Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

1

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

98.9%

AB

BSL

CLO

2

Ltd.

2021-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.8924%,

4/15/34

(144A)

‡

$

20,755,000

$

20,397,371

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.8777%,

4/20/33

(144A)

‡

5,500,000

5,431,905

Allegro

CLO

VIII

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.8924%,

7/15/31

(144A)

‡

16,317,000

16,111,487

Allegro

CLO

XII

Ltd.

2020-1A

A1,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.0653%,

1/21/32

(144A)

‡

33,125,000

32,866,294

AMMC

CLO

XII

Ltd.

2013-12A

AR2,

ICE

LIBOR

USD

3

Month

+

0.9500%,

5.5420%,

11/10/30

(144A)

‡

37,500,000

37,125,750

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

ICE

LIBOR

USD

3

Month

+

1.0500%,

5.8524%,

1/28/31

(144A)

‡

15,484,425

15,379,100

Apex

Credit

CLO

Ltd.

2021-1A

AN,

ICE

LIBOR

USD

3

Month

+

1.2100%,

6.0047%,

7/18/34

(144A)

‡

1,476,000

1,443,631

Apidos

CLO

XX

2015-20A

A1RA,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.8924%,

7/16/31

(144A)

‡

21,330,000

21,148,119

Apidos

CLO

XXIX

2018-29A

A1B,

ICE

LIBOR

USD

3

Month

+

1.3000%,

6.1177%,

7/25/30

(144A)

‡

2,000,000

1,960,256

Atrium

XIV

LLC

14A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.2424%,

8/23/30

(144A)

‡

2,000,000

1,973,386

Ballyrock

CLO

Ltd.

2019-1A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0300%,

5.8224%,

7/15/32

(144A)

‡

19,000,000

18,709,851

Battalion

CLO

VIII

Ltd.

2015-8A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.8647%,

7/18/30

(144A)

‡

14,697,439

14,544,938

Benefit

Street

Partners

CLO

VIII

Ltd.

2015-8A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.9077%,

1/20/31

(144A)

‡

3,000,000

2,973,936

BlueMountain

CLO

XXXII

Ltd.

2021-32A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9624%,

10/15/34

(144A)

‡

11,800,000

11,605,442

BlueMountain

Fuji

US

CLO

II

Ltd.

2017-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.8077%,

10/20/30

(144A)

‡

15,000,000

14,874,855

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9424%,

1/15/30

(144A)

‡

3,500,000

3,420,238

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9724%,

1/30/31

(144A)

‡

3,010,000

2,931,773

Carlyle

US

CLO

Ltd.

2016-4A

BR,

ICE

LIBOR

USD

3

Month

+

2.1000%,

6.9077%,

10/20/27

(144A)

‡

1,000,000

964,806

Carlyle

US

CLO

Ltd.

2017-5A

A1B,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.0577%,

1/20/30

(144A)

‡

4,527,000

4,410,194

Carlyle

US

CLO

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1600%,

5.9524%,

10/15/35

(144A)

‡

22,000,000

21,754,832

CARLYLE

US

CLO

Ltd.

2021-1A

A1,

ICE

LIBOR

USD

3

Month

+

1.1400%,

5.9324%,

4/15/34

(144A)

‡

19,150,000

18,886,266

CBAM

Ltd.

2018-8A

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.9277%,

10/20/29

(144A)

‡

10,793,369

10,721,615

CBAM

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

5.8124%,

4/17/31

(144A)

‡

25,900,000

25,576,198

CBAM

Ltd.

2019-11RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.9877%,

1/20/35

(144A)

‡

16,897,000

16,631,683

CBAM

Ltd.

2019-11RA

A2,

ICE

LIBOR

USD

3

Month

+

1.5000%,

6.3077%,

1/20/35

(144A)

‡

13,889,000

13,409,871

CIFC

Funding

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0100%,

5.8253%,

4/23/29

(144A)

‡

8,365,497

8,311,515

CIFC

Funding

Ltd.

2017-3A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

6.0277%,

7/20/30

(144A)

‡

9,577,497

9,525,290

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

2

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CIFC

Funding

Ltd.

2013-2A

A3LR,

ICE

LIBOR

USD

3

Month

+

1.9500%,

6.7424%,

10/18/30

(144A)

‡

$

6,205,000

$

5,922,164

CIFC

Funding

Ltd.

2018-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.8947%,

7/18/31

(144A)

‡

26,500,000

26,291,842

CIFC

Funding

Ltd.

