At a glance
SSPX charges 0.55% a year, the same as the average of the 8 funds most like it (the 2nd cheapest of 9). It has $9.8M in assets, the 9th largest of that group. Over the past year it returned −29.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned −21.1% a year. Its ten largest positions make up 46.2% of the fund, out of 43 in all.
The short version
Janus Henderson U.S. Sustainable Equity ETF (SSPX) is an actively managed fund of 30 to 50 mostly large U.S. stocks tied to environmental or social themes, led by Microsoft and NVIDIA as of July 31, 2025. It excludes fossil fuels, weapons, tobacco and more, and its 0.55% fee matches the similar-fund average. The drawbacks are stark: assets of just $9.8 million at that date and a 49.08% price drop in 2025.
Price history
The interactive chart needs JavaScript.
SSPX -29.2% 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 | |
|---|---|---|---|---|---|---|
| SSPX price data to Oct 27, 2026 | -27.6% | -29.2% | -21.1% | — | — | -16.2% |
- Over the year to Oct 27, 2026, SSPX returned -29.2%, 9th of 9 among similar funds.
- Its worst full calendar year was 2025 (-49.1%); its best was 2023 (+24.4%).
- The deepest fall in its price history was 70.2% (Oct 6, 2025 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -27.6% |
| 2025 | -49.1% |
| 2024 | +13.3% |
| 2023 | +24.4% |
| 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 | Not in the price data, which starts Feb 25, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0500 | -44.4% |
| 2024 | $0.0900 | 0.0% |
| 2023 | $0.0900 |
What's inside
As of Jul 31, 2025, the fund held 43 securities; the ten largest made up 46.24% of assets, and 2.55% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Microsoft Corp. | 9.67% | |
| NVIDIA Corp. | 9.41% | |
| Spotify Technology SA | 3.88% | |
| Mastercard, Inc. | 3.74% | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.70% | |
| Progressive Corp. (The) | 3.49% | |
| Westinghouse Air Brake Technologies Corp. | 3.46% | |
| McKesson Corp. | 3.36% | |
| Uber Technologies, Inc. | 2.78% | |
| Arthur J Gallagher & Co. | 2.76% | |
| Xylem, Inc. | 2.56% | |
| TE Connectivity plc | 2.52% | |
| Hubbell, Inc. | 2.50% | |
| Keysight Technologies, Inc. | 2.41% | |
| Argenx SE | 2.39% |
By country
United States 77.91%Ireland 4.27%Luxembourg 3.88%Taiwan 3.7%Canada 2.95%By asset type
Stocks 97.46%By sector
Sectors of the companies held, for the 61% 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, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2025, investors added a net $714K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.48%, +4.76%, +0.60%.
How it works
SSPX is actively managed; it tracks no index. Its managers must keep at least 80% of net assets in stocks economically tied to the U.S. (based or mainly traded there, or with most revenue or assets there). The fund usually owns 30 to 50 stocks, mostly large, established companies.
Selection runs in three steps. First, a company must earn, or expect to earn, at least half its revenue from one of ten themes, such as cleaner energy, water management, health, and knowledge and technology. Second, screens remove companies significantly involved in, or earning more than token revenue from, fossil fuels, weapons, tobacco, alcohol, gambling, nuclear power generation and other areas. Third, the managers research each business's growth potential, competitive position, finances and governance. They aim to keep the portfolio's carbon footprint and carbon intensity at least 20% below the S&P 500's.
No rebalancing schedule is set. Managers consider exiting a stock when a regulatory, industry or company change may hurt its revenue growth, or the business no longer meets the sustainability criteria. Yearly turnover was 20%, per the February 28, 2025 prospectus, so about a fifth of the portfolio changed hands. Position sizes are the managers' call: as of July 31, 2025, Microsoft (9.7%) and NVIDIA (9.4%) led, the top 10 held 46.2%, and the fund used no derivatives.
What it really costs
- SSPX charges 0.55% a year, versus an average of 0.55% for the similar funds below (2nd of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SSPX | $56 | $176 | $307 | $689 |
In a retirement portfolio
It is a concentrated, actively managed fund of 30 to 50 stocks whose price fell 70.2% from its October 6, 2025 peak by October 6, 2026, pointing to a small side position rather than a foundation.
SSPX could add sustainability-screened growth stocks, but its results warn anyone who may need to draw on savings in a bad year. Launched in September 2021, it wasn't around for the 2008 or 2020 crashes, and its price history starts February 25, 2022, after the 2022 bear market began; the prospectus shows a 19.4% drop in the quarter ending June 30, 2022. Its worst calendar year was 2025, down 49.08%. From October 6, 2025 to October 6, 2026, its price fell 70.2% and had not recovered as of October 27, 2026. Cashing out during that slide would have locked in losses.
