At a glance
JMID charges 0.3% a year, above the 0.24% average of the 6 funds most like it (the 5th cheapest of 7). It has $23.6M in assets, the 7th largest of that group; it paid 0.54% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.9% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds. Its ten largest positions make up 24.1% of the fund, out of 93 in all.
The short version
Janus Henderson Mid Cap Growth Alpha ETF (JMID) is an actively managed fund that uses a computer-driven model to pick roughly 90 mid-sized US growth stocks, aiming to beat the Russell Midcap Growth Index. It charges 0.30% a year, more than similar funds such as Vanguard Mid-Cap Growth ETF (VOT) at 0.07%, trades heavily, and trailed its benchmark in 2025, returning 5.37% versus 8.66%.
Price history
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JMID +2.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JMID official prospectus, to Dec 31, 2025 | — | +5.37% | — | — | — | +13.16% |
| Russell 3000TM Index (reflects no deductions for fees, expenses or taxes), Janus Henderson Mid Cap Growth Alpha ETF index, same period | — | +17.15% | — | — | — | +17.38% |
| Russell Midcap® Growth Index (reflects no deductions for fees, expenses or taxes) index, same period | — | +8.66% | — | — | — | +15.24% |
| JMID price data to Oct 27, 2026 | +8.0% | +2.9% | — | — | — | +12.0% |
- Over the year to Oct 27, 2026, JMID returned +2.9%, 4th of 7 among similar funds.
- Its worst full calendar year was 2025 (+5.6%); its best was 2025 (+5.6%).
- The deepest fall in its price history was 25.6% (Dec 6, 2024 to Apr 8, 2025), recovered by Sep 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.1% | — |
| 2025 | +5.6% | +5.37% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0900 | |
| 2025 | $0.2300 |
What's inside
As of Jul 31, 2026, the fund held 93 securities; the ten largest made up 24.06% of assets.
| Holding | Weight | |
|---|---|---|
| Comfort Systems USA, Inc. | 3.09% | |
| Dexcom, Inc. | 2.74% | |
| Snowflake, Inc. | 2.50% | |
| Teradyne, Inc. | 2.47% | |
| Expedia Group, Inc. | 2.42% | |
| Tapestry, Inc. | 2.40% | |
| Datadog, Inc. | 2.31% | |
| NetApp, Inc. | 2.10% | |
| HEICO Corp. | 2.09% | |
| Las Vegas Sands Corp. | 1.94% | |
| Neurocrine Biosciences, Inc. | 1.93% | |
| Halozyme Therapeutics, Inc. | 1.93% | |
| Ameriprise Financial, Inc. | 1.92% | |
| eBay, Inc. | 1.90% | |
| Lumentum Holdings, Inc. | 1.88% |
By country
United States 95.4%Cayman Islands 1.38%United Kingdom 1.03%British Virgin Islands 0.79%Ireland 0.55%By asset type
Stocks 99.99%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.44%, +0.03%, -3.85%.
How it works
JMID is actively managed, so it does not try to copy an index. Its benchmark, the yardstick for judging its results, is the Russell Midcap Growth Index. Normally at least 80% of net assets go into mid-sized companies picked for growth potential, defined as firms whose market value falls within that index's range over the past 12 months. As of October 31, 2025, that range ran from $121 million to $108.41 billion.
Stock selection follows a proprietary quantitative, or computer-driven, model. It uses signals based on fundamental research to seek 'alpha,' or returns above the benchmark. Portfolio optimization techniques then set position sizes so the fund keeps traits similar to the index and stays near a target risk level. As of July 31, 2026, it held 93 stocks, led by Comfort Systems USA (3.1%), Dexcom (2.7%) and Snowflake (2.5%).
Holdings can change daily, and trading is heavy. The prospectus filed February 27, 2026 lists turnover of 213%, meaning the fund replaced its holdings about twice over in a year. That can add trading costs and short-term capital gains, which are taxed at ordinary income rates. The fund may hold up to 35% in one industry if that industry is 20% or more of the benchmark, and may lend up to one-third of its assets for extra income.
What it really costs
- JMID charges 0.3% a year, versus an average of 0.24% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JMID | $31 | $97 | $169 | $381 |
In a retirement portfolio
A small, actively managed mid-cap growth fund with a short record, a 25.6% peak-to-low drop and little income fits better as a minor add-on than as a portfolio's foundation.
JMID could add a tilt toward mid-sized US growth companies next to a broad core fund. Its record is short: it launched on September 17, 2024, so it has no history through the 2008, 2020 or 2022 downturns. Its deepest drop was 25.6%, from December 6, 2024 to April 8, 2025; it regained that peak on September 11, 2025, about five months after the low. Anyone withdrawing money near that low would have locked in losses.
Its only full calendar year, 2025, returned 5.37%, behind the Russell Midcap Growth Index's 8.66%. The yield was 0.54% as of October 27, 2026, paid quarterly, so it offers little income. The 0.30% expense ratio works out to about $31 over one year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a computer-driven, actively managed approach to mid-cap growth stocks and accept paying 0.30% a year for it.
- Long-term investors adding a small growth tilt beside a broad core fund, through holdings like Comfort Systems USA, Dexcom and Snowflake.
- Investors holding it in an IRA or other tax-deferred account, where short-term gains from its 213% turnover aren't taxed each year.
Look elsewhere if
- Cost-focused investors: several similar mid-cap growth funds charge far less, including VOT at 0.07% and IMCG at 0.06%, versus JMID's 0.30%.
- Those wanting a proven record: JMID launched September 17, 2024, held just $23.6 million as of July 31, 2026, and trailed its benchmark in 2025.
- Income seekers or cautious savers: the yield was 0.54% as of October 27, 2026, and the fund fell 25.6% between December 2024 and April 2025.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JMID this fund | — | 0.3% | $23.6M | +2.9% | — |
| IWP iShares Russell Mid-Cap Growth ETF | 40% | 0.23% | $21.57B | -8.0% | +14.0% |
| VOT Vanguard Mid-Cap Growth ETF | 21% | 0.07% | $34.82B | -0.4% | +17.4% |
| IMCG iShares Morningstar Mid-Cap Growth ETF | 19% | 0.06% | $3.92B | +14.6% | +22.3% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha … | 18% | 0.3% | $1.05B | +5.2% | +18.9% |
| FRTY Alger Mid Cap 40 ETF | 17% | 0.6% | $154.0M | -1.7% | +25.6% |
| IWR iShares Russell Midcap ETF | 17% | 0.19% | $56.98B | +16.6% | +19.3% |
Questions investors ask
Is JMID good for retirement?
It may fit as a small, higher-risk part of a retirement portfolio rather than its core. JMID owns mid-sized US growth stocks and has only traded since September 17, 2024. It fell 25.6% between December 6, 2024 and April 8, 2025, then recovered by September 11, 2025. Its yield was 0.54% as of October 27, 2026, so it adds little income. It may suit savers who want a growth tilt alongside broader, steadier funds.
What's the difference between JMID and IWP?
JMID is actively managed, much smaller and a bit more expensive. It uses a computer-driven model to try to beat the Russell Midcap Growth Index. iShares Russell Mid-Cap Growth ETF (IWP), the closest match by holdings among similar funds, charges 0.23% a year versus JMID's 0.30%. IWP had $21.6 billion in net assets as of June 30, 2026, against JMID's $23.6 million as of July 31, 2026. Over one year, IWP lost 5.9% through October 30, 2026, while JMID gained 2.9% through October 27, 2026.
What is JMID's expense ratio?
JMID's expense ratio is 0.30% a year, per the prospectus filed February 27, 2026. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, that comes to about $31 after one year, $169 after five years and $381 after ten. The fund costs more than the 0.24% average of the similar funds compared and far more than Vanguard Mid-Cap Growth ETF (VOT) at 0.07%. Its 213% turnover can add trading costs not shown in the expense ratio.
Does JMID pay dividends?
Yes, but not much. JMID pays distributions quarterly, and its yield over the prior 12 months was 0.54% as of October 27, 2026, or about $0.17 per share. Low payouts are typical of growth stocks, because these companies tend to reinvest their profits. The fund's heavy trading can also produce short-term capital gains. In a taxable account, those gains are taxed at ordinary income rates when they are paid out to shareholders.
Has JMID beaten its benchmark?
Not through the end of 2025. In 2025, its first full calendar year, JMID returned 5.37% while its benchmark, the Russell Midcap Growth Index, returned 8.66%, according to the prospectus. From its September 17, 2024 launch through December 31, 2025, the fund averaged 13.16% a year versus 15.24% for the index. That's a short record, and the prospectus warns that an actively managed strategy may underperform its benchmark.