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For Individual Investors in the US

JAAA AAA CLO ETF

JAAA focuses on the highest-quality AAA rated collateralized loan obligations (CLOs) to offer potential for attractive returns with a conservative risk profile

NAV
$50.59
As of 10/20/2026

1-Day Change
$0.01 (0.00%)
 As of 10/20/2026

Morningstar Rating

As of 09/30/2026

Morningstar Medalist Rating ™

Morningstar methodology and disclosures
Bronze Morningstar Analyst Rating
As of 08/21/2026

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.

*Designations

NAIC 1.B (2026 preliminary)

Portfolio Management

John Kerschner, CFA

Global Head of Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

Nick Childs, CFA

Head of US Securitized & Quantitative Fixed Income | Portfolio Manager

Industry since 2003. Joined Firm in 2017.

Performance

RETURNS (%) (As of 09/30/2026)
Nav Market-Price J.P. Morgan CLO AAA Index
 
Returns (%)
Fund or index 3M YTD 1YR 3YR 5YR Since Inception
(10/17/2020)
Nav 1.15 3.45 4.68 6.11 5.02 4.54
Market-Price 1.19 3.35 4.76 6.07 5.01 4.55
J.P. Morgan CLO AAA Index 1.18 3.60 4.87 6.12 5.19 4.70
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 09/30/2026)
Nav Market-Price J.P. Morgan CLO AAA Index
 
Returns (%)
Fund or index 3M YTD 1YR 3YR 5YR Since Inception
(10/17/2020)
Nav 1.15 3.45 4.68 6.11 5.02 4.54
Market-Price 1.19 3.35 4.76 6.07 5.01 4.55
J.P. Morgan CLO AAA Index 1.18 3.60 4.87 6.12 5.19 4.70
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
Calendar Year Returns (%)
Fund or index 2025 2024 2023 2022 2021
Nav 5.18 7.41 8.58 0.49 1.35
J.P. Morgan CLO AAA Index 5.45 7.06 8.68 1.05 1.40
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.

Premium/Discount History

Growth of a Hypothetical Investment

@Nav J.P. Morgan CLO AAA Index Securitized Bond - Focused
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 09/30/2026)

RISK / REWARD
VS. JPMorgan CLOIE AAA Index		 3YR 5YR
Information Ratio -0.02 -0.56
Alpha -0.39 -0.24
Tracking Error 0.27 0.28
Beta 1.28 1.07
R-squared (%) 89.15 97.09
UP/DOWN MARKET CAPTURE (%)
JPMorgan CLOIE AAA Index		 3YR 5YR
Up Capture Ratio 99.92 98.43
Down Capture Ratio - 112.15
STANDARD DEVIATION 3YR 5YR
AAA CLO ETF 0.73 1.56
JPMorgan CLOIE AAA Index 0.56 1.44
SHARPE RATIO 3YR 5YR
AAA CLO ETF 1.91 0.70
JPMorgan CLOIE AAA Index 2.52 0.87
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
09/30/202609/30/202610/06/2026$0.2017870$0.0000000$0.0000000$0.2017870
08/31/202608/31/202609/04/2026$0.2076660$0.0000000$0.0000000$0.2076660
07/31/202607/31/202608/06/2026$0.1993660$0.0000000$0.0000000$0.1993660
06/30/202606/30/202607/07/2026$0.2003510$0.0000000$0.0000000$0.2003510
05/29/202605/29/202606/04/2026$0.1979220$0.0000000$0.0000000$0.1979220
04/30/202604/30/202605/06/2026$0.2008470$0.0000000$0.0000000$0.2008470
03/31/202603/31/202604/07/2026$0.2024260$0.0000000$0.0000000$0.2024260
View Full History

