Janus Henderson U.S. Real Estate ETF (JRE) is an actively managed exchange-traded fund that invests primarily in U.S. real estate equities, including real estate investment trusts (REITs) and real estate-related companies such as data centers, cell towers, gaming properties, cold storage facilities, and other innovative property types; the portfolio emphasizes high-conviction, all-cap holdings intentionally differentiated from benchmarks like the FTSE Nareit Equity REITs Index, with top positions including Equinix Inc. (10.00%), Prologis Inc. (9.03%), Digital Realty Trust Inc. (7.25%), Welltower Inc. (7.15%), and Public Storage (5.98%) as of October 9, 2025. The ETF seeks total return through capital appreciation and current income, leveraging a disciplined investment process informed by local property market insights, industry relationships, and expertise from portfolio managers Greg Kuhl, CFA, and Daniel Greenberger. Launched on June 22, 2021, and domiciled in the United States, JRE operates under Janus Henderson Investors, with approximately $25 million in assets under management and a net expense ratio of 0.65%. In the first quarter of 2025, the ETF delivered a net asset value return of 0.13%, underperforming the FTSE Nareit Equity REITs Index's 0.91%, with positive contributions from industrial REITs like EastGroup Properties and First Industrial Realty Trust offset by detractors including Kilroy Realty and Federal Realty Investment Trust; amid elevated interest rates and tariffs impacting construction, the strategy positioned for muted supply and stronger sector pricing power. As part of Janus Henderson Group plc's broader expansion of active ETF offerings, JRE reflects ongoing enhancements in real estate equity capabilities, supported by the firm's global real estate team managing over $3 billion in assets as of its inception, targeting investors seeking diversification, income, inflation protection, and risk-adjusted returns relative to broad equities and fixed income.