Janus Henderson Short Duration Income ETF Q4 2025 Commentary

Janus Henderson Short Duration Income ETF returned 1.22% and the ICE BofA US 3M Trsy Bill TR USD returned 0.97%. Income from the Fund's core of short-duration corporate credits contributed to performance, with hedges against rate volatility contributing to a lesser degree. Persistent but contained inflation continues to support front-end yields, but as policy paths diverge, investors may consider rotating away from U.S.-centric risk toward regions offering greater income and duration.