JSML: JANUS HENDERSON SMALL CAP GROWTH ALPHA ETF
ETF Education Report: JANUS HENDERSON SMALL CAP GROWTH ALPHA ETF (JSML)
What this ETF is trying to do
The JANUS HENDERSON SMALL CAP GROWTH ALPHA ETF (ticker: JSML) is an exchange-traded fund listed on the NASDAQ. This type of fund focuses on small-cap growth companies. While the specific investment strategy is not detailed in the data, it holds a variety of different companies to spread out its exposure.
What the numbers show
When looking at an ETF, it is important to understand two different types of returns: price return and total return.
• Price Return: This measures only the change in the share price.
• Total Return: This includes both the share price change and any cash distributions (dividends) paid out to investors.
For JSML, the numbers show growth in both areas:
• Year-to-Date (YTD): The price return is approximately 18.91%, while the total return is approximately 19.76%.
• One Year: The price return was approximately 17.92%, and the total return was approximately 18.95%.
• Three Year: The price return was approximately 72.16%, and the total return was approximately 77.70%.
To visualize this, the estimated price from roughly one year ago was $74.19. The current price is $87.48.
Income and distribution explanation
Some investors look for "income," which is cash paid out by the ETF. JSML has a distribution yield of approximately 0.84%. This means the cash distributions are about 0.84% of the current share price. Over the last 12 months, there were 5 payouts. The fund usually pays these out quarterly. It is important to remember that a distribution yield is not the same as total return.
NAV erosion explanation
"NAV erosion" refers to a situation where the value of the underlying assets in the fund decreases significantly over time. StockValueFinder uses an erosion-risk score to help monitor this. For JSML, the erosion score is 100, and the label indicates "No price erosion detected." There is no severe erosion-risk flag for this ETF.
Top Holdings
The following are the top holdings in this portfolio (note that this is a partial list):
• TRINET GROUP INC (2.30%)
• CACTUS INC CLASS A (2.24%)
• RYMAN HOSPITALITY PROPERTIES INC (1.99%)
• VICTORY CAPITAL HOLDINGS INC CLASS A (1.91%)
• STEP (1.80%)
• TENABLE HOLDINGS INC (1.77%)
• ENERSYS (1.69%)
• COMMVAULT SYSTEMS INC (1.67%)
• MEIRAGTX HOLDINGS PLC (1.63%)
• BRINKER INTERNATIONAL INC (1.54%)
Holdings can change over time. This data was updated on October 11, 2026.
Pros
• The ETF has shown positive price returns and total returns over the one-year and three-year periods.
• The erosion-risk measurement is rated as "good."
Cons
• The distribution yield (0.84%) is relatively low compared to some income-focused funds.
Beginner takeaway
When studying JSML, notice that the total return is higher than the price return. This happens because the total return accounts for the extra value gained from cash distributions. Always look at both numbers to see how a fund is performing overall.
Top Holdings
Structured portfolio holdings supplied by the ETF data provider. These figures are not generated by the AI article.
| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | TRINET GROUP INC | TNET | 2.30% |
| 2 | CACTUS INC CLASS A | WHD | 2.24% |
| 3 | RYMAN HOSPITALITY PROPERTIES INC | RHP | 1.99% |
| 4 | VICTORY CAPITAL HOLDINGS INC CLASS A | VCTR | 1.91% |
| 5 | n/a | STEP | 1.80% |
| 6 | TENABLE HOLDINGS INC | TENB | 1.77% |
| 7 | ENERSYS | ENS | 1.69% |
| 8 | COMMVAULT SYSTEMS INC | CVLT | 1.67% |
| 9 | MEIRAGTX HOLDINGS PLC | MGTX | 1.63% |
| 10 | BRINKER INTERNATIONAL INC | EAT | 1.54% |