FUSI vs JAAA

FUSIBAmerican Century Ultrashort Income ETF

JAAAAJanus Henderson AAA CLO ETF

In short

FUSI Most funds in this corner of the bond market own one thing: AAA CLO tranches. FUSI casts wider, running an actively managed, ultrashort book across CLOs, commercial and residential mortgages and corporate credit, at 0.19% a year.

JAAA The AAA CLO trade in an ETF wrapper, running since 2020: floating-rate exposure to the senior slice of the corporate loan stack, aiming for capital preservation and income, at a fee below the group norm.

Stated mandate

FUSI The fund seeks current income and, secondarily, long-term capital appreciation. It invests primarily in investment-grade floating-rate securities across CLOs, commercial and residential mortgages, corporate credit, and similar structured investments, with tactical sector allocation.

JAAA The fund seeks capital preservation and current income through floating-rate exposure to high-quality AAA-rated collateralized loan obligations.

Why people hold it

• FUSI The multisector angle. Rather than AAA CLOs alone, the managers range across CLOs, commercial and residential mortgages and corporate credit, primarily investment grade, with duration kept under a year.americancentury.com
• 0.19% a year, with no waiver propping it up, below the category median and level with PAAA. Fidelity's FAAA and FCLO sit at 0.00% net, but only under waivers running through January 31, 2027.
• Pays monthly, and the stated benchmark is the Bloomberg U.S. 1-3 Month Treasury Bill Index. The yardstick here is cash, not the broad bond market.

• JAAA Costs 0.20% a year, under the typical fee in its CLO peer group, and the newer AAA CLO rivals (CLOA, FAAA, ACLO) cluster at that same number rather than undercutting it.
• Very actively traded and a multi-billion-dollar fund, which is real market depth for an asset class that mostly lives in institutional hands.
• AAA CLO tranches pay floating coupons, so income resets as short-term rates move instead of being locked in. Distributions land monthly.
• Spread across roughly 400 positions at the top AAA rung of the loan capital stack, so no single deal carries the fund. One of the stronger builds in its peer group.

Worth knowing

• FUSI The mandate shifted. Effective September 14, 2026 the fund was renamed from Multisector Floating Income to Ultrashort Income and dropped its policy of keeping at least 80% in floating-rate securities.sec.gov
• One of the smaller, lighter-traded names in a category stacked with multi-billion-dollar CLO funds, so spreads can run wider than the headline names and limit orders are the usual tool.
• Fully active with no index to replicate: the sector mix, credit calls and holdings (roughly 110 positions) come from the management team, not a published rulebook.

• JAAA Actively managed with no declared index behind it, so which deals and tranches the fund owns comes down to the manager, not a published rulebook.
• Floating rate cuts both ways: when short-term rates fall, the income these deals throw off falls with them.
• AAA is the senior rung, but it is still corporate loan credit, not Treasuries. The fund's stated aim is capital preservation, not a guarantee of it.

Full FUSI profile⁠

Full JAAA profile⁠