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Name

As of 06/12/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Janus Henderson AAA CLO ETF

JAAA | Active ETF

$50.60

$27.3 B

4.70%

$2.38

0.20%

Vitals

YTD Return

1.9%

1 yr return

5.0%

3 Yr Avg Return

6.7%

5 Yr Avg Return

4.8%

Net Assets

$27.3 B

Holdings in Top 10

10.3%

52 WEEK LOW AND HIGH

$50.6
$50.37
$50.82

Expenses

OPERATING FEES

Expense Ratio 0.20%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 06/12/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Janus Henderson AAA CLO ETF

JAAA | Active ETF

$50.60

$27.3 B

4.70%

$2.38

0.20%

JAAA - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return 6.7%
  • 5 Yr Annualized Total Return 4.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Janus Henderson AAA CLO ETF
  • Fund Family Name
    Janus Henderson Funds
  • Inception Date
    Oct 16, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Kerschner

Fund Description

p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zy5nrgVgiHSv" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund pursues its investment objective by investing, under normal circumstances, at least 90% of its net assets (plus any borrowings made for investment purposes) in CLOs of any maturity that are rated AAA (or equivalent by a nationally recognized statistical rating organization (“NRSRO”)) at the time of purchase, or if unrated, determined to be of comparable credit quality by the Adviser. For purposes of the Fund’s investment policies, CLOs are floating- or fixed-rate debt securities issued in different tranches, with varying degrees of risk, by a trust or other special purpose vehicle and backed by an underlying portfolio consisting primarily of below investment grade corporate loans. Such loans may include domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, which may individually be rated below investment grade or the equivalent if unrated. The underlying loans are selected by a CLO’s manager. Under normal market conditions, the Fund will seek to maintain a minimum of 80% of its portfolio in AAA-rated CLOs. After purchase, a CLO may have its rating reduced below the minimum rating required by the Fund for purchase. In such cases, the Fund will/span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"consider whether to continue to hold the CLO. The Fund may temporarily deviate from the 80% policy while deploying new capital as the result of cash creation or redemption activity, or during unusual market conditions, or highly unusual market conditions such as a downgrade in the rating of one or more CLOs./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund may invest its remaining assets in other high-quality CLOs with a minimum rating of A- at the time of purchase or if unrated, determined to be of comparable credit quality by the Adviser. No CLO, at the time of purchase by the Fund, will have a rating that is below A- (or equivalent by an NRSRO). An NRSRO is a credit rating agency that is registered with the Securities and Exchange Commission (“SEC”) that issues credit ratings that the SEC permits other financial firms to use for certain regulatory purposes./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund will only invest in CLOs with a minimum initial total offering size of $250 million and minimum initial senior AAA tranche size of $100 million./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund will invest primarily in CLOs that are U.S. dollar denominated. However, the Fund may from time to time invest up to 30% of its net assets in CLOs that are denominated in foreign currencies. To the extent the Fund invests in non-U.S. dollar denominated securities, it will seek to hedge its exposure to foreign currency to U.S. dollars, as described more fully below./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund may purchase CLOs both in the primary and secondary markets./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund will not invest more than 5% of its portfolio in any single CLO, and will not invest more than 15% of its portfolio in CLOs managed by a single CLO manager./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund will limit its investment in fixed-rate CLOs to a maximum of 10% of its net assets./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund may invest in derivatives. Derivatives are instruments that have a value derived from, or directly linked to, an underlying reference asset, such as fixed-income securities, interest rates, currencies, or market indices. The Fund's use of derivatives will be limited to (i) currency forward contracts or futures contracts to hedge any foreign currency exposure back to the U.S. dollar, (ii) interest rate swaps or interest rate futures to hedge exposure in fixed-rate CLOs to a floating-rate, in accordance with the Fund's investment objective, and (iii) total return swaps in accordance with the Fund's investment objective. The Fund will limit total return swaps to no more than 10% of its net assets valued at notional value. Derivatives will not be used for any other purposes./span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"Portfolio management applies a “bottom up” approach to selecting investments to purchase and sell. This means that portfolio management looks at securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. /span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"Portfolio management’s analysis with respect to security selection includes due diligence of CLO managers to discern each manager’s investment process, credit sector analysis, risk appetite, approach to risk management, and corporate governance. Additional factors, such as the CLO manager’s tenure and track record in the CLO market, issuance record and secondary market trading frequency, assist in portfolio management’s analysis of both quality and liquidity. Under normal circumstances, the Fund will generally sell or dispose of its portfolio investments to take advantage of mispricing in the secondary market or when, in the opinion of the Adviser, the initial investment thesis changes with respect to a particular security or CLO manager, including as the result of changing market conditions. /span/p p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"span style="-sec-ix-redline: true" /span/p p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"span style="-sec-ix-redline: true"The Fund is “actively-managed” and, thus, does not seek to replicate the performance of a specified index. Accordingly, portfolio management has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective. /span/p
Read More

JAAA - Performance

Return Ranking - Trailing

Period JAAA Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -4.7% 2.6% 87.12%
1 Yr 5.0% -6.1% 6.9% 69.40%
3 Yr 6.7%* -2.9% 3.7% N/A
5 Yr 4.8%* -11.1% 2.6% N/A
10 Yr N/A* -5.1% 1.5% N/A

