Janus Henderson Group plc launched the Janus Henderson AA‑A CLO ETF (ticker JA) on February 19, 2026, targeting high‑quality AA‑to‑A rated collateralized loan obligations. The new ETF sits between the firm’s existing JAAA and JBBB CLO ETFs, offering investors a middle‑ground in credit quality and yield.
The launch is backed by $100 million in seed capital from Guardian Life Insurance Company of America, part of a broader partnership that added $46.5 billion in assets to Janus Henderson’s fixed‑income franchise. Guardian committed up to $400 million in seed capital for Janus Henderson’s fixed‑income product innovation, and the partnership was announced in April 2025 and completed in July 2025.
The AA‑A tranche is expected to deliver a yield to worst that sits between the 4.5% yield of AAA‑rated CLOs and the 6.2% yield of BBB‑rated CLOs, with A‑rated CLOs yielding 5.1% as of January 30 2026. While the exact yield for the AA‑A tranche has not been disclosed, the product is positioned to offer a balance of credit quality and attractive returns.
"Securitized markets are proving to be a bright spot for investors right now—offering competitive yields and diversification. JA seeks to allow investors to position portfolios for resilience and growth in an evolving economic landscape. Given the strong demand for Janus Henderson’s leading CLO ETFs, we’re excited to offer clients access to another segment of the CLO market," said John Kerschner, Global Head of Securitized Products and Portfolio Manager at Janus Henderson.
The launch comes as Janus Henderson celebrates the 10th anniversary of its ETF business, which now manages nearly $38 billion in assets as of December 31 2025. The firm’s securitized ETF lineup now includes JAAA, JBBB, JMBS, JABS, and JSI, and the new AA‑A product expands the range of credit quality options available to investors.
Janus Henderson’s broader strategy to grow its securitized ETF business is reinforced by the launch. The firm is the third‑largest active fixed‑income ETF provider globally, and the CLO market—worth roughly $1.1 trillion in assets—continues to attract new issuances of over $100 billion annually. The partnership with Guardian Life and the new product launch signal confidence in the resilience of the CLO market, where no AAA‑rated CLO has defaulted in more than three decades.
The company has also agreed to be acquired by Trian Fund Management and General Catalyst, a deal expected to close in mid‑2026. While the acquisition is unrelated to the ETF launch, it underscores Janus Henderson’s attractiveness to strategic investors and may provide additional resources to support future product development.
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