Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

1

Shares

Value

Common

Stocks

-

97.7%

Auto

Components

-

2.4%

Aptiv

plc*

4,754

$

537,630

Biotechnology

-

0.3%

Moderna,

Inc.*

317

55,811

Building

Products

-

4.2%

Advanced

Drainage

Systems,

Inc.

4,261

429,679

Carrier

Global

Corp.

11,244

511,940

941,619

Electronic

Equipment,

Instruments

&

Components

-

8.7%

IPG

Photonics

Corp.*

4,912

550,635

Keysight

Technologies,

Inc.*

4,432

794,879

TE

Connectivity

Ltd.

4,749

603,836

1,949,350

Equity

Real

Estate

Investment

Trusts

(REITs)

-

5.1%

Crown

Castle,

Inc.

1,980

293,258

Equinix,

Inc.

451

332,897

Prologis,

Inc.

3,944

509,880

1,136,035

Food

Products

-

1.0%

McCormick

&

Co.,

Inc.

(Non-Voting)

3,044

228,665

Health

Care

Equipment

&

Supplies

-

2.0%

Edwards

Lifesciences

Corp.*

3,557

272,822

STAAR

Surgical

Co.*

2,528

178,350

451,172

Health

Care

Providers

&

Services

-

5.8%

Encompass

Health

Corp.

6,944

433,653

Humana,

Inc.

1,672

855,562

1,289,215

Health

Care

Technology

-

1.2%

Certara,

Inc.*

14,021

272,007

Insurance

-

10.7%

Aon

plc

-

Class

A

2,287

728,821

Marsh

&

McLennan

Cos.,

Inc.

4,021

703,313

Progressive

Corp.

(The)

7,023

957,586

2,389,720

IT

Services

-

3.2%

Mastercard,

Inc.

-

Class

A

1,785

661,521

Twilio,

Inc.

-

Class

A*

782

46,795

708,316

Life

Sciences

Tools

&

Services

-

7.5%

Bruker

Corp.

5,599

392,602

ICON

plc*

3,045

702,512

Illumina,

Inc.*

902

193,208

PerkinElmer,

Inc.

2,847

391,548

1,679,870

Machinery

-

8.9%

Evoqua

Water

Technologies

Corp.*

13,759

667,449

Westinghouse

Air

Brake

Technologies

Corp.

8,524

884,877

Xylem,

Inc.

4,222

439,130

1,991,456

Semiconductors

&

Semiconductor

Equipment

-

10.7%

Lam

Research

Corp.

956

478,096

Microchip

Technology,

Inc.

9,286

720,779

NVIDIA

Corp.

3,120

609,554

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

2

Shares

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

(continued)

Texas

Instruments,

Inc.

3,307

$

586,034

2,394,463

Software

-

14.8%

Atlassian

Corp.

-

Class

A*

2,072

334,877

Autodesk,

Inc.*

3,060

658,390

Bill.com

Holdings,

Inc.*

1,169

135,160

Cadence

Design

Systems,

Inc.*

1,348

246,455

Microsoft

Corp.

5,525

1,369,150

Workday,

Inc.

-

Class

A*

3,080

558,804

3,302,836

Specialty

Retail

-

2.4%

Home

Depot,

Inc.

(The)

1,622

525,804

Textiles,

Apparel

&

Luxury

Goods

-

2.1%

NIKE,

Inc.

-

Class

B

3,677

468,192

Thrifts

&

Mortgage

Finance

-

2.2%

Walker

&

Dunlop,

Inc.

5,191

495,118

Trading

Companies

&

Distributors

-

0.8%

Core

&

Main,

Inc.

-

Class

A*

8,533

188,323

Wireless

Telecommunication

Services

-

3.7%

T-Mobile

US,

Inc.*

5,581

833,299

Total

Common

Stocks

(cost

$24,673,317)

21,838,901

Investment

Companies

-

2.3%

Money

Market

Funds

-

2.3%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

4.1900%

∞

(cost

$514,952)

514,952

514,952

Total

Investments

(total

cost

$25,188,269

)

-

100.0%

22,353,853

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.0%

2,781

Net

Assets

-

100.0%

$22,356,634

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

20,778,834

93.0%

Ireland

1,240,142

5.5 

Australia

334,877

1.5 

Total

$

22,353,853

100.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2023

3

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

January

31,

2023.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

January

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

21,838,901

$

—

$

—

Investment

Companies

514,952

—

—

Total

Assets

$

22,353,853

$

—

$

—

4

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

other

mutual

funds

held

by

a

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds.  

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

5

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

January

31,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

For

additional

information

on

the

Fund,

please

refer

to

the

Fund's

most

recent

semiannual

or

annual

shareholder

report.

125-25-70444

03-23