JSMD
Janus Henderson Small/Mid Cap Growth Alpha ETF
The Janus Small/Mid Cap Growth Alpha ETF tracks an index of US small- and midcap stocks with strong fundamental measures of growth, profitability and capital efficiency. Holdings are market cap-weighted within sectors; sectors are weighted to align with the actively-managed Janus Triton Fund.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
406.1 M
ASSETS UNDER MGMT
30 bp
EXPENSES
Fund Basics
| Fund sponsor | Janus |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 23, 2016 |
| Assets (mns) | $406 |
| Expense ratio | 30 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Fundamental |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| INCYTE CORP | 3.0 % |
| NEUROCRINE BIOSCIENCES INC | 2.9 % |
| APPLOVIN CORP. CLASS A | 2.7 % |
| HEICO CORP | 2.6 % |
| BIO-TECHNE CORPORATION | 2.5 % |
| CHARLES RIVER LABORATORIES | 2.4 % |
| MEDPACE HOLDINGS, INC. | 2.3 % |
| BENTLEY SYSTEMS, INCORPORATED CLASS B | 2.3 % |
| ROLLINS INC | 2.0 % |
| BRUKER CORP | 1.9 % |
Constituent Breakdown
| Number of holdings | 255 |
| Herfindahl-Hirschman Index | 113 |
| Wgt avg mkt cap (mns) | $12,210 |
| Large cap (>$10bn) | 44.8% |
| Mid cap ($2-10bn) | 48.6% |
| Small cap (<$2bn) | 6.6% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 95.1 % |
 |
CAYMAN ISLANDS | 1.3 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 24.7% | 38.0% | 21.6% | 8.1% | 12.0% | -- | 13.5% | Volatility | 17.4% | 18.3% | 19.5% | 23.6% | 25.5% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.14 | 78% |
| MSCI EAFE | 1.01 | 60% |
| MSCI Emg Mkts | 0.72 | 30% |
Liquidity Measures
| Avg. volume (000) | 20 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.28% |
| ADV of underlying (mns) | $10,574 |
Technical Indicators
| Recent close | $75.53 |
| 30d moving avg. | $80.48 |
| Annualized volatility | 22.8% |
| Relative strength (RSI) | 53 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 5.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. JSMD |
Expenses vs. JSMD |
ALTAR Score™ vs. JSMD |
|---|---|---|---|---|
| IJK | iShares S&P Mid-Cap 400 Growth ETF | 23.5% | -13 bp | +0.3% |
| JSML | Janus Henderson Small Cap Growth Alpha ETF | 23.5% | 0 bp | +1.3% |
| PSC | Principal U.S. Small-Cap ETF | 23.1% | +8 bp | +0.6% |
| MDYG | SPDR S&P 400 Mid Cap Growth ETF | 23.0% | -15 bp | +0.3% |
| IVOG | Vanguard S&P Mid-Cap 400 Growth ETF | 22.6% | -15 bp | +0.3% |
| OMFS | Invesco Russell 2000 Dynamic Multifactor ETF | 20.3% | +9 bp | +0.5% |
| FSMD | Fidelity Small-Mid Multifactor ETF | 20.2% | -15 bp | +1.5% |
| RFG | Invesco S&P Midcap 400 Pure Growth ETF | 19.6% | +5 bp | -0.3% |
| VBK | Vanguard Small-Cap Growth ETF | 18.4% | -23 bp | -4.6% |
| MDY | SPDR S&P Midcap 400 ETF Trust | 17.7% | -6 bp | +0.8% |
Risk and Returns: JSMD vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 12/18/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
JSMD
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
JSMD
5.7%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 977 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.6%. JSMD's ALTAR Score™ is approximately
0.0 standard deviations
above
the category average. This places JSMD in the 51st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
JSMDSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| JSMD (30 bp) Percentile rank | 31 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| JSMD | 30.0 | 28.1 | 58.1 |
| Peer Avg. | 30.3 | 14.0 | 44.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .