At a glance
JXX charges 0.57% a year, below the 0.69% average of the 5 funds most like it (the 2nd cheapest of 6). It has $26.7M in assets, the 6th largest of that group. Over the past year it returned +1.8% with distributions reinvested (S&P 500: +11.5%), 5th of those 6 funds. Its ten largest positions make up 62.9% of the fund, out of 23 in all.
The short version
Janus Henderson Transformational Growth ETF (JXX) is a fund whose managers hand-pick about 20 to 30 stocks tied to long-term themes such as artificial intelligence, cloud computing and healthcare innovation. As of July 31, 2026, its 10 largest holdings, led by Taiwan Semiconductor Manufacturing and Amazon, made up about 63% of assets. Its 0.57% annual fee is below the 0.69% average of similar funds, but the fund is small and launched in February 2025.
Price history
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JXX +1.8% 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 | |
|---|---|---|---|---|---|---|
| JXX price data to Oct 27, 2026 | +4.9% | +1.8% | — | — | — | +8.9% |
- Over the year to Oct 27, 2026, JXX returned +1.8%, 5th of 6 among similar funds.
- The deepest fall in its price history was 23.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +4.9% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 23 securities; the ten largest made up 62.85% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.34% | |
| Amazon.com, Inc. | 9.59% | |
| Broadcom, Inc. | 8.00% | |
| Oracle Corp. | 7.19% | |
| Howmet Aerospace, Inc. | 5.79% | |
| UnitedHealth Group, Inc. | 5.04% | |
| Datadog, Inc. | 4.20% | |
| Danaher Corp. | 4.03% | |
| Boeing Co. (The) | 3.86% | |
| Advanced Micro Devices, Inc. | 3.82% | |
| Madrigal Pharmaceuticals, Inc. | 3.62% | |
| Forgent Power Solutions, Inc. | 3.51% | |
| Eli Lilly & Co. | 3.51% | |
| Lumentum Holdings, Inc. | 3.38% | |
| Nebius Group NV | 3.09% |
By country
United States 85.5%Taiwan 11.34%Netherlands 3.09%By asset type
Stocks 99.92%By sector
Sectors of the companies held, for the 62% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $11.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.22%, -0.46%, -6.67%.
How it works
JXX is actively managed: its managers choose the stocks and decide how much of each to hold rather than copying an index, and can make changes daily. The prospectus calls for about 20 to 30 stocks, mainly large, well-established companies, though any size is allowed. Up to 20% can go into foreign companies trading on U.S. exchanges or as depositary receipts (U.S.-traded certificates representing foreign shares).
The managers work from two directions. From the top down, they build the portfolio around long-running trends they see reshaping society, such as artificial intelligence, cloud computing, deglobalization (a pullback from global trade), digitization (including e-commerce) and healthcare innovation. From the bottom up, they study each company's lasting competitive edge, long-term growth potential and shareholder value. They generally exit a stock when its finances worsen, the reason for owning it changes, or its price reaches their estimate of fair value. Yearly turnover, roughly the share of holdings replaced, was 31%, per the February 2026 prospectus.
The fund is nondiversified, a legal label that allows bigger bets on single stocks. As of July 31, 2026, it held 23 companies, led by Taiwan Semiconductor Manufacturing at 11.3%, and no options or futures. It may lend up to one-third of its assets to brokers and other institutions for extra income, risking late return of loaned shares.
What it really costs
- JXX charges 0.57% a year, versus an average of 0.69% for the similar funds below (2nd of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $58 in the first year and $714 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JXX | $58 | $183 | $318 | $714 |
In a retirement portfolio
With about 20 to 30 stocks, no distributions in the year to October 27, 2026, a record starting in February 2025 and above-market swings, it fits as a small add-on rather than a foundation.
JXX could add a concentrated slice of growth themes such as artificial intelligence and healthcare innovation beside core funds. Launched in February 2025, it did not exist during the 2008, 2020 or 2022 downturns. Its deepest drop was 23.7%, from February 19 to April 8, 2025; it regained that peak by June 30, 2025. Over the year to October 27, 2026, it moved about 1.6 times as much as the market, so a retiree needing cash in a bad year could have to cash out shares after a sharp fall.
