For Individual Investors in the US

JAAA AAA CLO ETF

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

How to buy

NAV
$50.23
As of 09/28/2023

1-Day Change
-$0.01 (-0.02%)
 As of 09/28/2023

YTD Return
6.17%
As of 09/28/2023

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 08/31/2023)
NAV Market Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR Since Inception
(10/16/2020)
NAV 2.79 5.57 7.21 2.85
Market Price 2.92 5.68 7.53 2.93
J.P. Morgan CLO AAA Index 2.70 5.77 7.44 3.18
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 06/30/2023)
NAV Market Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR Since Inception
(10/16/2020)
NAV 2.07 3.55 6.30 2.30
Market Price 2.13 3.59 6.45 2.36
J.P. Morgan CLO AAA Index 2.04 3.83 6.71 2.68
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 0.49 1.35
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
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
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
View Full History

Portfolio

Index represents the J.P. Morgan CLO AAA Index

Top Holdings (As of 09/28/2023)
% of Fund
OHA Credit Funding 3 LTD|6.72775|07/02/2035, 6.73%, 07/02/35 2.49
Signal Peak CLO 12 Ltd|6.84989|07/18/2034, 6.85%, 07/18/34 2.00
Cifc Funding 2014-IV-R Ltd|6.73957|01/17/2035, 6.74%, 01/17/35 1.76
Octagon Investment Partners 29 Ltd|6.78718|01/24/2033, 6.79%, 01/24/33 1.71
CARLYLE US CLO 2021-1 LTD|6.70957|04/15/2034, 6.71%, 04/15/34 1.64
AGL CLO 14 Ltd|6.41143|12/02/2034, 6.41%, 12/02/34 1.46
RR 1 LLC|6.71957|07/15/2035, 6.72%, 07/15/35 1.42
Regatta XXIII Funding Ltd|6.73775|01/20/2035, 6.74%, 01/20/35 1.39
CIFC Funding 2020-III Ltd|6.71775|10/20/2034, 6.72%, 10/20/34 1.38
Dryden 75 CLO Ltd|6.60957|04/15/2034, 6.61%, 04/15/34 1.36
View full holdings

Download

Portfolio Characteristics (As of 09/28/2023)
 
Number of Holdings
Debt Issues		 180
Portfolio Turnover Rate
(1-year trailing)		 41.35%
Weighted Average Maturity
(years)		 3.70
Effective Duration
(years)		 0.05
Yield to Worst
 7.14%

Yield to Worst is a portfolio level calculation that excludes cash and cash related costs.
Sector Allocation % OF FUND % OF FUND (As of 09/28/2023)
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % OF FUND % OF FUND (As of September 28, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 09/28/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of September 28, 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

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