What type of debt instruments are AAA rated CLOs

AAA rated CLOs are securitised debt instruments that have received the highest possible credit rating. These securities are structured to minimise risk for investors by prioritising payments. While they generally offer higher yields than government bonds, they carry risks associated with underlying loan performance and credit downgrades, unlike risk-free sovereign debt.

What are Ultra-Short Term Treasury Bonds?

Ultra-short term Treasury Bonds are debt obligations issued by governments with maturities of less than one to three years. They are considered low-risk because they are backed by the full faith and credit of the issuing government. These instruments are often used by investors seeking capital preservation and liquidity while earning modest interest returns.

What are some key differences between these two funds?

The primary differences lie in asset composition and risk profile. One fund invests in securitised credit loans, aiming for higher income, while the other holds government-backed ultra-short-term bonds, prioritising capital preservation. Their expense ratios also differ, which impacts net returns over time. Investors should evaluate these structural distinctions when comparing potential outcomes.

How do the expense ratios of the two funds compare?

There is a significant difference in the fees charged by the two funds. The iShares fund has an expense ratio of 0.09 percent, whereas the Janus fund charges 0.20 percent. This 0.11 percentage point difference means lower ongoing costs for shareholders in the cheaper fund, which can positively influence net returns over long holding periods.

Do the top holdings of the two funds overlap?

Based on available data, there is no overlap in the top ten holdings between the two ETFs. This indicates that the funds track completely different segments of the bond market. Investors seeking diversification across distinct debt types would need to hold both, as they do not share the same underlying securities in their primary portfolios.

What are the dividend yields for each fund?

According to the provided data, the Janus Detroit Street Trust Henderson AAA CLO ETF has a dividend yield of 4.88 percent. In contrast, the iShares 0-3 Month Treasury Bond ETF offers a yield of 3.69 percent. These figures represent annualised distributions relative to the fund's price at the time of fetching.

What investing goals are these funds generally associated with?

Funds focusing on ultra-short government bonds are often used for capital preservation and cash management due to their low risk. Conversely, funds investing in securitised credit may target higher income generation for yield-focused objectives. Neither approach is universally superior; suitability depends entirely on an investor's specific risk tolerance and financial needs.

How do these ETFs track their respective markets?

Both ETFs utilise passive management strategies designed to replicate specific bond indices. One fund aims to mirror the performance of the ultra-short-term Treasury market, while the other targets the AAA rated collateralised loan obligations market. Differences in market conditions and credit risks will cause their performance to diverge over time.

What are the net assets of each fund?

The iShares 0-3 Month Treasury Bond ETF currently manages net assets of 110.9 billion dollars. The Janus Detroit Street Trust Henderson AAA CLO ETF holds 31.2 billion dollars in net assets. These figures reflect the total market value of all securities held by each fund, serving as indicators of their respective sizes within the ETF landscape.

Are top holdings or sector weights available?

For both the Janus AAA CLO ETF and the iShares 0-3 Month Treasury Bond ETF, detailed top holdings and sector weights are currently not available. This lack of transparency limits the ability to assess specific individual security exposures or detailed sector concentration within these funds, requiring investors to rely on broader index characteristics.

JAAA vs SGOV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares Janus Detroit Street Trust Henderson AAA CLO ETF and iShares 0-3 Month Treasury Bond ETF, focusing on fees, holdings, dividends and how each fund tracks its market. JAAA offers a 4.88% dividend yield with a 0.20% expense ratio. SGOV provides a 3.69% yield with a 0.09% expense ratio. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

JAAA

Metric

SGOV

0.20%

Expense Ratio

0.09%

4.88%

Dividend Yield

3.69%

$31.17B

Net Assets

$110.87B

609

Holdings

Oct 16, 2020

Inception Date

May 26, 2020

–

Index Tracked

–

Securitized Bond - Focused

Fund Category

Ultrashort Bond

SGOV costs about $11.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Discover More Comparisons

JAAA vs JEPI

Compare JAAA and JEPI on fees, holdings, and dividends. JAAA tracks CLOs with a 0.20% fee, while JEPI yields 8.09% via derivatives. Review key differences.

JAAA vs PAAA

Compare JAAA vs PAAA ETFs. Review expense ratios, dividend yields and net assets. Note: Top holdings and sector weights are not available for either fund.

JAAA vs JBBB

Compare JAAA and JBBB CLO ETFs. Review 0.20% and 0.47% expense ratios, 4.88% and 6.33% yields, assets, inception dates, and holdings for informed research.

Investment Analysis

JAAA

Pros

A substantial fund size of thirty-one point two billion dollars aids liquidity and trading stability.
An expense ratio of zero point two zero percent offers access to a AAA CLO strategy.
A current dividend yield of four point eight eight percent indicates a high distribution rate.

Considerations

The underlying index tracked is not available, limiting transparency regarding the benchmark methodology.
Top holdings are not available, preventing assessment of specific credit exposure within the portfolio.
Sector weights are not available, restricting analysis of concentration within securitized bond markets.

SGOV

Pros

Net assets of one hundred ten point nine billion dollars provide exceptional market liquidity for this ETF.
An expense ratio of zero point zero nine percent reduces ongoing investment costs for shareholders.
Focusing on ultra-short government bonds typically lowers interest rate sensitivity compared to longer-duration credit products.

Considerations

The specific index tracked is not available, obscuring the precise benchmark methodology used by the fund.
Top holdings are not available, which limits visibility into specific individual Treasury security components.
Sector weights are not available, hindering detailed analysis of the fund's specific government bond composition.

About JAAA and SGOV

JAAA (JAAA)

The Janus Detroit Street Trust Henderson AAA CLO ETF (JAAA) offers investors exposure to a diversified portfolio of Collateralized Loan Obligations rated AAA by major credit agencies. As a securitised bond fund, it focuses on high-quality credit instruments designed to generate income while aiming to preserve capital. With net assets of USD 31.17 billion and 609 holdings, the fund provides broad diversification within the CLO market. It maintains a dividend yield of 4.88%, appealing to income-focused strategies, and operates with a low expense ratio of 0.20%. Launched in October 2020, JAAA is actively managed by Henderson, a Janus Henderson company, leveraging their expertise in fixed-income markets. Investors should note that while AAA ratings indicate high credit quality, values can fluctuate, and income levels are not guaranteed. This fund serves as an educational example of how structured credit products can form part of a balanced investment approach, subject to market conditions and individual suitability.

SGOV (SGOV)

The iShares 0-3 Month Treasury Bond ETF (SGOV) is an exchange-traded fund designed to provide exposure to U.S. Treasury bills with very short maturities, typically less than three months. This asset class is often viewed as a low-risk option for investors seeking liquidity and capital preservation rather than significant growth. With an expense ratio of just 0.09%, it offers a cost-effective way to hold cash-equivalent securities. The fund currently has substantial net assets of USD 110.87 billion and a dividend yield of 3.69%. As of its inception on 26 May 2020, it has attracted investors looking for a safe haven during periods of market volatility. While it generally carries lower risk than long-term bonds or equities, it is important to remember that capital values can fluctuate. It serves primarily as a defensive tool within a diversified portfolio, allowing investors to earn interest on idle cash with minimal duration risk.

Buy JAAA or SGOV in Nemo

🆓

Zero Commission

Trade stocks, ETFs, and more with zero commission. Keep more of your returns.

🔒

Trusted & Regulated

Part of Exinity Group 2015, serving over a million customers globally.

💰

6% Interest on Cash

Earn 6% AER on uninvested cash with daily interest payments.

JAAA vs SGOV

Fund Snapshot