Portfolio

Index represents the J.P. Morgan CLO AAA Index

Top Holdings (As of 10/19/2026)
Holding % of Fund
KKR CLO 35 Ltd|4.92921|01/20/2038, 4.93%, 01/20/38 0.77
Madison Park Funding XXXI Ltd|4.98208|07/23/2037, 4.98%, 07/23/37 0.71
AB BSL CLO 1 Ltd|5.29249|10/15/2038, 5.29%, 10/15/38 0.70
Oaktree CLO 2019-4 Ltd|4.95921|07/20/2037, 4.96%, 07/20/37 0.70
Anchorage Capital Clo 16 Ltd|4.97921|01/19/2038, 4.98%, 01/19/38 0.67
Bear Mountain Park CLO Ltd|5.26249|07/15/2037, 5.26%, 07/15/37 0.62
Ares LXI CLO Ltd|4.93921|04/20/2037, 4.94%, 04/20/37 0.61
Madison Park Funding XXXVII Ltd|5.24249|04/15/2037, 5.24%, 04/15/37 0.56
CARLYLE US CLO 2021-8 LTD|5.31249|10/15/2038, 5.31%, 10/15/38 0.56
Madison Park Funding LIX Ltd|5.08375|04/18/2037, 5.08%, 04/18/37 0.56
View full holdings

Download

Portfolio Characteristics (As of 10/19/2026)
 
Number of Holdings
Debt Issues		 633
Portfolio Turnover Rate
(1-year trailing)		 60.99%
Weighted Average Maturity
(years)		 4.59
Effective Duration
(years)		 0.20
Yield to Worst
 5.40%
Sector Allocation % of Fund % of Fund As of 10/19/2026
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of October 19, 2026
The credit quality may total over 100% at times due to the purchase of newly issued CLOs directly from the issuers. New CLO issues may experience delayed settlement periods.

The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 10/19/2026

Documents

Related Insights

Differentiated insights are central to our investment approach.

Chart to Watch: Have CLOs justified their credit ratings?
Oct 6, 2026
Timely & Topical

Chart to Watch: Have CLOs justified their credit ratings?

Collateralized loan obligations (CLOs) have consistently shown better credit strength than their corporate counterparts.

Read More

Has the U.S. government broken the Aggregate Bond Index?
Sep 30, 2026
Timely & Topical

Has the U.S. government broken the Aggregate Bond Index?

Reflecting on the limitations of investing in Agg-like bond portfolios and proposing another approach to fixed income investing.

Read More

How exposed are CLOs to AI disruption?
Aug 31, 2026
Timely & Topical

How exposed are CLOs to AI disruption?

Considering the risks posed by AI to technology and software loans.

Read More

Frequently Asked Questions

A CLO is a managed portfolio of corporate loans that is securitized into tranches with different credit ratings and risk profiles. CLOs provide investors access to diversified pools of corporate loans through an asset class that historically was primarily available to large institutional investors.

The main difference is the type of debt involved; CLOs are backed by corporate loans, while the CDOs associated with the 2008 financial crisis were often backed by subprime mortgages. This difference in the underlying collateral has historically led to a more stable risk profile for CLOs compared to mortgage-backed CDOs.

AAA CLOs generally have floating-rate coupons that adjust as interest rates change. This floating-rate structure results in low interest-rate sensitivity, or duration, compared with traditional fixed-rate bonds. As rates rise, CLO coupon payments generally increase, which can make AAA CLOs attractive to investors seeking income while limiting exposure to interest-rate risk.

A CLO’s payment waterfall determines the order in which cash flows from the underlying loan portfolio are distributed. AAA-rated tranches have the highest payment priority and receive interest and principal before junior tranches. If the CLO experiences credit stress, structural protections can redirect cash flows toward senior tranches, while more junior tranches absorb losses first. These features provide additional protection for AAA-rated investors, although they do not eliminate risk.

AAA-rated CLOs are designed to offer low volatility and high credit stability during periods of significant market stress. They demonstrated resilience during the 2008 Global Financial Crisis, with no AAA-rated CLO defaulting or being downgraded.

JAAA is the largest CLO ETF in the world, focusing specifically on the highest-quality AAA-rated tranches to prioritize capital preservation and low volatility. It offers a level of scale and liquidity that distinguishes it within the securitized bond category.

The main risks include the credit health of the underlying companies and the potential for lower liquidity during times of extreme market volatility. While JAAA focuses on high-quality AAA tranches to maintain a conservative risk profile, all investments carry the risk of losing principal.

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