For Financial Professionals in the US

JRSIX Adaptive Risk Managed U.S. Equity Fund

A large-cap core equity portfolio of stocks that have the potential for less downside volatility and greater growth or upside volatility, as implied by forward-looking options market prices.

NAV
$12.88
As of 05/01/2026

1-Day Change
$0.01 (0.08%)
As of 05/01/2026

YTD Return
5.57%
As of 05/01/2026

ABOUT THIS FUND

U.S. large-cap equity portfolio that seeks to deliver more attractive returns with lower absolute volatility than the Index over a market cycle. Our systematic investment process utilizes forward-looking signals from options markets designed to identify individual stocks with less downside volatility that appear poised for greater growth or upside volatility.

WHY INVEST IN THIS FUND

Attractive: This diversified, U.S. large-cap portfolio targets more attractive returns with lower absolute volatility over a market cycle.
Objective: Our systematic investment process uses forward-looking signals from highly liquid options markets designed to identify individual stocks with less downside volatility that appear poised for greater growth or upside volatility.
Adaptive: Changes in the market-implied forecasts of good risk versus bad risk will trigger rebalancing while maintaining diversification in an effort to provide more consistent returns over time.

Fund Details

Inception Date	Dec 30, 2005
Total Net Assets (As of 03/31/2026)	$580.01M
Gross Annual Expense Ratio (As of most recent prospectus)	0.65%
Net Annual Expense Ratio (As of most recent prospectus)	0.65%

Morningstar Data

(As of 03/31/2026)

	View All Ratings
Category	US Fund Large Blend
View Morningstar fee level
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

Philip Maymin, Ph.D.

Co-Head of Global Asset Allocation | Portfolio Manager

Industry since 1996. Joined Firm in 2022.

Allan Maymin

Co-Head of Global Asset Allocation | Portfolio Manager

Industry since 2009. Joined Firm in 2019.

RETURNS (%) (As of 03/31/2026)

Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index S&P 500 Minimum Volatility TR Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (01/01/2006)
Adaptive Risk Managed U.S. Equity Fund - I Shares	-4.51	-4.51	13.20	13.99	9.08	10.34	8.64
Russell 1000® Index	-4.18	-4.18	17.74	18.13	11.34	13.97	10.56
S&P 500 Minimum Volatility TR Index	-3.46	-3.46	5.15	11.59	8.73	10.39	9.54

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.

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

RETURNS (%) (As of 03/31/2026)

Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index S&P 500 Minimum Volatility TR Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (01/01/2006)
Adaptive Risk Managed U.S. Equity Fund - I Shares	-4.51	-4.51	13.20	13.99	9.08	10.34	8.64
Russell 1000® Index	-4.18	-4.18	17.74	18.13	11.34	13.97	10.56
S&P 500 Minimum Volatility TR Index	-3.46	-3.46	5.15	11.59	8.73	10.39	9.54

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Calendar Year Returns (%)

Adaptive Risk Managed U.S. Equity Fund - I Shares Russell 1000® Index

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Adaptive Risk Managed U.S. Equity Fund - I Shares	13.44	23.69	15.35	-14.12	19.62	12.83	23.49	-3.54	20.57	8.08
Russell 1000® Index	17.37	24.51	26.53	-19.13	26.45	20.96	31.43	-4.78	21.69	12.05

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

(As of 03/31/2026)	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	73	78	76	92	88
US Fund Large Blend \| Rank/Count	953/1317	974/1246	896/1168	943/1013	707/803

(As of 04/30/2026)	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	71	76	70	89	88
US Fund Large Blend \| Rank / Count	944/1315	942/1240	820/1165	915/1012	707/803

Growth of a Hypothetical Investment

U.S. Managed Volatility Fund - I Shares Russell 1000® Index S&P 500 Minimum Volatility TR Index Large Blend

Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 03/31/2026 Class I Shares)

RISK / REWARD VS. Russell 1000 TR Index	3YR	5YR
Information Ratio	-1.26	-0.52
Alpha	-2.30	-1.41
Tracking Error	2.80	3.92
Beta	0.89	0.91
R-squared (%)	95.01	93.56

UP/DOWN MARKET CAPTURE (%) Russell 1000 TR Index	3YR	5YR
Up Capture Ratio	82.49	87.25
Down Capture Ratio	96.23	95.87

STANDARD DEVIATION	3YR	5YR
Adaptive Risk Managed U.S. Equity Fund	11.26	14.50
Russell 1000 TR Index	12.37	15.45

SHARPE RATIO	3YR	5YR
Adaptive Risk Managed U.S. Equity Fund	0.77	0.37
Russell 1000 TR Index	1.02	0.49

Annual Fees & Expenses (As of the most recent prospectus)

CLASS I SHARES
Management Fees	0.50%
Other Expenses	0.15%
Total Gross Expenses	0.65%
Waivers	0.00%
Total Net Expenses	0.65%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Index represents the Russell 1000® Index.

Top Holdings (As of 03/31/2026)

	% of Fund
NVIDIA Corp	7.60
Apple Inc	6.81
Alphabet Inc	6.41
Microsoft Corp	4.86
Amazon.com Inc	3.65
JPMorgan Chase & Co	3.35
Walmart Inc	2.99
Berkshire Hathaway Inc	2.65
L3Harris Technologies Inc	2.43
Broadcom Inc	2.27
TOTAL	43.02
View full holdings

Portfolio Characteristics (As of 03/31/2026)

	FUND	INDEX
Number of Holdings Equity Issues	85	1006
Market Capitalization Weighted Average	$1,184.32B	$1,072.52B
Portfolio Turnover Rate (1-year trailing)	74.19%	-
Price/Earnings Ratio (1-year forward)	19.82	19.26
Price/Book Ratio	4.51	4.56
Earnings Growth Rate (1-year forward)	21.40%	20.01%

Sector Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 03/31/2026

Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.

Regional Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 03/31/2026

Developed vs Emerging Markets	% of Fund	% of Index	% of Fund	% of Index	As of 03/31/2026

Market Capitalization Range of Equity Holdings	% of Fund	% of Index	% of Fund	% of Index	As of 03/31/2026

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JRSIX Adaptive Risk Managed U.S. Equity Fund

Overview

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Portfolio Management

Performance

Morningstar Percentile

Growth of a Hypothetical Investment

Returns-Based Statistics (As of 03/31/2026 Class I Shares)

Portfolio

Documents