DFSV vs JSML: Grades, Fees and Holdings Compared

U.S. Small Cap Value Portfolio ETF Class Shares

DFSVANYSE Arca

Janus Henderson Small Cap Growth Alpha ETF

JSMLANasdaq

Overlap

0.9%by weight

Expense ratio

DFSV0.30%JSML0.30%

Avg volume · 30D

DFSV 36.3×the volume

DFSV944KJSML26K

3Y return · a year

JSML +3.3pt

DFSV+19.9%JSML+23.2%

DFSV vs JSML Performance

Oct 31, 2025 – Oct 30, 2026

+27.6%DFSV+18.2%JSML

Expense ratio: DFSV 0.30%; JSML 0.30%
Fund size: DFSV $27.8B; JSML $378M
1Y total return: DFSV +27.6%, better; JSML +18.2%
Yield (12M): DFSV 1.38%, better; JSML 0.30%
Holdings: DFSV 1053; JSML 123
Avg volume (30D): DFSV 944K sh, better; JSML 26K sh
NAV per share: DFSV $39.41; JSML $89.38
52W range

ETF.net Grade

Pillar letters and Scores for DFSV, JSML, with each pillar’s weight
Pillar	DFSV	JSML
Cost30% weight	A91	A91
Mission25% weight	B62	Not scored
Risk15% weight	B59Higher	D35
Tradability15% weight	A88Higher	A78
Holdings10% weight	A80Higher	C48
Durability5% weight	A97Higher	A82

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. DFSV and JSML are both graded against the same 39 US Active Small-Cap funds, so their Grades compare head to head.

US Active Small-Cap⁠

Category · 39 funds

See all 39 ›

DFSV ranks 3rd and JSML 5th of 39 funds in the US Active Small-Cap Category.

Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
Rank 2AFESMFidelity Enhanced Small Cap ETFScore 85
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 4ADUSGU.S. Small Cap Growth Portfolio: ETF Class SharesScore 75
Rank 5ABSVOEA Bridgeway Omni Small-Cap Value ETFScore 70
Rank 5AJSMLJanus Henderson Small Cap Growth Alpha ETFScore 70
Rank 7BRESMColumbia Research Enhanced Small Cap ETFScore 69

Our read on each fund

ETF.net Research

DFSVAU.S. Small Cap Value Portfolio ETF Class Shares

JSMLAJanus Henderson Small Cap Growth Alpha ETF

In short

DFSV Small-cap value, spread wide: roughly a thousand of the market's cheaper small companies, measured against the Russell 2000 Value Index. A deeper bench than most rivals carry, at a higher price than the plain index funds beside it.

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

DFSV The fund seeks long-term capital appreciation.

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

DFSV Roughly 1,000 holdings spread the small-value bet across the whole opportunity set instead of a handful of names.
A multi-billion-dollar fund that trades actively, so getting a position on or off is rarely the hard part.
Portfolio construction is the strong suit here: broad, diversified small-cap value exposure, with distributions paid quarterly.
The mandate is plainly stated: long-term capital appreciation from US stocks, no side quests.

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

DFSV At 0.30% a year it costs more than the typical US value ETF (median 0.18%), and VTWV runs against the same Russell 2000 Value benchmark for 0.06%.
Small-cap value is a bumpier corner than the large-cap value funds anchoring this group (VTV, SCHV), and the ride shows it.
Launched in 2022, so its live record is short next to the value funds it sits beside.

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 DFSV profile⁠

Full JSML profile⁠

DFSV vs JSML Holdings

How DFSV and JSML differ

Overlap by weight

0.9%

Shared holdings make up 14.5% of JSML and 0.9% of DFSV.

Level by level

Holdings16 in both0.9%
Sector11 Sectors59.0%
Countryby domicile98.9%
Asset classEquity100%

Sector

Sector weights in DFSV and JSML, widest gap first
Sector	More in DFSVMore in JSML	DFSV	JSML
Health Care	JSML +21.3 points	7.1%	28.4%
Technology	JSML +17.4 points	7.5%	24.9%
Financials	DFSV +17.1 points	27.6%	10.5%
Energy	DFSV +8.4 points	12.6%	4.2%
Consumer Discretionary	DFSV +8.1 points	14.6%	6.5%
Consumer Staples	DFSV +3.7 points	5.8%	2.1%
Industrials	DFSV +2.1 points	15.9%	13.8%
Real Estate	JSML +1.8 points	0.8%	2.6%
Materials	DFSV +1.0 points	4.7%	3.7%
Utilities	DFSV +0.6 points	0.6%	0.0%
Communication	JSML +0.5 points	2.8%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in DFSV and JSML, widest gap first
Country	More in DFSVMore in JSML	DFSV	JSML
Canada	JSML +0.7 points	0.0%	0.7%
Brazil	DFSV +0.5 points	0.5%	0.0%
Other countries (10)	DFSV +0.2 points	99.5%	99.3%

