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Trending ETFs

Name

As of 06/17/2024

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 B-BBB CLO ETF

JBBB | Active ETF

$49.05

$619 M

7.67%

$3.76

0.50%

Vitals

YTD Return

5.4%

1 yr return

16.4%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$619 M

Holdings in Top 10

27.1%

52 WEEK LOW AND HIGH

$49.0
$45.64
$49.26

Expenses

OPERATING FEES

Expense Ratio 0.50%

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 06/17/2024

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 B-BBB CLO ETF

JBBB | Active ETF

$49.05

$619 M

7.67%

$3.76

0.50%

JBBB - Profile

Distributions

  • YTD Total Return 5.4%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 7.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Janus Henderson B-BBB CLO ETF
  • Fund Family Name
    Janus Henderson Funds
  • Inception Date
    Jan 11, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Kerschner

Fund Description

The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in CLOs of any maturity that are rated between and inclusive of BBB+ and B- (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. However, as part of such investment, the Fund will not invest more than 15% of its net assets in CLOs rated below investment grade (BB+ or lower) at the time of purchase by the Fund, or if unrated, determined to be of comparable credit quality by the Adviser. Additionally, no CLO, at the time of purchase by the Fund, will have a rating that is below B- (or equivalent by an NRSRO) or, if unrated, determined to be of comparable credit quality by the Adviser. For purposes of the Fund’s investment policies, CLOs are floating 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.

The Fund may invest up to 10% of its net assets: i) directly in CLOs with a rating above BBB+ at the time of purchase by the Fund, or if unrated, determined to be of comparable credit quality by the Adviser; or ii) in affiliated exchange-traded funds (“ETFs”), including the Janus Henderson AAA CLO ETF, which provide exposure to CLOs rated above BBB+. 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. 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.

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 may invest in derivatives only to mitigate (hedge) 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 currency forward contracts or futures contracts to hedge any foreign currency exposure back to the U.S. dollar. 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.

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JBBB - Performance

Return Ranking - Trailing

Period JBBB Return Category Return Low Category Return High Rank in Category (%)
YTD 5.4% -6.9% 6.5% N/A
1 Yr 16.4% -14.7% 23.8% N/A
3 Yr N/A* -8.2% 56.8% N/A
5 Yr N/A* -8.1% 29.5% N/A
10 Yr N/A* -5.2% 13.8% N/A

* Annualized

Return Ranking - Calendar

Period JBBB Return Category Return Low Category Return High Rank in Category (%)
2023 7.5% -22.9% 5.5% N/A
2022 N/A -6.3% 5.5% N/A
2021 N/A -7.9% 57.4% N/A
2020 N/A -2.1% 5.5% N/A
2019 N/A -4.2% 12.9% N/A

Total Return Ranking - Trailing

Period JBBB Return Category Return Low Category Return High Rank in Category (%)
YTD 5.4% -6.9% 6.5% N/A
1 Yr 16.4% -14.7% 24.7% N/A
3 Yr N/A* -8.2% 56.8% N/A
5 Yr N/A* -8.1% 29.5% N/A
10 Yr N/A* -5.2% 13.8% N/A

* Annualized

Total Return Ranking - Calendar

Period JBBB Return Category Return Low Category Return High Rank in Category (%)
2023 16.9% -22.9% 5.5% N/A
2022 N/A -6.3% 5.5% N/A
2021 N/A -7.9% 57.4% N/A
2020 N/A -2.1% 5.5% N/A
2019 N/A -4.2% 12.9% N/A

JBBB - Holdings

Concentration Analysis

JBBB Category Low Category High JBBB % Rank
Net Assets 619 M 25 M 13.1 B 94.91%
Number of Holdings 82 12 1447 93.77%
Net Assets in Top 10 51.8 M -191 M 2.54 B 81.64%
Weighting of Top 10 27.09% 4.6% 91.9% 10.30%

Top 10 Holdings

  1. CARLYLE US CLO Ltd., Series 2023-4A, Class D 4.03%
  2. AIMCO CLO, Series 2018-BA, Class D 3.14%
  3. 522 Funding CLO Ltd., Series 2020-6A, Class DR 3.07%
  4. TCI-Flatiron CLO Ltd., Series 2017-1A, Class D 2.88%
  5. Dryden 98 CLO Ltd., Series 2022-98A, Class D 2.81%
  6. Neuberger Berman Loan Advisers NBLA CLO 53 Ltd., Series 2023-53A, Class D 2.63%
  7. Bain Capital Credit CLO Ltd., Series 2021-2A, Class D 2.61%
  8. Rockford Tower CLO Ltd., Series 2020-1A, Class D 2.09%
  9. Carlyle US CLO Ltd., Series 2021-7A, Class C 1.92%
  10. PPM CLO Ltd., Series 2018-1A, Class D 1.90%

Asset Allocation

Weighting Return Low Return High JBBB % Rank
Bonds
95.09% 28.71% 161.82% 7.54%
Cash
4.91% -61.90% 58.61% 87.54%
Stocks
0.00% 0.00% 51.23% 83.28%
Preferred Stocks
0.00% -3.99% 1.54% 39.02%
Other
0.00% -54.21% 26.58% 56.39%
Convertible Bonds
0.00% 0.00% 5.51% 51.15%

Bond Sector Breakdown

Weighting Return Low Return High JBBB % Rank
Cash & Equivalents
1.85% 0.00% 58.41% 87.83%
Derivative
0.00% 0.00% 7.03% 29.28%
Securitized
0.00% 0.00% 96.93% 0.33%
Corporate
0.00% 0.00% 99.80% 99.34%
Municipal
0.00% 0.00% 0.47% 14.14%
Government
0.00% 0.00% 5.93% 31.25%

Bond Geographic Breakdown

Weighting Return Low Return High JBBB % Rank
US
95.09% 14.05% 128.54% 96.72%
Non US
0.00% 0.00% 84.20% 1.64%

JBBB - Expenses

Operational Fees

JBBB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.50% 0.03% 7.31% 98.10%
Management Fee 0.49% 0.00% 1.89% 10.16%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

JBBB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 3.00% N/A

Trading Fees

JBBB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

JBBB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 3.00% 215.00% N/A

JBBB - Distributions

Dividend Yield Analysis

JBBB Category Low Category High JBBB % Rank
Dividend Yield 7.67% 0.00% 9.41% 89.59%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

JBBB Category Low Category High JBBB % Rank
Net Income Ratio N/A 1.56% 10.22% N/A

Capital Gain Distribution Analysis

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

Distributions History

View More +

JBBB - Fund Manager Analysis

Managers

John Kerschner


Start Date

Tenure

Tenure Rank

Jan 11, 2022

0.38

0.4%

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

Jan 11, 2022

0.38

0.4%

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
0.09 23.43 6.03 3.25