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Launched · SEC filings

Janus Henderson Small Cap Growth Alpha ETF

JSMLNasdaqJanus HendersonA

$86.70−0.89 (−1.02%)

At close: Nov 2, 2026, 4:00 PM ET

A70/ 100

Rank 5 of 41 in US Active Small-Cap

A70/100Rank 5 of 41inUS Active Small-Cap
Intraday session: down, 79 prints from 87.60 to 86.70. Range 86.70 to 88.62. Use the arrow keys to read each point.87.0088.0088.5010 AM12 PM2 PM4 PM
Expense ratio
0.30%
Fund size
$378M
1Y total return
+18.2%
Yield · Last 12 months
0.30%
Holdings
123
Avg volume · 30D
26K sh
52W range
low $66.97high $98.01
Launched
Filings
SEC EDGAR

The ETF.net JSML Grade

Based on 5 of 6 pillars

A

Score 70 out of 100

Category
US Active Small-Cap⁠
Rank
5 of 41
Six-pillar profile for JSML. Scores out of 100: Cost 91, Risk 35, Mission not scored, Tradability 78, Holdings 48, Durability 82. Strongest: Cost (91). Weakest: Risk (35). Based on 5 of 6 pillars.

Score 70 of 100 falls in the A 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.
    A91 out of 100
    Rank 4 of 41

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D35 out of 100
    Rank 30 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A78 out of 100
    Rank 7 of 41

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C48 out of 100
    Rank 27 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A82 out of 100
    Rank 5 of 41

Our read on JSML

ETF.net Research

In short

AJanus Henderson's rules-driven answer to small-cap growth: a systematic screen benchmarked against the Russell 2000 Growth Index, priced at 0.30% a year while the typical active small-cap peer charges more.

Stated mandate

The fund seeks long-term capital growth. Normally, it invests at least 80% of net assets in equity securities of small-cap companies chosen for growth potential.

Why people hold it

  • 0.30% a year, comfortably below the median fee in its active small-cap group. Cheap pricing for a systematic strategy rather than a plain index tracker.
  • Rules-first construction: normally at least 80% of net assets in small-cap growth equities, spread across roughly 200 names, so no single stock carries the fund.
  • Trading since 2016, so there is a long live record behind the method, and it sits in the top quartile of its active US small-cap peer group.
  • Pays shareholders on a quarterly schedule, with the Russell 2000 Growth Index as the stated yardstick for the strategy.janushenderson.com

Worth knowing

  • One of the more thinly traded funds in its category, so execution costs can bite harder than with a heavily traded small-cap ETF.
  • Small-cap growth is the jumpy end of the market, and the mandate keeps at least 80% of assets parked there. Bumpier than a broad-market equity fund.
  • Cheaper systematic small-cap rivals exist: AVSC and AVUV at 0.25%, DUHP at 0.20%, all with different factor recipes.

JSML Holdings

Holdings pillarC48 out of 100Rank 27 of 41 in US Active Small-Cap
Asset class
Stocks
Holdings
123
Top-10 weight
19%
Largest holding
RHP2.1%

Sectors

  • Health Care28.4%
  • Technology24.9%
  • Industrials13.8%
  • Financials10.5%
  • Consumer Discretionary6.5%
  • Energy4.2%
  • Materials3.7%
  • Communication3.3%
  • Real Estate2.6%
  • Consumer Staples2.1%

Geography

  • United States98.74%
  • Canada0.65%
  • United Kingdom0.60%
The fund’s holdings, weight-ordered — page 1 of 9.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1RHPRyman Hospitality Properties, Inc.2.13%59,322$7.9M128
2CVLTCommvault Systems, Inc.2.05%45,996$7.6M162
3CONConcentra Group Holdings Parent, Inc.2.00%183,558$7.41M137
4OPCHOption Care Health Inc2.00%232,639$7.4M143
5QLYSQualys, Inc.1.90%31,340$7.02M199
6ZWSZurn Elkay Water Solutions Corporation1.86%153,727$6.89M163
7WHDCactus, Inc. Class A1.83%103,057$6.77M131
8TNETTriNet Group, Inc.1.63%94,111$6.05M104
9APAMArtisan Partners Asset Management, Inc. Class A1.58%159,787$5.85M134
10VCTRVictory Capital Holdings, Inc. Class A1.58%52,803$5.84M162
11HAEHaemonetics Corporation1.56%48,358$5.79M146
12ENSEnerSys1.50%34,699$5.55M201
13STEPStepStone Group, Inc. Class A1.49%127,953$5.53M108
14PDPagerDuty, Inc.1.48%324,809$5.5M79
15EATBrinker International, Inc.1.46%25,577$5.43M159

