AVSC vs JSML

AVSCAAvantis U.S. Small Cap Equity ETF

JSMLAJanus Henderson Small Cap Growth Alpha ETF

In short

AVSC Avantis's whole-field small cap fund: roughly 1,500 US small companies in one ticker, run by the manager's own rules rather than a published index, at 0.25% a year.

JSML Janus 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

AVSC The fund seeks long-term capital appreciation and invests primarily in a diversified group of U.S. small-cap companies across market sectors and industries, with at least 80% of assets normally invested in U.S. small-cap equity securities.

JSML 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

• AVSC 0.25% a year versus a 0.52% median for active US small-cap funds. Less than half the going rate for a hands-on manager.
• Roughly 1,500 holdings spread across sectors and industries, so one small-cap blowup barely dents the fund.
• One of the strongest all-round implementations in the active US small-cap group on cost, portfolio build and ease of trading.
• Pays quarterly, trades with steady daily volume, and pulled in over a billion dollars since its 2022 launch.

• JSML 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

• AVSC Undiluted small-cap equity, kept at least 80% invested in the asset class. It rides the small-cap cycle with deeper swings than a large-cap fund.
• No declared index to check it against. The manager's stock-selection rules are the product, so you are buying a process, not a published benchmark.
• Its sibling AVUV works the value slice of the same universe at the same 0.25%. Own both and you are doubling up on overlapping small-cap names.

• JSML 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.

Full AVSC profile⁠

Full JSML profile⁠