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- Pays: monthly — 68 distributions since December 2020.
- Trailing 12 months: $2.49 per share across 12 payments — down 15% from $2.92 the year before, tracking the Fed's rate cuts.
- What it holds: AAA-rated slices of collateralized loan obligations (CLOs) — floating-rate debt whose coupons reset with short-term rates.
- Fee: 0.20% expense ratio.
- The peak: $0.296 in December 2023, when short rates topped out; recent months pay about $0.20.
JAAA's income is a rate gauge, not a rate bet. Its holdings' coupons float — they reset with short-term rates every few months — so the monthly check rose almost in lockstep with the Fed through 2022-23 and has been easing down since cuts began. A falling JAAA check isn't the fund weakening; it's the Fed loosening, passed through on schedule.
Each point is one monthly JAAA distribution since December 2020. The shape is the Fed's rate path with a small lag — up the mountain through 2023, easing down since.
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Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $2.45 per share across 12 payments — down 13% from $2.81 in the 12 months before. What a change like that does to your income →
- Current pace: recent payments annualize to $2.41 — 2% below the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 0% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 70 payments over 6 years; the largest single payment was $0.296 (Dec 2023).
- Payment drops ≥20% below trend, last 24 months: 1. Get alerted to the next one →
- Payment steadiness: the last 12 checks wobble ±5% around their median. Compare that against any fund →
Every figure above is computed from JAAA's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from JAAA's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
JAAA's chart draws the rate cycle better than most economics charts: distributions climbed from pennies in the zero-rate launch year to a $0.296 peak in December 2023, and have eased to about $0.20 as cuts arrived — trailing income of $2.49 per share, down 15% from the year before. The decline is the mirror image of 2023's climb, and it will continue exactly as far as the Fed goes.
The counterweights: BND's fixed-coupon income is rising as JAAA's floating income falls — they hedge each other's rate exposure. And unlike high-yield credit, these are AAA-rated CLO tranches; the risk historically shows up in liquidity during panics, not in missed coupons. The compare tool overlays either pairing.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is JAAA's Next Ex-Dividend Date?
JAAA pays monthly — floating-rate, so the checks follow the Fed. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from JAAA's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Income That Floats
JAAA arrived in December 2020 holding the safest slices of the CLO market — AAA-rated tranches of bundled corporate loans — at a 0.20% fee. The pitch is unusual among income funds: the coupons float, resetting with short-term rates. That single feature explains the entire 68-payment record: distributions of pennies per share in the zero-rate launch era, a climb through 2022-23 to the $0.296 peak of December 2023, and the gentle decline to about $0.20 as the Fed began cutting.
Reading the Decline Correctly
The trailing year paid $2.49 per share against $2.92 the year before — down 15% — and by the fund's design, that's neither a cut nor a warning. It's a pass-through of policy. Holders effectively own the short end of the rate curve: when cash yields fall, so does this check, a month or two later. Anyone comparing JAAA's current yield to a fixed-rate fund's should know the two numbers are moving on different tracks — one is set by old bonds, the other resets with tomorrow's Fed meetings.
The Pairing That Makes It Useful
JAAA next to BND is one of the cleaner hedges on this site: BND's fixed-coupon income is climbing as its portfolio rolls into modern rates, while JAAA's floating income declines with the same cuts — and in a rate spike, their roles reverse. The compare tool draws both records in one chart, and the live cut & raise board flags either one the month its direction changes.
Compare It Against Anything
Same chart, two tickers, one honest overlay — payouts and price erosion side by side.
Compare Any Two Funds