Janus Henderson B-BBB CLO ETF

Janus Henderson B-BBB CLO ETF (JBBB) is an actively managed fund that buys floating-rate slices of collateralized loan obligations (CLOs), mostly rated BBB. CLOs are backed by pools of loans to below-investment-grade companies. The main appeal is income: a trailing 12-month yield of 6.35%, paid monthly, as of October 27, 2026. The trade-offs are more credit risk than AAA-rated CLO funds and a 0.47% expense ratio, against a 0.08% average for similar funds.

• Over the year to Oct 27, 2026, JBBB returned +3.8%, 2nd of 8 among similar funds.
• Its worst full calendar year was 2025 (+5.4%); its best was 2023 (+17.6%).
• The deepest fall in its price history was 10.6% (Feb 9, 2022 to Sep 30, 2022), recovered by Jun 30, 2023.

As of Jul 31, 2026, the fund held 239 securities; the ten largest made up 15.29% of assets, and 3.87% sat in cash and money-market holdings.

The bonds mature in 11.6 years on average (weighted by size), with an average coupon of 6.65%.

• Over the three months to Jul 31, 2026, investors added a net $263.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.59%, +0.40%, +0.44%.

A CLO is a pool of corporate loans, mostly below investment grade, chosen by an outside CLO manager. It issues debt in layers called tranches. Senior tranches get paid first. Lower tranches take losses first and earn more interest in return. JBBB puts at least 80% of net assets in tranches rated BBB+ to B- when bought. No more than 15% can be below investment grade (BB+ or lower), and nothing can be under B-. Up to 10% can go to higher-rated CLOs or affiliated ETFs. As of July 31, 2026, its largest holding was Janus Henderson AAA CLO ETF, at 3.56%.

The fund follows no index. Its managers pick securities one at a time and check each CLO manager's process, track record and risk controls. It can put no more than 5% in any one CLO or 15% with any one CLO manager. Each deal must be at least $250 million in size. Up to 30% can be in CLOs priced in other currencies, hedged back to dollars with currency forwards. Total return swaps are capped at 10%. Portfolio turnover was 97%.

Coupons float, which means they reset with short-term interest rates. Income rises and falls with rates, while prices react mainly to worries about credit. As of July 31, 2026, the fund held 239 securities, with 15.29% in its top 10.

• JBBB charges 0.47% a year, versus an average of 0.08% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.46% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $591 over 10 years (assuming a 5% annual return).

Its main appeal is monthly income from floating-rate BBB CLO tranches, with a trailing yield of 6.35% as of October 27, 2026.

JBBB could add monthly income to a bond allocation. Its trailing 12-month yield was 6.35% as of October 27, 2026. Because it launched in January 2022, it has no record through the 2008 crisis or the 2020 crash, and it started after the 2022 bear market began. Its deepest drop, 10.6%, ran from February 9 to September 30, 2022. Recovery took nine months, to June 30, 2023. Anyone who sold during that stretch would have locked in losses. Its weakest full calendar year in the prospectus was 2025, which was still a 4.61% gain.

BBB tranches take losses before senior tranches. A deep recession with rising loan defaults could therefore hurt more than this short history shows. The SEC's standard example puts costs at $48 for the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).