JSML Fees and Costs — Janus Henderson Small 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 $209K in broker commissions, 0.0944% of average net assets, and portfolio turnover was 170%.
JSML Fees and Expenses
Annual operating expenses and sales charges of JSML. 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 |
JSML Costs Over Time
On $10,000 invested in JSML, assuming 5% a year before costs, total costs come to $250 over 5 years, cutting the return by 0.41% 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) | $10 | $31 | $54 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $136 | $250 |
| Value after costs | $10,459 | $11,440 | $12,513 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
JSML 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): 0.0944%
- Total broker commissions: $209K
- Bought from dealers (principal trades, not a cost): $429.7M
- Portfolio turnover (prospectus): 170%
- Securities on loan, average value: $4.4M
- Net income from securities lending: $42K (0.019% of average net assets)
JSML Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC | $57K | 28.66% |
| Morgan Stanley & Co. LLC | $57K | 28.59% |
| RBC Capital Markets, LLC | $30K | 15.08% |
| Susquehanna Financial Group, LLLP | $16K | 7.83% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $11K | 5.58% |
| Virtu Americas LLC | $10K | 4.89% |
| UBS Securities LLC | $7K | 3.31% |
| Jefferies LLC | $5K | 2.64% |
| J.P. Morgan Securities LLC | $4K | 1.85% |
| Goldman Sachs & Co. LLC | $3K | 1.57% |
JSML Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $155.6M | 36.21% |
| Goldman Sachs & Co. LLC | $128.1M | 29.81% |
| J.P. Morgan Securities LLC | $107.8M | 25.09% |
| Virtu Americas LLC | $36.5M | 8.50% |
| RBC Capital Markets, LLC | $1.7M | 0.39% |
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.