Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

1

Shares/

Principal

Amounts

Value

Asset-Backed

Security

-

1.3%

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

(cost

$421,430)

$

512,541

$

424,493

Corporate

Bonds

-

93.4%

Basic

Materials

-

1.2%

Ecolab,

Inc.,

2.7000%, 11/1/26

410,000

386,371

Communications

-

1.5%

Comcast

Corp.,

4.1500%, 10/15/28

87,000

86,212

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

73,000

68,172

FactSet

Research

Systems,

Inc.,

3.4500%, 3/1/32

132,000

116,066

Netflix,

Inc.,

4.8750%, 6/15/30

(144A)

206,000

203,446

473,896

Consumer,

Cyclical

-

2.6%

Hasbro,

Inc.,

5.1000%, 5/15/44

264,000

235,513

Home

Depot,

Inc.

(The),

2.8750%, 4/15/27

27,000

25,622

Home

Depot,

Inc.

(The),

3.2500%, 4/15/32

46,000

42,314

Lowe's

Cos.,

Inc.,

3.7500%, 4/1/32

34,000

31,538

Marriott

International,

Inc.,

4.1500%, 12/1/23

95,000

94,267

Target

Corp.,

4.8000%, 1/15/53

201,000

203,082

Whirlpool

Corp.,

4.6000%, 5/15/50

213,000

184,162

816,498

Consumer,

Non-cyclical

-

28.4%

Abbott

Laboratories,

2.9500%, 3/15/25

261,000

253,622

Abbott

Laboratories,

6.1500%, 11/30/37

93,000

108,708

AbbVie,

Inc.,

2.9500%, 11/21/26

114,000

107,882

AbbVie,

Inc.,

3.2000%, 11/21/29

113,000

105,071

AbbVie,

Inc.,

4.5500%, 3/15/35

158,000

155,034

AbbVie,

Inc.,

4.2500%, 11/21/49

120,000

107,420

Alcon

Finance

Corp.,

5.3750%, 12/6/32

(144A)

200,000

209,289

Alcon

Finance

Corp.,

5.7500%, 12/6/52

(144A)

140,000

151,453

Amgen,

Inc.,

2.3000%, 2/25/31

100,000

84,143

Amgen,

Inc.,

2.7700%, 9/1/53

151,000

97,889

Boston

Scientific

Corp.,

1.9000%, 6/1/25

110,000

103,464

Boston

Scientific

Corp.,

2.6500%, 6/1/30

150,000

133,141

Bristol-Myers

Squibb

Co.,

4.5500%, 2/20/48

183,000

177,787

Centene

Corp.,

4.2500%, 12/15/27

81,000

77,701

Centene

Corp.,

2.6250%, 8/1/31

162,000

132,671

Cigna

Corp.,

3.0000%, 7/15/23

301,000

298,323

Cigna

Corp.,

2.3750%, 3/15/31

141,000

119,562

Cigna

Corp.,

3.4000%, 3/15/50

297,000

225,414

Coca-Cola

Co.

(The),

2.9000%, 5/25/27

131,000

125,497

Coca-Cola

Co.

(The),

2.8750%, 5/5/41

200,000

162,743

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

223,000

176,990

CoStar

Group,

Inc.,

2.8000%, 7/15/30

(144A)

475,000

401,362

CSL

Finance

plc,

3.8500%, 4/27/27

(144A)

45,000

43,708

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

112,000

109,305

CSL

Finance

plc,

4.6250%, 4/27/42

(144A)

210,000

201,329

Elevance

Health,

Inc.,

1.5000%, 3/15/26

80,000

72,915

Elevance

Health,

Inc.,

2.5500%, 3/15/31

140,000

121,040

Elevance

Health,

Inc.,

5.5000%, 10/15/32

145,000

154,034

Elevance

Health,

Inc.,

3.6000%, 3/15/51

90,000

72,600

Elevance

Health,

Inc.,

6.1000%, 10/15/52

100,000

113,821

GE

HealthCare

Technologies,

Inc.,

5.6500%, 11/15/27

(144A)

