Janus Henderson Small Cap Growth Alpha ETF
ALTAR
Score™
7.8% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
22.9x P/Sales
ratio
1.6x
P/BV
ratio
2.9x Div.
yield
0.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Janus Small Cap Growth Alpha ETF tracks an index of US small-cap 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 Venture Fund.

FUND BASICS
Category US Equities
Fund Sponsor Janus
Website www.janus.com
Inception date Feb 23, 2016
Assets (mns) $55
Currency USD
Expense ratio 30 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 204
Wgt avg mkt cap (mns) $2,197
Large cap (>$10bn) 2.8%
Mid cap ($2-10bn) 41.4%
Small cap (<$2bn) 55.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ALARM.COM HOLDINGS INC 3.9 %
FORMFACTOR INC 3.3 %
SPS COMMERCE INC 3.2 %
CORCEPT THERAPEUTICS INC 3.0 %
ACM RESEARCH, INC. CLASS A 3.0 %
APPFOLIO INC CLASS A 2.9 %
AMN HEALTHCARE SERVICES INC 2.9 %
MEDPACE HOLDINGS, INC. 2.9 %
EBIX INC 2.9 %
INSIGHT ENTERPRISES INC 2.8 %
Total 30.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.2 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-2.2% 5.0% -- -- 13.3%

Market Correlations
versus... Beta R-squared
S&P500 1.38 84%
MSCI EAFE 1.33 68%
MSCI Emg. Mkts. 0.92 51%

Technical Indicators
Recent close $45.76
30d moving avg. $45.19
Annualized volatility 25.5%
Short interest (ETF) 0.5%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 18
Turnover 1.5%
Bid/Ask (% of price) 0.39%
ADV underlying (mns) $2,521

