Janus Detroit Street Trust - Janus Henderson Transformational Growth ETF is a non-diversified, actively managed exchange-traded fund formed on February 4, 2025 and domiciled in the United States. The fund seeks long-term capital appreciation by investing primarily in a concentrated portfolio of approximately 20 to 30 publicly traded large-cap growth companies selected through bottom-up fundamental research and a top-down thematic process. Its principal investment themes include artificial intelligence; cloud-computing migration; deglobalization; digitization of the economy, including e-commerce; health care innovation; and other long-term innovations transforming society. The fund offers investors actively managed equity exposure designed to diversify away from benchmark concentration and generally avoids the five to ten largest companies represented in major growth indices. As of June 2026, portfolio holdings include Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Amazon.com Inc., Broadcom Inc., Datadog Inc., Oracle Corp., Howmet Aerospace Inc., Forgent Power Solutions Inc., UnitedHealth Group Inc., Nebius Group NV and Advanced Micro Devices Inc. Janus Henderson Investors US LLC serves as investment adviser, ALPS Distributors Inc. serves as distributor, and Nick Schommer and Brian Recht manage the portfolio. The fund is a series of Janus Detroit Street Trust, a Delaware statutory trust, and is sponsored by Janus Henderson Group plc, a global active asset manager headquartered in London with operations across international markets. The fund’s principal recent strategic development is its February 2025 launch as Janus Henderson’s first fundamental active equity ETF managed by its Denver-based Equities team, extending the firm’s established U.S. growth-equity investment capabilities into the ETF market. In January 2026, Janus Detroit Street Trust and Janus Henderson Investors US LLC amended their investment advisory and management agreement, retaining the Janus Henderson Transformational Growth ETF within the trust’s advised fund lineup and maintaining its tiered advisory-fee schedule.