ETF Evaluator:
Janus Henderson Equity Linked Mod IncETF ()
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(as of Nov 13)
Best Performing in Derivative Income - Diversified Over the Last Year
| 24.9% | Federated Hermes Enhanced Income ETF (PAYR) |
| 21.1% | Amplify COWS Covered Call ETF (HCOW) |
| 20.5% | Parametric Equity Premium Income ETF (PAPI) |
| 20.2% | First Trust Small Cp BuyWrt Inc ETF (FTKI) |
| 19.9% | Cullen Enhanced Equity Income ETF (DIVP) |
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ETF Details
Janus Henderson Equity Linked Mod IncETF Overview
Janus Henderson Equity Linked Mod IncETF (JELM) is an actively managed Nontraditional Equity Derivative Income - Diversified exchange-traded fund (ETF). Janus Henderson launched the ETF in 2026.
The investment seeks high current income.
The fund will pursue its investment objective by providing investors with income distributions. Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and equity-linked securities (“80% policy”). The fund is non-diversified.
About Janus Henderson Equity Linked Mod IncETF (JELM)
There are 3 members of the management team with an average tenure of 0.53 years: Natasha Sibley (2026), Jamie Sandells (2026) and David Elms (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Janus Henderson Equity Linked Mod IncETF has 36 securities in its portfolio. The top 10 holdings constitute 100.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Janus Henderson Equity Linked Mod IncETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Janus Henderson Equity Linked Mod IncETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.5% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Janus Henderson Equity Linked Mod IncETF has 99.7% of the portfolio in cash.
Assets Under Management
The fund has $65 million in total assets, which is below the $1 billion average for the Derivative Income - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JELM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Janus Henderson Equity Linked Mod IncETF expense ratio is average compared to funds in the Derivative Income - Diversified category. Janus Henderson Equity Linked Mod IncETF has an expense ratio of 0.59%, which is 19% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Janus Henderson Equity Linked Mod IncETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 65% for the Derivative Income - Diversified category.
Recently, in the month of October 2026, Janus Henderson Equity Linked Mod IncETF returned -0.2%, which earned it a grade of B, as the Derivative Income - Diversified category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Janus Henderson Equity Linked Mod IncETF has a trailing yield of 0.00%, which is below the 6.26% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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JELM Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JELM Return (NAV) | -0.2% | 2.0% | na | na | na | na |
| JELM Return (Price) | 0.4% | 2.3% | na | na | na | na |
| NAV +/- Price Return | -0.531% | -0.269% | na | na | na | na |
| Derivative Income - Diversified Avg | -2.0% | 0.9% | 10.1% | 16.5% | 8.1% | 8.1% |
| JELM Grade (NAV) | B | B | na | na | na | na |
| +/- Category (NAV) | 1.8% | 1.1% | na | na | na | na |
| JELM Tax-Cost Ratio | na | na | na | na | na | na |
JELM Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JELM Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| JELM Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Derivative Income - Diversified Avg | 8.9% | 13.8% | 15.9% | 16.3% | -11.8% | 19.1% | 3.7% | 19.2% | -5.9% | 14.0% | 7.1% |
| JELM Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 65 Mil |
| Share Class Assets: | $ 65 Mil |
| Turnover: | na |
| Expense Ratio: | 0.59% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Sibley Natasha (2026), Sandells Jamie (2026), Elms David (2026) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 100.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.2% |
| Cash: | 99.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Janus Henderson |
| Phone Number: | 800-668-0434 |
| Website: | janusetfs.com |
| Inception Date: | April 21, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.73% |
