Janus Henderson AAA CLO

AAA-rated slices of collateralized loan obligations were an institutional-only corner of credit until JAAA packaged them for ordinary investors. The actively managed fund buys the senior, highest-rated tranches of CLOs, pooled portfolios of corporate loans where the AAA layer is first in line to get paid and last to take losses. Janus Henderson launched it in 2020 as the first AAA CLO ETF, and it has since grown into the largest fund of its kind. Because the underlying loans pay floating rates, the fund's yield rises with short-term interest rates while its price stays relatively stable, which drew heavy inflows as the Fed lifted rates. It targets capital preservation plus a yield above money-market funds and short Treasuries, appealing to conservative investors who want extra income without stepping down in credit quality.

On MyRWA, JAAA trades tokenized across 2 on-chain venues - see the listings below.