October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Small/Mid Cap Growth Alpha ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Small/Mid Cap Growth Alpha ETF returned 17.58%. Its broad-based benchmark, the Russell 3000® Index, returned 20.81%. Its performance benchmark, the Russell 2500TM Growth Index, returned 15.78%. Its additional benchmark, the Russell 2000® Growth Index, returned 18.81%. Its additional benchmark, the Janus Henderson Small/Mid Cap Growth Alpha Index, returned 13.83%.
TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the information technology and consumer discretionary sectors aided returns relative to the Russell 2500TM Growth Index. Among individual holdings, relative contributors included AppLovin, the developer of a mobile marketing platform that utilizes artificial intelligence (AI). The company’s strong second quarter earnings growth gave investors increased confidence in its business model. Consumer finance company SoFi Technologies was also a contributor as the stock rose on strong financial performance and guidance. Investors have also been excited about the company’s new cryptocurrency trading service.
TOP DETRACTORS FROM PERFORMANCE
Stock selection and an overweight in the communication services sector detracted from returns relative to the Russell 2500TM Growth Index. An overweight in the financials sector also weighed on results. Relative performance was hindered by a lack of exposure to several stocks that were strong performers for the benchmark. The portfolio’s underweight position in Astera Labs also detracted. Shares of this fabless semiconductor company rose early in the year on excitement over its connectivity solutions for cloud and AI infrastructure. An overweight position in electric utility NRG Energy also detracted as shares faced headwinds because of regulatory uncertainty, operational challenges, and higher capital expenditures that negatively impacted earnings.
1
Total return based on a $10,000 investment
February 23, 2016, through October 31, 2025
2/23/16 | |||||
|---|---|---|---|---|---|
10/16 | |||||
10/17 | |||||
10/18 | |||||
10/19 | |||||
10/20 | |||||
10/21 | |||||
10/22 | |||||
10/23 | |||||
10/24 | |||||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | 5 years | Since
Inception
( |
|---|---|---|---|
Janus Henderson Small/Mid Cap Growth Alpha ETF - NAV | |||
Russell 3000® Index | |||
Russell 2000® Growth Index | |||
Russell 2500™ Growth Index | |||
Janus Henderson Small/Mid Cap Growth Alpha IndexFootnote Reference^ |
| Footnote | Description |
Footnote^ | Effective May 12, 2025, the Fund removed its underlying benchmark, Janus Henderson Small/Mid Cap Growth Alpha Index, and added Russell 2000® Growth Index as a secondary performance benchmark. These changes are due to an update in the Fund’s investment objective and principal investment strategy that shifts its focus from utilizing a passive strategy to an active, systematic strategy. |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate |
2
What did the Fund invest in?
5 Largest equity holdings - (% of net assets)
Medpace Holdings, Inc. | |
|---|---|
BWX Technologies, Inc. | |
Sanmina Corp. | |
Frontdoor, Inc. | |
Jabil, Inc. |
Sector Allocation - (% of net assets)
Common Stocks | |
|---|---|
Investments Purchased with Cash Collateral from Securities Lending | |
Investment Companies | |
Others | ( |
What material changes have occurred since the beginning of the fiscal year?
Effective May 12, 2025, the Fund repositioned to shift its focus from utilizing a passive strategy that seeks investment results that correspond generally, before fees and expenses, to the performance of the Fund’s underlying index to an active, systematic strategy designed to select equity securities of small cap growth companies using a proprietary quantitative methodology. Performance prior to May 12, 2025, reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70938E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Small Cap Growth Alpha ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Small Cap Growth Alpha ETF returned 17.80%. Its broad-based benchmark, the Russell 3000® Index, returned 20.81%. Its performance benchmark, the Russell 2000® Growth Index, returned 18.81%. Its additional benchmark, the Janus Henderson Small Cap Growth Alpha Index, returned 10.06%.
TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in the healthcare and energy sectors contributed to performance relative to the Russell 2000® Growth Index. Among individual holdings, relative contributors included Centrus Energy, a supplier of nuclear fuel to power plants, the federal government, and the national security complex. The stock rose on anticipation for increased government support for U.S. nuclear production. Hims & Hers Health, another contributor, provides a telehealth platform that connects consumers to licensed healthcare professionals. It has experienced strong subscriber and revenue growth, aided by its shift to personalized treatment plans.
TOP DETRACTORS FROM PERFORMANCE
Stock selection in the information technology and communication services sectors hindered performance relative to the Russell 2000® Growth Index. Relative detractors included Amphastar Pharmaceuticals, which has faced increased competition and margin pressures in key product areas. An underweight position in Credo Technology Group also detracted as the stock was a strong performer for the Index. CREDO has experienced strong demand for its high-speed connectivity and optical solutions, tied in part to advancements in artificial intelligence infrastructure.
