At the end of April, Janus Henderson managed $31 billion in actively managed ETF assets. Approximately half of the money impressively flowed into these ETFs in the prior 12 months. While the majority of the flows went into the firm’s AAA CLO ETF, we are also excited about other funds in the Janus Henderson lineup.
See related: Fidelity Aims to Be a Top 3 Active ETF Provider
With $21 billion in assets, the Janus Henderson AAA CLO ETF (JAAA ) is the largest CLO ETF. Investors have embraced JAAA in the past year. More than $11 billion flowed into the ETF in the past year. Actively managed JAAA focuses on a high-quality, low-interest-rate-sensitive slice of the bond market.
Popular Active Fixed Income ETFs
Historically, CLOs have demonstrated low volatility and limited default risk compared to many other fixed income instruments. JAAA offers a 5.5% 30-day SEC yield and has a 0.20% expense ratio. JAAA launched in 2020 and quickly gained a following.
The firm’s next three largest Janus Henderson ETFs are also actively managed fixed income products. The Janus Henderson B-BBB CLO ETF (JBBB ) began trading in 2022 and has $1.3 billion. In exchange for taking on greater credit risk, JBBB sports a higher 7.5% 30-day SEC yield. Meanwhile, the Janus Henderson Mortgage-Backed Securities ETF (JMBS ) manages $5.5 billion in assets. This ETF launched in 2018 and takes a fundamental, loan-level, analytical approach to find value in the securitized market. The ETF has a 5.1% yield.
While JAAA, JBBB, and JMBS are targeted fixed income products, the firm’s fourth sizable active fixed income ETF is more diversified. The Janus Henderson Short Duration Income ETF (VNLA ), which launched in 2016, recently had approximately 60% in Baa-rated bonds. Most of the remainder were in A-rated securities but there were also some Aaa and Aa exposure. These bonds were mostly corporate bonds, but 15% of assets were in securitized debt.
Strong Track Record Managing Active Equity Strategies
All four of these fixed income ETFs have crossed the key $1 billion assets threshold. However, a pair of younger active equity ETFs are notable. Why? Because Janus Henderson managed $217 billion in equity assets globally at the end of the first quarter of 2025. This was more than double the $90 billion invested in fixed income products. Most of the firm’s assets are in mutual funds with strong track records. Indeed, 83% of equity mutual fund assets had 10-year track records stronger than the Morningstar average.
Recently Launched Equity ETFs Worth Attention
The Janus Henderson Transformational Growth ETF (JXX ) launched in February 2025 and has only $23 million in assets. Many of us in the industry like to say ETF tickers as words. For example, VNLA would be “Vanilla.” JXX would be said as J Twenty, which to me sounds a lot like Janus Twenty.
Some of you may remember Janus Twenty as a popular concentrated active equity mutual fund that invested in 20-30 stocks. However, in 2017, the firm merged the Janus Twenty Fund and the Janus Forty Fund. The Janus Forty mutual fund now has $20 billion in assets and has a four-star rating from Morningstar.
JXX invests in companies management believes are benefiting from transformative durable trends like artificial intelligence, healthcare innovation and digitization. The global portfolio includes sizable stakes in Booking Holdings, Madrigal Pharmaceuticals, and Taiwan Semiconductor.
Meanwhile, the Janus Henderson Mid Cap Growth Alpha ETF (JMID ) is slightly older than JXX. This ETF began trading in September 2024. The midcap ETF systematically chooses to own shares of midsize companies based on proprietary fundamental factors. The ETF has just $20 million in assets and is largely unknown.
Awareness Will Help
However, we think there will be more demand as awareness of the strategy improves. The Janus Henderson Enterprise Fund (JMGRX) is a $21 billion midcap growth fund with a five-star rating from Morningstar. While JMID and JMGRX did not hold the same securities at the end of the first quarter, we think advisors and investors will gain comfort in the firm’s midcap growth expertise.
Janus Henderson has been building out a strong ETF lineup, and we expect there will be more to come. For ETF-minded advisors and -investors who know the firm for JAAA, there is more to learn about Janus Henderson. Meanwhile, those longtime fans of Janus Henderson for its active management have more ways to access the firm’s expertise.
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