101,000

104,646

GE

HealthCare

Technologies,

Inc.,

5.8570%, 3/15/30

(144A)

101,000

107,187

GE

HealthCare

Technologies,

Inc.,

5.9050%, 11/22/32

(144A)

101,000

109,448

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

2

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

GE

HealthCare

Technologies,

Inc.,

6.3770%, 11/22/52

(144A)

$

101,000

$

116,666

General

Mills,

Inc.,

2.2500%, 10/14/31

206,000

172,490

GSK

Consumer

Healthcare

Capital

US

LLC,

3.3750%, 3/24/29

250,000

230,600

HCA,

Inc.,

5.2500%, 6/15/26

87,000

87,102

HCA,

Inc.,

3.5000%, 9/1/30

172,000

154,168

Humana,

Inc.,

3.1250%, 8/15/29

95,000

85,701

Humana,

Inc.,

3.9500%, 8/15/49

85,000

71,051

Illumina,

Inc.,

0.5500%, 3/23/23

102,000

101,391

Illumina,

Inc.,

5.7500%, 12/13/27

94,000

97,138

Illumina,

Inc.,

2.5500%, 3/23/31

162,000

134,280

JBS

USA

LUX

SA,

3.6250%, 1/15/32

(144A)

200,000

167,080

Laboratory

Corp.

of

America

Holdings,

2.7000%, 6/1/31

201,000

173,710

Medtronic,

Inc.,

4.0000%, 4/1/43

71,000

64,582

Moody's

Corp.,

4.2500%, 8/8/32

320,000

310,628

Novartis

Capital

Corp.,

2.2000%, 8/14/30

106,000

93,374

Novartis

Capital

Corp.,

2.7500%, 8/14/50

139,000

103,912

PayPal

Holdings,

Inc.,

2.6500%, 10/1/26

194,000

183,036

PepsiCo,

Inc.,

3.9000%, 7/18/32

160,000

156,325

Pilgrim's

Pride

Corp.,

5.8750%, 9/30/27

(144A)

194,000

192,504

Pilgrim's

Pride

Corp.,

4.2500%, 4/15/31

(144A)

295,000

255,912

Royalty

Pharma

plc,

3.5500%, 9/2/50

205,000

144,469

S&P

Global,

Inc.,

2.7000%, 3/1/29

(144A)

112,000

101,513

S&P

Global,

Inc.,

3.7000%, 3/1/52

(144A)

83,000

70,026

S&P

Global,

Inc.,

2.3000%, 8/15/60

181,000

109,456

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

79,000

77,683

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

79,000

77,874

UnitedHealth

Group,

Inc.,

5.3500%, 2/15/33

144,000

153,466

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

79,000

78,236

Verisk

Analytics,

Inc.,

3.6250%, 5/15/50

248,000

187,147

Zoetis,

Inc.,

5.6000%, 11/16/32

248,000

266,931

8,943,650

Energy

-

2.4%

Cheniere

Corpus

Christi

Holdings

LLC,

3.7000%, 11/15/29

23,000

21,599

Enbridge,

Inc.,

2.5000%, 8/1/33

193,000

157,586

Kinder

Morgan,

Inc.,

5.2000%, 6/1/33

194,000

193,318

Venture

Global

Calcasieu

Pass

LLC,

6.2500%, 1/15/30

(144A)