1
Total return based on a $10,000 investment
February 23, 2016, through October 31, 2025
2/23/16 | ||||
|---|---|---|---|---|
10/16 | ||||
10/17 | ||||
10/18 | ||||
10/19 | ||||
10/20 | ||||
10/21 | ||||
10/22 | ||||
10/23 | ||||
10/24 | ||||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | 5 years | Since
Inception
( |
|---|---|---|---|
Janus Henderson Small Cap Growth Alpha ETF - NAV | |||
Russell 3000® Index | |||
Russell 2000® Growth Index | |||
Janus Henderson Small Cap Growth Alpha IndexFootnote Reference^ |
| Footnote | Description |
Footnote^ | Effective May 12, 2025, the Fund removed its underlying benchmark, Janus Henderson Small Cap Growth Alpha Index. This change is due to an update in the Fund’s investment objective and principal investment strategy that shifts its focus from utilizing a passive strategy to an active, systematic strategy. |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate |
2
What did the Fund invest in?
5 Largest equity holdings - (% of net assets)
Sterling Infrastructure, Inc. | |
|---|---|
Primoris Services Corp. | |
Centrus Energy Corp. | |
Napco Security Technologies, Inc. | |
Aurinia Pharmaceuticals, Inc. |
Sector Allocation - (% of net assets)
Common Stocks | |
|---|---|
Investments Purchased with Cash Collateral from Securities Lending | |
Investment Companies | |
Others | ( |
What material changes have occurred since the beginning of the fiscal year?
Effective May 12, 2025, the Fund repositioned to shift its focus from utilizing a passive strategy that seeks investment results that correspond generally, before fees and expenses, to the performance of the Fund’s underlying index to an active, systematic strategy designed to select equity securities of small cap growth companies using a proprietary quantitative methodology. Performance prior to May 12, 2025, reflects the Fund’s former strategy, and its performance may have differed if the Fund’s current strategy had been in place.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70937E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Short Duration Income ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Short Duration Income ETF returned 5.64%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the ICE Bofa U.S. 3-Month U.S. Treasury Bill Index, returned 4.34%.
TOP CONTRIBUTORS TO PERFORMANCE
The Fund seeks to generate consistent returns by focusing on higher-quality, shorter-dated credits that tend to offer attractive income generation – or carry – as they near maturity. The period’s gains relative to the ICE BofA U.S. 3-Month Treasury Bill Total Return Index were driven by a combination of carry and the prevalence of falling yields across the front end of global yield curves during the period.
TOP DETRACTORS FROM PERFORMANCE
The Fund utilizes derivatives in an attempt to dampen the risk posed by interest rate volatility. While these positions, in aggregate, ultimately contributed to performance, certain hedges generated modestly negative returns given the period’s decline in interest rates. The Fund also utilizes foreign currency exchange contracts to hedge foreign currency exposures back to the Fund's base currency; these positions detracted from performance during the period.
1
Total return based on a $10,000 investment
November 16, 2016, through October 31, 2025
11/16/16 | ||||
|---|---|---|---|---|
10/17 | ||||
10/18 | ||||
10/19 | ||||
10/20 | ||||
10/21 | ||||
10/22 | ||||
10/23 | ||||
10/24 | ||||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | 5 years | Since
Inception
( |
|---|---|---|---|
Janus Henderson Short Duration Income ETF - NAV | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
ICE BofA U.S. 3-Month U.S. Treasury Bill Index | |||
FTSE 3-Month U.S. Treasury Bill IndexFootnote Reference^ |
| Footnote | Description |
Footnote^ | Effective October 7, 2025, the Fund’s investment objective, principal investment strategy, and performance benchmark index changed. The benchmark index changed from the FTSE 3-Month U.S. Treasury Bill Index to the ICE BofA U.S. 3-Month Treasury Bill Total Return Index. |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdingsFootnote Reference# | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 1.74 Years |
Effective duration | 0.63 Years |
| Footnote | Description |
Footnote# | Does not include derivatives, except purchased options, if any. |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Corporate Bonds | |
|---|---|
Asset-Backed Securities | |
Mortgage-Backed Securities | |
Commercial Paper | |
Foreign Government Bonds | |
Exchange Traded Funds | |
Investment Companies | |
Purchased Swaptions | |
Others |
Ratings† Summary – (% of net assets)
Aaa | |
|---|---|
AA | |
AA- | |
A+ | |
A | |
A- | |
BBB+ | |
BBB | |
BBB- | |
Derivatives | |
Other |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
What material changes have occurred since the beginning of the fiscal year?
Effective October 7, 2025, the Fund's investment objective, principal investment strategy, and performance benchmark index changed. The benchmark index changed from the FTSE 3-Month U.S. Treasury Bill Index to the ICE BofA U.S. 3-Month Treasury Bill Total Return Index. Performance prior to October 7, 2025, reflects the Fund's former objective, strategy, and benchmark, and its performance may have differed if the current objective, strategy, and benchmark had been in place.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70936E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Mortgage-Backed Securities ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Mortgage-Backed Securities ETF returned 7.56%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the Bloomberg U.S. MBS Index, returned 7.32%.
