Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Janus Henderson Income ETF
$48.30+0.01 (+0.02%)
- 0.56%
- $274M
- +1.9%
- 7.22%
- 0M sh
- $48.13
- low $47.99high $51.64
The ETF.net JIII Grade
C
Score 47 out of 100
- 90 of 117
Score 47 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F14 out of 100Rank 97 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.A80 out of 100Rank 84 of 101Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A84 out of 100Rank 6 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D34 out of 100Rank 91 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D34 out of 100Rank 97 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C41 out of 100Rank 79 of 117
Our read on JIII
CMost of the aggregate-bond aisle is index trackers charging three basis points. JIII takes the other road: an income-hunting bond portfolio of roughly 400 positions, paying monthly, with a mandate that reaches for capital growth too.
The fund seeks long-term returns through a combination of income and capital growth.
Why people hold it
- Pays monthly rather than quarterly, so income arrives on a bill-paying rhythm.
- Spreads exposure across roughly 400 bond positions, so no single issuer's stumble drives the outcome.
- The mandate goes past coupon-clipping: it seeks long-term return from income plus capital growth, which lets the managers move toward where they see value.documents.janushenderson.com
Worth knowing
- At 0.56% a year it runs above the 0.36% category median, and well above the 0.03% charged by index anchors like BND, SPAB and SCHZ.
- Thinly traded next to the category's giants, so spreads can be wider and order type matters more.
- Launched in November 2024, so its record covers only a short stretch of rate and credit weather.
JIII Holdings
- Bonds
- 537
- 39%
- FX Forward|USD|11/04/2026
Sectors
- Consumer Discretionary31.5%
- Technology21.0%
- Materials20.2%
- Communication10.9%
- Utilities10.5%
- Financials6.0%
Geography
- United States90.96%
- Canada4.08%
- Macau0.90%
- United Kingdom0.80%
- Luxembourg0.66%
- Bermuda0.64%
- Italy0.56%
- Chile0.53%
- 0.87%
JIII Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
JIII$10,190
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | JIII |
|---|---|
| Year to date | 0.0% |
| 1 month | −0.1% |
| 3 months | −1.7% |
| 1 year | +1.9% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | JIII |
|---|---|---|
| 2026 YTD | 0.0% | |
| 2025 | +8.3% | |
| 2024 | +0.5% |
JIII in the news
JIII Dividends
- 7.22%
- $3.49
- $0.20 per share
- Monthly
Distribution history
JIII Risk
- 3.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.04
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −3.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.14
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
JIII Cost
0.56%
JIII0.56%
- The middle half of US Aggregate Bond funds
- Median 0.34%
98 of the 113 US Aggregate Bond funds charge less.
Other funds in US Aggregate Bond
- CMAGGMadison Aggregate Bond ETFExpense ratio 0.36%1 year return −2.1%
- CTABDTransamerica Bond Active ETFExpense ratio 0.57%1 year return —
- CAGGAEA Astoria Dynamic Core US Fixed Income ETFExpense ratio 0.55%1 year return +0.5%
- CHTABHartford Schroders Tax-Aware Bond ETFExpense ratio 0.39%1 year return −3.0%
- CSDCPVirtus Newfleet Short Duration Core Plus Bond ETFExpense ratio 0.35%1 year return +2.2%