Janus Henderson AAA CLO ETF: USD distributing share class lists on the London Stock Exchange

Janus Henderson Investors listed the USD distributing share class of the Janus Henderson Global AAA CLO Passive Core UCITS ETF on the London Stock Exchange on 4 November 2026.

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Article created by the editorial staff of ETFWorld.co.uk

Ignacio De La Maza, Head of EMEA & LatAm Client Group at Janus Henderson

The share class trades in US dollars under the ticker JCDM and ISIN LU3372002900, with a total expense ratio (TER) of 0.29%.

The fund is a passive CLO ETF. It aims to reflect the performance of an index of AAA-rated collateralised loan obligations (CLOs) denominated in US dollars and euros that comply with the EU Securitisation Regulation. The new line gives investors on the London market a distributing version of the fund alongside the accumulating USD share class already available.

London Stock Exchange listing details

According to the London Stock Exchange instrument page, the new share class has the following details:

How the passive CLO ETF works

According to Janus Henderson, the fund aims to provide a return that reflects the performance of the J.P. Morgan Global CLOIE AAA EU Retention Screened Index (USD Hedged). The index measures AAA-rated CLOs denominated in US dollars and euros that comply with the EU Securitisation Regulation.

The fund invests directly in eligible CLOs. The investment manager screens each CLO for compliance with the EU Securitisation Regulation. The portfolio holds a subset of the index constituents and may also include securities outside the index. Any non-index security must be rated AAA, or equivalent, at the time of purchase.

The fund may also:

invest up to 10% of its net asset value in eligible collective investment schemes;

use derivatives for hedging and efficient portfolio management, including to manage interest rate and currency risk;

hold bank deposits, money market instruments and money market funds for treasury management or defensive purposes.

Fund structure and share classes

The fund is structured as a SICAV with the US dollar as its base currency. Its inception date is 2 September 2026. Janus Henderson reports fund assets of USD 10.06 million as of 31 October 2026. The administrator is HSBC Securities Services Ireland DAC and the custodian is HSBC Continental Europe SA.

The fund has three share classes:

USD Acc – ISIN LU3372002819, ticker JCLM, launched on 2 September 2026;

USD Dist – ISIN LU3372002900, ticker JCDM, listed on the London Stock Exchange on 4 November 2026;

MXN Hedged Acc.

Janus Henderson classifies the fund under Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR). Its exclusion screens remove securitisations that derive more than 10% of their collateral balance from tobacco, adult entertainment, thermal coal, oil sands or Arctic drilling. The same 10% threshold applies to the revenues of the key parties of each securitisation. The fund also excludes securitisations whose key parties are in breach of the UN Global Compact principles.

Portfolio characteristics of the AAA CLO UCITS ETF

Janus Henderson published the following portfolio data for the USD Dist share class as of 30 October 2026:

CLO notes pay floating-rate coupons. This explains the effective interest rate duration of 0.26 years, which is low compared with the weighted average life of 4.16 years.

Portfolio management team

The fund is managed by:

John Kerschner, CFA – Global Head of Securitised Products and Portfolio Manager;

Denis Struc – Portfolio Manager;

Ian Bettney – Portfolio Manager;

Nick Childs, CFA – Head of US Securitized & Quantitative Fixed Income and Portfolio Manager.

Janus Henderson’s CLO ETF range in Europe

The new fund sits alongside Janus Henderson’s actively managed AAA CLO ETFs domiciled in Europe. These include the EUR AAA CLO Active Core UCITS ETF, launched in January 2025 under the ticker JCL0, and the USD AAA CLO Active Core UCITS ETF, listed on the London Stock Exchange in March 2025 under the ticker JAAA.

The Global AAA CLO Passive Core UCITS ETF differs from these funds in its index-based objective and in its combined exposure to USD and EUR CLOs, with the portfolio hedged to the US dollar at index level.

Janus Henderson describes itself as the largest CLO ETF provider globally, citing data as at 31 March 2026.

Conclusions

The listing of JCDM on 4 November 2026 adds a distributing USD share class to the Janus Henderson Global AAA CLO Passive Core UCITS ETF on the London Stock Exchange. The fund tracks an index of AAA-rated USD and EUR CLOs compliant with the EU Securitisation Regulation, with a TER of 0.29%.

The fund was launched on 2 September 2026 and reported assets of USD 10.06 million at the end of October.

Source : ETFWorld.co.uk