TOP CONTRIBUTORS TO PERFORMANCE
Mortgage-backed securities (MBS) benefited from falling yields, a re-steepening of the yield curve, and declining interest rate volatility during the period. MBS spreads also tightened on the back of stronger technicals, healthy economic data, and positive investor sentiment. Security selection within agency MBS contributed to returns relative to the Bloomberg U.S. MBS Index. We continued to focus on borrower stories within specified mortgage pools, as we aim to acquire mortgages offering attractive yields without elevated levels of prepayment risk.
TOP DETRACTORS FROM PERFORMANCE
Overall yield curve exposure detracted from returns relative to the Bloomberg U.S. MBS Index. An allocation to non-agency mortgages with strong fundamentals also detracted as the sector underperformed agency MBS. The Fund employed derivatives – futures, swaps, and to-be-announced (TBA) sales commitments – to manage and hedge portfolio risk, including interest rate risk, and to manage duration. Overall, the use of derivatives detracted from relative returns.
1
Total return based on a $10,000 investment
September 12, 2018, through October 31, 2025
9/12/18 | |||
|---|---|---|---|
10/18 | |||
10/19 | |||
10/20 | |||
10/21 | |||
10/22 | |||
10/23 | |||
10/24 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | 5 years | Since
Inception
( |
|---|---|---|---|
Janus Henderson Mortgage-Backed Securities ETF - NAV | |||
Bloomberg U.S. Aggregate Bond Index | - | ||
Bloomberg U.S. Mortgage Backed Securities (MBS) Index |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdingsFootnote Reference# | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 8.86 Years |
Effective duration | 6.62 Years |
| Footnote | Description |
Footnote# | Does not include derivatives, except purchased options, if any. |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Mortgage-Backed Securities | |
|---|---|
Asset-Backed Securities | |
Investment Companies | |
Corporate Bond | |
Investments Purchased with Cash Collateral from Securities Lending | |
Others | ( |
Ratings† Summary – (% of net assets)
Aaa | |
|---|---|
Aa | |
A | |
Baa | |
Ba | |
B | |
Caa | |
Other | ( |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
What material changes have occurred since the beginning of the fiscal year?
Effective February 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.23% to 0.22%. The cap excludes distribution fees, brokerage expenses or commissions, interest, dividends, taxes, litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70934E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson AAA CLO ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson AAA CLO ETF returned 5.54%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the J.P. Morgan CLOIE AAA Index, returned 5.64%.
TOP CONTRIBUTORS TO PERFORMANCE
As yields fell on the back of cooling inflation and a resumption in the Federal Reserve’s (Fed) rate-cutting cycle, the Fund’s slightly longer duration aided returns versus the J.P. Morgan CLOIE AAA Index. Spreads on AAA collateralized loan obligations (CLOs) continued to tighten as investor sentiment remained upbeat amid robust corporate profitability, expected Fed easing, and economic growth supported by artificial intelligence (AI)-driven investments and tax cuts. While spreads within AAA CLOs are trading around their cyclical tight levels, we consider the sector attractively priced relative to corporate bonds. Robust demand technicals – driven by attractive overall yields and money flows into CLOs – also contributed to spreads narrowing.
TOP DETRACTORS FROM PERFORMANCE
Security selection within AAA rated CLOs weighed on returns relative to the J.P. Morgan CLOIE AAA Index. An overweight to the highest-quality CLO managers detracted as lower-rated managers rallied amid the risk-on trade. A small cash balance, typically used for transactional needs within the portfolio, detracted as risk assets outperformed cash.
1
Total return based on a $10,000 investment
October 16, 2020, through October 31, 2025
10/16/20 | |||
|---|---|---|---|
10/20 | |||
10/21 | |||
10/22 | |||
10/23 | |||
10/24 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | 5 years | Since
Inception
( |
|---|---|---|---|
Janus Henderson AAA CLO ETF - NAV | |||
Bloomberg U.S. Aggregate Bond Index | - | - | |
J.P. Morgan CLOIE AAA Index |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 4.66 Years |
Effective duration | 0.24 Years |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Collateralized Loan Obligations | |
|---|---|
Investment Companies | |
Others | ( |
Ratings† Summary – (% of net assets)
Aaa | |
|---|---|
Other | ( |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
What material changes have occurred since the beginning of the fiscal year?
Effective February 28, 2025, the Fund's contractual limit on total annual operating expense changed from 0.21% to 0.20%. The cap excludes distribution fees, brokerage expenses or commissions, interest, dividends, taxes, litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70931E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson U.S. Real Estate ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson U.S. Real Estate ETF returned -0.76%. Its broad-based benchmark, the Russell 3000® Index, returned 20.81%. Its performance benchmark, the FTSE Nareit Equity REITs Index, returned -0.68%.
