JANUS VELOCITY TAIL RISK HEDGED LARGE CAP ETF (TRSK) Exchange: NYSE ARCA

DELISTED - Janus Capital will seek investment results that correspond generally, before fees and expenses, to the performance of the VelocityShares Tail Risk Hedged Large Cap Index. The Underlying Index is an index comprised of three large capitalization equity ETFs and two volatility related ETFs (the “Underlying Index ETFs”). The Fund will seek to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in Underlying Index ETFs. Under normal circumstances, the Fund intends to invest 85% of its net assets in ETFs that provide exposure to large capitalization securities, and 15% of its net assets to a volatility strategy. The volatility strategy will generally invest in swap agreements or other derivatives instead of investing directly in certain Underlying Index ETFs, as described below. The Underlying Index and its Allocation The Underlying Index reflects the performance of a portfolio providing exposure to: (1)  A large cap equity portfolio, consisting of the three Underlying Index ETFs listed below, which track the Standard & Poor’s 500® Index (the “S&P 500® Index,” with the Underlying Index ETFs tracking the S&P 500® Index being the “Underlying Large Cap ETFs”); and (2)  A volatility strategy to hedge “tail risk” events (which are market events that occur rarely but may result in severe negative market performance when they do occur) in the S&P 500® Index, consisting of the two Underlying Index ETFs listed below which utilize futures contracts, swap agreements, and other financial investments to gain leveraged or inverse positions on the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Futures” with such Underlying Index ETFs being the “Underlying Volatility ETFs”). The “VIX” refers to the Chicago Board Options Exchange, Incorporated Volatility Index. The VIX is designed to measure the market’s expectation of 30-day volatility in the S&P 500. The Short-Term VIX Futures measures the movements of a combination of VIX futures contracts and is designed to track changes in the expected volatility of the S&P 500 one month in the future. In other words, the volatility strategy seeks to hedge against “tail risk” events, to the extent such events and/or the market reaction to such events are reflected in the prices of VIX futures. The Underlying Index consists of an 85% allocation to the Underlying Large Cap ETFs (split evenly between each Underlying Large Cap ETF) and a 15% allocation to the Underlying Volatility ETFs (such allocation being the “Volatility Component”). The Underlying Index is rebalanced monthly to reset the allocations to the Underlying Large Cap ETFs and the Volatility Component to 85% and 15%, respectively. The Underlying Index’s allocation between Underlying Index ETFs is designed to reflect the performance of the S&P 500® Index while also providing a hedging exposure against “tail risk” events on the S&P 500® Index. The Underlying Index ETFs included in the Underlying Index and their investment exposure are set forth below: Underlying Index ETFs Name    Investment Adviser    Ticker Symbol    Underlying Index    Investment exposure (before fees and expenses) Underlying Large Cap ETFs                SPDR S&P 500 ETF Trust    PDR Services, LLC, as Sponsor of the Trust (“Sponsor”), and State Street Bank and Trust Company, as Trustee of the Trust (“Trustee”)    SPY    S&P 500® Index    Tracking of S&P 500® Index Vanguard S&P 500 ETF    The Vanguard Group, Inc.     VOO    S&P 500® Index    Tracking of S&P 500® Index iShares Core S&P 500 ETF    BlackRock Fund Advisors    IVV    S&P 500® Index    Tracking of S&P 500® Index Underlying Volatility ETFs                Ultra VIX Short-Term Futures ETF (the “Ultra Fund”)    ProShare Capital Management LLC    UVXY    S&P 500 VIX Short-Term Futures Index    Twice the return of Short-Term VIX Futures on a daily basis Short VIX Short-Term Futures ETF (the “Short Fund”)    ProShare Capital Management LLC    SVXY    S&P 500 VIX Short-Term Futures Index    Inverse of the return of Short-Term VIX Futures on a daily basis The Underlying Index allocates the Volatility Component to a target weight between the Underlying Volatility ETFs as follows: Index    Target Allocation    Target Net Allocation VelocityShares Tail Risk Hedged Large Cap Index    45% (Ultra Fund, with 2x exposure), 55% (Short Fund, with -1x exposure)    35% long The Volatility Component portion of the Underlying Index is rebalanced in a gradual manner over each quarter to preserve this allocation. This allocation results in a target net 35% long exposure to the Short-Term VIX Futures, although market movement in VIX futures will result in allocations on any given day that differ, sometimes significantly from the target exposure, including the potential for net short exposure. The Volatility Component is structured in a manner intended to benefit from significant, sustained movements, over multiple trading days, in either direction by Short-Term VIX Futures, but will likely benefit more from a multi-day significant, sustained upward movement than a multi-day significant, sustained downward movement.The Underlying Volatility ETFs are not registered as investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). The Underlying Volatility ETFs are sponsored by a registered commodity pool operator and advised by a registered commodity trading adviser.How the Fund Attempts to Replicate the Underlying IndexThe Fund will attempt to correspond generally, before fees and expenses, to the performance of the Underlying Index by investing under normal circumstances in (a) shares of the Underlying Large Cap ETFs and (b) one or more swaps designed to replicate the performance of the volatility component directly by reference to closing prices of the underlying VIX futures. The Fund could also elect to trade VIX futures directly, although the Fund does not expect to use such instruments under normal circumstances. The Fund may also invest directly in shares of the Underlying Volatility ETFs, though it does not currently intend to do so. While the Underlying Volatility ETFs utilize futures contracts, swap agreements and other financial instruments, the Fund’s only direct use of such instruments will be solely as described in (b) above. The Fund is classified as nondiversified, which allows it to hold larger positions in a smaller number of securities, compared to a fund that is classified as diversified. Although the Fund is classified as nondiversified, the underlying equity ETFs in which the Fund invests (which typically represent 85% of the Fund’s net assets) are classified as diversified. The Underlying Index is compiled and administered by Janus Index & Calculation Services LLC (“Janus Index Services” or the “Index Provider”). Janus Index Services is affiliated with the Fund and Janus Capital.