VNLA Fees and Costs — Janus Henderson Short Duration Income ETF
Data updated: 2026-09-25
The net expense ratio is 0.23% (0.25% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $172K in broker commissions, 0.0068% of average net assets, and portfolio turnover was 45%.
VNLA Fees and Expenses
Annual operating expenses and sales charges of VNLA. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.23% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.25% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.23% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
VNLA Costs Over Time
On $10,000 invested in VNLA, assuming 5% a year before costs, total costs come to $150 over 5 years, cutting the return by 0.25% 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 0.23%) | $24 | $76 | $133 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $4 | $14 |
| Total costs | $25 | $82 | $150 |
| Value after costs | $10,475 | $11,494 | $12,612 |
| Impact on return, per year | 0.25% | 0.25% | 0.25% |
VNLA 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): 0.0068%
- Total broker commissions: $172K
- Bought from dealers (principal trades, not a cost): $38.7B
- Portfolio turnover (prospectus): 45%
- Securities lending: none during the year
VNLA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $118K | 68.64% |
| Macquarie Group Limited | $16K | 9.22% |
| Barclays Capital, Inc. | $14K | 8.24% |
| UBS Securities LLC | $13K | 7.62% |
| Deutsche Bank Securities Inc. | $6K | 3.62% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $2K | 1.20% |
| Morgan Stanley & Co. LLC | $2K | 1.16% |
| Citigroup Global Markets Inc. | $520 | 0.30% |
VNLA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $14.9B | 39.69% |
| RBC Capital Markets, LLC | $6.2B | 16.51% |
| Truist Securities, Inc. | $5.0B | 13.38% |
| Wells Fargo Securities, LLC | $2.9B | 7.81% |
| BofA Securities, Inc. | $2.7B | 7.13% |
| Mizuho Securities USA LLC | $1.8B | 4.73% |
| MUFG Securities Americas Inc. | $1.5B | 4.12% |
| Citigroup Global Markets Inc. | $1.4B | 3.61% |
| Goldman Sachs & Co. LLC | $686.0M | 1.83% |
| Barclays Capital, Inc. | $445.2M | 1.19% |
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.