Janus Henderson Small/Mid Cap Growth Alpha ETF
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
30.8x P/Sales
ratio
2.4x
P/BV
ratio
4.2x Div.
yield
0.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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.

FUND BASICS
Category US Equities
Fund Sponsor Janus
Website www.janus.com
Inception date Feb 25, 2016
Assets (mns) $100
Currency USD
Expense ratio 35 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 250
Wgt avg mkt cap (mns) $7,471
Large cap (>$10bn) 27.7%
Mid cap ($2-10bn) 60.8%
Small cap (<$2bn) 11.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MASIMO CORPORATION 3.2 %
PAYCOM SOFTWARE INC 3.0 %
TYLER TECHNOLOGIES INC 2.6 %
ABIOMED INC 2.5 %
EPAM SYSTEMS INC 2.3 %
TRADE DESK, INC. CLASS A 2.2 %
ROLLINS INC 2.1 %
UBIQUITI NETWORKS INC 2.1 %
RELIANCE STEEL & ALUMINUM 2.1 %
FAIR ISAAC CORP 2.1 %
Total 24.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.1 %
IRELAND 3.1 %
BERMUDA 0.1 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-4.7% 10.5% -- -- 12.6%

Market Correlations
versus... Beta R-squared
S&P500 1.33 88%
MSCI EAFE 1.28 70%
MSCI Emg. Mkts. 0.93 56%

Technical Indicators
Recent close $46.42
30d moving avg. $41.90
Annualized volatility 24.1%
Short interest (ETF) 1.9%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 19
Turnover 0.9%
Bid/Ask (% of price) 0.45%
ADV underlying (mns) $11,184