2019-6A

C,

ICE

LIBOR

USD

3

Month

+

2.7000%,

7.4924%,

1/16/33

(144A)

‡

1,500,000

1,485,748

CIFC

Funding

Ltd.

2014-4RA

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9624%,

1/17/35

(144A)

‡

42,500,000

41,980,650

CIFC

Funding

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1300%,

5.9453%,

1/23/35

(144A)

‡

34,576,000

34,124,852

Deer

Creek

CLO

Ltd.

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.9877%,

10/20/30

(144A)

‡

2,807,692

2,785,079

Dryden

41

Senior

Loan

Fund

2015-41A

AR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

5.7997%,

4/15/31

(144A)

‡

52,305,000

51,706,683

Dryden

53

CLO

Ltd.

2017-53A

A,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.9124%,

1/15/31

(144A)

‡

32,552,000

32,294,058

Dryden

64

CLO

Ltd.

2018-64A

A,

ICE

LIBOR

USD

3

Month

+

0.9700%,

5.7647%,

4/18/31

(144A)

‡

53,589,000

52,996,949

Dryden

75

CLO

Ltd.

2019-75A

AR2,

ICE

LIBOR

USD

3

Month

+

1.0400%,

5.8324%,

4/15/34

(144A)

‡

27,500,000

26,962,100

Dryden

85

CLO

Ltd.

2020-85A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9424%,

10/15/35

(144A)

‡

30,000,000

29,536,980

Eaton

Vance

CLO

Ltd.

2020-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9624%,

10/15/34

(144A)

‡

25,000,000

24,731,325

Galaxy

XX

CLO

Ltd.

2015-20A

AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.8077%,

4/20/31

(144A)

‡

4,000,000

3,957,956

Generate

CLO

2

Ltd.

2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9653%,

1/22/31

(144A)

‡

2,000,000

1,983,760

Greywolf

CLO

VII

Ltd.

2018-2A

A1,

CME

Term

SOFR

3

Month

+

1.4400%,

6.0790%,

10/20/31

(144A)

‡

2,000,000

1,990,540

Hayfin

US

XIV

Ltd.

2021-14A

A1,

ICE

LIBOR

USD

3

Month

+

1.2300%,

6.0377%,

7/20/34

(144A)

‡

16,800,000

16,583,767

Highbridge

Loan

Management

Ltd.

7A-2015

A2R,

ICE

LIBOR

USD

3

Month

+

0.9000%,

5.5061%,

3/15/27

(144A)

‡

3,000,000

2,976,303

Jay

Park

CLO

Ltd.

2016-1A

A2R,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.2577%,

10/20/27

(144A)

‡

22,000,000

21,757,252

JMP

Credit

Advisors

CLO

IV

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2800%,

6.0724%,

7/17/29

(144A)

‡

11,555,514

11,482,576

KKR

CLO

23

Ltd.

23

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9577%,

10/20/31

(144A)

‡

1,000,000

991,273

KKR

CLO

24

Ltd.

24

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.8877%,

4/20/32

(144A)

‡

7,110,000

7,029,230

KKR

CLO

25

Ltd.

25

CR,

ICE

LIBOR

USD

3

Month

+

2.3000%,

7.0924%,

7/15/34

(144A)

‡

1,300,000

1,244,784

KKR

CLO

Ltd.

22A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9577%,

7/20/31

(144A)

‡

3,000,000

2,965,851

LCM

XVIII

LP

19A

AR,

ICE

LIBOR

USD

3

Month

+

1.2400%,

6.0324%,

7/15/27

(144A)

‡

3,033,855

3,031,149

LCM

XXIII

Ltd.

23A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.8777%,

10/20/29

(144A)

‡

22,385,083

22,201,705

LCM

XXIV

Ltd.

24A

AR,

ICE

LIBOR

USD

3

Month

+

0.9800%,

5.7877%,

3/20/30

(144A)

‡

36,889,396

36,527,584

Logan

CLO

II

Ltd.

2021-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9577%,

1/20/35

(144A)

‡

24,196,521

23,888,548

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

3

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Madison

Park

Funding

XVIII

Ltd.

2015-18A

ARR,

ICE

LIBOR

USD

3

Month

+

0.9400%,

5.7553%,

10/21/30

(144A)

‡

$

49,809,720

$

49,294,338

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

ICE

LIBOR

USD

3

Month

+

1.3000%,

6.1146%,

7/27/30

(144A)

‡

4,750,000

4,659,565

Madison

Park

Funding

XXVI

Ltd.

