The Emerging Market Conundrum

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1 T H E M A G A Z I N E F O R E T F INVESTORS ////////////////////////////////////////////////////////////// MAY 2016 The Emerging Market Conundrum P U B L I S H E D BY

2 SMART-BETA CORNER By Heather Bell JANUS TAKES DIFFERENT ANGLE ON SMART BETA Nick Cherney JANUS CAPITAL GROUP, one of the world s best-known active management firms, stepped into the ETF space with a splash when it acquired VelocityShares more than a year ago. It recently moved beyond the legacy products from that purchase with the launch of two smart growth ETFs. Like many other active mutual fund managers, it rolled out smart-beta ETFs the Janus Small Cap Growth Alpha (JSML) and the Janus Small/Mid Cap Growth Alpha (JSMD) but its Head of Exchange Traded Products Nick Cherney says they won t be a part of a traditional ETF family. Can you give a big-picture overview of what Janus plans are in the ETF space? The business strategy is to build out our offerings in three categories. The first one is practical trading products, which is really our legacy VelocityShares business that s been growing and is successful, and we ll continue to build on that business. And then on the Janus brand, we re working on two categories of products. One is actively managed ETFs, which we obviously don t have today, but we view that, where it makes sense in an ETF wrapper, as something we ll be trying to bring clients as actively managed products. The last is what we call enhanced beta. The term smart beta has been retroactively applied to a wide range of products, and it means a lot of different things to a lot of different people. We ve intentionally decided to call our products enhanced beta. And what that really means to us is that we re focused on trying to develop ETFs that can help clients beat market-cap-weighted benchmarks. So I think the enhanced-beta category for us is one where we re going to put a fair amount of effort into, and JSML and JSMD are the first new products that we launched in that category. They re definitely a different take on the smart-beta concept. Can you talk about what the impetus was behind that methodology? I think the reason they re different is because they re coming from a totally different perspective. A lot of what you see happening in smart beta is people trying to start from a market-cap-weighted benchmark and make some sort of tweak to it to make a modest improvement on that. Our approach was really the opposite; we have a 45-year franchise of fundamental, bottom-up stock picking, with teams of CFAs doing really traditional analysis, rooted very, very heavily in fundamental, singlecompany analysis. That s where Janus has made its bones. The small- and midcap space is an area where we thought there was an opportunity to try to build a systematic process that was driven by an informed fundamental active process. And so really, these are trying to take much of the active process that we go through in Venture and Triton, which are the two actively managed small- and midcap Janus funds that have been very successful, with Venture going back over 30 years. They re five-star Morningstar funds and closed to new investors. We asked if there is some portion of that process that we can replicate in a more systematic way, and therefore offer it in an ETF, with the lower costs and the tax efficiency. 32 ETF.com/ETF Report

3 We sat down with that team and asked them, What is it you look for? There s a team of 15 analysts that s out there interviewing CEOs and doing a lot of subjective analysis that we can t replicate. But we re dealing with the universe of 2,000 or 2,500 stocks. And so there has to be some common themes among these companies, the things that they re looking for, from a fundamental perspective, that they think are going to drive long-term value in small-caps. That really boils down to avoiding bad companies in a lot of ways. The Russell 2000 has lots and lots of companies that are not well established and maybe aren t going to make it. It s not like large-cap, where, by the time you re in the S&P 500, you re a well-established company, and by and large, a well-run company. There s a massive variation in terms of the quality of companies that exist in the small-cap space. And so we said, That makes sense, but what does that mean specifically? Our job was to spend a lot of time with our fundamental team and try to hone in and quantify what it is they re looking for. And that ended up in these products, which focus on trying to achieve what we re calling smart growth or durable growth. That s companies that we believe are going to be able to sustain their business model through varying economic conditions, and therefore, will perform better, we hope, in market downturns, which tend to have a really significant negative impact on small-cap companies. So you re taking the active strategies that have brought Janus so much success and crystallizing them into indexbased strategies? From a technical perspective, they re index-based strategies, because we write down rules and fully disclose. What we re trying to do, though, is really capture the active process, that stock-picking process. We re going through 2,000 stocks and looking at the fundamentals of the companies themselves. For example, something that s very unique about these products that doesn t exist, by and large, in the sort of traditional smart-beta space, is that we don t look at the price at all. So there s no PE, there s no price to book. Almost of all of the smart-beta products that are out there are still rooted in the idea that market-cap weighting has an ability to outperform. If you look at a lot of what happens in this smart-beta space, it s just trying to use some metric other than market cap to get at the fair value of the company. And that s not what we re doing here. What we re doing is looking purely at the underlying fundamentals, ignoring the stock price, ignoring the market capitalization just asking, Are they growing their revenues? How are they growing their revenues? Are they doing it consistently? Then the same thing: How are they turning that into profitability? Are they doing it consistently? And do we believe they re going to be able to continue to be profitable into the future? And then the same kind of view on capital efficiency. So it s traditional bottom-up fundamental stock analysis that looks fairly distinct, I think, from what goes on in a typical smart-beta ETF. We ve just quantified it. Are there going to be more funds that use the smart growth investment methodology? Janus obviously is broadly diversified, though the history is definitely in concentrated growth equities. But we have our growth fundamental equity business; we have Perkins, which is a value manager based in Chicago. We have Intech, which is mathematical investing and focused on institutional investors based in Florida and Princeton. We have our fundamental fixed-income team. We now have the global macro team with Bill Gross. We also have Myron Scholes here, running asset allocation strategies that are highly quantitative. So there s a wide range of products that are out there, and a wide range of areas where I think we ll be interested in bringing out ETFs. The specific application of the smart growth is one that s very much tailored, explicitly, to small-cap U.S. equities. So we re not saying this is a solution that is one-size-fits-all. This is a very specific philosophy that we ve used for many years in the small-cap arena and that works in that space. It s certainly possible that we ll roll out enhanced-beta products in other asset classes, or in other market caps or other regions. But again, we d root those in the specifics of that situation. We re not going to try to take a one-size-fits-all approach. You re not interested in launching plain-vanilla market-capweighted ETFs? The overarching principle in our product strategy is that they re products that advisors who re trying to do better than market-cap weighting would be interested in using, whether that s because it s an actively managed product where we think we can beat the benchmark; or our hedged equity products, where we think the addition of a sophisticated volatility hedge can give you better returns over time, compared with a simple index-based product; or access-products like thematic ETFs, where the advisor itself is trying to generate that alpha. That s really the core. People wanting to use plain-vanilla market-cap-weighted ETFs have plenty of places to go. We don t have any particular expertise in that arena. It s definitely not where we re focused. MAY

