Overview
Floating-rate AAA-rated slices of collateralised loan obligations — the highest tier of securitised corporate credit, yielding over 5% with near-zero duration.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| CLO | AAA-rated CLO tranches | ~95% |
| — | Cash & equivalents | ~5% |
Fund Details
Investment Thesis
JAAA took an institutional asset class retail could never touch and made it a ticker. AAA CLO tranches have never suffered a principal loss in the asset class's three-decade history — the structure absorbs enormous loan defaults before the top tier is touched — and because coupons float with short rates, duration risk is essentially nil. The result in a high-rate world: 5%+ yield with cash-like price stability, which explains the fund's explosive growth to $28 billion.
Who It's For
Income investors who want materially more than T-bill yield without taking duration risk, and who are comfortable that 'complex' and 'risky' are not synonyms at the AAA tranche level.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | $47.48 | -- |
| 2021 | $47.72 | +0.5% |
| 2022 | $46.34 | -2.9% |
| 2023 | $47.91 | +3.4% |
| 2024 | $48.68 | +1.6% |
| 2025 | $49.12 | +0.9% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | -- |
| 2020 | 0.90% |
| 2021 | 1.10% |
| 2022 | 3.20% |
| 2023 | 6.50% |
| 2024 | 6.60% |
| 2025 | 5.35% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | -- | -- |
| 2020 | $0.10B | -- |
| 2021 | $0.31B | +210.0% |
| 2022 | $0.96B | +209.7% |
| 2023 | $3.0B | +212.5% |
| 2024 | $9.2B | +206.7% |
| 2025 | $28B | +204.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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