Janus Henderson Investors has launched Janus Henderson Tabula EUR AAA CLO UCITS ETF, its first active fixed income ETF in Europe.
The fund will primarily invest in European triple-A rated collateralized loan obligations*, and can invest up to 30% in non-European triple-A CLOs that are compliant with European securitized regulations. It will initially list on Xetra with the JCL0 ticker, followed by listings on the London Stock Exchange and Borsa Italiana, and will be available in all major European markets, according to the asset manager.
In terms of fees, the firm’s website indicates a total expense ratio of 0.35%. RBC Capital Markets is designated sponsor.
ETF launches by Janus Henderson had been expected since the acquisition in May 2024 of Tabula, an ETF provider in Europe. The asset manager had let it be known during the summer that — given the experience of its teams in the European CLO market — ETF launches in the CLO space were under consideration.
US CLO ETF Launched in 2020
In the US, the firm manages Janus Henderson’s JAAA, a huge CLO ETF that had USD 17.56 billion (EUR 16.9 billion) of assets under management as of Jan. 8 — up from USD 15.46 billion at the end of November, and USD 5.34 billion a year ago. This US CLO ETF launched in October 2020, and “provides access to AAA-rated CLOs historically available only to institutional investors with the lower cost, transparency, and liquidity characteristics of the ETF structure.”
Meanwhile, Fair Oaks AAA CLO ETF FAAA — the first European CLO ETF, and which is managed by Fair Oaks — started trading in September 2024. The ETF units trade on Deutsche Boerse Xetra and the London Stock Exchange, and it had €145 million of AuM as of Nov. 21. The current authorized participants of FAAA are RBC, FlowTraders, Jane Street and Jefferies.
Janus Henderson Tabula EUR AAA CLO UCITS ETF will be managed by Colin Fleury, head of secured credit, alongside Denis Struc and Ian Bettney, portfolio managers on the secured credit team.
This article was written by Jean-Marc Poilpré
- CLOs allow investments in a pool of bond interest payments from large and medium-sized companies
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.
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