2017-26A

AR,

ICE

LIBOR

USD

3

Month

+

1.2000%,

6.0024%,

7/29/30

(144A)

‡

24,615,357

24,492,551

Magnetite

XIV-R

Ltd.

2015-14RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.9147%,

10/18/31

(144A)

‡

17,250,000

17,102,081

Magnetite

XV

Ltd.

2015-15A

CR,

CME

Term

SOFR

3

Month

+

2.0616%,

6.6177%,

7/25/31

(144A)

‡

2,700,000

2,606,321

Magnetite

XVII

Ltd.

2016-17A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.9077%,

7/20/31

(144A)

‡

25,400,000

25,218,492

Magnetite

Xxix

Ltd.

2021-29A

A,

ICE

LIBOR

USD

3

Month

+

0.9900%,

5.7824%,

1/15/34

(144A)

‡

18,306,000

18,098,959

Magnetite

XXVI

Ltd.

2020-26A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.9377%,

7/25/34

(144A)

‡

6,000,000

5,927,238

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.9747%,

12/18/30

(144A)

‡

3,000,000

2,955,930

MidOcean

Credit

CLO

VIII

2018-8A

A2,

ICE

LIBOR

USD

3

Month

+

1.3000%,

5.9754%,

2/20/31

(144A)

‡

8,037,000

7,757,690

MP

CLO

III

Ltd.

2013-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.0577%,

10/20/30

(144A)

‡

17,714,274

17,459,366

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.8724%,

10/16/33

(144A)

‡

23,000,000

22,754,383

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.

2021-40A

A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

5.8524%,

4/16/33

(144A)

‡

4,500,000

4,449,726

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.8924%,

7/16/35

(144A)

‡

6,000,000

5,921,346

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

5.9224%,

7/17/35

(144A)

‡

15,060,000

14,849,311

Northwoods

Capital

XII-B

Ltd.

2018-12BA

A2,

ICE

LIBOR

USD

3

Month

+

1.6000%,

6.3690%,

6/15/31

(144A)

‡

25,890,000

25,636,149

Oaktree

CLO

Ltd.

2019-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.9124%,

4/15/31

(144A)

‡

3,000,000

2,972,079

OCP

CLO

Ltd.

2014-5A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.9019%,

4/26/31

(144A)

‡

2,250,000

2,233,744

Octagon

Investment

Partners

34

Ltd.

2017-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.0577%,

1/20/30

(144A)

‡

2,000,000

1,956,024

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9577%,

10/20/34

(144A)

‡

25,268,000

24,945,681

Octagon

Investment

Partners

49

Ltd.

2020-5A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

6.0124%,

1/15/33

(144A)

‡

35,000,000

34,747,300

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9424%,

1/15/35

(144A)

‡

10,000,000

9,841,220

Octagon

Investment

Partners

XIV

Ltd.

2012-1A

ABRR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.0424%,

7/15/29

(144A)

‡

20,000,000

19,590,000

Octagon

Investment

Partners

XV

Ltd.

2013-1A

A1RR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

5.7676%,

7/19/30

(144A)

‡

23,237,788

23,074,938

Octagon

Investment

Partners

XVII

Ltd.

2013-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.8177%,

1/25/31

(144A)

‡

5,900,000

5,851,183

Octagon

Loan

Funding

Ltd.

2014-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.8543%,

11/18/31

(144A)

‡

6,000,000

5,950,686

OHA

Credit

Funding

3

Ltd.

2019-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

5.9477%,

7/2/35

(144A)

‡

60,000,000

59,315,700

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

4

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

OHA

Credit

Funding

5

Ltd.

2020-5A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.2447%,

4/18/33

(144A)

‡

$

1,350,000

$

1,323,609

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

5.9847%,

1/18/34

(144A)

‡

13,000,000

12,888,356

OHA

Credit

Partners

XIV

Ltd.

2017-14A

C,

ICE

LIBOR

USD

3

Month

+

1.8000%,

6.6153%,

1/21/30

(144A)

‡

1,000,000

961,393

Palmer

Square

CLO

Ltd.

2018-2A

A1A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.8924%,

7/16/31

(144A)

‡

59,000,000

58,608,889

Palmer

Square

CLO

Ltd.