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: JSML Expense: 30 bp ALTAR Score™: 7.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JSML
Ticker Fund
Name
Overlap1
vs JSML
(%)
Expense
ratio
(bp)
Savings
vs JSML
(bp)
ALTAR
Score™
(%)
ALTAR
vs JSML
(%)
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 23.7 30 0 5.7 -2.0
IJT iShares S&P Small-Cap 600 Growth ETF 17.0 25 5 5.2 -2.6
SLYG SPDR S&P 600 Small Cap Growth ETF 17.0 15 15 5.3 -2.5
VIOG Vanguard S&P Small-Cap 600 Growth ETF 16.7 16 14 5.2 -2.5
RZG Invesco S&P Smallcap 600 Pure Growth ETF 16.3 35 -5 6.0 -1.7
PSCH Invesco S&P SmallCap Health Care ETF 15.9 29 1 3.0 -4.7
TPSC Timothy Plan US Small Cap Core ETF 15.9 52 -22 8.4 +0.6
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 15.7 35 -5 8.4 +0.6
SPSM SPDR Portfolio Small Cap ETF 13.4 5 25 7.2 -0.5
SLY SPDR S&P 600 Small Cap ETF 13.4 15 15 7.1 -0.7
IJR iShares Core S&P Small Cap ETF 13.3 7 23 7.2 -0.6
FYC First Trust Small Cap Growth AlphaDEX Fund 13.3 70 -40 2.5 -5.3
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 12.9 35 -5 8.3 +0.6
VIOO Vanguard S&P Small-Cap 600 ETF 12.9 10 20 7.3 -0.5
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 12.3 29 1 1.8 -6.0
EES WisdomTree SmallCap Earnings Fund 12.0 38 -8 11.8 +4.0
AFSM First Trust Active Factor Small Cap ETF 11.8 75 -45 5.7 -2.0
PXSG Invesco S&P SmallCap Momentum ETF 11.7 39 -9 5.1 -2.7
RNSC Small Cap US Equity Select ETF 11.5 60 -30 7.8 +0.0
FYX First Trust Small Cap Core AlphaDEX Fund 11.3 63 -33 6.7 -1.1
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 11.1 20 10 6.0 -1.7
ROGS Hartford Multifactor Global Small Cap ETF 11.1 34 -4 8.0 +0.3
PSCT Invesco S&P SmallCap Information Technology ETF 10.8 29 1 5.6 -2.1
XSHQ Invesco S&P SmallCap Quality ETF 10.8 29 1 6.7 -1.0
PSC Principal U.S. Small Cap Index ETF 10.5 38 -8 7.1 -0.6
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 10.4 40 -10 6.8 -0.9
IWO iShares Russell 2000 Growth ETF 10.0 24 6 0.8 -7.0
VTWG Vanguard Russell 2000 Growth Index Fund 9.8 15 15 0.8 -7.0
CSML IQ Chaikin U.S. Small Cap ETF 9.8 35 -5 4.2 -3.5
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 9.7 35 -5 6.4 -1.3
SQLV Legg Mason Small-Cap Quality Value 9.5 62 -32 8.0 +0.2
SSLY Syntax Stratified SmallCap ETF 9.2 30 0 6.3 -1.5
DWAS Invesco DWA SmallCap Momentum ETF 8.8 60 -30 -1.1 -8.8
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 8.8 29 1 5.7 -2.1
IWM iShares Russell 2000 ETF 8.7 19 11 3.7 -4.1
VTWO Vanguard Russell 2000 Index Fund 8.5 10 20 3.7 -4.1
PJP Invesco Dynamic Pharmaceuticals ETF 8.3 56 -26 10.9 +3.2
RWJ Invesco S&P SmallCap 600 Revenue ETF 8.3 39 -9 7.8 +0.1
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 8.2 38 -8 9.2 +1.4
DES WisdomTree U.S. SmallCap Dividend Fund 8.0 38 -8 8.8 +1.1
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 7.9 24 6 7.3 -0.4
ISMD Inspire Small/Mid Cap Impact ETF 7.8 60 -30 6.6 -1.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 7.7 39 -9 4.2 -3.5
AVUV Avantis U.S. Small Cap Value ETF 7.5 25 5 9.5 +1.7
CALF Pacer US Small Cap Cash Cows 100 ETF 7.4 59 -29 13.4 +5.6
PSCI Invesco S&P SmallCap Industrials ETF 7.1 29 1 6.7 -1.1
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 6.9 30 0 7.9 +0.1
SCHA Schwab U.S. Small-Cap ETF 6.7 4 26 4.7 -3.0
HSMV First Trust Horizon Managed Volatility Small/Mid ETF 6.5 80 -50 5.7 -2.1
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 6.4 60 -30 8.6 +0.8
NIFE Direxion Fallen Knives ETF 6.4 50 -20 2.4 -5.4
FYT First Trust Small Cap Value AlphaDEX Fund 6.4 72 -42 9.7 +1.9
BFOR Barron's 400 ETF 6.3 65 -35 6.4 -1.4
XHS SPDR S&P Health Care Services ETF 6.3 35 -5 4.4 -3.3
IUSS Invesco Strategic US Small Company ETF 6.0 23 7 5.5 -2.3
JKK iShares Morningstar Small-Cap Growth ETF 5.9 30 0 1.1 -6.6
VFQY Vanguard U.S. Quality Factor ETF 5.9 13 17 6.1 -1.6
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 5.7 29 1 9.8 +2.0
FSMD Fidelity Small-Mid Factor ETF 5.7 29 1 7.1 -0.7
PSI Invesco Dynamic Semiconductors ETF 5.6 58 -28 4.9 -2.9
VTWV Vanguard Russell 2000 Value Index Fund 5.6 15 15 7.5 -0.2
BKSE BNY Mellon US Small Cap Core Equity ETF 5.6 4 26 5.7 -2.0
IWN iShares Russell 2000 Value ETF 5.6 24 6 7.4 -0.4
VAMO Cambria Value & Momentum ETF 5.6 64 -34 7.7 -0.0
IWC iShares Micro-Cap ETF 5.5 60 -30 -3.9 -11.6
PBSM Invesco PureBeta MSCI USA Small Cap ETF 5.5 6 24 5.4 -2.4
MFMS Motley Fool Small-Cap Growth ETF 5.4 85 -55 -1.9 -9.6
NUSC Nuveen ESG Small-Cap ETF 5.3 40 -10 5.4 -2.3
IJS iShares S&P Small-cap 600 Value ETF 5.2 25 5 9.3 +1.6
SLYV SPDR S&P 600 Small Cap Value ETF 5.2 15 15 9.4 +1.6
BUY USCF SummerHaven SHPEI Index Fund 5.1 80 -50 10.4 +2.7
SIMS SPDR S&P Kensho Intelligent Structures ETF 5.0 45 -15 6.0 -1.7
VIOV Vanguard S&P Small-Cap 600 Value ETF 4.9 15 15 9.8 +2.0
VFMF Vanguard U.S. Multifactor ETF 4.9 19 11 7.3 -0.5
VBK Vanguard Small-Cap Growth Index Fund 4.9 7 23 2.4 -5.3
XSLV Invesco S&P SmallCap Low Volatility ETF 4.9 25 5 6.0 -1.7
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 4.7 17 13 5.2 -2.6
OSCV Opus Small Cap Value Plus ETF 4.7 79 -49 5.6 -2.2
EZM WisdomTree U.S. MidCap Earnings Fund 4.6 38 -8 9.3 +1.6
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 4.5 39 -9 7.7 -0.0
XPH SPDR S&P Pharmaceuticals ETF 4.4 35 -5 4.5 -3.3
DWMC AdvisorShares Dorsey Wright Micro-Cap ETF 4.4 125 -95 -3.4 -11.2
PSJ Invesco Dynamic Software ETF 4.3 58 -28 3.9 -3.9
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 4.2 29 1 9.5 +1.8
FAD First Trust Multi Cap Growth AlphaDEX Fund 4.2 66 -36 2.5 -5.2
VUSE Vident Core US Equity Fund 4.2 48 -18 8.4 +0.6
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 4.1 12 18 7.9 +0.1
PRN Invesco DWA Industrials Momentum ETF 4.1 60 -30 4.8 -2.9
ITB iShares U.S. Home Construction ETF 4.0 42 -12 8.6 +0.8
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 4.0 20 10 4.7 -3.0
JHSC John Hancock Multifactor Small Cap ETF 4.0 42 -12 6.0 -1.8
FNDA Schwab Fundamental U.S. Small Co. Index ETF 4.0 25 5 6.8 -1.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 3.8 20 10 9.6 +1.8
VXF Vanguard Extended Market Index Fund 3.7 7 23 3.8 -4.0
PSCF Invesco S&P SmallCap Financials ETF 3.6 29 1 11.6 +3.9
VB Vanguard Small-Cap ETF 3.4 5 25 5.4 -2.3
JKJ iShares Morningstar Small-Cap ETF 3.4 25 5 6.8 -1.0
XHE SPDR S&P Health Care Equipment ETF 3.4 35 -5 1.7 -6.1
FAB First Trust Multi Cap Value AlphaDEX Fund 3.3 71 -41 9.7 +1.9
HTEC ROBO Global Healthcare Technology & Innovation ETF 3.3 68 -38 0.2 -7.6

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 Cap Growth Alpha ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 21.3 %
Divided by: Fwd. P/BV 2.6 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.55 CATEGORY
AVERAGE
1.52
 
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.