Janus Henderson Short Duration Income ETF
Actively managed U.S. bond ETF
As of its 2026 Q2 report, Janus Henderson Short Duration Income ETF held 340 positions with $3.22B in net assets. Its ten largest holdings made up 13.0% of the fund. The VNLA share class costs 0.23% a year. Over the 12 months to May 2026, VNLA returned 4.8%, with dividends reinvested. In 2026 Q3 it added 65 new positions and exited 42.
Janus Henderson Short Duration Income ETF seeks current income, consistent with preservation of capital.
The fund invests at least 80% of assets in fixed-income securities across sectors and geographies, targeting investment-grade debt while allowing up to 15% in high-yield bonds and seeking to exploit market mispricings in underrepresented issuers and regions. It maintains a short duration of 0–2 years and may hold up to 70% in foreign securities, including emerging markets capped at 15%, with currency exposure normally limited to 15%. Because the fund's returns depend on the manager's security selection and market timing decisions rather than tracking an index, performance will diverge from any benchmark. The fund may use derivatives to manage duration and hedge currency risk.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
AutoNation, Inc. | 2.39% | $76.99M | — |
Humana, Inc. | 1.91% | $61.54M | — |
Morgan Stanley Bank NA 4.95% floating · due 2028-01-14 | 1.36% | $43.78M | — |
Global Payments, Inc. | 1.30% | $41.98M | — |
Enbridge, Inc. | 1.18% | $37.92M | — |
Stellantis Financial Services US Corp. | 1.17% | $37.53M | — |
Oracle Corp. 4.55% · due 2029-02-04 | 1.02% | $32.75M | — |
Global Payments, Inc. | 0.96% | $30.90M | — |
Bank Australia Ltd. 5.69% floating · due 2028-02-21 | 0.86% | $27.84M | — |
Atlas Warehouse Lending Co. LP 6.05% · due 2028-01-15 | 0.81% | $26.03M | — |
The 200 largest of 340 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 74.33% |
| Securitized | 15.51% |
| Cash & short-term | 11.26% |
| Derivatives | -0.03% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 26.0%
- International
- 18.7%
- Securitized
- 16.0%
- Financials
- 15.9%
- 10 other sectors
- 23.4%
- Other
- 26.0%
- International
- 18.7%
- Securitized
- 16.0%
- Financials
- 15.9%
- Cash
- 10.6%
- Utilities
- 3.3%
- Health Care
- 2.2%
- Information Technology
- 2.2%
- Industrials
- 1.7%
- Consumer Discretionary
- 1.4%
- Energy
- 0.7%
- Real Estate
- 0.5%
- Communication Services
- 0.5%
- Government
- 0.2%
How it has done
VNLA share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.71%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Janus Henderson Short Duration Income ETF is an actively managed U.S. bond ETF.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.23%· VNLA 0.23%
- Portfolio turnover
- 45.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
65 new· the largest 7
42 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 59.6% |
| Floating rate | 40.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 21.8% |
| 1-3y | 46.9% |
| 3-5y | 9.0% |
| 5-10y | 9.8% |
| 10y+ | 12.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 66% |
| Interest rates | 34% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.67 yr |
| High yield | +0.02 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 6% |
| 1 yr | 0.51 yr | 60% |
| 5 yr | 0.27 yr | 31% |
| 10 yr | 0.02 yr | 3% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.05 yr | 3% |
| 1 yr | 0.80 yr | 47% |
| 5 yr | 0.66 yr | 39% |
| 10 yr | 0.17 yr | 10% |
| 30 yr | 0.01 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.05 | +0.00 | $17.4k | $119 |
| 1 yr | +0.51 | +0.79 | +0.01 | $254.0k | $3.5k |
| 5 yr | +0.27 | +0.65 | +0.01 | $208.7k | $2.7k |
| 10 yr | +0.02 | +0.17 | +0.00 | $54.1k | $0 |
| 30 yr | +0.00 | +0.01 | +0.00 | $3.8k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.86 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — VNLA, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”