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Janus Henderson Small/Mid Cap Growth Alpha ETF ETF based on the alternatives' overlap in portfolio holdings with JSMD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: JSMD Expense: 35 bp ALTAR Score™: 5.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JSMD
Ticker Fund
Name
Overlap1
vs JSMD
(%)
Expense
ratio
(bp)
Savings
vs JSMD
(bp)
ALTAR
Score™
(%)
ALTAR
vs JSMD
(%)
JSML Janus Henderson Small Cap Growth Alpha ETF 28.4 35 0 6.2 +1.0
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 22.7 39 -4 6.3 +1.0
VBK Vanguard Small-Cap Growth Index Fund 22.5 7 28 2.5 -2.7
MDYG SPDR S&P 400 Mid Cap Growth ETF 20.8 15 20 4.8 -0.4
IJK iShares S&P Mid-Cap 400 Growth ETF 20.8 24 11 4.7 -0.5
RFG Invesco S&P Midcap 400 Pure Growth ETF 20.4 35 0 3.7 -1.5
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 20.1 15 20 4.7 -0.5
FNY First Trust Mid Cap Growth AlphaDEX Fund 19.2 70 -35 2.1 -3.1
JKK iShares Morningstar Small-Cap Growth ETF 18.4 30 5 1.3 -3.9
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 18.3 7 28 5.6 +0.3
EQWM Invesco S&P MidCap Quality ETF 17.0 25 10 5.1 -0.1
PBSM Invesco PureBeta MSCI USA Small Cap ETF 16.2 6 29 5.1 -0.1
AFMC First Trust Active Factor Mid Cap ETF 15.5 65 -30 6.2 +0.9
VB Vanguard Small-Cap ETF 15.5 5 30 5.5 +0.3
FSMD Fidelity Small-Mid Factor ETF 14.9 29 6 7.0 +1.8
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 14.7 17 18 4.9 -0.3
MDY SPDR S&P Midcap 400 ETF Trust 14.6 23 12 6.2 +1.0
SPMD SPDR Portfolio Mid Cap ETF 14.6 5 30 6.4 +1.2
IJH iShares Core S&P Mid-Cap ETF 14.6 6 29 6.4 +1.2
XMMO Invesco S&P MidCap Momentum ETF 14.4 39 -4 4.3 -0.9
IWO iShares Russell 2000 Growth ETF 14.4 24 11 0.7 -4.5
EZM WisdomTree U.S. MidCap Earnings Fund 14.4 38 -3 9.2 +4.0
IVOO Vanguard S&P Mid-Cap 400 ETF 14.2 10 25 6.3 +1.0
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 14.1 35 0 6.2 +1.0
NUSC Nuveen ESG Small-Cap ETF 14.0 40 -5 5.0 -0.2
VTWG Vanguard Russell 2000 Growth Index Fund 13.9 15 20 0.8 -4.4
DWEQ AdvisorShares Dorsey Wright Alpha Equal Weight ETF 13.8 99 -64 1.8 -3.4
FNX First Trust Mid Cap Core AlphaDEX Fund 13.7 61 -26 6.6 +1.4
IUSS Invesco Strategic US Small Company ETF 13.3 23 12 5.9 +0.7
SLYG SPDR S&P 600 Small Cap Growth ETF 13.3 15 20 5.3 +0.1
IJT iShares S&P Small-Cap 600 Growth ETF 13.3 25 10 5.2 -0.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 13.3 16 19 5.3 +0.1
SCHM Schwab U.S. Mid-Cap ETF 13.2 4 31 6.3 +1.1
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 13.2 30 5 7.6 +2.4
BOSS Global X Founder-Run Companies ETF 13.1 45 -10 3.8 -1.4
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 13.0 20 15 6.1 +0.9
SCHA Schwab U.S. Small-Cap ETF 12.9 4 31 4.9 -0.4
SLY SPDR S&P 600 Small Cap ETF 12.9 15 20 7.0 +1.8
VXF Vanguard Extended Market Index Fund 12.9 7 28 3.8 -1.4
SPSM SPDR Portfolio Small Cap ETF 12.8 5 30 7.1 +1.9
IJR iShares Core S&P Small Cap ETF 12.8 7 28 7.1 +1.8
VIOO Vanguard S&P Small-Cap 600 ETF 12.7 10 25 7.0 +1.8
SFYX Sofi Next 500 ETF 12.4 0 35 5.9 +0.7
FAD First Trust Multi Cap Growth AlphaDEX Fund 12.3 66 -31 2.6 -2.7
AFSM First Trust Active Factor Small Cap ETF 12.0 75 -40 5.7 +0.5
TPSC Timothy Plan US Small Cap Core ETF 11.8 52 -17 7.8 +2.6
SMDY Syntax Stratified MidCap ETF 11.8 30 5 6.3 +1.0
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 11.6 39 -4 4.4 -0.8
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 11.5 29 6 6.0 +0.7
IWM iShares Russell 2000 ETF 11.4 19 16 3.6 -1.6
JHSC John Hancock Multifactor Small Cap ETF 11.3 50 -15 5.8 +0.6
VTWO Vanguard Russell 2000 Index Fund 11.1 10 25 3.7 -1.6
RNMC Mid Cap US Equity Select ETF 11.0 60 -25 7.8 +2.6
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 11.0 35 0 8.4 +3.1
TPLC Timothy Plan US Large Cap Core ETF 10.8 52 -17 5.4 +0.2
QGRO American Century STOXX U.S. Quality Growth ETF 10.7 29 6 3.1 -2.1
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 10.5 80 -45 5.5 +0.3
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 10.5 20 15 9.5 +4.3
JKH iShares Morningstar Mid-Cap Growth ETF 10.4 30 5 2.4 -2.8
BFOR Barron's 400 ETF 10.4 66 -31 6.3 +1.1
FNDA Schwab Fundamental U.S. Small Co. Index ETF 10.3 25 10 6.4 +1.2
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 10.3 24 11 7.7 +2.4
EWMC Invesco S&P MidCap 400 Equal Weight ETF 10.1 40 -5 6.8 +1.6
FXL First Trust Technology AlphaDEX Fund 9.9 61 -26 3.3 -1.9
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 9.9 29 6 1.9 -3.4
QMOM Alpha Architect U.S. Quantitative Momentum ETF 9.8 49 -14 3.2 -2.0
RZG Invesco S&P Smallcap 600 Pure Growth ETF 9.5 35 0 6.3 +1.1
PDP Invesco DWA Momentum ETF 9.4 62 -27 2.8 -2.5
FXH First Trust Health Care AlphaDEX Fund 9.4 62 -27 4.3 -0.9
XMLV Invesco S&P MidCap Low Volatility ETF 9.3 25 10 5.4 +0.1
XHE SPDR S&P Health Care Equipment ETF 9.3 35 0 1.8 -3.4
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 9.3 35 0 8.4 +3.2
IWP iShares Russell Mid-Cap Growth ETF 9.3 24 11 4.2 -1.0
ISMD Inspire Small/Mid Cap Impact ETF 9.2 61 -26 6.9 +1.6
VFQY Vanguard U.S. Quality Factor ETF 9.0 13 22 6.1 +0.9
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 8.8 40 -5 6.4 +1.1
SMMD iShares Russell 2500 ETF 8.7 15 20 5.5 +0.3
VFMO Vanguard U.S. Momentum Factor ETF 8.7 13 22 2.1 -3.1
JHMM John Hancock Multifactor Mid Cap ETF 8.6 44 -9 5.7 +0.5
XSW SPDR S&P Software & Services ETF 8.6 35 0 3.4 -1.8
DWAS Invesco DWA SmallCap Momentum ETF 8.4 60 -25 -1.1 -6.3
EES WisdomTree SmallCap Earnings Fund 8.2 38 -3 11.3 +6.1
VFMF Vanguard U.S. Multifactor ETF 8.2 18 17 7.3 +2.1
RWK Invesco S&P MidCap 400 Revenue ETF 8.1 39 -4 7.5 +2.3
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 8.0 48 -13 6.4 +1.1
USMF WisdomTree U.S. Multifactor Fund 7.9 28 7 6.1 +0.9
FYC First Trust Small Cap Growth AlphaDEX Fund 7.7 70 -35 2.6 -2.7
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 7.5 30 5 6.0 +0.8
HTEC ROBO Global Healthcare Technology & Innovation ETF 7.5 68 -33 0.5 -4.8
PSC Principal U.S. Small Cap Index ETF 7.5 38 -3 7.1 +1.9
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 7.5 20 15 6.0 +0.8
FYX First Trust Small Cap Core AlphaDEX Fund 7.4 63 -28 6.5 +1.3
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF 7.2 60 -25 3.4 -1.9
RWJ Invesco S&P SmallCap 600 Revenue ETF 7.2 39 -4 6.8 +1.6
ONEO SPDR Russell 1000 Momentum Focus ETF 7.0 20 15 6.6 +1.3
CSML IQ Chaikin U.S. Small Cap ETF 6.9 35 0 4.7 -0.6
TUSA First Trust Total US Market AlphaDEX ETF 6.9 70 -35 6.1 +0.9
JKJ iShares Morningstar Small-Cap ETF 6.9 25 10 6.5 +1.2
AVUV Avantis U.S. Small Cap Value ETF 6.8 25 10 8.9 +3.7
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 6.8 29 6 6.7 +1.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Janus Henderson Small/Mid Cap Growth Alpha ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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™


Calculation of ALTAR Score™
Avg. Return on Equity 21.8 %
Divided by: Fwd. P/BV 3.9 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.53
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.