Fund Description: Janus Small/Mid Cap Growth Alpha ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Janus Detroit Street Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Janus Small/Mid Cap Growth Alpha ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Janus Small/Mid Cap Growth Alpha Index. INDEX DESCRIPTION: The Janus Small/Mid Cap Growth Alpha Index is composed of common stocks of small- and medium-sized companies that are selected by the index provider, Janus Index & Calculation Services LLC, from those companies included in the Solactive Small/Mid Cap Index, a universe of 2,500 small- and medium-sized capitalization stocks. The Index is designed to select small- and medium-sized capitalization stocks that are poised for smart growth by evaluating each company’s performance in three critical areas: growth, profitability, and capital efficiency. The Index Provider scores such stocks based on fundamental measures of their growth, profitability, and capital efficiency, and selects the top 10% of such eligible stocks scoring the highest using a proprietary quantitative methodology. To arrive at the top 10%, for each security in the stated universe, the quantitative methodology assigns a score in each of 10 different fundamental factors, relative to other eligible securities. The fundamental factors include measures that the adviser believes are tied to a stock’s outperformance relative to other small/mid cap stocks, and indicate a company’s performance with respect to growth (such as the revenue growth rate over 2- 5- and 8- year periods), profitability (such as margin expansion, profit margin and earnings per share over time) and capital efficiency (such as returns on invested capital). The scores for each factor are then added together, with equal weighting, to arrive at an overall score. The stocks with the highest 10% of scores are then weighted within the Index according to their market capitalization. Finally, the stocks are sector-weighted to reflect the sector allocation weight of Janus Triton Fund, based on its most recent publicly available holdings. FUND STRATEGY: The Fund pursues its investment objective by normally investing at least 80% of its net assets (plus any borrowings for investment purposes) in the securities that comprise the Index. The Fund uses a passive, index-based approach in seeking performance that corresponds to the performance of the Index. The Fund generally will use a replication methodology, meaning it will invest in the securities composing the Index in proportion to the weightings in the Index. However, the Fund may utilize a sampling methodology under various circumstances in which it may not be possible or practicable to purchase all of the securities in the Index. The Fund may also invest in investments that are not included in the Index, but which the adviser believes will help the Fund track its Index. Such investments include stocks, shares of other investment companies, cash and cash equivalents, including money market funds. FUND MANAGEMENT: Janus Capital Management LLC serves as the investment adviser to the Fund.