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JAAA AAA CLO ETF

Provides exposure to the high-quality, floating rate CLO market in a liquid, transparent manner

NAV
$50.58
As of 24/12/2024

1-Day Change
$0.01 (0.02%)
 As of 24/12/2024

YTD Return
7.29%
As of 24/12/2024

Morningstar Rating

As of 30/11/2024

Overview

About this ETF

For investors seeking high current income with a secondary focus on capital appreciation. JIII aims to generate higher yields than those of standard core-plus portfolios and greater diversification than single-sector, high-yield strategies.

Why Invest in this ETF

Our Team
Culture of collaboration, global integration, and respectful challenge with a research-first mentality

Disciplined Risk Budgeting
Disciplined investment process targets repeatable performance by dynamically allocating around our starting point, the structural foundation

High Conviction
Bottom-up idea generation across a diverse set of return sources, seeking to opportunistically enhance yield per unit of risk

*Designations

NAIC 1.B (2024 preliminary)

Portfolio Management

John Kerschner, CFA
John Kerschner, CFA

Head of US Securitised Products | Portfolio Manager

Industry since 1990. Joined Firm in 2010.

Nick Childs, CFA
Nick Childs, CFA

Head of Structured and Quant Fixed Income| Portfolio Manager

Industry since 2003. Joined Firm in 2017.

Jessica Shill
Jessica Shill

Portfolio Manager | Securitised Products Analyst

Industry since 2017.

Performance

RETURNS (%) (As of 30/09/2024)
Nav Market-Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR 3YR Since Inception
(01/01/1970)
Nav 1.65 5.55 7.92 4.89 4.20
Market-Price 1.63 5.53 7.85 4.89 4.23
J.P. Morgan CLO AAA Index 1.68 5.39 7.69 5.08 4.38
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
RETURNS (%) (As of 30/11/2024)
Nav Market-Price J.P. Morgan CLO AAA Index
 
3M YTD 1YR 3YR Since Inception
(01/01/1970)
Nav 1.70 6.82 7.80 5.25 4.33
Market-Price 1.72 6.79 7.74 5.27 4.36
J.P. Morgan CLO AAA Index 1.68 6.52 7.41 5.39 4.47
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
Calendar Year Returns (%)
Nav J.P. Morgan CLO AAA Index
2023 2022 2021
Nav 8.58 0.49 1.35
J.P. Morgan CLO AAA Index 8.68 1.05 1.40
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.

Premium/Discount History

Morningstar Percentile

 (As of 25/12/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 10 1 - - 3
Ultrashort Bond | Rank/Count 24/251 2/210 -/- -/- 4/208
 (As of 25/12/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 6 3 - - 3
Ultrashort Bond | Rank / Count 16/255 4/210 -/- -/- 4/204

Growth of a Hypothetical Investment

@Nav J.P. Morgan CLO AAA Index Ultrashort Bond
Source: Morningstar, Inc.
This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

Returns-Based Statistics (As of 30/11/2024)

RISK / REWARD
VS. JPMorgan CLOIE AAA Index		 3YR 5YR
Information Ratio -0.47 -
Alpha -0.20 -
Tracking Error 0.28 -
Beta 1.05 -
R-squared (%) 98.09 -
UP/DOWN MARKET CAPTURE (%)
JPMorgan CLOIE AAA Index		 3YR 5YR
Up Capture Ratio 99.79 -
Down Capture Ratio 112.15 -
STANDARD DEVIATION 3YR 5YR
AAA CLO ETF 1.93 -
JPMorgan CLOIE AAA Index 1.82 -
SHARPE RATIO 3YR 5YR
AAA CLO ETF 0.66 -
JPMorgan CLOIE AAA Index 0.77 -
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
11/01/2024 11/01/2024 11/07/2024$0.253326$0.000000$0.000000$0.253326
10/01/202410/01/202410/07/2024$0.272602$0.000000$0.000000$0.272602
09/03/202409/03/202409/09/2024$0.278872$0.000000$0.000000$0.278872
08/01/2024 08/01/2024 08/07/2024 $0.264122 $0.000000$0.000000$0.264122
07/01/202407/01/202407/08/2024$0.277478$0.000000$0.000000$0.277478
06/03/202406/03/202406/07/2024$0.255975$0.000000$0.000000$0.255975
05/01/202405/02/202405/07/2024$0.274312$0.000000$0.000000$0.274312
04/01/202404/02/202404/05/2024$0.269852$0.000000$0.000000$0.269852
View Full History

Portfolio

Index represents the J.P. Morgan CLO AAA Index

Top Holdings (As of 24/12/2024)
% of Fund
OSD CLO 2021-23 Ltd|5.552|01/17/2037, 5.55%, 01/17/37 1.63
Magnetite XXXIX Ltd|5.60211|01/25/2037, 5.60%, 01/25/37 1.59
Ares LIII CLO Ltd|0|10/24/2036, 0.00%, 10/24/36 1.57
AGL Core CLO 2 Ltd|6.0774|07/20/2037, 6.08%, 07/20/37 1.18
OCP CLO 2017-14 Ltd|6.11079|07/20/2037, 6.11%, 07/20/37 1.18
Carlyle US CLO 2021-10 LTD|0|01/20/2038, 0.00%, 01/20/38 1.07
Madison Park Funding XXX LTD|6.0073|07/16/2037, 6.01%, 07/16/37 1.01
AGL CLO 17 Ltd|5.9474|01/21/2035, 5.95%, 01/21/35 0.93
OCP Aegis CLO 2024-39 Ltd|5.71668|01/16/2037, 5.72%, 01/16/37 0.92
KKR CLO 27 LTD|5.52391|01/15/2035, 5.52%, 01/15/35 0.89
View full holdings

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Portfolio Characteristics (As of 23/12/2024)
 
Number of Holdings
Debt Issues		 437
Portfolio Turnover Rate
(1-year trailing)		 28.60%
Weighted Average Maturity
(years)		 5.05
Effective Duration
(years)		 0.15
Yield to Worst
 5.81%
Sector Allocation % of Fund % of Fund As of 23/12/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Fund As of 12/23/2024
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 12/23/2024
Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 23/12/2024

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