Fund Description: Janus Short Duration Income ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Janus Detroit Street Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Janus Short Duration Income ETF seeks to provide a steady income stream with capital preservation across various market cycles. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund pursues its investment objective by investing, under normal circumstances, its net assets in a portfolio of fixed income instruments of varying maturities. As a general indication of the Fund’s risk/return profile, the portfolio managers will seek to select fixed-income instruments that can provide a return of 2-3% above the LIBOR 3-Month (US$) rate. The Fund seeks value across sectors and geographies using a wide range of instruments to capitalize on investment opportunities to maximize current income while at the same time providing low volatility. Under normal circumstances, the average portfolio duration of the Fund generally will be within 0-2 years of LIBOR. The Fund will invest in both investment grade and below investment grade fixed income securities, but intends to generally invest 15% or less of its net assets in below investment grade fixed income securities (commonly known as high-yield debt or junk bonds). The Fund may invest up to 70% of its assets in foreign securities. Within the Fund’s exposure to foreign securities, it may invest in emerging markets, including frontier markets. The Fund may limit its foreign currency exchange exposure by hedging through the use of forward contracts, cross-currency swaps, currency futures and options. The Fund may invest its assets in listed or unlisted derivatives, which are instruments that have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use index and single-name credit default swaps, forward foreign interest rate swaps, cross-currency swaps, swaptions, currency futures, options, and structured notes. The Fund may use derivatives for various investment purposes, such as to manage or hedge portfolio risk, enhance return, or manage duration. FUND MANAGEMENT: Janus Capital Management LLC serves as the Investment Adviser to the Fund.