From 30 October 2026, the Janus Henderson US Large Cap Equity Core UCITS ETF (ISIN IE0005ZIBSW1) has a second trading line on the London Stock Exchange, quoted in sterling under the ticker J5G1.
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Article created by the editorial staff of ETFWorld.co.uk
Ignacio De La Maza, Head of EMEA & LatAm Client Group at Janus Henderson
The swap-based US large-cap ETF, which has traded in US dollars in London since 9 October 2026, now also has a sterling quotation under the ticker J5G1.
The fund is a synthetic ETF that tracks the Solactive GBS United States 500 Index through total return swaps. The new line gives UK investors a sterling quote for the same US dollar-denominated share class that has traded in London in US dollars since 9 October 2026.
Sterling trading line on the London Stock Exchange: key data
Product name: Janus Henderson US Large Cap Equity Core UCITS ETF
ISIN: IE0005ZIBSW1
Ticker: J5G1
SEDOL: BVMG3P8
Issue date: 30 October 2026
Market: Main Market (MIC: XLON)
Market segment: EUE2
Trading service: ETFS – Euroclear Bank settlement
Price currency: GBP
Share class currency: USD
Income treatment: Accumulating
Asset class: Equity
Management: Passive
TER: 0.00%
Benchmark: Solactive GBS United States 500 Index
On the London Stock Exchange, the instrument is listed under the issuer name Tabula. Tabula Investment Management is the European ETF specialist acquired by Janus Henderson in 2024 and remains one of the regulated entities through which Janus Henderson Investors provides its products.
Where the ETF now trades
With the sterling line, the ETF share class has four trading lines in Europe, all under the same ISIN:
London Stock Exchange, US dollars: ticker J501, SEDOL BXNRJG7, listed on 9 October 2026;
London Stock Exchange, sterling: ticker J5G1, SEDOL BVMG3P8, from 30 October 2026;
Borsa Italiana (ETFplus), euro: trading from 26 October 2026, ticker J5E1 according to the issuer;
Xetra: ticker J5E1 according to the issuer’s listings table.
Currency exposure for sterling investors
The sterling line belongs to the USD Acc ETF share class. The class is denominated in US dollars, its net asset value is calculated in US dollars, and the fund’s exposure is to US equities. The sterling quote therefore does not remove currency risk. An investor buying the J5G1 line remains exposed to movements in the sterling/US dollar exchange rate.
According to Janus Henderson, the sub-fund has four share classes: G USD Acc, GBP Acc, USD Acc ETF and X USD Acc. The line that began trading today is a sterling quotation of the USD Acc ETF class and is separate from the GBP Acc share class.
Synthetic ETF structure: how the total return swaps work
The sub-fund is passively managed. It aims to track the performance of the Solactive GBS United States 500 Index, before fees and expenses, within an acceptable tracking error. The index measures the performance of large-capitalisation equities listed in the United States and is designed to represent the 500 largest companies in the US market.
The fund obtains its exposure mainly through financial derivative instruments, in particular total return swaps. The issuer’s documentation describes the process in two steps:
the fund invests in a portfolio of global developed market equities;
it exchanges the returns of that portfolio with one or more counterparties, which pay the fund the performance of the index.
Janus Henderson’s product page names Citicorp Inc as the swap counterparty. The issuer describes the structure as a market-standard swap-based approach with minimal counterparty risk. Among the specific risks, the fund documentation lists the possibility that a counterparty fails to meet its contractual obligations. It also notes that swap valuations may in some circumstances be available only from a limited number of market participants.
Zero-TER ETF: costs and the swap fee
The fund charges a single all-in fee, expressed as a total expense ratio, which covers ongoing fees and expenses and is paid from the fund’s assets. For the ETF share class, Janus Henderson’s product page shows a TER of 0.00%, an initial charge of 0.00% and an annual charge of 0.00%.
The issuer also publishes two cost items linked to the swap structure:
Swap fee: 0.145%;
Swap provider contribution: the investment manager may ask the swap counterparties to contribute towards certain fund operating costs. The current contribution is 0.08% per year of the fund’s net asset value. According to the issuer, these payments have no impact on the fund’s performance or on investor returns.
Investors comparing the fund with physically replicated US large-cap ETFs should read the 0.00% TER together with the 0.145% swap fee disclosed in the fund’s documentation.
Janus Henderson’s European ETF range
Janus Henderson built its European ETF business after the acquisition of Tabula Investment Management. Most of its UCITS ETFs listed in London are actively managed. In May 2026, the group listed seven active UCITS ETFs on the London Stock Exchange, covering fixed income and equity strategies.
The US Large Cap Equity Core UCITS ETF follows an index approach. Janus Henderson presents it as a source of passive exposure for core allocations.
Conclusions
From 30 October 2026, the Janus Henderson US Large Cap Equity Core UCITS ETF trades on the London Stock Exchange in sterling under the ticker J5G1, alongside the US dollar line J501. Both lines refer to the same accumulating, US dollar-denominated share class (ISIN IE0005ZIBSW1). The fund tracks the Solactive GBS United States 500 Index through total return swaps, with Citicorp Inc named as counterparty. The ETF share class has a TER of 0.00%. The issuer also discloses a swap fee of 0.145% and a counterparty contribution of 0.08% a year towards operating costs.
Source : ETFWorld.co.uk
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