Janus Detroit Street Trust – Janus Henderson Transformational Growth ETF (JXX US) – Portfolio Construction Methodology

The investment process underpinning the actively managed Janus Henderson Transformational Growth ETF targets primarily U.S. equities across market-cap bands with flexibility to own non-U.S. issuers and ADRs. Research is bottom-up and thesis-driven, emphasizing businesses exposed to durable secular change where management can reinvest at high incremental returns. Analysts assess unit economics, addressable market expansion, competitive position, and balance-sheet resilience; catalysts include product cycles and business-model inflections. Portfolio construction is concentrated and long-only, sized by conviction, liquidity, and name-level risk, with emergent sector tilts rather than index replication. Risk is controlled through issuer and liquidity guidelines, continuous idea-level monitoring, and valuation discipline. Trims and exits reflect thesis breakage, adverse risk/reward, or superior opportunity cost. Cash is used mainly for liquidity management; derivatives use, if any, is incidental for efficient exposure rather than as a core driver.

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