TOP CONTRIBUTORS TO PERFORMANCE
Stock selection in data center REITs contributed to returns relative to the FTSE NAREIT Equity REITs Index. Data center owners such as Digital Realty have experienced strong leasing trends tied to the buildout of artificial intelligence. Healthcare REIT Ventas, another contributor, reported robust financial results as favorable demographic trends have driven demand for its senior living properties. CBRE Group also contributed. The real estate services company has demonstrated strong business resilience in a fluctuating real estate market, supported by improved leasing transaction activity.
TOP DETRACTORS FROM PERFORMANCE
Stock selection among multi-family residential REITs detracted from returns relative to the FTSE NAREIT Equity REITs Index. This was due in part to a position in AvalonBay Communities, which owns multi-family residential properties in suburban markets. The stock underperformed on concerns that leasing trends may slow in a less certain economic environment. Lineage, another detractor, owns temperature-controlled warehouses. The stock declined as macroeconomic uncertainty pressured its leasing outlook. An underweight in Welltower also weighed on performance as shares of this healthcare REIT rose on expectations for continued strong fundamentals for its senior housing properties.
1
Total return based on a $10,000 investment
June 22, 2021, through October 31, 2025
6/22/21 | |||
|---|---|---|---|
10/21 | |||
10/22 | |||
10/23 | |||
10/24 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | Since
Inception
( |
|---|---|---|
Janus Henderson U.S. Real Estate ETF - NAV | - | |
Russell 3000® Index | ||
FTSE Nareit Equity REITs Index | - |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate |
2
What did the Fund invest in?
5 Largest equity holdings - (% of net assets)
Equinix, Inc. | |
|---|---|
Prologis, Inc. | |
Welltower, Inc. | |
Digital Realty Trust, Inc. | |
Public Storage |
Sector Allocation - (% of net assets)
Common Stocks | |
|---|---|
Investments Purchased with Cash Collateral from Securities Lending | |
Others | ( |
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70940E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Corporate Bond ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Corporate Bond ETF returned 6.73%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the Bloomberg U.S. Corporate Bond Index, returned 6.62%.
TOP CONTRIBUTORS TO PERFORMANCE
Security selection within corporate investment-grade holdings, particularly within BBB rated securities, was the key contributor to returns relative to the Bloomberg U.S. Corporate Bond Index. On an industry basis, security selection within technology and media entertainment contributed. Notable individual issuers included Electronic Arts and Sun Communities. Out-of-index allocations to high-yield corporate bonds and government-related securities also aided results as spreads in risk assets tightened.
TOP DETRACTORS FROM PERFORMANCE
Overall yield curve positioning, including the use of futures contracts to help with risk, duration, and yield-curve management, detracted from returns relative to the Bloomberg U.S. Corporate Bond Index; the Fund was underweight duration through the first half of 2025 when yields were generally falling. An out-of-index allocation to asset-backed securities also weighed on results. On an industry level, exposure to home construction and automotive hindered performance. Individual issuers Warner Bros Discovery and General Motors also detracted.
1
Total return based on a $10,000 investment
September 8, 2021, through October 31, 2025
9/8/21 | |||
|---|---|---|---|
10/21 | |||
10/22 | |||
10/23 | |||
10/24 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | Since
Inception
( |
|---|---|---|
Janus Henderson Corporate Bond ETF - NAV | ||
Bloomberg U.S. Aggregate Bond Index | - | |
Bloomberg U.S. Corporate Bond Index | - |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdingsFootnote Reference# | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 8.72 Years |
Effective duration | 7.08 Years |
| Footnote | Description |
Footnote# | Does not include derivatives, except purchased options, if any. |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Corporate Bonds | |
|---|---|
Investments Purchased with Cash Collateral from Securities Lending | |
Exchange Traded Funds | |
Investment Companies | |
Asset-Backed Securities | |
Bank Loans | |
Foreign Government Bonds | |
Others | ( |
Ratings† Summary – (% of net assets)
Aaa | |
|---|---|
Aa | |
A | |
Baa | |
Ba | |
B | |
Other |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
What material changes have occurred since the beginning of the fiscal year?
Effective May 1, 2025, the Fund’s contractual limit on total annual operating expenses is 0.20%. The cap excludes distribution fees, brokerage expenses or commissions, interest, dividends, taxes, litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70939E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson B-BBB CLO ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson B-BBB CLO ETF returned 5.58%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the J.P. Morgan CLO BBB Index, returned 7.50%.
TOP CONTRIBUTORS TO PERFORMANCE
The Fund’s slightly longer duration contributed to returns relative to the J.P. Morgan CLO BBB Index as yields fell on the back of cooling inflation and a resumption in the Federal Reserve’s (Fed) rate-cutting cycle.
