JAAA Markets Itself as the Safest CLO ETF, But the AAA Label Hides a Tail Risk Most Buyers Never See
Money market funds and Treasury bills yield around 3.7% on the 3-month. The Janus Henderson AAA CLO ETF (NYSEARCA:JAAA) advertises a distribution yield of 5.51%. That spread, the three-letter AAA rating, and…