371,000

377,967

750,470

Financial

-

33.4%

AerCap

Ireland

Capital

DAC,

1.7500%, 1/30/26

310,000

278,643

Alexandria

Real

Estate

Equities,

Inc.,

3.8000%, 4/15/26

187,000

182,562

Alexandria

Real

Estate

Equities,

Inc.,

2.9500%, 3/15/34

197,000

166,284

American

Express

Co.,

5.8500%, 11/5/27

207,000

218,942

American

Express

Co.,

SOFR

+

2.2550%,

4.9890%, 5/26/33

‡

206,000

204,185

American

Homes

4

Rent

LP,

3.3750%, 7/15/51

205,000

141,582

American

Tower

Corp.,

2.4000%, 3/15/25

79,000

74,910

Aon

Corp.,

5.0000%, 9/12/32

390,000

398,361

Bank

of

America

Corp.,

5.2000%, 6/1/23

μ

228,000

225,760

Bank

of

America

Corp.,

SOFR

+

1.0600%,

2.0870%, 6/14/29

‡

145,000

126,367

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

315,000

256,415

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

203,000

167,850

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

197,000

167,997

Berkshire

Hathaway

Finance

Corp.,

3.8500%, 3/15/52

98,000

84,611

BlackRock,

Inc.,

3.2000%, 3/15/27

284,000

273,565

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

3

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Boston

Properties

LP,

4.5000%, 12/1/28

$

85,000

$

81,658

Brown

&

Brown,

Inc.,

4.9500%, 3/17/52

95,000

85,666

Charles

Schwab

Corp.

(The),

3.2000%, 3/2/27

92,000

87,911

Citigroup,

Inc.,

SOFR

+

2.1070%,

2.5720%, 6/3/31

‡

202,000

171,420

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

71,000

60,821

Citigroup,

Inc.,

ICE

LIBOR

USD

3

Month

+

1.1680%,

3.8780%, 1/24/39

‡

87,000

75,758

CME

Group,

Inc.,

3.7500%, 6/15/28

272,000

266,946

Commonwealth

Bank

of

Australia,

3.7840%, 3/14/32

(144A)

205,000

176,900

Cooperatieve

Rabobank

UA,

3.7500%, 7/21/26

481,000

459,806

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

(144A)

34,000

31,734

Corebridge

Financial,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.8460%,

6.8750%, 12/15/52

(144A)

‡

158,000

157,169

Credit

Agricole

SA,

5.3010%, 7/12/28

(144A)

250,000

255,235

Crown

Castle,

Inc.,

2.9000%, 4/1/41

126,000

92,610

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

124,000

120,166

Equinix,

Inc.,

1.5500%, 3/15/28

105,000

89,443

Equinix,

Inc.,

3.4000%, 2/15/52

138,000

102,133

Healthpeak

Properties,

Inc.,

2.8750%, 1/15/31

2,000

1,738

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

205,000

192,700

JPMorgan

Chase

&

Co.,

SOFR

+

1.8900%,

2.1820%, 6/1/28

‡

469,000

420,526

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

312,000

270,676

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

231,000

198,017

Lloyds

Banking

Group

plc,

4.6500%, 3/24/26

283,000

278,350

Mastercard,

Inc.,

3.5000%, 2/26/28

89,000

86,598

Mitsubishi

UFJ

Financial

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.7000%,

4.7880%, 7/18/25

‡

234,000

232,787

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

47,000

47,524

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

313,000

267,309

Morgan

Stanley,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.4300%,

5.9480%, 1/19/38

‡

27,000

27,592

Nasdaq,

Inc.,

1.6500%, 1/15/31

222,000

175,759

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

299,000

245,130

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

449,000

357,036

Nordea

Bank

Abp,

5.3750%, 9/22/27

(144A)

200,000

204,465

PNC

Financial

Services

Group,

Inc.