It paid no distributions in the year to October 27, 2026, so it is not an income source. Its 0.55% yearly fee is in line with similar funds. Past results don't predict the future, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting stocks chosen for revenue from themes like cleaner energy and health, with fossil fuels, weapons, tobacco and gambling screened out.
- Investors comfortable with a concentrated active portfolio of 30 to 50 stocks, where the top 10 held 46.2% as of July 31, 2025.
- Investors wanting a small growth position with a lower carbon profile; managers aim for a carbon footprint at least 20% below the S&P 500's.
Look elsewhere if
- Retirees who need income: SSPX paid no distributions in the year to October 27, 2026, so its trailing yield was 0%.
- Anyone uneasy with deep losses: its price fell 49.08% in 2025 and 70.2% from October 6, 2025 to October 6, 2026.
- Investors wary of tiny funds, which can close: SSPX had $9.8 million in assets as of July 31, 2025, smallest of nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SSPX this fund | — | 0.55% | $9.8M | -29.2% | -21.1% |
| PJFG PGIM Jennison Focused Growth ETF | 28% | 0.75% | $140.3M | +3.6% | +25.2% |
| SNPG Xtrackers S&P 500 Growth Scored & Screened … | 27% | 0.15% | $14.2M | +9.6% | +25.3% |
| FMAG Fidelity Magellan ETF | 26% | 0.59% | $246.1M | -1.1% | +19.7% |
| FFOG Franklin Focused Growth ETF FOCUSED GROWTH … | 25% | 0.55% | $311.7M | -0.4% | — |
| WINN Harbor Long-Term Growers ETF | 25% | 0.57% | $1.13B | +5.5% | +25.4% |
| PGRO Putnam Focused Large Cap Growth ETF | 24% | 0.56% | $212.1M | +3.1% | +24.6% |
| IWLG NYLI Winslow Large Cap Growth ETF | 21% | 0.6% | $312.0M | +0.2% | +23.9% |
Questions investors ask
Is SSPX a good fit for a retirement portfolio?
For most retirement portfolios, it would be a higher-risk side holding rather than a foundation. SSPX is a concentrated, actively managed fund of 30 to 50 stocks. Its price fell 49.08% in 2025 and dropped 70.2% from October 6, 2025 to October 6, 2026, with no recovery as of October 27, 2026. It also paid no distributions in the year to that date, so it provides no income. It may suit investors who value its sustainability screens and accept that risk in a small slice of savings.
What are SSPX's top 10 holdings?
As of July 31, 2025, the top 10 were Microsoft (9.7%), NVIDIA (9.4%), Spotify (3.9%), Mastercard (3.7%), Taiwan Semiconductor Manufacturing (3.7%), Progressive (3.5%), Westinghouse Air Brake Technologies (3.5%), McKesson (3.4%), Uber (2.8%) and Arthur J. Gallagher (2.8%). Together they made up 46.2% of assets; the fund had 43 holdings in total. About 78% of assets were in U.S.-based companies, with smaller stakes in firms based in Ireland, Luxembourg, Taiwan, Canada and the Netherlands.
Does SSPX invest in oil and gas companies?
It aims not to. SSPX screens out companies significantly involved in, or earning more than token revenue from, fossil fuels. The exclusion list also covers alcohol, tobacco, gambling, civilian firearms, conventional and controversial weapons, nuclear power generation, fur, pornography, intensive farming and others, and it may change over time. Separately, the managers aim to keep the portfolio's carbon footprint and carbon intensity (emissions relative to sales) at least 20% below the S&P 500's. The screens rely partly on outside data providers.
What's the difference between SSPX and PJFG?
Mainly cost, size and results. PGIM Jennison Focused Growth ETF (PJFG) shared about 28% of its holdings with SSPX, the most of any similar fund. SSPX is cheaper, at 0.55% a year versus 0.75%, and its prospectus commits it to sustainability screens and a carbon target. But PJFG returned 3.6% over the year to October 27, 2026, while SSPX lost 29.2%. PJFG is also far larger: $140.3 million in net assets as of August 31, 2026, versus SSPX's $9.8 million as of July 31, 2025.
What is SSPX's expense ratio?
SSPX's expense ratio, the yearly fee taken from fund assets, is 0.55%, per its prospectus filed February 28, 2025. In the SEC's standard example ($10,000, 5% yearly returns, shares cashed in at the end), total costs come to $56 after one year, $307 after five and $689 after 10. That fee matches the 0.55% average of eight similar funds; only Xtrackers S&P 500 Growth Scored & Screened ETF (SNPG), at 0.15%, is cheaper. SNPG shared about 27% of its holdings with SSPX.