Skip to content
etf.net

JA

GradeCNew York Stock Exchange Arca

Janus Henderson AA-A CLO ETF

Specialty Bonds · Janus Henderson · Inception 2026-02-18 · SEC filings

$50.30+0.01 (+0.02%)

As of Sep 23, 2026, 1:05 PM EDT

History starts Feb 19, 2026.History starts Feb 19, 2026.
Intraday session: up, 9 prints from 50.29 to 50.30. Range 50.30 to 50.31. Use the arrow keys to read each point.$50.30$50.3110 AM12 PM2 PM4 PM
Expense ratio
0.32%
Fund size
$176M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
59
Volume · 30D
0M sh
NAV per share
$50.28
52W range
low $49.85high $50.37

The ETF.net JA Grade

C

49/ 100

Rank 16 of 34 in Collateralized Loan Obligations (CLO)⁠

Confidence Medium

Six-pillar profile for JA. Scores out of 100: Cost 45, Risk 59, Mission not scored, Tradability 52, Holdings 40, Durability 55. Strongest: Risk (59). Weakest: Holdings (40). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 49 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 45
    Category rank19/34 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 59
    Category rank15/33 · top 45%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 52
    Category rank17/34 · top 50%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 40
    Category rank28/34 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 55
    Category rank18/34 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on JA

ETF.net Research

CAlmost every CLO ETF stops at AAA. JA steps one rung down the stack, actively picking AA and A rated tranches for the wider spreads they carry, and the extra credit risk that rides along.

Stated mandate

The fund seeks capital preservation and current income through an actively managed portfolio focused on high-quality AA to A rated collateralized loan obligations.

Why people hold it

  1. 01Actively managed to a plain brief: capital preservation and current income from AA to A rated CLOs. People picking tranches, not an index doing the sorting.
  2. 02Real differentiation. The cohort's heavyweights (CLOA, JAAA, PAAA, FAAA, ACLO) all park at AAA. JA is the one deliberately shopping a notch lower.
  3. 03Comes from the shop that also runs the AAA-only JAAA, so the CLO ETF machinery behind it is not brand new even if this fund is.

Worth knowing

  1. 010.32% a year, above the CLO ETF median and above the 0.19% to 0.20% charged by AAA leaders like PAAA and CLOA. You pay up for the step down the stack.
  2. 02AA and A tranches sit below AAA in the CLO waterfall, so they absorb losses earlier and move more when credit spreads widen. The book runs concentrated, a few dozen positions.
  3. 03A 2026 launch with a modest asset base and light trading, so bid-ask spreads can be wide and there is little history to judge it on.

JA Holdings

As of Sep 22, 2026, 9:29 PM
Asset class
Bonds
Holdings
59
Top-10 weight
28%
Largest holding
Whitebox CLO I Ltd AB FLTG 39, 5.51%, 07/20/392.9%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Whitebox CLO I Ltd AB FLTG 39, 5.51%, 07/20/392.89%5,000,000$5M1
002—Crown City CLO IV BR2 5.67921% 20-APR-2037, 5.68%, 04/20/372.89%5,000,000$5M1
003—Sixth Street CLO XVI CR2 5.43373% 21-JAN-2039, 5.43%, 01/21/392.88%5,000,000$5M1
004—VENTURE CLO LTD 2024-49 AB FLTG 37, 5.48%, 04/20/372.88%5,000,000$5M2
005—Tikehau US CLO VII C 5.81015% 25-FEB-2038, 5.81%, 02/25/382.83%4,900,000$5M1
006—Symphony CLO XXVIII CR 5.55217% 23-JAN-2036, 5.55%, 01/23/362.81%4,900,000$5M1
007—Ares LXII CLO CR 5.71015% 25-JAN-2034, 5.71%, 01/25/342.73%4,757,000$5M1
008—Silver Point CLO 14 C1 5.60292% 15-JAN-2039, 5.60%, 01/15/392.63%4,550,000$5M1
009—RAD CLO 22 BR 5.67921% 20-OCT-2040, 5.68%, 10/20/402.50%4,325,000$4M1
010—Apex Credit CLO 2024-I BR 5.57921% 20-APR-2036, 5.58%, 04/20/362.48%4,300,000$4M2
011—KKR CLO 32 CR2 5.583276% 15-JUL-2039, 5.49%, 07/15/392.32%4,000,000$4M1
012—Silver Point CLO 1 CR 5.62921% 20-JAN-2038, 5.63%, 01/20/382.31%4,000,000$4M1
013—Bryant Park Funding 2023-19 BR 5.35292% 15-APR-2038, 5.35%, 04/15/382.30%4,000,000$4M1
014—Atlantic Avenue 2024-3 C 5.92921% 20-JAN-2035, 5.93%, 01/20/352.30%4,000,000$4M1
015—Magnetite LII B1 5.33015% 25-JAN-2039, 5.33%, 01/25/392.30%4,000,000$4M1

Showing 1–15 of 64 holdings

JA Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

JA$10,140
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. JA $10,140. SPY $10,415. Use the arrow keys to read each point.$9,741$10,122$10,502Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for JA. Periods over one year show the average yearly return.
PeriodJA
Year to dateFund launched this year—
1 month+0.5%
3 months+1.4%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for JA
YearReturn barJA
2026 YTD+3.0%

History from Feb 19, 2026

JA in the news

ETF.net Research hasn’t filed on JA yet — coverage lands here as it’s written.

JA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.20 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 6 payments in 2026 YTD. Mar 31, 2026 $0.26; Apr 30, 2026 $0.21; May 29, 2026 $0.18; Jun 30, 2026 $0.22; Jul 31, 2026 $0.20; Aug 31, 2026 $0.20. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Aug 31, 2026Sep 4, 2026$0.20
Jul 31, 2026Aug 6, 2026$0.20
Jun 30, 2026Jul 7, 2026$0.22
May 29, 2026Jun 4, 2026$0.18
Apr 30, 2026May 6, 2026$0.21
Mar 31, 2026Apr 1, 2026$0.26

JA Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.03
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

JA Cost

Expense ratio0.32%
  • The middle half of Collateralized Loan Obligations (CLO) funds
  • Median 0.29%

18 of the 34 Collateralized Loan Obligations (CLO) funds charge less.

JA costs $32.00 a year on $10,000. The median Collateralized Loan Obligations (CLO) fund costs $29.00.