(The),

2.5500%, 1/22/30

98,000

86,108

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

266,000

287,489

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.9330%,

5.0680%, 1/24/34

‡

195,000

196,696

Raymond

James

Financial,

Inc.,

3.7500%, 4/1/51

182,000

143,959

State

Street

Corp.,

SOFR

+

0.6040%,

4.8570%, 1/26/26

‡

488,000

489,786

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

266,000

218,993

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

92,000

93,623

SVB

Financial

Group,

1.8000%, 2/2/31

216,000

164,838

Truist

Bank,

2.2500%, 3/11/30

418,000

351,315

Truist

Financial

Corp.,

SOFR

+

1.4350%,

4.8730%, 1/26/29

‡

62,000

62,350

Truist

Financial

Corp.,

SOFR

+

1.8520%,

5.1220%, 1/26/34

‡

70,000

70,938

Visa,

Inc.,

2.0000%, 8/15/50

92,000

58,735

10,514,447

Industrial

-

10.3%

Ball

Corp.,

4.0000%, 11/15/23

299,000

294,751

Canadian

Pacific

Railway

Co.,

1.7500%, 12/2/26

207,000

187,380

Chart

Industries,

Inc.,

7.5000%, 1/1/30

(144A)

109,000

111,453

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

4

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Industrial

-

(continued)

Clean

Harbors,

Inc.,

6.3750%, 2/1/31

(144A)

$

301,000

$

306,629

FedEx

Corp.,

3.2500%, 4/1/26

132,000

127,256

FedEx

Corp.,

3.2500%, 5/15/41

200,000

152,658

Johnson

Controls

International

plc,

1.7500%, 9/15/30

323,000

267,480

Norfolk

Southern

Corp.,

3.1500%, 6/1/27

94,000

89,284

Norfolk

Southern

Corp.,

2.3000%, 5/15/31

23,000

19,591

Otis

Worldwide

Corp.,

2.0560%, 4/5/25

201,000

189,599

Otis

Worldwide

Corp.,

2.5650%, 2/15/30

2,000

1,746

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

(144A)

32,000

32,629

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

(144A)

199,000

204,040

Trane

Technologies

Luxembourg

Finance

SA,

3.5500%, 11/1/24

251,000

246,232

Trimble,

Inc.,

4.9000%, 6/15/28

263,000

259,479

Waste

Management,

Inc.,

2.4000%, 5/15/23

301,000

298,751

Waste

Management,

Inc.,

2.5000%, 11/15/50

96,000

64,565

Westinghouse

Air

Brake

Technologies

Corp.,

3.4500%, 11/15/26

194,000

183,365

Xylem,

Inc.,

1.9500%, 1/30/28

125,000

110,563

Xylem,

Inc.,

4.3750%, 11/1/46

121,000

105,594

3,253,045

Technology

-

10.5%

Adobe,

Inc.,

3.2500%, 2/1/25

358,000

349,490

Apple,

Inc.,

3.0000%, 11/13/27

83,000

79,119

Apple,

Inc.,

2.7000%, 8/5/51

254,000

180,593

Apple,

Inc.,

2.8500%, 8/5/61

226,000

157,244

Autodesk,

Inc.,

2.8500%, 1/15/30

96,000

85,040

Broadcom

Corp.,

3.8750%, 1/15/27

92,000

88,646

Marvell

Technology,

Inc.,

2.9500%, 4/15/31

408,000

344,908

NXP

BV,

2.7000%, 5/1/25

138,000

131,263

Oracle

Corp.,

2.8750%, 3/25/31

38,000

32,730

Oracle

Corp.,

4.1000%, 3/25/61

202,000

152,910

QUALCOMM,

Inc.,

6.0000%, 5/20/53

200,000

229,413

Salesforce,

Inc.,

2.9000%, 7/15/51

161,000

115,004

Salesforce,

Inc.,

3.0500%, 7/15/61

98,000

67,598

SK

Hynix,

Inc.,

6.3750%, 1/17/28

(144A)

