Janus Henderson Small Cap Growth Alpha ETF
ALTAR
Score™
6.8% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
24.9x P/Sales
ratio
2.0x
P/BV
ratio
3.6x Div.
yield
0.5%


  • 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) $64
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 205
Wgt avg mkt cap (mns) $2,265
Large cap (>$10bn) 3.1%
Mid cap ($2-10bn) 42.7%
Small cap (<$2bn) 48.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
CORCEPT THERAPEUTICS INC 4.2 %
FORMFACTOR INC 4.0 %
EBIX INC 3.6 %
UBIQUITI NETWORKS INC 3.4 %
SPS COMMERCE INC 3.3 %
ALARM.COM HOLDINGS INC 3.1 %
AMN HEALTHCARE SERVICES INC 3.1 %
INSIGHT ENTERPRISES INC 3.1 %
BILL.COM HOLDINGS, INC. 3.0 %
CARDIONET INC 2.9 %
Total 33.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 100.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
1.8% 11.2% -- -- 13.3%

Market Correlations
versus... Beta R-squared
S&P500 1.28 80%
MSCI EAFE 1.28 66%
MSCI Emg. Mkts. 0.92 53%

Technical Indicators
Recent close $58.23
30d moving avg. $52.78
Annualized volatility 25.5%
Short interest (ETF) 0.3%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 6
Turnover 0.5%
Bid/Ask (% of price) 0.36%
ADV underlying (mns) $2,136