TOP DETRACTORS FROM PERFORMANCE
Security selection within BBB rated collateralized loan obligations (CLOs) resulted in underperformance relative to the J.P. Morgan CLO BBB Index. BBB CLO spreads generally tightened over the period as investor sentiment remained upbeat amid robust corporate profitability, expected Fed easing, and economic growth supported by artificial intelligence (AI)-driven investments and tax cuts. While spreads within BBB CLOs are trading near their cyclical tight levels, we consider the sector attractively priced relative to corporate bonds. Robust demand technicals – driven by attractive overall yields and money flows into CLOs – also contributed to spread narrowing. An overweight to the higher-quality CLO managers detracted as lower-rated managers rallied amid the period’s risk-on trade. Small allocations to AAA and BB rated CLOs also detracted.
1
Total return based on a $10,000 investment
January 11, 2022, through October 31, 2025
1/11/22 | |||
|---|---|---|---|
10/22 | |||
10/23 | |||
10/24 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | Since
Inception
( |
|---|---|---|
Janus Henderson B-BBB CLO ETF - NAV | ||
Bloomberg U.S. Aggregate Bond Index | ||
JP Morgan CLO BBB Index |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 7.56 Years |
Effective duration | 0.28 Years |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Collateralized Loan Obligations | |
|---|---|
Investment Companies | |
Others | ( |
Ratings† Summary – (% of net assets)
Baa | |
|---|---|
Ba | |
Other |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70932E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Securitized Income ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Securitized Income ETF returned 6.50%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.16%. Its performance benchmark, the ICE BofA U.S. ABS & CMBS Index, returned 6.34%.
TOP CONTRIBUTORS TO PERFORMANCE
An overweight to credit spread risk contributed amid broad tightening in credit spreads. Investor sentiment remained upbeat due to robust corporate profitability, expected easing by the Federal Reserve, and economic growth supported by artificial intelligence (AI)-driven investments and tax cuts. Security selection decisions contributed to returns relative to the ICE BofA U.S. ABS & CMBS Index. Notably, security selection within commercial mortgage-backed securities and non-agency mortgages were the main contributors. The Fund employed “to be announced” or “TBA” sales commitments to purchase yet-to-be issued mortgage-backed securities at a fixed price, which also aided portfolio performance.
TOP DETRACTORS FROM PERFORMANCE
Asset allocation decisions detracted from returns compared to the ICE BofA U.S. ABS & CMBS Index. An out-of-index allocation to agency mortgage-backed securities detracted, as did security selection within asset-backed securities (ABS). Security selection within ABS detracted due to the Fund’s exposure to auto ABS issued by Tricolor Auto, which filed for Chapter 7 bankruptcy liquidation in September following alleged fraud. While the Fund did not own any Tricolor debt, ABS previously originated by Tricolor experienced price volatility, despite being housed in special purpose vehicles and, therefore, being bankruptcy remote from the issuer.
1
Total return based on a $10,000 investment
November 8, 2023, through October 31, 2025
11/8/23 | |||
|---|---|---|---|
1/24 | |||
4/24 | |||
7/24 | |||
10/24 | |||
1/25 | |||
4/25 | |||
7/25 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | Since
Inception
( |
|---|---|---|
Janus Henderson Securitized Income ETF - NAV | ||
Bloomberg U.S. Aggregate Bond Index | ||
ICE BofA U.S. ABS & CMBS Index |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdingsFootnote Reference# | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 3.38 Years |
Effective duration | 2.44 Years |
| Footnote | Description |
Footnote# | Does not include derivatives, except purchased options, if any. |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Mortgage-Backed Securities | |
|---|---|
Asset-Backed Securities | |
Investment Companies | |
Collateralized Loan Obligations | |
Corporate Bonds | |
Common Stocks | |
Investments Purchased with Cash Collateral from Securities Lending | |
Others | ( |
Ratings† Summary – (% of net assets)
Aaa | |
|---|---|
Aa | |
A | |
Baa | |
Ba | |
B | |
Caa | |
Equities | |
Other | ( |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-70935E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Emerging Markets Debt Hard Currency ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Emerging Markets Debt Hard Currency ETF returned 12.90%. Its broad-based benchmark, the Bloomberg Global Aggregate Bond Index, returned 5.69%. Its performance benchmark, the J.P. Morgan EMBI Global Core Index, returned 12.37%.
TOP CONTRIBUTORS TO PERFORMANCE
For the period under review, overall sovereign credit spreads tightened by 65 basis points at the market level, as measured by the J.P. Morgan EMBI Global Core Index. As a result, a moderate overweight position in credit spread risk aided returns relative to the J.P. Morgan EMBI Global Core Index. However, the major contributors were country allocation and security selection, with the latter by far the largest. In terms of country allocation, overweight positions in EL Salvador, Zambia, Tunisia and Ghana, and underweight allocations to Indonesia and Brazil were beneficial. On the security selection side, the Fund benefited from bond picking in Ghana, Mexico, Ukraine and the Ivory Coast.
