Dividend comparison

JAAA vs USFR: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Janus Henderson AAA CLO ETF and WisdomTree Floating Rate Treasury Fund, side by side. Updated October 21, 2026.

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JAAA vs USFR: key differences
The short answer, from the latest data on this page.
  • Fees. USFR is cheaper at 0.15% a year versus 0.20% for JAAA. On $10,000 that is $5 a year less in fees.
  • Income. JAAA pays more income, yielding 4.84% over the last twelve months versus 3.72% for USFR. That is about $112 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 5 years, JAAA returned 22.9% versus 20.4% for USFR, with dividends reinvested. $10,000 would have grown to $12,291 in JAAA and $12,038 in USFR.
  • Risk. JAAA has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -2.6%, against -0.4% for USFR.
  • Diversification. JAAA holds 634 positions and USFR holds 6.
  • Dividend growth. USFR grew its yearly payout 318.5% a year over the last 4 years, versus 41.2% for JAAA.

Bottom line: JAAA fits better if you care most about more income today, stronger 5-year returns and broader diversification. USFR fits better if you care most about lower fees and faster dividend growth.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricJAAA
Janus Henderson AAA CLO ETF
USFR
WisdomTree Floating Rate Treasury Fund
Dividend yield (TTM)4.84%3.72%
Dividend / share (TTM)$2.45$1.88
Payout frequencyMonthlyMonthly
Last dividend$0.2018 on Oct 6, 2026$0.1582 on Sep 29, 2026
Ex-dividend dateSep 30, 2026Sep 25, 2026
Dividend growth (CAGR)41.2% over 4 yrs318.5% over 4 yrs
Price$50.60$50.50
Beta0.02-0.02
Max drawdown (5Y)-2.6%-0.4%
Market cap$32.53B$17.79B
ExchangeAMEXAMEX
Expense ratio0.20%0.15%
Assets under management$32.55B$21.25B
Number of holdings6346
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

JAAA

$40.32/mo

$484 /yr at 4.84% yield

USFR

$31.00/mo

$372 /yr at 3.72% yield

Dividend history
Total dividends paid per share in each calendar year. JAAA pays monthly; USFR pays monthly.
YearJAAAUSFR
2025$2.6783$2.0860
2024$3.2261$2.5996
2023$3.0710$2.5718
2022$1.3662$0.8956
2021$0.6741$0.0068
Strategy: Cash equivalent
Funds holding short-dated US government paper, where the objective is that the principal is there when you need it. Yield follows short-term interest rates with a short lag rather than being locked in, so income falls when the central bank cuts and rises when it hikes. Because the underlying holdings are nearly identical across providers, the expense ratio comes almost directly out of what you receive.

There is no growth here by design, and purchasing power erodes whenever the after-tax yield sits below inflation.

What JAAA vs USFR actually do

USFR
A WisdomTree fund holding US Treasury floating rate notes rather than fixed-rate bills.

Treasury FRNs are two-year securities whose coupon resets weekly against the 13-week Treasury bill auction, so the fund's income adjusts to rate changes through the coupon itself instead of by rolling into new bills. In practice that makes it respond to a rate move slightly faster than a bill ladder does. The trade-off is a smaller, less liquid corner of the Treasury market and a modest amount of price movement that a portfolio of near-maturity bills does not have.

Suits a cash holder who wants income that resets quickly and is comfortable with a less mainstream instrument. Offers no advantage over a plain bill fund once short rates stop moving, and it is not a place to seek return.

Capital preservation

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $12,291 in JAAA and $12,038 in USFR.
PeriodJAAAUSFR
1 month-0.14%0.34%
3 months0.02%1.02%
Year to date0.04%3.17%
1 year0.78%4.04%
3 years14.74%13.30%
5 years22.91%20.38%
  • JAAA
  • USFR
96111125202120222023202420252026123120

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • JAAA
  • USFR
0%25%50%75%100%Cash & Others100.0%100.0%

Quick verdict

JAAA fits better if you care most about more income today, stronger 5-year returns and broader diversification. USFR fits better if you care most about lower fees and faster dividend growth. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is JAAA or USFR better for dividend income?
It depends on your goals. JAAA currently yields 4.84% Trailing Twelve Months (TTM) while USFR yields 3.72%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between JAAA and USFR?
Janus Henderson AAA CLO ETF (JAAA) is an ETF listed on AMEX. WisdomTree Floating Rate Treasury Fund (USFR) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, JAAA or USFR?
USFR has the lower expense ratio. JAAA charges 0.20% a year and USFR charges 0.15%, a difference of $5 a year on a $10,000 investment.
Which has performed better, JAAA or USFR?
Over the last 5 years, JAAA has the higher total return with dividends reinvested: JAAA returned 22.9% and USFR returned 20.4%. Past performance does not predict future returns.
Which is riskier, JAAA or USFR?
Measured by the worst peak-to-trough decline over the last five years, JAAA has been riskier: JAAA fell as much as 2.6% and USFR as much as 0.4%. Their betas are 0.02 and -0.02.
How often do JAAA and USFR pay dividends?
Both pay monthly. The most recent payments were $0.2018 for JAAA and $0.1582 for USFR.
How much income does $10,000 in JAAA vs USFR generate?
At current TTM yields, $10,000 in JAAA would generate roughly $40.32 per month ($484 annually). The same amount in USFR would produce about $31.00 per month ($372 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both JAAA and USFR?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare JAAA vs USFR with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how JAAA and USFR fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.