230,000

233,494

Take-Two

Interactive

Software,

Inc.,

3.3000%, 3/28/24

335,000

328,321

TSMC

Arizona

Corp.,

3.8750%, 4/22/27

200,000

196,419

TSMC

Arizona

Corp.,

4.1250%, 4/22/29

200,000

196,688

VMware,

Inc.,

4.5000%, 5/15/25

167,000

164,782

VMware,

Inc.,

4.7000%, 5/15/30

84,000

81,440

Workday,

Inc.,

3.5000%, 4/1/27

37,000

35,411

Workday,

Inc.,

3.7000%, 4/1/29

28,000

26,353

Workday,

Inc.,

3.8000%, 4/1/32

43,000

39,289

3,316,155

Utilities

-

3.1%

American

Water

Capital

Corp.,

3.8500%, 3/1/24

301,000

297,071

American

Water

Capital

Corp.,

2.3000%, 6/1/31

8,000

6,831

American

Water

Capital

Corp.,

3.2500%, 6/1/51

135,000

102,475

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

213,000

176,787

Southern

California

Edison

Co.,

5.9500%, 11/1/32

132,000

143,683

TransAlta

Corp.,

7.7500%, 11/15/29

147,000

151,161

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

85,000

84,161

962,169

Total

Corporate

Bonds

(cost

$32,584,657)

29,416,701

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

5

Shares/

Principal

Amounts

Value

Investment

Companies

-

4.1%

Money

Market

Funds

-

4.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3380%

£,∞

(cost

$1,284,510)

1,284,411

$

1,284,668

Total

Investments

(total

cost

$34,290,597

)

-

98.8%

31,125,862

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

1.2%

374,565

Net

Assets

-

100.0%

$31,500,427

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

26,999,062

86.6%

United

Kingdom

989,728

3.2 

Netherlands

591,069

1.9 

Canada

496,127

1.6 

Australia

422,030

1.3 

Ireland

278,643

0.9 

France

255,235

0.8 

Luxembourg

246,232

0.8 

South

Korea

233,494

0.8 

Japan

232,787

0.8 

Finland

204,465

0.7 

Mexico

176,990

0.6 

Total

$

31,125,862

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

1/31/23

Investment

Company

-

4.1%

Money

Market

Funds

-

4.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3380%

∞

$

7,735

$

(45)

$

159

$

1,284,668

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

1/31/23

Investment

Company

-

4.1%

Money

Market

Funds

-

4.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3380%

∞

$

1,125,433

$

12,222,959

$

(12,063,774)

$

1,284,668

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

6

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

10

Year

Notes

2

3/22/23

$

229,031

$

(783)

U.S.

Treasury

2

Year

Notes

13

3/31/23

2,673,430

(6,395)

U.S.

Treasury

Long

Bonds

45

3/22/23

5,844,375

41,597

U.S.

Treasury

Ultra

Bonds

6

3/22/23

850,500

18,873

Total

-

Futures

Long

53,292

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

55

3/22/23

(6,666,172)

(23,925)

U.S.

Treasury

5

Year

Notes

14

3/31/23

(1,529,391)

(5,421)

Total

-

Futures

Short

(29,346)

Total

$23,946

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Sell

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Value

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.39-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/27

$

1,950,000

$

26,456

$

(24,755)

$

1,701

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

January

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$7,085,331

Average

notional

amount

of

contracts

-

short

9,211,771

Credit

default

swaps:

Average

notional

amount

-

sell

protection

650,000

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2023

7

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

∞

Rate

shown

is

the

7-day

yield

as

of

January

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

January

31,

2023.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

January

31,

2023

is

$5,306,212

which

represents

16.8%

of

net

assets.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2023

8

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:

Asset-Backed

Security

$

—

$

424,493

$

—

Corporate

Bonds

—

29,416,701

—

Investment

Companies

—

1,284,668

—

Total

Investments

in

Securities

$

—

$

31,125,862

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,701

$

—

Futures

Contracts

60,470

—

—

Total

Other

Financial

Instruments

$

60,470

$

1,701

$

—

Total

Assets

$

60,470

$

31,127,563

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

36,524

$

—

$

—

Total

Liabilities

$

36,524

$

—

$

—

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/

(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

9

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.

10

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.

125-25-70442

03-23