As a leading global asset manager, Janus Henderson is committed to offering distinctive strategies for todays complex market environment. Janus Henderson is focused on designing active, enhanced beta, and thematic ETFs that help our clients reach a variety of their investment goals including growth of capital, uncorrelated returns and income.

Active ETFs provide investors an opportunity to directly address the challenges in todays fixed income markets. The active structure allows us to express our high conviction ideas and tap areas of the market overlooked or underrepresented by market indices and passive investments.

Innovative strategies that package investing insights such as a distinctive process or a time-tested philosophy with the features of an ETF.

Identifying Resilient Small and Mid Caps Poised for Long-Run Sustainable Growth

Exposure to small and mid-cap growth has been a valuable source of investor return, but not without the risks that can surround some young, growing companies.

We developed an investment philosophy that targets resilient companies poised for long-run sustainable growth through a variety of market environments. We call that philosophySmart Growth.

There are trends that come and go throughout our lives at different speeds and with different impact trends that are either forgettable or occasionally memorable. There are also the profound changing socio-economic and political forces that permanently transform how we live and work.

Thematic investing goes beyond trendspotting to identify those transformative forces that could permanently alter our lives and behaviors, creating investment opportunities opportunities that come from a new future shaped by meaningful change.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see aprospectusor, if available, asummary prospectuscontaining this and other information. Read it carefully before you invest or send money.

ETF shares are not individually redeemable and owners of the shares may acquire those shares from the Fund and tender those shares for redemption to the Fund in Creation Units only.

Investing involves risk, including the possible loss of principal and fluctuation of value.

There is no assurance the stated objective(s) will be met.

Fixed income securities are subject to interest rate, inflation, credit and default risk. The bond market is volatile. As interest rates rise, bond prices usually fall, and vice versa. The return of principal is not guaranteed, and prices may decline if an issuer fails to make timely payments or its credit strength weakens.

Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.

Mortgage-backed securities (MBS) may be more sensitive to interest rate changes. They are subject to extension risk, where borrowers extend the duration of their mortgages as interest rates rise, and prepayment risk, where borrowers pay off their mortgages earlier as interest rates fall. These risks may reduce returns.

Derivatives can be highly volatile and more sensitive to changes in economic or market conditions than other investments. This could result in losses that exceed the original investment and may be magnified by leverage.

Funds that concentrate investments in a single sector will be more susceptible to factors affecting that sector and may be more volatile than less concentrated investments or the market as a whole.

Smaller capitalization securities may be less stable and more susceptible to adverse developments, and may be more volatile and less liquid than larger capitalization securities.

Actively managed portfolios may fail to produce the intended results. No investment strategy can ensure a profit or eliminate the risk of loss.

The Fund is not a money market fund and does not attempt to maintain a stable net asset value.

JMBS is new and has less than one year of operating history.

Janus Capital Management LLC is the investment adviser and ALPS Distributors, Inc. is the distributor. ALPS is not affiliated with Janus Henderson or any of its subsidiaries.