* Annualized

Return Ranking - Calendar

Period JAAA Return Category Return Low Category Return High Rank in Category (%)
2025 -0.3% -6.4% 2.3% 10.43%
2024 0.8% -1.6% 21.9% N/A
2023 2.1% -21.0% 5.8% N/A
2022 -2.2% -9.4% 2.6% N/A
2021 0.2% -12.9% 6.1% N/A

Total Return Ranking - Trailing

Period JAAA Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -6.5% 2.6% 96.57%
1 Yr 5.0% -6.1% 6.9% 69.40%
3 Yr 6.7%* -2.9% 3.7% N/A
5 Yr 4.8%* -11.1% 2.6% N/A
10 Yr N/A* -5.1% 1.5% N/A

* Annualized

Total Return Ranking - Calendar

Period JAAA Return Category Return Low Category Return High Rank in Category (%)
2025 5.2% -6.4% 2.3% 10.43%
2024 7.4% -1.6% 21.9% N/A
2023 8.6% -21.0% 5.8% N/A
2022 0.5% -9.4% 2.6% N/A
2021 1.4% -12.9% 6.1% N/A

JAAA - Holdings

Concentration Analysis

JAAA Category Low Category High JAAA % Rank
Net Assets 27.3 B 24.5 K 19.8 B 43.39%
Number of Holdings 551 1 3396 76.35%
Net Assets in Top 10 2.69 B -200 M 16.1 B 29.05%
Weighting of Top 10 10.30% 2.6% 100.0% 33.19%

Top 10 Holdings

  1. Janus Henderson Cash Liquidity Fund LLC 2.16%
  2. OCP CLO Ltd., Series 2021-23A, Class AR 1.02%
  3. Octagon Investment Partners 51 Ltd., Series 2021-1A, Class AR 1.00%
  4. KKR CLO 35 Ltd., Series 35A, Class AR 0.99%
  5. Ares Loan Funding VIII Ltd., Series 2024-ALF8, Class A1 0.93%
  6. Anchorage Capital CLO 16 Ltd., Series 2020-16A, Class A1R2 0.91%
  7. AB BSL CLO 1 Ltd., Series 2020-1A, Class A1R2 0.88%
  8. Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class AR 0.84%
  9. Anchorage Capital CLO 17 Ltd., Series 2021-17A, Class A1R 0.79%
  10. Balboa Bay Loan Funding Ltd., Series 2021-1A, Class AR 0.77%

Asset Allocation

Weighting Return Low Return High JAAA % Rank
Bonds 		98.30% 0.00% 123.41% 13.69%
Cash 		2.16% -24.02% 100.00% 70.95%
Stocks 		0.00% 0.00% 3.35% 59.34%
Preferred Stocks 		0.00% 0.00% 0.00% 57.26%
Other 		0.00% -10.38% 3.22% 63.07%
Convertible Bonds 		0.00% 0.00% 15.25% 90.87%

Bond Sector Breakdown

Weighting Return Low Return High JAAA % Rank
Cash & Equivalents 		2.16% 0.00% 100.00% 77.59%
Derivative 		0.00% 0.00% 23.15% 65.56%
Securitized 		0.00% 0.00% 100.00% 4.56%
Corporate 		0.00% 0.00% 99.91% 95.44%
Municipal 		0.00% 0.00% 70.39% 77.18%
Government 		0.00% 0.00% 100.00% 90.04%

Bond Geographic Breakdown

Weighting Return Low Return High JAAA % Rank
US 		98.30% 0.00% 100.00% 94.19%
Non US 		0.00% 0.00% 72.88% 0.41%

JAAA - Expenses

Operational Fees

JAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.20% 0.03% 4.12% 71.55%
Management Fee 0.20% 0.00% 1.19% 48.35%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

JAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

JAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

JAAA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 369.54% 19.90%

JAAA - Distributions

Dividend Yield Analysis

JAAA Category Low Category High JAAA % Rank
Dividend Yield 4.70% 0.00% 4.70% 38.59%

Dividend Distribution Analysis

JAAA Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

JAAA Category Low Category High JAAA % Rank
Net Income Ratio N/A -1.30% 14.86% 8.19%

Capital Gain Distribution Analysis

JAAA Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

JAAA - Fund Manager Analysis

Managers

John Kerschner

Start Date

Tenure

Tenure Rank

Oct 16, 2020

1.62

1.6%

John Kerschner, CFA, is Head of U.S. Securitized Products of Janus Henderson Investors. He also performs duties as a fixed-income analyst. Mr. Kerschner joined Janus Capital in December 2010. Prior to joining Janus Capital, Mr. Kerschner was director of portfolio management at BBW Capital Advisors from 2009-2010 and the Global Head of Credit Investing for Woodbourne Investment Management from 2007-2009.Kerschner is a senior portfolio manager with Smith Breeden. Kerschner joined Smith Breeden in 1994. Mr. Kerschner holds a Bachelor of Science degree (cum laude) in Biology from Yale University and a Master of Business Administration degree from the Fuqua School of Finance at Duke University, where he was designated a Fuqua Scholar. Kerschner holds the Chartered Financial Analyst designation.

Nick Childs

Start Date

Tenure

Tenure Rank

Oct 16, 2020

1.62

1.6%

Nick Childs, CFA, joined Janus Capital in 2017. Prior to joining Janus Capital, he was a portfolio manager at Proprietary Capital, LLC from 2012 to 2016, where he managed alternative fixed income strategies specializing in MBS, absolute return investing. Mr. Childs holds a Bachelor of Science degree from the University of Denver. Mr. Childs holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.54 7.92

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