JELH and JELM provide innovative income approaches that package structured note strategies into a convenient ETF format

Janus Henderson Investors (NYSE:JHG) today announced the firm has launched the Janus Henderson Equity Linked High Income ETF (JELH) and the Janus Henderson Equity Linked Moderate Income ETF (JELM). These funds are designed to provide investors with access to professionally managed, diversified, transparent equity-linked income strategies, and are the first ETFs to combine access to autocallable and stability equity-linked notes (ELNs) and swaps that replicate the payout structure of ELNs (together with ELNs, equity linked instruments) across single stock, single index, and index baskets in one portfolio.

The funds are intended for income-focused investors, advisors, and institutions seeking diversification beyond bonds and traditional equites, and are managed by Portfolio Managers David Elms, Natasha Sibley, CFA, and Jamie Sandells PhD, who have over six decades of derivatives and structured credit expertise combined.

The new ETFs are designed to package equity linked instruments and are intended to be diversified across underlying equities, bank counterparties, and maturities. The funds are managed to deliver differentiated income.

Unlike traditional income investments such as bonds or dividend-paying stocks, equity linked instruments provide exposure to equity markets while offering structured income potential with downside barrier mitigation features embedded in their holdings. By virtue of their portfolio holdings' features, JELH and JELM are ETFs that seek to deliver this unique combination of income generation with downside barrier mitigation.

"Structured income strategies aim to reshape the risk-return tradeoff by harvesting equity volatility to target compelling income profiles," said David Elms, Head of Diversified Alternatives and Portfolio Manager at Janus Henderson. "Our team applies a quantitative framework that intends to balance yield, volatility, correlation, and credit exposure, building diversified portfolios across positions, structures, counterparties, and maturities."

"Our clients are looking for risk-managed income solutions without the operational burden, lifecycle management, concentration and credit risk that often come with individual structured notes. These ETFs represent a significant step forward in how investors can access structured income solutions," said Greg Trinks, Managing Director, Head of US Product at Janus Henderson. "JELH and JELM seek to deliver institutional-grade sourcing, diversification, and ongoing portfolio management—all in the simplicity of an ETF, while giving investors a choice that may align with their unique income preferences."

Notes to editors

About Janus Henderson

Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of December 31, 2025, Janus Henderson had approximately US$493 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the New York Stock Exchange.

Please consider the charges, risks, expenses, and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.668.0434 or download the file from janushenderson.com/info. Read it carefully before you invest or send money.

Past performance is no guarantee of future results.

Investing involves risk, including the possible loss of principal and fluctuation of value. There is no assurance the stated objective(s) will be met.

OBJECTIVES: Janus Henderson Equity Linked High Income ETF and Janus Henderson Equity Linked Moderate Income ETF seek high current income.

Actively managed portfolios may fail to produce the intended results. No investment strategy can ensure a profit or eliminate the risk of loss.

Alternative investments include, but are not limited to, commodities, real estate, currencies, hedging strategies, futures, structured products, and other securities intended to be less correlated to the market. They are typically subject to increased risk and are not suitable for all investors.

Autocallable instruments limit upside because payouts may cease once an autocall occurs, resulting in missed future income opportunities and reinvestment at potentially less favorable levels. Barrier events can suspend income or reduce principal if predefined levels are breached. Depending on the terms, investors may receive no further coupons and may experience partial or total loss of principal following adverse market movements.

Derivatives can be more volatile and sensitive to economic or market changes than other investments, which could result in losses exceeding the original investment and magnified by leverage.

Diversification neither assures a profit nor eliminates the risk of experiencing investment losses.

Equity‑linked notes (ELNs) are structured obligations whose value is derived from an equity or equity index. ELNs may be difficult to value or sell, may lack active secondary markets, and may not fully participate in equity market gains. Because ELNs are unsecured obligations of issuing banks or broker‑dealers, investors are exposed to issuer credit risk and may experience losses if the issuer becomes unable or unwilling to meet its obligations. Many ELNs contain call features that can terminate future coupon payments and require reinvestment at less favorable terms.

Equity securities are subject to risks including market risk. Returns will fluctuate in response to issuer, political and economic developments.

Fixed income securities are subject to interest rate, inflation, credit and default risk. The bond market is volatile. As interest rates rise, bond prices usually fall, and vice versa. The return of principal is not guaranteed, and prices may decline if an issuer fails to make timely payments or its credit strength weakens.

Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.

Forward Foreign Currency Contracts Risk. Forward foreign currency transactions are subject to significant volatility and market fluctuations that could result in substantial losses. These transactions, used for hedging and speculative purposes, also expose the Fund(s) to interest rate risks.

Reference assets, such as equity indices, single securities, or multi‑asset baskets, can be highly volatile and may not behave as expected. Adverse movements may reduce or eliminate potential income and can result in significant losses. Performance may diverge from broad market behavior due to index construction, volatility controls, concentration, or methodology changes.

Stability instruments rely on formulas that adjust payouts when daily market movements breach defined stability levels, which can lead to reduced income or early redemption at values below the amount invested. These instruments do not guarantee principal and may expose investors to amplified losses if leveraged components are triggered. Payoff structures may limit participation in market gains while increasing sensitivity to significant drawdowns.

Swap agreements are derivative contracts that provide synthetic exposure to a reference asset or index and may introduce counterparty default risk, valuation uncertainty, and leverage effects. Returns may differ from the reference exposure due to fees, collateral requirements, or imperfect correlation. Swap exposures may be less liquid or more volatile during periods of market stress.

Janus Henderson Investors US LLC is the investment adviser and ALPS Distributors, Inc. is the distributor. ALPS is not affiliated with Janus Henderson or any of its subsidiaries.

This press release is solely for the use of members of the media and should not be relied upon by personal investors, financial advisers, or institutional investors. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes. All opinions and estimates in this information are subject to change without notice.

Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

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Janus Henderson Launches Two Structured Income ETFs