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Thursday, October 26, 2023

$4B In AUM In Three Years

Reported by Neil Anderson, Managing Editor

The team at a publicly traded fund firm is celebrating a big milestone for one of their ETFs. Citing data from Bloomberg, they note that the ETF is the largest new fixed income ETF launched in the last three years.

Earlier this month, John Kerschner, head of U.S. securitized products at Janus Henderson Investors [profile], and Nick Cherney, head of innovation, confirmed that the Janus Henderson AAA CLO ETF (JAAA on the NYSE Arca) grew to more than $4 billion in AUM before reaching its third birthday, also this month. The actively managed fund, a series of the Janus Detroit Street Trust, debuted on October 16, 2020.

JAAA had $4.33 billion in AUM as of yesterday. The ETF comes with an expense ratio of 22 basis points, which includes a two-bps fee waiver promised through February 29, 2024.

Janus Henderson Investors US serves as administrator and investment advisor to JAAA. Kertschner, Nick Childs, and Jessica Shill co-PM the fund.

"We have had an overwhelming response to JAAA from clients given the benefits of investing in CLOs including attractive yield and income, diversification and exposure to high-quality floating rate credit," Kerschner states.

Cherney notes that Janus Henderson is now the U.S.'s fifth largest active fixed income ETF provider, adding that JAAA is one of several "highly differentiated active ETFs" in Janus' "powerful and innovative" suite of ETFs.

"These products provide solutions to clients in areas of the market often overlooked or underrepresented by market indices and allow us to express our high-conviction ideas in segments that generally only offered passive investments," Cherney states.

JAAA's other service providers include: SS&C's Alps Distributors, Inc. as distributor; JPMorgan Chase Bank, N.A. as custodian, securities lending agent, and transfer agent; and PricewaterhouseCoopers LLP as independent accounting firm. 

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