Concentration

Weight in the 10 largest Holdings

DFSV7.1%
JSML18.5%

Securities held

DFSV1,051
JSML122

Asset class

DFSV: Equity
JSML: Equity

Holdings

Only in DFSV1,035
In both16
Only in JSML106

Only in DFSV

1,035 securities, 99.1% of DFSV by weight

Skyworks Solutions Inc Common Stock USD.250.78%
Arrow Electronics Inc Common Stock USD1.00.76%
Elanco Animal Health Inc Common Stock0.75%
Hf Sinclair Corp Common Stock0.72%
Avnet Inc Common Stock USD1.00.70%
Invesco Ltd Common Stock USD.20.70%
Ovintiv Inc Common Stock0.69%
Borgwarner Inc Common Stock USD.010.68%
Southstate Bank Corp Common Stock USD2.50.66%
Jackson Financial Inc A Common Stock USD.010.65%
Knight Swift Transportation Common Stock USD.010.65%
Avantor Inc Common Stock USD.010.62%
Old National Bancorp Common Stock0.62%
Antero Resources Corp Common Stock USD.010.61%
Stanley Black & Decker Inc Common Stock USD2.50.59%
Apa Corp Common Stock USD.6250.59%
Icon PLC Common Stock EUR.060.58%
Columbia Banking System Inc Common Stock0.58%
Zions Bancorp Na Common Stock USD.0010.58%
Bio Rad Laboratories A Common Stock USD.00010.57%
Darling Ingredients Inc Common Stock USD.010.56%
Pbf Energy Inc Class A Common Stock USD.0010.53%
Prosperity Bancshares Inc Common Stock USD1.00.53%
Mohawk Industries Inc Common Stock USD.010.52%
Valley National Bancorp Common Stock0.52%
Commercial Metals Co Common Stock USD.010.51%
Sirius Xm Holdings Inc Common Stock0.51%
Kirby Corp Common Stock USD.10.50%
Eastman Chemical Co Common Stock USD.010.50%
Oshkosh Corp Common Stock USD.010.50%
Adt Inc Common Stock USD.010.49%
Matador Resources Co Common Stock USD.010.49%
Mgic Investment Corp Common Stock USD1.00.48%
Lithia Motors Inc Common Stock0.48%
Wesco International Inc Common Stock USD.010.47%
Range Resources Corp Common Stock USD.010.47%
Fnb Corp Common Stock USD.010.47%
Viasat Inc Common Stock USD.00010.47%
Universal Health Services B Common Stock USD.010.47%
Transocean Ltd Common Stock CHF.10.47%
Nov Inc Common Stock USD.010.46%
Molson Coors Beverage Co B Common Stock USD.010.46%
Matson Inc Common Stock0.46%
Macy’s Inc Common Stock USD.010.45%
Graham Holdings Co Class B Common Stock USD1.00.45%
Gates Industrial Corp Ltd Common Stock USD.010.45%
Carmax Inc Common Stock USD.50.45%
United Bankshares Inc Common Stock USD2.50.45%
Murphy Oil Corp Common Stock USD1.00.43%
Agco Corp Common Stock USD.010.42%

Only in JSML

106 securities, 85.5% of JSML by weight

Ryman Hospitality Properties, Inc.2.13%
Commvault Systems, Inc.2.05%
Concentra Group Holdings Parent, Inc.2.00%
Qualys, Inc.1.90%
Zurn Elkay Water Solutions Corporation1.86%
Cactus, Inc. Class A1.83%
TriNet Group, Inc.1.63%
Artisan Partners Asset Management, Inc. Class A1.58%
Victory Capital Holdings, Inc. Class A1.58%
Haemonetics Corporation1.56%
StepStone Group, Inc. Class A1.49%
PagerDuty, Inc.1.48%
Brinker International, Inc.1.46%
CareDx, Inc.1.45%
Griffon Corporation1.40%
Q2 Holdings, Inc.1.29%
Krystal Biotech, Inc.1.18%
MYR Group Inc.1.15%
BrightSpring Health Services, Inc.1.15%
Cinemark Holdings, Inc.1.11%
TG Therapeutics, Inc.1.09%
Steven Madden, Ltd.1.09%
Mesa Laboratories, Inc.1.07%
Arbutus Biopharma Corporation1.06%
Twist Bioscience Corp.1.03%
Kiniksa Pharmaceuticals International, plc Class A1.00%
Enerpac Tool Group Corp Class A0.97%
CarGurus, Inc. Class A0.97%
ADMA Biologics, Inc.0.95%
Climb Global Solutions, Inc.0.92%
PTC Therapeutics, Inc.0.91%
AZZ Inc.0.91%
10x Genomics Inc Class A0.91%
Appian Corporation Class A0.90%
Delek US Holdings Inc0.89%
Zeta Global Holdings Corp. Class A0.88%
RadNet, Inc.0.87%
Arlo Technologies, Inc.0.85%
Moog Inc. Class A0.85%
Vericel Corporation0.84%
Wolverine World Wide, Inc.0.82%
Arhaus, Inc. Class A0.81%
Acadian Asset Management Inc.0.81%
Paymentus Holdings, Inc Class A0.78%
Oruka Therapeutics, Inc.0.77%
Alarm.com Holdings, Inc.0.76%
Aurinia Pharmaceuticals Inc.0.75%
Rh0.74%
Varonis Systems, Inc.0.74%
Wendy's Company0.73%

