Janus Henderson Corporate Bond ETF

Janus Henderson Corporate Bond ETF (JLQD) is an actively managed fund of mostly investment-grade (higher-rated) U.S. dollar corporate bonds, with room for up to 15% in lower-rated "junk" bonds. It pays monthly, with a trailing 12-month yield of 5.66% as of October 27, 2026. It costs more than large rivals such as VCIT (0.20% after a fee waiver, versus 0.03%) and is far smaller, with $14.1 million in assets as of July 31, 2026.

• Over the year to Oct 27, 2026, JLQD returned -2.2%, 8th of 8 among similar funds.
• Its worst full calendar year was 2025 (+7.8%); its best was 2025 (+7.8%).
• The deepest fall in its price history was 4.7% (Feb 17, 2026 to Sep 30, 2026), not yet recovered.

As of Jul 31, 2026, the fund held 139 securities; the ten largest made up 15.89% of assets, and 8.46% sat in cash and money-market holdings.

The bonds mature in 8.9 years on average (weighted by size), with an average coupon of 5.5%.

• Over the three months to Jul 31, 2026, investors withdrew a net $10.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.67%, +0.33%, -1.75%.

JLQD is actively managed. Its managers do not copy an index. They pick bonds using economic views, company research and quantitative models. At least 80% of net assets goes into U.S. dollar corporate bonds and commercial paper (short-term company debt). Most holdings are investment grade, meaning a rating agency grades them BBB-/Baa3 or higher. Up to 15% can be below-investment-grade "junk" bonds rated as low as B-. Up to 20% can be other debt, such as Treasuries and bank loans, or cash.

There is no set rebalancing schedule. The managers drop a bond when it reaches its expected value or when better value appears elsewhere. Portfolio turnover was 185%, which means its trades added up to nearly twice the fund's size over a year. As of July 31, 2026, the fund held 151 positions, with 15.89% in the 10 largest. The biggest were Foundry JV Holdco (1.99%), Atlas Warehouse Lending (1.73%) and the Janus Henderson Mortgage-Backed Securities ETF (1.71%), a sister fund.

The fund aims to keep its duration within three years of the Bloomberg U.S. Corporate Bond Index's 7.17 years (as of October 31, 2025). Duration measures how much bond prices fall when interest rates rise. The fund may use derivatives such as Treasury futures, swaps and options to manage this or to seek extra return. It can borrow through reverse repurchase agreements to buy more bonds, and it can lend securities for extra income.

• JLQD charges 0.2% a year, versus an average of 0.12% for the similar funds below (6th of 8, cheapest first).
• Of that, 0.35% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.15% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $428 over 10 years (assuming a 5% annual return).

Its main draw is monthly income from mostly investment-grade corporate bonds, with a trailing 12-month yield of 5.66% as of October 27, 2026.

JLQD pays monthly, with a trailing 12-month yield of 5.66% as of October 27, 2026 (the past year's income divided by the price). It launched in September 2021, so it missed the 2008 and 2020 crashes. It lost 15.71% in 2022, its worst calendar year, including a 7.85% drop in the first quarter. From launch through December 31, 2025, its average annual return was just 0.14%. In price data since May 2024, its deepest drop was 4.7%, from February 17 to September 30, 2026. It had not recovered as of October 27, 2026. Anyone who had to cash out shares in a year like 2022 would have locked in losses.

It costs 0.20% a year after a fee waiver, against 0.03% to 0.04% for large rivals such as VCIT and IGIB. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).