TOP DETRACTORS FROM PERFORMANCE
Detractors from returns relative to the J.P. Morgan EMBI Global Core Index included overweight positions in Senegal and Cameroon and underweight allocations to Lebanon and Panama. Security selection in Zambia, Argentina and El Salvador also detracted from relative performance. Meanwhile, duration and yield curve effects, mainly stemming from the Fund’s use of bond futures to manage interest rate risk, were a modest detractor.
1
Total return based on a $10,000 investment
August 13, 2024, through October 31, 2025
8/13/24 | |||
|---|---|---|---|
10/24 | |||
1/25 | |||
4/25 | |||
7/25 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | Since
Inception
( |
|---|---|---|
Janus Henderson Emerging Markets Debt Hard Currency ETF - NAV | ||
Bloomberg Global Aggregate Bond Index | ||
JPM EMBI Global Core Index |
Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdingsFootnote Reference# | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 9.56 Years |
Effective duration | 7.02 Years |
| Footnote | Description |
Footnote# | Does not include derivatives, except purchased options, if any. |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Foreign Government Bonds | |
|---|---|
Corporate Bonds | |
Investment Companies | |
Others |
Ratings† Summary – (% of net assets)
Aa | |
|---|---|
A | |
Baa | |
Ba | |
B | |
Caa | |
C | |
D | |
Other |
Top Country Allocations - (% of total investments)
Mexico | |
|---|---|
Turkey | |
United States | |
Dominican Republic | |
Saudi Arabia |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-71250E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Mid Cap Growth Alpha ETF | $ |
What impacted Fund performance over the reporting period?
For the one-year period ending October 31, 2025, the Janus Henderson Mid Cap Growth Alpha ETF returned 15.01%. Its broad-based benchmark, the Russell 3000® Index, returned 20.81%. Its performance benchmark, the Russell Midcap Growth Index, returned 19.59%.
TOP CONTRIBUTORS TO PERFORMANCE
Stock selection and an underweight in the energy sector contributed to returns relative to the Russell Midcap Growth Index. Stock selection in the consumer discretionary sector was also beneficial. Among individual holdings, relative contributors included technology company Palantir Technologies. The technology company has signed sizable contracts with government and military enterprises seeking to capitalize on its artificial intelligence (AI) platforms. This has resulted in strong financial performance. Vertiv Holdings, another contributor, designs and services power and cooling systems for data centers. It has experienced very strong demand for its solutions, bolstered by strategic partnerships with companies such as NVIDIA.
TOP DETRACTORS FROM PERFORMANCE
Stock selection in the information technology and financials sectors detracted from returns relative to the Russell Midcap Growth Index. Relative performance was hindered by the portfolio’s underweight positions in several stocks that were strong performers for the benchmark. These included an underweight position in information technology company Cloudflare, which has experienced growing demand for its data security, networking, and edge computing solutions. The portfolio was also underweight in Roblox, which has delivered strong revenue growth tied to an AI-enabled digital ecosystem that targets major industry verticals. Both stocks were strong performers for the Index.
1
Total return based on a $10,000 investment
September 17, 2024, through October 31, 2025
9/17/24 | |||
|---|---|---|---|
10/24 | |||
1/25 | |||
4/25 | |||
7/25 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | 1 year | Since
Inception
( |
|---|---|---|
Janus Henderson Mid Cap Growth Alpha ETF - NAV | ||
Russell 3000® Index | ||
Russell Midcap Growth Index |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate |
2
What did the Fund invest in?
5 Largest equity holdings - (% of net assets)
Cencora, Inc. | |
|---|---|
Vertiv Holdings Co. | |
Royal Caribbean Cruises Ltd. | |
Ameriprise Financial, Inc. | |
Howmet Aerospace, Inc. |
Sector Allocation - (% of net assets)
Common Stocks | |
|---|---|
Investment Companies | |
Others |
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-71261E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investmentFootnote Reference* | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Income ETF | $ |
| Footnote | Description |
Footnote* |
What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Income ETF returned 7.46%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 6.56%.
TOP CONTRIBUTORS TO PERFORMANCE
From inception on November 12, 2024 through October 31, 2025, an overweight allocation to credit spread risk was the key contributor to returns relative to the Bloomberg U.S. Aggregate Bond Index. Spreads tightened on robust corporate profitability, expected easing by the Federal Reserve (Fed), and economic growth fueled, in part, by Artificial Intelligence (AI)-driven investments. Specifically, overweight exposure to high-yield corporate bonds, non-agency mortgage-backed securities, collateralized loan obligations, and leveraged loans aided performance. Security selection within investment-grade corporate bonds and commercial mortgage-backed securities also helped, as did an underweight to Treasuries.
TOP DETRACTORS FROM PERFORMANCE
For the since inception period, security selection within agency mortgage-backed securities and asset-backed securities detracted from returns relative to the Bloomberg U.S. Aggregate Bond Index. The Fund’s positioning on the short end of the yield curve also weighed on results as Treasury rates ended the period lower. In our view, this short-duration positioning may better shield the portfolio from increases in term premiums on the long end due to potential concerns surrounding Fed independence, large and continued fiscal deficit spending, and tariff effects, with the Fed seemingly willing to let inflation run higher than target.
