Page 1 of 4FOR FINANCIAL PROFESSIONAL USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

SPX

Quot

e

VIX

Quot

e

S&P 500® Index VIX® – CBOE Volatility Index®

2008 Financial CrisisS&P returned -57%, but the VIX was up over 200%

2011 Market Correction S&P returned -19%, but the VIX was againup over 200%

August 2015 Market Correction

S&P returned -11%, but the VIX spiked up 177%

0

12

24

36

48

60

500

1000

1500

2000

2500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: FactSet; 2008 Financial Crisis: 10/9/07-3/9/09, 2011 Market Correction: 4/29/11-10/3/11, August 2015 Market Correction: 8/17/15-8/25/15.

Past performance is no guarantee of future results.

Concerned About Managing Equity Drawdown Risk?Leverage the Virtues of the VIX®

When investors have needed it most, the benefi ts of diversifi cation have largely failed them. In severe market downturns, most asset classes have become considerably more correlated, creating large drawdowns for portfolios.

The issue of drawdown risk is on the minds of investors again as the long-term bull run in U.S. equity markets has shown signs of faltering. Investors may be better prepared by fi nding investments that are less correlated to equities and offer potentially better downside mitigation.

The VIX®: An Inverse Relationship to Equities… When You Need it MostAn intriguing source of diversifi cation has been the CBOE Volatility Index® (VIX), which maintains a consistent inverse correlation to equities. Interestingly, the inverse relationship between the VIX and S&P 500® has actually magnifi ed in periods when the S&P 500® experiences its sharpest downturns.

The VIX has Offered a Consistent Inverse Correlation to U.S. EquitiesVIX movement compared to the S&P 500® Index (1/1/07– 9/30/16)

Correlations in Crisis:

Correlation of U.S. Bonds to Equities increased dramatically during the 2008 Financial Crisis

-0.19Pre-Crisis

0.46During Crisis

Barclays U.S. Aggregate Bond Index 12-month correlation to S&P 500® Index ending 9/30/07 and 3/31/09 respectively.

Source: FactSet

JANUS HEDGED EQUITY ETFs

TRSKSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXH

JANUS HEDGED EQUITY ETFs

Page 2 of 4 FOR FINANCIAL PROFESSIONAL USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

The inception date of SPXHID and TRSKID is 4/30/12. Any performance prior to the date of index inception is hypothetical. All performance data prior to this date represents pre-inception index performance data (“PIP”) and is refl ected in the top chart. Actual performance is refl ected in the bottom chart. PIP data shown is net of fees. Pre-Inception index performance (PIP) results are based on criteria applied retroactively with the benefi t of hindsight and knowledge of factors that may have positively affected its performance, and cannot account for all fi nancial risk that may affect the actual performance of the ETF(s). The actual performance of the ETF may vary signifi cantly from the PIP data. In addition, PIP does not account for factors such as transaction costs, liquidity and other market factors. Had these factors been accounted for, actual performance would have been lower. Past performance is no guarantee of future results.

Sources: Bloomberg and Janus Index & Calculation Services LLC.

Don’t Try This at Home: Direct Investment in VIX Futures Has DrawbacksWhile the VIX is inversely correlated to equities, the index itself is not investable. Investors can seek a similar negative correlation to equities by investing in VIX futures, but this hedge comes at far too high a price. The negative return associated with buying new, longer-dated VIX futures as more current futures expire overwhelms the value of the negative correlation. The complexity of day-to-day management of a portfolio of futures is also burdensome for many investors.

Access the VIX’s Negative Correlation to Stocks, Avoid the Drag of a Futures PortfolioA systematic strategy that can take advantage of the VIX’s inverse relationship to equities but avoid the high cost of constantly maintaining a portfolio of futures could protect investors from drawdown risk, while sacrifi cing less of their total returns. Custom indicies have been created that employ this strategy.These indices combine broad exposure to the S&P 500 to capture equity markets’ upside with a volatility component that seeks to take advantage of the VIX’s negative correlation to equity markets during equity sell-offs.

The more the equity market deteriorated, the more these strategies outperformed

Hedged Equity Indices have Historically Displayed Convex Negative CorrelationRolling Monthly Returns Ordered from Lowest to Highest S&P 500® Return

Capturing Right Tails is Possible in Long VIX Futures Positions but at a Prohibitive CostHypothetical Illustration

Returns

One

-Mon

th R

etur

n

S&P 500® IndexVelocityShares Volatility Hedged Large Cap Index (SPXHID) VelocityShares Tail Risk Hedged Large Cap Index (TRSKID)

-30%

-20%

-10%

0%

10%

20%

30%

30%25%20%15%10%5%0%-5%-10%-15%-20%-25%-30%

-10%

-5%

0%

5%

10%

30%25%20%15%10%5%0%-5%-10%-15%-20%-25%-30%

One

-Mon

th R

etur

n

Since Inception (4/30/12 – 9/30/16)

Pre-Inception (12/20/05 – 4/30/12)

TRSKSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXH

Page 3 of 4FOR FINANCIAL PROFESSIONAL USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

Fund Name Janus Velocity Volatility Hedged Large Cap ETF

Janus Velocity Tail Risk Hedged Large Cap ETF

Construction 85% exposure to large-cap equities, 15% to a long short volatility strategy with a target net neutral volatility exposure.

85% exposure to large-cap equities, 15% to a long short volatility strategy with a target long volatility exposure.

Portfolio Position

SPXH TRSK

SPXH serves as core equity TRSK serves as a liquid alternative

What This Offers Investors

> Systematic Inversely Correlated Volatility Strategy

> Low-Cost*, Effi cient Equity Hedge

> Potential Downside Mitigation

Alternative

Core

* Ordinary brokerage commissions apply.