Weight gaps

All 16 Holdings in both funds, largest gap first.

Holding weights in DFSV and JSML, widest gap first
Holding	More in DFSVMore in JSML	DFSV	JSML
Option Care Health Inc Common Stock USD.0001OPCH	JSML +1.98 points	0.02%	2.00%
Enersys Common Stock USD.01ENS	JSML +1.47 points	0.03%	1.50%
Cts Corp Common StockCTS	JSML +1.43 points	<0.01%	1.43%
Harmony Biosciences Holdings Common Stock USD.00001HRMY	JSML +1.14 points	0.08%	1.22%
Covista Inc Common StockCVSA	JSML +1.01 points	0.02%	1.03%
Kaiser Aluminum Corp Common Stock USD.01KALU	JSML +0.78 points	0.05%	0.83%
Ncino Inc Common Stock USD.0005NCNO	JSML +0.77 points	0.06%	0.83%
Herc Holdings Inc Common Stock USD.01HRI	JSML +0.75 points	0.06%	0.81%
Carter Bankshares Inc Common Stock USD1.0CARE	JSML +0.66 points	0.04%	0.70%
Lionsgate Studios Corp Common StockLION	JSML +0.65 points	<0.01%	0.65%
Dorian Lpg Ltd Common Stock USD.01LPG	JSML +0.60 points	0.16%	0.76%
Diodes Inc Common Stock USD.667DIOD	JSML +0.58 points	0.17%	0.75%
Cohu Inc Common Stock USD1.0COHU	JSML +0.55 points	0.00%	0.55%
Warrior Met Coal Inc Common Stock USD.01HCC	JSML +0.47 points	0.08%	0.55%
Magnite Inc Common Stock USD.00001MGNI	JSML +0.42 points	0.06%	0.48%
National Energy Services Reu Common StockNESR	JSML +0.40 points	0.03%	0.43%

All 1,015 DFSV holdings⁠All 121 JSML holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFSV vs JSML Cost

Same expense ratio

$6,149

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

DFSV 0.30%
$6,149
JSML 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

DFSV 0.30%
JSML 0.30%

Year by year

Year	DFSV	JSML
10	$545	$545
20	$2,113	$2,113
30	$6,149	$6,149

Expense ratio

0.30%DFSV
0.30%JSML

DFSV0.30%JSML0.30%

0.25%2.20%

Middle half of US Active Small-Cap funds
Median 0.55%

DFSV 4th cheapest of 39 funds

JSML 4th cheapest of 39 funds

DFSV vs JSML Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFSV 1.38%, better; JSML 0.30%
Payout (12M): DFSV $0.54; JSML $0.27
Last payment: DFSV $0.15; JSML $0.05
Ex-dividend: DFSV Sep 22, 2026; JSML Sep 30, 2026
Paid on: DFSV Sep 24, 2026; JSML Oct 6, 2026
Frequency: DFSV Quarterly; JSML Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFSVQuarterly · 19 paymentsAll DFSV payments⁠

JSMLQuarterly · 39 paymentsAll JSML payments⁠

DFSV vs JSML Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFSV 18.4%, betterJSML 21.6%
Return per unit of riskSharpe ratio, 3 years: DFSV 0.84JSML 0.87, better
Worst fallMax drawdown, 5 years: DFSV −28.0%since Feb 2022JSML −37.5%
Market sensitivityBeta, 5 years: DFSV 1.04JSML 1.28; Market = 1

DFSV and JSML in the news

All news⁠

ETF Filings
Janus Henderson International Core Alpha ETF prospectus takes effect at 0.35%
Sep 14, 2026JSML
New ETFs
Bridgeway's BRSV is a converted 2003 fund, not a new small-cap value strategy
Sep 10, 2026DFSV

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