JSMD Fees and Costs — Janus Henderson Small/Mid Cap Growth Alpha ETF
Data updated: 2026-09-25
The net expense ratio is 0.30%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $335K in broker commissions, 0.0648% of average net assets, and portfolio turnover was 197%.
JSMD Fees and Expenses
Annual operating expenses and sales charges of JSMD. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.30% |
| Fee waiver | — |
| Net expense ratio | 0.30% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
JSMD Costs Over Time
On $10,000 invested in JSMD, assuming 5% a year before costs, total costs come to $231 over 5 years, cutting the return by 0.38% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.30%) | $32 | $99 | $173 |
| Trading costs (broker commissions) | $7 | $21 | $37 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $38 | $126 | $231 |
| Value after costs | $10,462 | $11,450 | $12,532 |
| Impact on return, per year | 0.38% | 0.38% | 0.38% |
JSMD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0648%
- Total broker commissions: $335K
- Bought from dealers (principal trades, not a cost): $880.9M
- Portfolio turnover (prospectus): 197%
- Securities on loan, average value: $6.4M
- Net income from securities lending: $63K (0.012% of average net assets)
JSMD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $154K | 46.60% |
| Morgan Stanley & Co. LLC | $102K | 30.84% |
| BTIG, LLC | $31K | 9.46% |
| RBC Capital Markets, LLC | $15K | 4.66% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $12K | 3.64% |
| Susquehanna Financial Group, LLLP | $6K | 1.91% |
| J.P. Morgan Securities LLC | $4K | 1.23% |
| UBS Securities LLC | $3K | 0.84% |
| JonesTrading Institutional Services LLC | $2K | 0.45% |
| BestEx Research Securities, LLC | $1K | 0.36% |
JSMD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $271.9M | 30.86% |
| J.P. Morgan Securities LLC | $240.2M | 27.27% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $215.7M | 24.49% |
| Goldman Sachs & Co. LLC | $153.1M | 17.38% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.