Broad exposure to equity market growth with the potential to signifi cantly reduce drawdown risk in bear markets

To learn more about how SPXH and TRSK could manage drawdown risk, contact your Janus representative or call 877.33JANUS (52687)

Role In A Diversifi ed Portfolio

By dynamically shifting between long and short exposure to VIX futures, the volatility component can take a larger long position in VIX futures when the VIX spikes, providing a hedge against equities when investors need it most. The volatility component can then adjust to have a short exposure to VIX futures in less volatile periods, eliminating the drag VIX futures exposures have in the prolonged periods between spikes in volatility.

Janus’ Hedged Equity ETFs, SPXH and TRSK, Offer This Solution in a Low-Cost Investment VehicleJanus Hedged Equity ETFs offer a low-cost solution to access the custom indices that are designed to optimally capture the VIX’s negative correlation to equities. The effective implementation of each ETF ultimately depends on the goals and concerns of the individual investor. Both ETFs seek to dampen portfolio drawdowns during a downturn. However, SPXH is designed to provide greater participation when equity markets rally, and in turn, offers less downside mitigation than Janus’ other Hedged Equity ETF, TRSK. Meanwhile, TRSK aims to provide better downside mitigation during sell-offs, but will likely have a lower total return over longer time horizons.

Estimated Expenses: 0.65% Management Fees, 0.06% Acquired Fund Fees and Expenses, 0.71% Total Annual Fund Operating Expenses. The inception date of SPXH and TRSK is 6/21/13. The inception date of SPXHID and TRSKID is 4/30/12.

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 877.33JANUS (52687) or visit janus.com/ETFs.Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.

Returns include dividends and capital gains. Returns greater than one year are annualized.

JANUS HEDGED EQUITY ETFs TRSKSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXHSPXH

Performance (%) as of 9/30/16

Ticker Product 3Q16 1 Year 3 YearSince Inception

(6/21/13)

SPXHNV Janus Velocity Volatility Hedged Large Cap ETF – NAV 4.42 7.73 5.70 6.87

SPXH Janus Velocity Volatility Hedged Large Cap ETF – Market Price 4.92 8.24 5.82 7.00

SPXHID VelocityShares Volatility Hedged Large Cap Index 4.70 8.70 6.39 7.52

SPTR S&P 500® Index 3.85 15.43 11.16 12.21

TRSKNV Janus Velocity Tail Risk Hedged Large Cap ETF – NAV 2.48 3.51 3.66 4.37

TRSK Janus Velocity Tail Risk Hedged Large Cap ETF – Market Price 2.48 3.59 3.71 4.42

TRSKID VelocityShares Tail Risk Hedged Large Cap Index 2.66 4.45 4.32 5.04

HFRIEHI HFRI Equity Hedge Index 4.66 6.03 10.00 4.25

FUND OBJECTIVES: SPXH and TRSK seek investment results that correspond generally, before fees and expenses, to the performance of their underlying index, the VelocityShares Volatility Hedged Large Cap Index and VelocityShares Tail Risk Hedged Large Cap Index, respectively. They pursue their investment objective by investing assets in the underlying large cap ETFs and swaps linked to the performance of the underlying volatility ETFs rather than investing directly in stocks, bonds, cash or other investments.

There are risks involved with investing, including possible loss of principal. Performance depends upon the investment performance of the underlying index ETFs in which they invest. Cleared and over-the-counter swap agreements are used in addition to other derivatives to obtain exposure to these underlying volatility ETFs. SPXH and TRSK are subject to risks similar to those of stocks including those regarding short selling and margin account maintenance.

Derivatives may be more sensitive to changes in economic or market conditions than other types of investments. This could result in losses that signifi cantly exceed the original investment.

Diversifi cation does not eliminate the risk of experiencing investment losses.

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.

Prior to 10/4/11, the volatility ETFs used in the indices did not exist. Index calculations for these equity components are computed based off a similar exposure directly to VIX Futures, and therefore do not refl ect the management fees of the volatility ETFs among other differences for the period prior to 10/4/11. Had the volatility ETFs been available prior to 10/4/11, the PIP data would likely have been lower.

The index provider is Janus Index and Calculation Services LLC (“Janus Index”). Janus Index maintains the indices and calculates the index levels and performance shown or discussed, but does not manage actual assets. Janus Index receives compensation in connection with licensing its indices to third parties including the provision of any related data.

Index Methodologies can be downloaded from janus.com/etfs.

A Fund’s portfolio may differ signifi cantly from the securities in an index. An investment cannot be made directly in an index.

Please consider the charges, risks, expenses, and investment objectives carefully before investing. For a prospectus containing this and other information, please call 877.33JANUS (52687) or download the fi le from janus.com/ETFs. Read it carefully before you invest or send money.Janus is a registered trademark of Janus International Holding LLC. © Janus International Holding LLC.

Janus Capital Management LLC is the investment adviser and ALPS Distributors, Inc. is the distributor. ALPS is not affi liated with Janus, VelocityShares or Janus Index & Calculation Services LLC.

HFRI Equity Hedge (Total) Index is representative of investment managers who maintain positions, both long and short, in primarily equity and equity derivative securities. The Index includes a variety of investment processes that maintain at least 50% exposure to, and may be entirely invested in, equities, both long and short.” Chicago Board of Options Exchange (CBOE) Volatility Index® (VIX®) shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options and is a widely used measure of market risk and is often referred to as the “investor fear” gauge. The VIX® volatility methodology is the property of CBOE, which is not affi liated with Janus.

JNS228

C-0916-4397 01-15-17 FOR FINANCIAL PROFESSIONAL USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION 199-15-30304 10-16

For more information, please contact your Janus representativeat 877.33JANUS (52687) or visit janusETFs.com.