1
Total return based on a $10,000 investment
November 12, 2024, through October 31, 2025
11/12/24 | ||
|---|---|---|
11/24 | ||
12/24 | ||
1/25 | ||
2/25 | ||
3/25 | ||
4/25 | ||
5/25 | ||
6/25 | ||
7/25 | ||
8/25 | ||
9/25 | ||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | Since
Inception
( |
|---|---|
Janus Henderson Income ETF - NAV | |
Bloomberg U.S. Aggregate Bond Index |
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdingsFootnote Reference# | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 6.47 Years |
Effective duration | 3.87 Years |
| Footnote | Description |
Footnote# | Does not include derivatives, except purchased options, if any. |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Mortgage-Backed Securities | |
|---|---|
Corporate Bonds | |
Bank Loans | |
Asset-Backed Securities | |
Collateralized Loan Obligations | |
Exchange Traded Funds | |
Investment Companies | |
Investments Purchased with Cash Collateral from Securities Lending | |
Common Stocks | |
Convertible Bonds | |
Others | ( |
Ratings† Summary – (% of net assets)
Aaa | |
|---|---|
Aa | |
A | |
Baa | |
Ba | |
B | |
Caa | |
Equities | |
Other | ( |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-71293E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investmentFootnote Reference* | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Transformational Growth ETF | $ |
| Footnote | Description |
Footnote* |
What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Transformational Growth ETF returned 13.70%. Its broad-based benchmark, the S&P 500® Index, returned 14.38%. Its performance benchmark, the Russell 1000® Growth Index, returned 18.99%.
TOP CONTRIBUTORS TO PERFORMANCE
From Fund inception on February 4, 2025 through October 31, 2025, top contributors relative to the Russell 1000 Growth Index included Oracle and Taiwan Semiconductor Manufacturing. Information technology company Oracle has emerged as a leading hyperscaler in the artificial intelligence (AI) ecosystem. It has delivered strong financial results and exceptional forward guidance. Taiwan Semiconductor Manufacturing is a leading supplier of graphic processing units that are integral to AI. The company reported robust earnings growth and positive guidance, aiding its stock performance.
TOP DETRACTORS FROM PERFORMANCE
For the period February 4, 2025 through October 31, 2025, performance relative to the Russell 1000 Growth Index was hindered by an investment in Vaxcyte. The biotechnology company is developing a revolutionary pneumococcal conjugate vaccine that targets the pneumonia-causing pneumococcal bacteria. Shares declined after clinical trial results raised concerns that the vaccine may not meet the market’s elevated expectations. Chipotle Mexican Grill was another detractor. Shares declined after the fast casual restaurant chain reported two consecutive quarters of disappointing same-store sales, leading to disappointing earnings and guidance.
1
Total return based on a $10,000 investment
February 4, 2025, through October 31, 2025
2/4/25 | |||
|---|---|---|---|
2/25 | |||
3/25 | |||
4/25 | |||
5/25 | |||
6/25 | |||
7/25 | |||
8/25 | |||
9/25 | |||
10/25 |
AVERAGE ANNUAL TOTAL RETURN | Since
Inception
( |
|---|---|
Janus Henderson Transformational Growth ETF - NAV | |
S&P 500® Index | |
Russell 1000® Growth Index |
Visit janushenderson.com/info for the most recent performance information. The graph and table include reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate |
2
What did the Fund invest in?
5 Largest equity holdings - (% of net assets)
Oracle Corp. | |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd. | |
Amazon.com, Inc. | |
Broadcom, Inc. | |
Madrigal Pharmaceuticals, Inc. |
Sector Allocation - (% of net assets)
Common Stocks | |
|---|---|
Investment Companies | |
Others |
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-71309E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investmentFootnote Reference* | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Asset-Backed Securities ETF | $ |
| Footnote | Description |
Footnote* |
What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Asset-Backed Securities ETF returned 1.26%. Its broad-based benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.96%. Its performance benchmark, the ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index, returned 1.56%.
TOP CONTRIBUTORS TO PERFORMANCE
For the period from inception on July 22, 2025 to October 31, 2025, overall yield curve exposure contributed to returns relative to the ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index. Asset allocation decisions also helped performance, with out-of-index exposure to collateralized loan obligations and commercial mortgage-backed securities being notable contributors. Security selection within an allocation to non-agency mortgage-backed securities also aided results.
TOP DETRACTORS FROM PERFORMANCE
For the since inception period, security selection within asset-backed securities (ABS) detracted from returns relative to the ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index. Specifically, security selection within auto ABS detracted, largely due to the Fund’s exposure to auto ABS issued by Tricolor Auto. Tricolor filed for Chapter 7 bankruptcy liquidation in September following alleged fraud. While the Fund did not own any Tricolor debt, ABS previously originated by Tricolor experienced price volatility, despite being housed in special purpose vehicles and, therefore, being bankruptcy remote from the issuer.