It paid no income in the year to October 27, 2026, so withdrawals would mean giving up shares. The 0.57% fee comes to $58 in the first year and $714 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a hand-picked group of about 20 to 30 growth stocks, led by Taiwan Semiconductor Manufacturing, Amazon and Broadcom as of July 31, 2026.
- Cost-conscious investors comparing active growth funds: its 0.57% fee was second-lowest of six similar funds, below the others' 0.69% average.
- People adding a small, higher-risk add-on to broad index funds, who can ride out drops like the 23.7% fall between February and April 2025.
Look elsewhere if
- Investors seeking income: JXX made no distributions in the year to October 27, 2026, so cash needs would require giving up shares.
- Investors wanting a long track record: launched in February 2025, it has no history through the 2008, 2020 or 2022 market downturns.
- Those wary of concentration or very small funds: as of July 31, 2026, the top 10 made up 63% of $26.7 million in assets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JXX this fund | — | 0.57% | $26.7M | +1.8% | — |
| FFOG Franklin Focused Growth ETF FOCUSED GROWTH … | 23% | 0.55% | $311.7M | -0.4% | — |
| PJFG PGIM Jennison Focused Growth ETF | 23% | 0.75% | $140.3M | +3.6% | +25.2% |
| WUGI AXS Esoterica NextG Economy ETF | 22% | 0.76% | $36.1M | +8.6% | +35.5% |
| ILDR First Trust Innovation Leaders ETF | 21% | 0.75% | $324.2M | +11.0% | +33.7% |
| TTEQ T. Rowe Price Technology ETF | 20% | 0.63% | $367.6M | +20.3% | — |
Questions investors ask
What does JXX invest in?
JXX invests in about 20 to 30 stocks chosen by Janus Henderson's managers around themes such as artificial intelligence, cloud computing, digitization and healthcare innovation. It does not track an index. As of July 31, 2026, its largest holdings were Taiwan Semiconductor Manufacturing (11.3%), Amazon (9.6%), Broadcom (8.0%), Oracle (7.2%) and Howmet Aerospace (5.8%). About 85.5% of assets were in U.S. companies, 11.3% in Taiwan and 3.1% in the Netherlands.
What is JXX's expense ratio?
JXX's expense ratio, the annual fee taken out of fund assets, is 0.57%, according to the prospectus filed February 27, 2026. That is below the 0.69% average of five similar funds matched by overlapping holdings; only the Franklin Focused Growth ETF (FFOG), at 0.55%, costs less. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period, costs total $58 after one year and $714 after 10 years.
Does JXX pay dividends?
No. JXX made no distributions (the dividend and capital gain payouts funds pass to shareholders) in the year to October 27, 2026, so its trailing 12-month yield was 0%. That matches its stated objective of long-term growth of capital rather than income. Investors who rely on regular payouts would need to get income elsewhere or cash out JXX shares, which could mean doing so after a price drop.
What's the difference between JXX and FFOG?
The main differences are size and holdings. FFOG, the Franklin Focused Growth ETF, follows a similar growth strategy but overlaps with JXX on only about 23% of holdings, based on each fund's latest SEC holdings report. FFOG charges 0.55% a year versus 0.57% for JXX. It is far larger, with $311.7 million in net assets as of June 30, 2026, against JXX's $26.7 million as of July 31, 2026. Over the year to October 27, 2026, JXX returned 1.8% and FFOG lost 0.4%.
Is JXX a risky ETF?
Yes, it is riskier than a broad stock fund. JXX held 23 companies as of July 31, 2026, with about 63% in its top 10. Over the year to October 27, 2026, its beta was 1.6, meaning it tended to move about 1.6 times as much as the market. Its deepest drop was 23.7%, between February and April 2025. It is also small, with $26.7 million in net assets as of July 31, 2026, after investors pulled a net $11.7 million over the prior three months.