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JHES EUR Short Duration Income Active Core UCITS ETF

A short duration bond ETF with enhanced yield and focus on capital preservation*.

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ISIN
IE000CCQKON9

NAV
EUR 10.28
As of 08/11/2026

JHES
EUR Short Duration Income Active Core UCITS ETF

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Overview

Investment objective

The Fund aims to provide a steady income stream with capital preservation across various market cycles by investing in an actively managed portfolio of primarily short duration fixed income instruments.

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Under normal circumstances, the Fund will invest at least 80% of its net assets in a global portfolio of short duration fixed income instruments. The Fund primarily invests in investment grade debt securities, rated Baa3 or higher or, if unrated, determined by the Investment Manager to be of comparable quality. Such investments may be across multiple sectors including (but not limited to) certificates of deposit, treasury bills, government & government-related bonds (both fixed and floating rate), commercial paper, corporate bonds (both fixed and floating rate) and, to the extent set out below, ABS/MBS, with a focus on developed markets. The securities in which the Fund primarily invests have an expected maturity / weighted average life of less than five years. The Bloomberg Barclays Euro Treasury 0-3 Months Bond Index is used for performance comparison purposes only in the Fund’s marketing materials, as applicable. The Fund is actively managed and does not seek to replicate the composition or performance of the Index Benchmark. The Fund may invest in both agency and non-agency MBS, subject to the limits included in the Supplement. The Fund may invest a maximum of 15% in debt securities that are rated below investment grade, but it will not invest in securities rated below B3. The Fund may invest a maximum of 15% of its net assets in emerging markets. The Fund will normally limit its unhedged non-Base Currency exposure to 15% of its total assets. The Fund may invest up to 10% of its net asset value in the other Eligible Collective Investment Schemes, included those managed by the Investment Manager.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

About this fund

The Fund aims to provide a steady income stream with capital preservation across various market cycles by investing in an actively managed portfolio of primarily short duration fixed income instruments.

*The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.

Past performance does not predict future returns. 
 

Why invest in this fund

Short duration bond allocation

Useful for cash management, or can be used as a liquidity sleeve.

Depth of expertise

Highly experienced Portfolio managers within a global team.

Disciplined risk management

We collaborate on a global scale across team and portfolio to access the best relative value opportunities.

Portfolio characteristics

(As of 30/06/2026)

EUR Acc.
Number of holdings: 133
Yield to worst (%): 3.77
Average rating: A-
Weighted average maturity 0.91
Option adjusted spread 57.94
EUR Inc.
Number of holdings: 133
Yield to worst (%): 3.77
Average rating: A-
Weighted average maturity 0.91
Option adjusted spread 57.94

Listings Information

Exchange Ticker Currency SEDOL WKN Bloomberg Ticker RIC
Borsa Italiana JHES IM EUR BPQF058 A40VMV JHES IM EQUITY JHES.MI
Xetra JHES GY EUR BTY6D29 A40VMV JHES GY EQUITY JHES.DE
SIX Swiss Exchange (Small- & Medium-Caps) - SW JHES SE EUR BS7Z371 A40VMV JHES SE EQUITY JHES.S

Portfolio Management

Daniel Siluk

Head of Global Short Duration & Liquidity | Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Addison Maier

Portfolio Manager

Industry since 2011. Joined Firm in 2011.

Tim Winstone, CFA

Head of Investment Grade Credit | Portfolio Manager

Industry since 2003. Joined Firm in 2015.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 07/31/2026
EUR Acc (Net) Bloomberg Euro Treasury Bills 0-3 Months Index EUR Ultra Short-Term Bond
 
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
05/29/2025
EUR Acc (Net) 0.19 1.17 2.20 - - - 2.31
Bloomberg Euro Treasury Bills 0-3 Months Index 0.17 1.01 1.69 - - - 1.67
EUR Ultra Short-Term Bond 0.10 1.06 1.89 - - - 2.00
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Recommended holding period 5 Years

Example Investment: EUR 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs9,770 EUR9,690 EUR
Average return each year-2.29%-0.62%
UnfavourableWhat you might get back after costs9,770 EUR9,690 EUR
Average return each year-2.29%-0.62%
ModerateWhat you might get back after costs10,000 EUR10,060 EUR
Average return each year-0.00%0.12%
FavourableWhat you might get back after costs10,440 EUR10,900 EUR
Average return each year4.40%1.75%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 1 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 06/30/2026
EUR Acc (Net) Bloomberg Euro Treasury Bills 0-3 Months Index EUR Ultra Short-Term Bond
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.

Growth of a Hypothetical Investment

EUR Acc (Net) Bloomberg Euro Treasury Bills 0-3 Months Index
Annual Fees & Expenses (As of the most recent prospectus)
Initial Charge 0.00%
Annual Charge 0.25%
Ongoing Charge
(As of ) 		-
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

A single All-in-Fee expressed as a total expense ratio ("Total Expense Ratio/TER" or "Annual Management Charge/AMC") is payable out of the assets of the relevant Fund for all ongoing fees and expenses. Further information can be found in section "Fees, Charges and Expenses" section of the Prospectus and/or Fund Supplement to the Prospectus.

Portfolio

Top Holdings (As of 06/30/2026)
% of Fund
European Union Bill 2026 4.47
Kingdom of Belgium Treasury Bill 2026 2.31
ArcelorMittal 4.875% 2026 1.64
SELP Finance Sarl 3.75% 2027 1.64
Intesa Sanpaolo 3.928% 2026 1.63
Volkswagen Bank GmbH 2.50% 2026 1.61
General Motors Financial 0.60% 2027 1.55
Atlas Warehouse Lending 6.05% 2028 1.46
Permanent TSB Group 6.625% 2028 1.37
Traton Finance Luxembourg 3.375% 2028 1.34
TOTAL 19.01
View full holdings
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Regional Allocation % of Fund % of Index % of Fund % of Index As of 07/31/2026

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Sector Allocation % of Fund % of Index % of Fund % of Index As of 07/31/2026

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 07/31/2026

Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%.

Documents

Related Insights

Differentiated insights are central to our investment approach.

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  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital. If this happens or the market perceives this may happen, the value of the bond will fall.
  • Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
  • High exposure to a particular country or geographical region carries a higher level of risk than a more broadly diversified portfolio.
  • Derivatives may be used with the aim of reducing risk or managing the portfolio more efficiently. However, this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • Securities could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • Losses could be incurred if a counterparty became unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
  • The Legal Entity Identifier for this product is 6354009TEBIAXGR7FG92.

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