Janus Henderson Files ETF With Dynamic 50% to 200% S&P 500 Exposure

Janus Henderson has filed for the Janus Henderson Directionality ETF, a rules-based strategy designed to exploit short-term mean reversion in U.S. equities. The fund will track a proprietary index that dynamically adjusts its exposure to the SPDR S&P 500 ETF Trust (SPY) between 50% and 200%, based on SPY's previous one-day and five-day returns. Exposure rises to 200% following sharp declines across both periods, drops to 50% after strong gains, and shifts to 100% or 150% under mixed conditions. The index recalibrates daily, seeking to capitalize on market reversals by increasing exposure after selloffs and reducing it following rallies. Rather than directly holding equities, the ETF will primarily use total return swaps, with cash and Treasury bills serving as collateral. The strategy is passive and index-based, although its use of leverage could amplify losses during sustained market downturns.