1
AVERAGE ANNUAL TOTAL RETURN | Since
Inception
( |
|---|---|
Janus Henderson Asset-Backed Securities ETF - NAV | |
Bloomberg U.S. Aggregate Bond Index | |
ICE BofA U.S. Fixed & Floating Rate Asset Backed Securities Index |
Visit janushenderson.com/info for the most recent performance information. The table includes reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes. For certain periods, the Fund’s performance may reflect the effects of expense waivers.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdingsFootnote Reference# | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate | |
Weighted average maturity | 3.41 Years |
Effective duration | 2.04 Years |
| Footnote | Description |
Footnote# | Does not include derivatives, except purchased options, if any. |
2
What did the Fund invest in?
Sector Allocation - (% of net assets)
Asset-Backed Securities | |
|---|---|
Collateralized Loan Obligations | |
Mortgage-Backed Securities | |
Exchange Traded Funds | |
Investment Companies | |
Others |
Ratings† Summary – (% of net assets)
Aaa | |
|---|---|
Aa | |
A | |
Baa | |
B | |
Other |
† Credit ratings provided by Standard & Poor's ("S&P"), an independent credit rating agency. Credit ratings range from AAA (highest) to D (lowest) based on S&P's measures. Further information on S&P's rating methodology may be found at www.standardandpoors.com. Other rating agencies may rate the same securities differently. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. "Not Rated" securities are not rated by S&P, but may be rated by other rating agencies and do not necessarily indicate low quality.
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-71352E 12-25
October 31, 2025
What were the costs for the year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a
$10,000 investmentFootnote Reference* | Costs paid as a percentage
of a $10,000 investment |
|---|---|---|
Janus Henderson Global Artificial Intelligence ETF | $ |
| Footnote | Description |
Footnote* |
What impacted Fund performance over the reporting period?
For the period from inception to October 31, 2025, the Janus Henderson Global Artificial Intelligence ETF returned 14.34%. Its broad-based benchmark, the S&P 500® Index, returned 6.93%. Its performance benchmark, the 50% MSCI AC World IT/50% MSCI AC World Growth Index, returned 12.77%.
TOP CONTRIBUTORS TO PERFORMANCE
For the period from the Fund’s inception on August 19, 2025, through October 31, 2025, stock selection in the information technology and industrials sectors contributed to performance relative to the blended benchmark, 50% MSCI ACWI Information Technology Index/50% MSCI ACWI Growth Index. Individual contributors included several companies that have benefited from the buildout of the artificial intelligence (AI) ecosystem. Taiwan Semiconductor Manufacturing is a leading supplier of graphic processing units, while Lam Research manufactures specialized deposition and etching tools that are critical to producing the advanced semiconductors needed for AI. Both companies have delivered strong financial performance and revenue guidance.
TOP DETRACTORS FROM PERFORMANCE
Stock selection in the consumer discretionary and financials sectors detracted from performance relative to the blended benchmark, 50% MSCI ACWI Information Technology Index and 50% MSCI ACWI Growth Index, from inception through October 31, 2025. Progressive was a relative detractor in the financials sector. Shares of the insurer declined as investors questioned the sustainability of its policy growth and pricing power in a more competitive landscape. Social media company Meta Platforms was another detractor despite reporting strong third quarter earnings growth. Concerns over the company’s capital spending plans pressured the stock, as Meta has invested aggressively to deploy AI across its platforms.
1
AVERAGE ANNUAL TOTAL RETURN | Since
Inception
( |
|---|---|
Janus Henderson Global Artificial Intelligence ETF - NAV | |
S&P 500® Index | |
50% MSCI AC World IT/50% MSCI AC World Growth Index |
Visit janushenderson.com/info for the most recent performance information. The table includes reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns do not include adjustments in accordance with generally accepted accounting principles required at the period end for financial reporting purposes.
Key Fund Statistics
Net assets (Millions) | $ |
|---|---|
Number of portfolio holdings | |
Total investment advisory fee paid (Millions) | $ |
Portfolio turnover rate |
2
What did the Fund invest in?
5 Largest equity holdings - (% of net assets)
NVIDIA Corp. | |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd. | |
Broadcom, Inc. | |
Microsoft Corp. | |
Alphabet, Inc. |
Sector Allocation - (% of net assets)
Common Stocks | |
|---|---|
Investment Companies | |
Others | ( |
Top Country Allocations - (% of total investments)
United States | |
|---|---|
Taiwan | |
Uruguay | |
Netherlands | |
Israel |
Where can I find more information?
At janushenderson.com/info, you can find additional information about the Fund, including the Fund's:
Prospectus
Financial information
Fund holdings
You can also request this information by contacting us at
3
125-65-71371E 12-25