4 Investing involves risk, including the possible loss of principal and fluctuation of value. The opinions are as of 04/16/2016 and are subject to change at any time due to changes in market or economic conditions. Janus may have a business relationship with certain entities discussed. The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes. This article is for information purposes only and should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security. There is no guarantee that the information supplied is accurate, complete, or timely, nor does it make any warranties with regards to the results obtained from its use. It is not intended to indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are inherent risks that individuals would need to consider. Differences between compared investments may include objectives, sales and management fees, liquidity, volatility, tax features and other features, which may result in differences in performance. As of 12/31/16, Janus Venture Fund was rated against the following numbers of U.S.-domiciled Small Growth funds over the following time periods: 599 funds in the last three years and for the Overall rating, 531 funds in the last five years, and 389 funds in the last ten years. With respect to these Small Growth funds, Janus Venture Fund received a Morningstar Rating of 3 stars, 4 stars and 4 stars for the three-, five- and ten-year periods, respectively. As of 12/31/16, Janus Triton Fund was rated against the following numbers of U.S.-domiciled Small Growth funds over the following time periods: 599 funds in the last three years and for the Overall rating, 531 funds in the last five years, and 389 funds in the last ten years. With respect to these Small Growth funds, Janus Triton Fund received a Morningstar Rating of 4 stars, 4 stars and 5 stars for the three-, five- and ten-year periods, respectively. Statistics are for the Fund s parent share class (typically that with the longest history). Performance varies by share class. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share

5 class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 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 at JANUS (52687) or download the file from janus.com/info. Read it carefully before you invest or send money. A Fund s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details. 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. There are risks similar to those of stocks including those regarding short selling and margin account maintenance. OBJECTIVES: JSMD and JSML seek investment results that correspond generally, before fees and expenses, to the performance of their underlying indices, the Janus Small/Mid Cap Growth Alpha and Janus Small Cap Growth Alpha Indices, respectively. They pursue their investment

6 objectives by using a passive index-based approach, normally investing at least 80% of its net assets in securities that comprise their underlying indices. There are risks involved with investing, including possible loss of principal. Performance depends upon the underlying index in which it invests. Smaller capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid than larger capitalization companies. There is no assurance the stated objective(s) will be met. 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. Tax Efficiency is an attempt to minimize tax liability when given many different financial decisions. Price/Earnings Ratio is a valuation ratio of a company s current share price compared to its per-share earnings. This ratio represents equity securities within the portfolio, and is not intended to demonstrate the growth of the portfolio, income earned by the portfolio, or distributions made by the portfolio. Price/Book Ratio is used to compare a stock s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter s book value per share. This ratio represents equity securities within the portfolio and is not intended to demonstrate portfolio growth, income earned or distributions made by the portfolio. Alpha compares the risk-adjusted performance of a portfolio to a benchmark index. A positive alpha means the portfolio has outperformed the index on a risk-adjusted basis. S&P 500 Index measures broad U.S. equity performance. Russell 2000 Index is an index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. VelocityShares Volatility Hedged Large Cap Index (SPXHID) combines 85% exposure to a large cap equity portfolio with a 15% exposure to a volatility strategy intended to hedge against large declines in the S&P 500 Index. VelocityShares Tail Risk Hedged Large Cap Index (TRSKID) combines 85% exposure to a large cap equity portfolio with a 15% exposure to a volatility strategy intended to hedge against tail risk events in the S&P 500 Index. A Fund's portfolio may differ significantly 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 JANUS (52687) or download the file from janus.com/etfs. Read it carefully before you invest or send money.

7 INTECH Investment Management LLC is a subsidiary of Janus Capital Group Inc. and serves as the sub-adviser on certain products. Janus Capital Management LLC is the investment adviser and ALPS Distributors, Inc. is the distributor. ALPS is not affiliated with Janus. Mutual funds distributed by Janus Distributors LLC ALPS is not affiliated with Janus, Perkins or INTECH. C JNS309

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