -/- 4/215

Portfolio

Index represents the J.P. Morgan CLO AAA Index

Top Holdings (As of 12/08/2023)
% of Fund
OHA Credit Funding 3 LTD|6.81743|07/02/2035, 6.82%, 07/02/35 2.16
Madison Park Funding XXI Ltd|6.73548|10/15/2032, 6.74%, 10/15/32 1.85
Signal Peak CLO 12 Ltd|6.93504|07/18/2034, 6.94%, 07/18/34 1.58
AGL Core CLO 15 Ltd|6.82743|01/20/2035, 6.83%, 01/20/35 1.49
Cifc Funding 2014-IV-R Ltd|6.83444|01/17/2035, 6.83%, 01/17/35 1.38
Zais Clo 13 Ltd|7.14548|07/15/2032, 7.15%, 07/15/32 1.36
Octagon Investment Partners 29 Ltd|6.84008|01/24/2033, 6.84%, 01/24/33 1.34
Generate Clo 13 Ltd|0|01/20/2037, 0.00%, 01/20/37 1.29
CARLYLE US CLO 2021-1 LTD|6.79548|04/15/2034, 6.80%, 04/15/34 1.28
OCP Clo 2019-17 Ltd|6.71743|07/20/2032, 6.72%, 07/20/32 1.24
View full holdings

Download

Portfolio Characteristics (As of 12/08/2023)
 
Number of Holdings
Debt Issues		 227
Portfolio Turnover Rate
(1-year trailing)		 38.24%
Weighted Average Maturity
(years)		 3.73
Effective Duration
(years)		 0.05
Yield to Worst
 7.16%
Sector Allocation % OF FUND % OF FUND (As of 12/08/2023)
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % OF FUND % OF FUND (As of December 8, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 12/08/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of December 8, 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).

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
5 reasons to add securitized assets to fixed income portfolios
Nov 9, 2023
Timely & Topical

5 reasons to add securitized assets to fixed income portfolios

Securitized sectors might play a key role for bond investors amid a higher interest rate environment.

8 min read

Global Perspectives: Demystifying securitized fixed income
Oct 25, 2023
Features & Outlooks

Global Perspectives: Demystifying securitized fixed income

Dissecting the securitized subset of the fixed income market and where we see the strongest opportunities ahead.

35 min read

Balancing yield and duration: The fixed income barbell trade
Sep 21, 2023
Timely & Topical

Balancing yield and duration: The fixed income barbell trade

How bond investors can take advantage of higher short-term yields while still managing duration exposure.

8 min read