Janus Henderson US Transformational Growth High Conviction Equity UCITS ETF - USD Acc

The Sub-Fund aims to provide capital growth over the long term by investing in a concentrated, actively managed portfolio of equity securities and/ or depositary receipts listed in the U.S. Under normal circumstances, the Sub-Fund will invest at least 90% of its assets in equity securities of U.S. companies and/or depositary receipts of non-U.S. companies. The Sub-Fund will typically have 20 – 30 holdings (and is not expected to have fewer than 20 holdings). While the Sub-Fund may invest in companies of any size, it will invest primarily in larger, well-established companies across various sectors. The Sub-Fund may also invest up to 20% of its net assets in non-U.S. companies in the form of depositary receipts. The Sub-Fund may also hold cash. Derivatives may be used for the purposes of hedging/risk reduction. The Sub-Fund will use forward FX contracts to hedge currency risk where it offers Hedged Share Classes (as defined below). The Sub-Fund may temporarily invest outside of these guidelines while dealing with subscriptions, redemptions, for liquidity management or for defensive purposes, including navigating unusual market conditions. The Sub-Fund is actively managed. The S&P 500 Index, which is broadly representative of the companies in which the Sub Fund may invest, is used for performance comparison purposes only in the Sub Fund’s marketing materials and UCITS KIIDs/PRIIPs KIDs, as applicable. The Sub Investment Manager has discretion to choose investments for the Sub-Fund from the Index Benchmark with weightings different to the Index Benchmark or not in the Index Benchmark. The Sub-Investment Manager seeks to achieve long-term capital growth by investing primarily in a portfolio of equity securities and/or depository receipts selected for their growth potential and ability to gain market share in secularly attractive end markets that often align to the Sub-Fund’s transformational growth themes. In selecting investments, the Sub-Investment Manager generally employs a combination of a “bottom-up” fundamental security selection with a “top-down” thematic approach. In applying a “bottom-up” approach that focuses on fundamental research, the Sub-Investment Manager considers, among other factors, a company’s sustainable competitive advantages, long-term growth potential, and shareholder value. In applying a “top-down” thematic approach, the Sub-Investment Manager seeks to construct an overall portfolio with characteristics tied to secular themes transforming society. The “secular themes transforming society” are determined by the Sub-Investment Manager. While these themes may evolve over time and other themes may be included, the current themes include: artificial intelligence, cloud computing, deglobalization, digitization (including e-commerce), healthcare innovation, or other long-term innovations. The Fund is neither an Article 8 nor an Article 9 fund for the purposes of SFDR