Alternative Access First Priority CLO Bond ETF (AAA)
ARCA ARCA Primary 
CXA Summary
AAA Chart
Janus Henderson AAA CLO ETF Q2 2025 Commentary
AAA CLOs continue to offer attractive yields and strong risk-adjusted returns, especially in a higher-for-longer interest rate environment. The fund delivered a 1.52% quarterly return, slightly trailing the J.P. Morgan CLO AAA Index due to security selection, but benefited from spread duration positioning. Robust U.S. economic data, resilient labor markets, and easing trade tensions support a positive outlook for CLO spreads and ongoing investor demand.
PAAA: A Fantastic ETF To Access Income-Generating CLOs
PAAA offers an ideal, low-risk way to access AAA CLOs, combining consistent income, capital appreciation, and strong outperformance versus peers and benchmarks. The ETF boasts lower fees, higher returns, and greater liquidity than competitors, making it a robust core or income-generating portfolio holding. AAA CLOs historically have zero defaults, floating rates, and higher yields than Treasuries, but investors should be aware of price volatility and spread compression risks.
RAAA: A New And Exciting Leveraged AAA CLO Fund From Reckoner
Reckoner Leveraged AAA CLO ETF (RAAA) is the first ETF to offer leveraged exposure to the stable AAA CLO asset class. The fund is managed by an experienced team, notably John Kim, with a strong track record in CLO ETF management. RAAA aims to enhance yield by actively applying leverage, potentially offering a 60 bps excess spread over established funds like JAAA.
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Alternative Access First Priority CLO Bond ETF Profile
| ARCA Exchange | US Country |
Overview
The fund is an actively-managed exchange-traded fund (ETF) that primarily focuses on investing in AAA rated first priority debt tranches of U.S. dollar-denominated collateralized loan obligations (CLOs). It operates with flexibility in terms of the maturity of the CLOs it invests in, encompassing a range from short to long-term maturities. The fund's strategy is not constructed to mimic the performance of any specific index, but rather to capitalize on the active management team's assessment of the best investment opportunities within the CLO market. The mandate to invest at least 80% of its net assets, plus any borrowings for investment purposes, into AAA rated CLOs, underlines the fund's risk-averse focus towards high credit quality investments. This ETF offers investors exposure to the CLO market, specifically targeting the most secure tranches of these securities, which can cater to investors seeking income with a moderate level of risk.
Products and Services
- AAA Rated First Priority Debt Tranches Investment
This service refers to the fund's primary investment strategy, which focuses on allocating the majority of its resources into the highest quality (AAA rated) first-priority debt tranches of collateralized loan obligations. These investments are selected from the U.S. dollar-denominated CLO market, showcasing a preference for securities that offer a balance of safety and returns. The decision to invest in these high-grade tranches is indicative of the fund's conservative approach, prioritizing capital preservation while still seeking to generate income for its investors.
- Actively-Managed CLO ETF
As an actively-managed exchange-traded fund, this product offers investors professional management of their CLO exposure. The management team actively selects and adjusts the portfolio's holdings, aiming to capitalize on the best available investment opportunities within the CLO sector. Unlike passive funds that track an index, this actively-managed ETF relies on the expertise of its managers to outperform the market or achieve specific investment objectives. This active management approach allows for a dynamic investment strategy that can adapt to changing market conditions and opportunities in the CLO market.
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