Average Daily Volume
8.29M
Fund Overview
The Janus Henderson AAA CLO ETF (JAAA) is an exchange-traded fund that seeks to provide investors with exposure to AAA-rated collateralized loan obligations (CLOs). CLOs are structured credit products that pool together leveraged loans and issue tranches of varying risk and return profiles. JAAA focuses exclusively on the highest-rated AAA tranches, which typically offer lower yields but greater credit stability compared to lower-rated CLO tranches. The fund aims to deliver attractive risk-adjusted returns by investing in a diversified portfolio of these senior secured floating-rate instruments. JAAA is designed for investors seeking income with relatively lower credit risk within the structured credit universe.
- Asset Class
-
Bond
- Industry
-
N/A
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 5.45 %
- Currency Hedged
-
No
- Portfolio Turnover
-
51 %
- Dividend Date
-
Why Invest in the JAAA ETF?
Potential Benefits
- Provides exposure to AAA-rated CLO tranches, which are among the most senior and secure in the capital structure.
- Offers floating-rate income, which can help mitigate interest rate risk in rising rate environments.
- Diversifies credit exposure beyond traditional corporate bonds.
- Seeks to deliver higher yields than similarly rated traditional fixed-income securities.
- Managed by Janus Henderson, an experienced fixed-income asset manager.
Potential Risks
- Subject to credit risk, though mitigated by AAA ratings and senior tranche positioning.
- Liquidity risk may be higher than traditional bond ETFs due to CLO market structure.
- Floating rate nature means income may decline if reference rates fall.
- Complexity of CLO structures may not be suitable for all investors.
- Potential for widening spreads during market stress despite AAA ratings.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+0.5%
|
-0.2%
|
+0.4%
|
+0.7%
|
+0.4%
|
+0.3%
|
+0.4%
|
+0.4%
|
+0.3%
|
0.0%
|
-
|
-
|
| 2025 |
+0.7%
|
+0.1%
|
0.0%
|
+0.1%
|
+0.9%
|
+0.4%
|
+0.5%
|
+0.5%
|
+0.4%
|
+0.4%
|
+0.4%
|
+0.6%
|
| 2024 |
+0.7%
|
+0.7%
|
+0.6%
|
+0.6%
|
+0.8%
|
+0.4%
|
+0.6%
|
+0.5%
|
+0.5%
|
+0.6%
|
+0.6%
|
+0.6%
|
| 2023 |
+1.3%
|
+0.4%
|
-0.3%
|
+1.0%
|
+0.3%
|
+0.9%
|
+1.3%
|
+0.7%
|
+0.5%
|
+0.4%
|
+0.9%
|
+0.9%
|
| 2022 |
+0.2%
|
-0.2%
|
-0.2%
|
+0.3%
|
-1.8%
|
-0.5%
|
+0.7%
|
+0.3%
|
-0.2%
|
-0.2%
|
+1.5%
|
+0.6%
|
| 2021 |
+0.2%
|
+0.4%
|
0.0%
|
0.0%
|
+0.1%
|
+0.1%
|
+0.2%
|
+0.1%
|
+0.1%
|
+0.1%
|
0.0%
|
0.0%
|
| 2020 |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
+1.0%
|
+0.2%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
No holdings data available.
Related ETFs: JAAA vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
JAAA seeks to track the performance of AAA-rated CLO tranches by investing primarily in these securities. The fund typically holds a diversified portfolio of CLOs across multiple issuers and vintages to mitigate concentration risk. JAAA focuses on floating-rate securities whose coupons adjust based on reference rates like SOFR. The portfolio managers conduct rigorous credit analysis to select CLOs with strong underlying loan collateral and structural protections. The fund is actively managed, allowing for tactical adjustments based on market conditions and relative value opportunities within the AAA CLO universe.
Frequently Asked Questions
What types of securities does JAAA hold?
JAAA primarily invests in AAA-rated tranches of collateralized loan obligations (CLOs), which are structured credit products backed by pools of leveraged loans.
How does JAAA differ from traditional bond ETFs?
Unlike traditional bond ETFs that invest in corporate or government debt, JAAA focuses on structured credit products (CLOs) that offer floating-rate payments and different risk/return characteristics.
Is JAAA suitable for conservative investors?
While JAAA invests in AAA-rated securities, the complexity and liquidity profile of CLOs may make it more appropriate for investors comfortable with specialized fixed-income products.
How does JAAA generate income?
JAAA earns income from the floating-rate coupons paid by its CLO holdings, which typically reference benchmark rates like SOFR plus a spread.
What are the main risks of investing in JAAA?
Key risks include credit risk (though mitigated by AAA ratings), liquidity risk, interest rate risk (for the floating-rate component), and the complexity of CLO structures.
Industry Overview
The collateralized loan obligation (CLO) market has grown significantly as investors seek floating-rate exposure and diversified credit risk. JAAA provides targeted access to the most senior AAA-rated tranches of CLOs, which benefit from multiple layers of credit enhancement. These instruments typically offer higher yields than similarly rated corporate bonds while maintaining strong credit profiles. The CLO market has demonstrated resilience through multiple credit cycles, though performance can vary based on underlying loan quality and economic conditions. JAAA offers a way to participate in this market segment while focusing on the highest-rated securities.
Alternative Comparison
Compared to broader senior loan ETFs like BKLN or SNLN, JAAA offers more concentrated exposure to the highest-rated segment of the leveraged loan market through CLO tranches. While funds like FLBL and CLOI also invest in CLOs, JAAA differentiates itself by focusing exclusively on AAA-rated securities, potentially offering greater credit stability. LQDH provides investment-grade corporate bond exposure but without the floating-rate feature of JAAA. JAAA's expense ratio is competitive within the structured credit ETF space, though investors should consider the tradeoff between cost and the fund's specialized focus.
Issuer Overview
Janus Henderson Investors is a global asset manager with approximately $330 billion in assets under management (as of 2025). The firm has particular expertise in fixed income and alternative credit strategies. Janus Henderson's structured credit team manages JAAA, bringing specialized knowledge of CLO markets and credit analysis to the fund's management.
Conclusion
JAAA offers a unique approach to fixed income investing by providing targeted exposure to AAA-rated CLO tranches. The fund may appeal to income-oriented investors seeking floating-rate exposure with relatively high credit quality. While the CLO market carries complexity not found in traditional bond investments, JAAA's focus on the most senior tranches helps mitigate some of these risks. As with any specialized ETF, investors should carefully consider how JAAA fits within their broader portfolio objectives and risk tolerance.
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