Showing 1–15 of 123 holdings

JSML Performance

Launched Feb 23, 2016

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

JSML$11,817
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. JSML $11,817. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for JSML. Periods over one year show the average yearly return.
PeriodJSML
Year to date+19.3%
1 month+1.9%
3 months+0.3%
1 year+18.2%
3 yearsper year+23.2%
5 yearsper year+6.3%
10 yearsper year+12.7%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for JSML
YearReturn barJSML
2026 YTD+19.3%
2025+13.4%
2024+12.4%
2023+30.1%
2022−29.4%
2021+3.1%
2020+35.4%

JSML in the news

JSML Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.30%Last 12 months
Payout per share
$0.27Last 12 months
Last payment
$0.05 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 39 payments from 2017 to 2026 YTD. Mar 31, 2017 $0.03; Jun 30, 2017 $0.0068; Sep 29, 2017 $0.05; Dec 22, 2017 $0.07; Mar 29, 2018 $0.07; Jun 29, 2018 $0.07; Sep 28, 2018 $0.02; Dec 20, 2018 $0.11; Mar 29, 2019 $0.02; Jun 28, 2019 $0.04; Sep 30, 2019 $0.02; Dec 19, 2019 $0.04; Mar 31, 2020 $0.03; Jun 30, 2020 $0.02; Sep 30, 2020 $0.02; Dec 21, 2020 $0.13; Mar 31, 2021 $0.06; Jun 30, 2021 $0.02; Sep 30, 2021 $0.12; Dec 20, 2021 $0.09; Mar 31, 2022 $0.01; Jun 30, 2022 $0.06; Sep 30, 2022 $0.04; Dec 20, 2022 $0.19; Mar 31, 2023 $0.04; Jun 30, 2023 $0.06; Sep 29, 2023 $0.06; Dec 20, 2023 $0.13; Mar 28, 2024 $0.05; Jun 28, 2024 $0.05; Sep 30, 2024 $0.06; Dec 20, 2024 $0.62; Mar 31, 2025 $0.27; Jun 30, 2025 $0.21; Sep 30, 2025 $0.09; Dec 19, 2025 $0.12; Mar 31, 2026 $0.04; Jun 30, 2026 $0.05; Sep 30, 2026 $0.05. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 30, 2026Oct 6, 2026$0.05
Jun 30, 2026Jul 7, 2026$0.05
Mar 31, 2026Apr 7, 2026$0.04
Dec 19, 2025Dec 26, 2025$0.12
Sep 30, 2025Oct 6, 2025$0.09
Jun 30, 2025Jul 7, 2025$0.21
Mar 31, 2025Apr 4, 2025$0.27
Dec 20, 2024Dec 27, 2024$0.62
Sep 30, 2024Oct 4, 2024$0.06
Jun 28, 2024Jul 3, 2024$0.05
Mar 28, 2024Apr 4, 2024$0.05
Dec 20, 2023Dec 27, 2023$0.13

See all 42 payments⁠

$10,000 in JSML 10 years ago paid $1,243 in dividends.⁠

JSML Risk

Risk pillarD35 out of 100Rank 30 of 39 in US Active Small-Cap
How much the fund’s monthly returns vary, scaled to a year.
21.6%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.87
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−37.5%
Trough Sep 2022
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.

How strongly the fund’s returns move with its asset-class index.
1.28
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

JSML Cost

Compare JSML and AVSC

Overpaying vs AVSC, cheapest in US Active Small-Cap

$990

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • JSML 0.30%

    $6,149

  • AVSC 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • JSML 0.30%
  • AVSC 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530JSML $6,149AVSC $5,159

Year by year

YearJSMLAVSCOverpaying
10$545$455$90
20$2,113$1,769$344
30$6,149$5,159$990

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