Core Viewpoint - The Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) is designed to provide broad exposure to the small-cap growth segment of the market, utilizing a smart beta strategy to select stocks based on fundamental characteristics [1][3][5]. Fund Overview - JSMD was launched on February 23, 2016, and has accumulated over $565.73 million in assets, positioning it as an average-sized ETF in its category [1][5]. - The fund aims to match the performance of the Janus Small/Mid Cap Growth Alpha Index, which evaluates stocks based on growth, profitability, and capital efficiency [5][6]. Cost Structure - The annual operating expenses for JSMD are 0.30%, which is competitive within its peer group [7]. - The ETF has a 12-month trailing dividend yield of 0.80% [7]. Sector Exposure and Holdings - The largest sector allocation for JSMD is in Financials, comprising approximately 20.7% of the portfolio, followed by Information Technology and Industrials [8]. - Equitable Holdings Inc. (EQH) is the top individual holding at about 2.3% of total assets, with the top 10 holdings representing around 21.14% of total assets under management [9]. Performance Metrics - As of July 28, 2025, JSMD has increased by approximately 6.29% year-to-date and 15.06% over the past year [10]. - The ETF has traded within a range of $62.52 to $82.80 over the last 52 weeks, with a beta of 1.08 and a standard deviation of 21.42% for the trailing three-year period [10]. Alternatives - Other ETFs in the small-cap growth space include iShares Russell 2000 Growth ETF (IWO) and Vanguard Small-Cap Growth ETF (VBK), with IWO having $11.95 billion in assets and VBK at $19.73 billion [12]. - IWO has an expense ratio of 0.24%, while VBK has a lower expense ratio of 0.07%, presenting options for investors seeking lower-cost alternatives [12].

Core Viewpoint - The Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) provides broad exposure to the Small Cap Growth segment of the US equity market, with a focus on small and medium-sized companies that are expected to grow rapidly [1][7]. Group 1: Fund Overview - JSMD is a passively managed ETF launched on February 23, 2016, and has accumulated assets exceeding $537.74 million, positioning it as an average-sized ETF in its category [1]. - The ETF has annual operating expenses of 0.30% and a 12-month trailing dividend yield of 0.82%, making it competitive with peer products [4]. Group 2: Investment Strategy and Performance - The ETF aims to match the performance of the Janus Small/Mid Cap Growth Alpha Index, which selects stocks based on growth, profitability, and capital efficiency [7]. - As of July 14, 2025, JSMD has returned approximately 4.24% year-to-date and 14.95% over the past year, with a trading range between $62.52 and $82.80 in the last 52 weeks [8]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 20.60% of the portfolio, followed by Information Technology and Industrials [5]. - The top 10 holdings account for approximately 20.53% of total assets, with Equitable Holdings Inc. (EQH) making up about 2.37% of total assets [6]. Group 4: Alternatives and Market Position - JSMD carries a Zacks ETF Rank of 3 (Hold), indicating it is a viable option for investors seeking exposure to the Small Cap Growth area [10]. - Other comparable ETFs include the iShares Russell 2000 Growth ETF (IWO) with $11.76 billion in assets and the Vanguard Small-Cap Growth ETF (VBK) with $19.20 billion, both of which have lower expense ratios [11].