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 6.8%


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 26.2 30 0 5.2 -1.7
VIOG Vanguard S&P Small-Cap 600 Growth ETF 19.2 16 14 4.7 -2.1
IJT iShares S&P Small-Cap 600 Growth ETF 17.1 25 5 4.8 -2.0
SLYG SPDR S&P 600 Small Cap Growth ETF 17.0 15 15 4.9 -2.0
PXSG Invesco S&P SmallCap Momentum ETF 14.6 39 -9 4.1 -2.8
RZG Invesco S&P Smallcap 600 Pure Growth ETF 14.6 35 -5 5.1 -1.7
PSCH Invesco S&P SmallCap Health Care ETF 13.8 29 1 3.1 -3.8
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 13.1 35 -5 6.8 -0.0
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 12.9 35 -5 5.3 -1.5
SPSM SPDR Portfolio Small Cap ETF 12.8 5 25 6.3 -0.5
SLY SPDR S&P 600 Small Cap ETF 12.8 15 15 6.2 -0.6
IJR iShares Core S&P Small Cap ETF 12.8 6 24 6.3 -0.5
VIOO Vanguard S&P Small-Cap 600 ETF 12.7 10 20 6.1 -0.8
TPSC Timothy Plan US Small Cap Core ETF 12.4 52 -22 6.5 -0.4
ROGS Hartford Multifactor Global Small Cap ETF 12.3 34 -4 7.2 +0.4
EES WisdomTree SmallCap Earnings Fund 12.1 38 -8 8.8 +2.0
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 11.6 29 1 -0.4 -7.2
PSCT Invesco S&P SmallCap Information Technology ETF 11.6 29 1 4.9 -2.0
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 11.3 35 -5 7.0 +0.2
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 11.3 20 10 4.2 -2.7
IWO iShares Russell 2000 Growth ETF 10.0 24 6 -0.1 -6.9
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 9.8 40 -10 6.1 -0.7
IWM iShares Russell 2000 ETF 9.7 19 11 2.9 -3.9
CSML IQ Chaikin U.S. Small Cap ETF 9.6 35 -5 3.5 -3.4
VTWO Vanguard Russell 2000 Index Fund 9.5 10 20 3.0 -3.9
SSLY Syntax Stratified SmallCap ETF 9.4 30 0 5.6 -1.2
AFSM First Trust Active Factor Small Cap ETF 9.3 75 -45 5.1 -1.8
FYX First Trust Small Cap Core AlphaDEX Fund 9.0 63 -33 6.4 -0.5
FYC First Trust Small Cap Growth AlphaDEX Fund 8.8 70 -40 2.0 -4.8
VTWG Vanguard Russell 2000 Growth Index Fund 8.7 15 15 -0.0 -6.9
SQLV Legg Mason Small-Cap Quality Value 8.7 62 -32 5.5 -1.3
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 8.5 29 1 4.4 -2.4
RNSC Small Cap US Equity Select ETF 8.3 60 -30 6.8 -0.0
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 8.3 24 6 5.9 -1.0
STSB iShares Factors US Small Blend Style ETF 8.3 35 -5 2.9 -3.9
RWJ Invesco S&P SmallCap 600 Revenue ETF 8.2 39 -9 5.7 -1.1
XSHQ Invesco S&P SmallCap Quality ETF 7.9 29 1 6.0 -0.8
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 7.8 39 -9 4.1 -2.8
ISMD Inspire Small/Mid Cap Impact ETF 7.8 60 -30 4.2 -2.7
PJP Invesco Dynamic Pharmaceuticals ETF 7.8 56 -26 12.6 +5.8
OSCV Opus Small Cap Value Plus ETF 7.7 79 -49 5.1 -1.7
BFOR Barron's 400 ETF 7.7 65 -35 6.0 -0.8
CALF Pacer US Small Cap Cash Cows 100 ETF 7.6 59 -29 8.0 +1.2
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 7.6 30 0 6.9 +0.0
VAMO Cambria Value & Momentum ETF 7.5 63 -33 5.9 -1.0
SCHA Schwab U.S. Small-Cap ETF 7.2 4 26 4.1 -2.7
IWN iShares Russell 2000 Value ETF 7.0 24 6 5.7 -1.1
DES WisdomTree U.S. SmallCap Dividend Fund 7.0 38 -8 7.4 +0.6
PSC Principal U.S. Small Cap Index ETF 6.9 38 -8 5.3 -1.6
AVUV Avantis U.S. Small Cap Value ETF 6.9 25 5 6.9 +0.0
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 6.8 38 -8 7.6 +0.7
XHS SPDR S&P Health Care Services ETF 6.2 35 -5 3.8 -3.1
VTWV Vanguard Russell 2000 Value Index Fund 6.1 15 15 5.8 -1.0
JKK iShares Morningstar Small-Cap Growth ETF 6.1 30 0 0.9 -5.9
FSMD Fidelity Small-Mid Factor ETF 6.0 29 1 5.7 -1.2
DWAS Invesco DWA SmallCap Momentum ETF 5.9 60 -30 -1.5 -8.3
PSCI Invesco S&P SmallCap Industrials ETF 5.8 29 1 5.6 -1.2
IUSS Invesco Strategic US Small Company ETF 5.8 23 7 4.4 -2.5
FYT First Trust Small Cap Value AlphaDEX Fund 5.8 72 -42 9.2 +2.4
PBSM Invesco PureBeta MSCI USA Small Cap ETF 5.8 6 24 4.5 -2.4
VIOV Vanguard S&P Small-Cap 600 Value ETF 5.7 15 15 7.5 +0.6
IJS iShares S&P Small-cap 600 Value ETF 5.6 25 5 7.6 +0.7
SLYV SPDR S&P 600 Small Cap Value ETF 5.6 15 15 7.7 +0.9
PSI Invesco Dynamic Semiconductors ETF 5.6 57 -27 4.0 -2.8
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 5.4 60 -30 6.6 -0.3
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 5.3 29 1 5.4 -1.5
VFQY Vanguard U.S. Quality Factor ETF 5.3 13 17 5.8 -1.0
NUSC Nuveen ESG Small-Cap ETF 5.1 40 -10 4.2 -2.6
VBK Vanguard Small-Cap Growth Index Fund 5.1 7 23 2.0 -4.9
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 5.0 17 13 4.3 -2.6
MFMS Motley Fool Small-Cap Growth ETF 4.9 85 -55 -1.3 -8.1
XSLV Invesco S&P SmallCap Low Volatility ETF 4.8 25 5 5.1 -1.8
FNY First Trust Mid Cap Growth AlphaDEX Fund 4.8 70 -40 1.8 -5.1
IWC iShares Micro-Cap ETF 4.8 60 -30 -3.7 -10.5
SIMS SPDR S&P Kensho Intelligent Structures ETF 4.6 45 -15 4.8 -2.1
FAD First Trust Multi Cap Growth AlphaDEX Fund 4.5 66 -36 2.0 -4.9
PSCD Invesco S&P SmallCap Consumer Discretionary ETF 4.5 29 1 7.3 +0.5
BKSE BNY Mellon US Small Cap Core Equity ETF 4.5 4 26 5.1 -1.8
ITB iShares U.S. Home Construction ETF 4.4 42 -12 7.8 +0.9
FNX First Trust Mid Cap Core AlphaDEX Fund 4.3 61 -31 5.7 -1.1
VFMF Vanguard U.S. Multifactor ETF 4.3 19 11 6.5 -0.3
RYJ Invesco Raymond James SB-1 Equity ETF 4.3 76 -46 3.2 -3.6
EZM WisdomTree U.S. MidCap Earnings Fund 4.3 38 -8 7.6 +0.8
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 4.2 20 10 4.4 -2.5
FNDA Schwab Fundamental U.S. Small Co. Index ETF 4.2 25 5 6.2 -0.6
QVAL Alpha Architect U.S. Quantitative Value ETF 4.1 49 -19 9.8 +3.0
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 4.1 39 -9 4.7 -2.2
BFTR Future Innovators ETF 4.1 80 -50 -0.1 -6.9
JHSC John Hancock Multifactor Small Cap ETF 4.1 42 -12 4.9 -1.9
BOUT Innovator IBD Breakout Opportunities ETF 4.0 84 -54 2.4 -4.4
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 4.0 12 18 6.6 -0.3
XPH SPDR S&P Pharmaceuticals ETF 4.0 35 -5 3.7 -3.2
PSCF Invesco S&P SmallCap Financials ETF 3.6 29 1 9.6 +2.8
HTEC ROBO Global Healthcare Technology & Innovation ETF 3.6 68 -38 0.1 -6.7
XSVM Invesco S&P SmallCap Value with Momentum ETF 3.6 39 -9 7.9 +1.1
VB Vanguard Small-Cap ETF 3.5 5 25 4.8 -2.0
VXF Vanguard Extended Market Index Fund 3.4 6 24 2.8 -4.0
XTL SPDR S&P Telecom ETF 3.4 35 -5 4.3 -2.6
PXQ Invesco Dynamic Networking ETF 3.4 63 -33 3.1 -3.8

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 22.3 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 30 bp
Equals: ALTAR Score 6.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 CATEGORY
AVERAGE
1.49
 
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.