Janus Henderson AAA CLO ETF
Name
As of 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.4%
1 yr return
8.9%
3 Yr Avg Return
4.0%
5 Yr Avg Return
N/A
Net Assets
$6.78 B
Holdings in Top 10
14.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.22%
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 04/22/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
JAAA - Profile
Distributions
- YTD Total Return 2.4%
- 3 Yr Annualized Total Return 4.0%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 6.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameJanus Henderson AAA CLO ETF
-
Fund Family NameJanus Henderson Funds
-
Inception DateOct 16, 2020
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJohn Kerschner
Fund Description
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 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.
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.
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.
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.
The Fund may purchase CLOs both in the primary and secondary markets.
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.
The Fund will limit its investment in fixed-rate CLOs to a maximum of 10% of its net assets.
The Fund may invest in derivatives only to hedge or offset risks associated with the Fund’s existing portfolio of CLOs. Derivatives are instruments that have a value derived from, or directly linked to, an underlying 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, and (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. Accordingly, the Fund’s use of derivatives associated with currency hedging will be limited by its maximum exposure of up to 30% of its net assets in CLOs that are denominated in foreign currencies. Derivatives will not be used for any other purposes.
The Fund may invest a portion of its assets in cash or other short-term instruments, such as money market instruments or money market funds, while deploying new capital, for liquidity management purposes, managing redemptions, or for defensive purposes, including navigating unusual market conditions.
The Fund is “actively-managed” and does not seek to replicate the composition or performance of any particular index. Accordingly, portfolio management has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective. 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.
JAAA - Performance
Return Ranking - Trailing
Period | JAAA Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -4.7% | 2.6% | 87.12% |
1 Yr | 8.9% | -6.1% | 6.9% | 69.40% |
3 Yr | 4.0%* | -2.9% | 3.7% | N/A |
5 Yr | N/A* | -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 (%) |
---|---|---|---|---|
2023 | 2.1% | -6.4% | 2.3% | 10.43% |
2022 | -2.2% | -1.6% | 21.9% | N/A |
2021 | 0.2% | -21.0% | 5.8% | N/A |
2020 | N/A | -9.4% | 2.6% | N/A |
2019 | N/A | -12.9% | 6.1% | N/A |
Total Return Ranking - Trailing
Period | JAAA Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -6.5% | 2.6% | 96.57% |
1 Yr | 8.9% | -6.1% | 6.9% | 69.40% |
3 Yr | 4.0%* | -2.9% | 3.7% | N/A |
5 Yr | N/A* | -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 (%) |
---|---|---|---|---|
2023 | 8.6% | -6.4% | 2.3% | 10.43% |
2022 | 0.5% | -1.6% | 21.9% | N/A |
2021 | 1.4% | -21.0% | 5.8% | N/A |
2020 | N/A | -9.4% | 2.6% | N/A |
2019 | N/A | -12.9% | 6.1% | N/A |
JAAA - Holdings
Concentration Analysis
JAAA | Category Low | Category High | JAAA % Rank | |
---|---|---|---|---|
Net Assets | 6.78 B | 24.5 K | 19.8 B | 43.39% |
Number of Holdings | 264 | 1 | 3396 | 76.35% |
Net Assets in Top 10 | 870 M | -200 M | 16.1 B | 29.05% |
Weighting of Top 10 | 14.43% | 2.6% | 100.0% | 33.19% |
Top 10 Holdings
- OHA Credit Funding 3 Ltd., Series 2019-3A, Class AR 1.83%
- RAD CLO 23 Ltd., Series 2024-23A, Class A1 1.66%
- Madison Park Funding XXI Ltd., Series 2016-21A, Class AARR 1.56%
- Ares LXI CLO Ltd., Series 2021-61A, Class A 1.49%
- BlueMountain CLO XXXII Ltd., Series 2021-32A, Class A 1.45%
- Symphony CLO XVIII Ltd., Series 2016-18A, Class A1RR 1.34%
- Signal Peak CLO 12 Ltd., Series 2022-12A, Class A1 1.33%
- KKR CLO 43 Ltd., Series 2022-43A, Class A1R 1.33%
- AGL Core CLO 15 Ltd., Series 2021-15A, Class A1 1.27%
- CIFC Funding Ltd., Series 2014-4RA, Class A1AR 1.17%
Asset Allocation
Weighting | Return Low | Return High | JAAA % Rank | |
---|---|---|---|---|
Bonds | 103.71% | 0.00% | 123.41% | 13.69% |
Cash | 0.24% | -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 | 0.24% | 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 | 103.71% | 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 | 0.22% | 0.03% | 4.12% | 71.55% |
Management Fee | 0.22% | 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 | 6.20% | 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
Date | Amount | Type |
---|---|---|
Apr 05, 2024 | $0.270 | OrdinaryDividend |
Mar 07, 2024 | $0.262 | OrdinaryDividend |
Feb 07, 2024 | $0.270 | OrdinaryDividend |
Dec 29, 2023 | $0.277 | OrdinaryDividend |
Dec 07, 2023 | $0.296 | OrdinaryDividend |
Nov 07, 2023 | $0.263 | OrdinaryDividend |
Oct 06, 2023 | $0.276 | OrdinaryDividend |
Sep 08, 2023 | $0.274 | OrdinaryDividend |
Aug 07, 2023 | $0.262 | OrdinaryDividend |
Jul 10, 2023 | $0.253 | OrdinaryDividend |
Jun 07, 2023 | $0.248 | OrdinaryDividend |
May 05, 2023 | $0.251 | OrdinaryDividend |
Apr 10, 2023 | $0.234 | OrdinaryDividend |
Mar 07, 2023 | $0.215 | OrdinaryDividend |
Feb 07, 2023 | $0.221 | OrdinaryDividend |
Dec 30, 2022 | $0.221 | OrdinaryDividend |
Dec 07, 2022 | $0.215 | OrdinaryDividend |
Nov 07, 2022 | $0.172 | OrdinaryDividend |
Oct 07, 2022 | $0.150 | OrdinaryDividend |
Sep 08, 2022 | $0.153 | OrdinaryDividend |
Aug 05, 2022 | $0.105 | OrdinaryDividend |
Jul 08, 2022 | $0.089 | OrdinaryDividend |
Jun 07, 2022 | $0.062 | OrdinaryDividend |
May 06, 2022 | $0.062 | OrdinaryDividend |
Apr 07, 2022 | $0.044 | OrdinaryDividend |
Mar 07, 2022 | $0.033 | OrdinaryDividend |
Feb 07, 2022 | $0.043 | OrdinaryDividend |
Dec 30, 2021 | $0.055 | OrdinaryDividend |
Dec 07, 2021 | $0.061 | OrdinaryDividend |
Nov 05, 2021 | $0.056 | OrdinaryDividend |
Oct 07, 2021 | $0.047 | OrdinaryDividend |
Sep 08, 2021 | $0.045 | OrdinaryDividend |
Aug 06, 2021 | $0.035 | OrdinaryDividend |
Jul 08, 2021 | $0.050 | OrdinaryDividend |
Jun 07, 2021 | $0.051 | OrdinaryDividend |
May 07, 2021 | $0.051 | OrdinaryDividend |
Apr 08, 2021 | $0.052 | OrdinaryDividend |
Mar 05, 2021 | $0.052 | OrdinaryDividend |
Feb 05, 2021 | $0.053 | OrdinaryDividend |
Jan 06, 2021 | $0.066 | OrdinaryDividend |
Dec 07, 2020 | $0.064 | OrdinaryDividend |
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 |