Janus Henderson Lists Global AAA CLO Passive Core UCITS ETF on London Stock Exchange

Janus Henderson has listed the Global AAA CLO Passive Core UCITS ETF (ISIN: LU3372002819) on the London Stock Exchange, effective 7 September 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 new fund tracks a J.P. Morgan index, charges a 0.29% TER, and broadens the asset manager’s CLO lineup with an index-tracking solution.

The fund is a passively managed exchange-traded fund investing in AAA-rated collateralised loan obligations (CLOs), with a total expense ratio (TER) of 0.29%. The launch marks a departure for the firm, which until now had built its CLO ETF range entirely around active management.

Objective and Benchmark

The fund aims to replicate the performance of the J.P. Morgan Global CLOIE AAA EU Retention Screened Index (USD Hedged) . This index is designed to measure the performance of AAA-rated, USD- and Euro-denominated CLOs that comply with the EU Securitisation Regulation.

To achieve its objective, the fund invests directly in a portfolio of eligible CLOs, screened by the investment manager to ensure compliance with European securitisation rules. The portfolio will hold a subset of the index constituents and may also include securities outside the benchmark, provided they carry a AAA rating (or equivalent from a recognised rating agency) at the time of purchase.

The fund may allocate up to 10% of its net asset value to eligible collective investment schemes. Derivatives may be used for hedging and efficient portfolio management, including managing interest rate and foreign exchange risk. For treasury or defensive purposes—such as during periods of market stress—the fund may hold bank deposits and invest in money market instruments and money market funds.

From Active to Passive: A Strategic Addition

Since launching its first US AAA CLO ETF in 2020, Janus Henderson has built a substantial franchise in this space. The strategy was brought to European investors in 2025 with the actively managed Janus Henderson Tabula EUR AAA CLO UCITS ETF (JCL0) , followed by the USD-denominated JAAA LN listing on the London Stock Exchange in March 2025. Both are run by a specialised securitised credit team with an average of around 27 years of industry experience.

The range continued to grow under the “Active Core” label: in May 2026, the firm listed seven new active UCITS ETFs in London, pushing its European active ETF platform past $1 billion in assets under management. The Global AAA CLO Passive Core UCITS ETF now introduces an index-tracking alternative for this asset class, positioning it alongside—rather than in competition with—the existing active strategies.

Context: Rising Demand for CLO ETFs

The listing comes amid growing investor appetite for CLO exposure through the ETF wrapper. Janus Henderson’s original US CLO ETF, the largest in its category, recently surpassed $30 billion in assets. Investors are drawn to CLO ETFs for their downside protection and the yield pickup they can offer relative to corporate bonds, all within a diversified, liquid structure.

AAA-rated CLO tranches sit at the top of the capital structure and are floating-rate instruments, meaning their coupons reset periodically with reference rates. This gives the asset class limited sensitivity to interest rate movements compared with fixed-rate corporate bonds of similar credit quality—a feature Janus Henderson highlights as offering “enhanced yield over investment grade corporates.”

Risks to Consider

CLOs are structured securities and carry risks distinct from conventional corporate bonds. Returns depend partly on the performance of the underlying loan collateral and the operational effectiveness of the individual CLO managers. CLO tranches are also subject to liquidity risk, interest rate risk, credit risk, call risk, and the risk of default of the underlying assets. The AAA tranche is designed to absorb losses last, but a top rating does not eliminate these underlying risks.

As with all ETFs, the market price of shares can deviate from net asset value, and investors do not redeem shares directly from the fund. Past performance of related Janus Henderson CLO strategies does not predict the future performance of this new passive fund, which has no trading history of its own.

Conclusions

The Global AAA CLO Passive Core UCITS ETF provides Janus Henderson with a passive entry point into the European AAA CLO segment, complementing its established active range. The fund is listed on the London Stock Exchange with a TER of 0.29%. Further listings on other European exchanges, if planned, had not been confirmed in the material available at the time of writing.

Source : ETFWorld.co.uk