2021-4A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9624%,

10/15/34

(144A)

‡

25,000,000

24,686,725

Pikes

Peak

CLO

1

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.9956%,

7/24/31

(144A)

‡

1,500,000

1,485,418

Rad

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9853%,

4/23/34

(144A)

‡

5,000,000

4,950,560

Regatta

Funding

LP

2013-2A

A1R3,

ICE

LIBOR

USD

3

Month

+

0.8500%,

5.6424%,

1/15/29

(144A)

‡

11,383,630

11,302,203

Regatta

XI

Funding

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.8624%,

7/17/31

(144A)

‡

15,000,000

14,835,045

Rockford

Tower

CLO

Ltd.

2017-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

5.9977%,

10/20/30

(144A)

‡

25,470,000

25,255,619

Shackleton

CLO

Ltd.

2017-11A

AR,

ICE

LIBOR

USD

3

Month

+

1.0900%,

5.6961%,

8/15/30

(144A)

‡

54,500,000

53,977,072

Shackleton

CLO

Ltd.

2019-14A

A1R,

ICE

LIBOR

USD

3

Month

+

1.2000%,

6.0077%,

7/20/34

(144A)

‡

3,825,000

3,759,512

Signal

Peak

CLO

5

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.1100%,

5.9277%,

4/25/31

(144A)

‡

15,750,000

15,644,081

Signal

Peak

CLO

8

Ltd.

2020-8A

C,

ICE

LIBOR

USD

3

Month

+

2.0000%,

6.8077%,

4/20/33

(144A)

‡

2,000,000

1,919,456

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.0577%,

10/20/31

(144A)

‡

4,000,000

3,928,220

Sound

Point

CLO

XIX

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.7924%,

4/15/31

(144A)

‡

19,431,000

19,058,780

Sound

Point

CLO

XVII

2017-3A

A1R,

ICE

LIBOR

USD

3

Month

+

0.9800%,

5.7877%,

10/20/30

(144A)

‡

50,000,000

49,192,700

Sounds

Point

CLO

IV-R

Ltd.

2013-3RA

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.9447%,

4/18/31

(144A)

‡

5,000,000

4,906,945

Steele

Creek

CLO

Ltd.

2014-1RA

A,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.8853%,

4/21/31

(144A)

‡

10,216,547

10,097,637

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

ICE

LIBOR

USD

3

Month

+

1.2900%,

6.0847%,

4/18/33

(144A)

‡

2,650,000

2,637,980

THL

Credit

Wind

River

CLO

Ltd.

2014-2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

5.9324%,

1/15/31

(144A)

‡

38,798,600

38,417,132

TICP

CLO

XII

Ltd.

2018-12A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.9624%,

7/15/34

(144A)

‡

8,580,000

8,492,098

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.4500%,

6.2447%,

1/18/35

(144A)

‡

8,000,000

7,721,152

United

States

of

America

2015-16A

AR,

ICE

LIBOR

USD

3

Month

+

0.8000%,

5.5947%,

1/18/28

(144A)

‡

16,002,784

15,906,271

United

States

of

America

2018-30A

A,

ICE

LIBOR

USD

3

Month

+

0.7500%,

5.5424%,

4/15/29

(144A)

‡

26,458,748

26,203,845

United

States

of

America

2021-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9000%,

5.7077%,

4/20/29

(144A)

‡

12,330,218

12,249,122

United

States

of

America

2017-2A

AR,

ICE

LIBOR

USD

3

Month

+

0.9800%,

5.7977%,

7/25/30

(144A)

‡

18,648,420

18,399,650

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

5

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

United

States

of

America

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.2500%,

6.0424%,

10/15/30

(144A)

‡

$

9,962,979

$

9,835,164

United

States

of

America

2018-1A

A1A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

5.8677%,

1/20/31

(144A)

‡

19,863,000

19,746,921

United

States

of

America

2015-21A

AR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

5.8277%,

4/20/31

(144A)

‡

20,390,000

20,222,537

United

States

of

America

2019-1A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.8877%,

4/20/31

(144A)

‡

20,100,000

19,835,745

United

States

of

America

2014-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0500%,

5.8447%,

7/18/31

(144A)

‡

10,954,918

10,732,577

United

States

of

America

2022-4A

B,

CME

Term

SOFR

3

Month

+

2.7500%,

0.0000%,

7/24/31

(144A)

‡

9,750,000

9,750,000

United

States

of

America

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.2000%,

5.8743%,

8/18/31

(144A)

‡

13,000,000

12,799,839

United

States

of

America

2020-3A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.6861%,

11/15/31

(144A)

‡

10,000,000

9,915,350

United

States

of

America

2020-25A

A,

ICE

LIBOR

USD

3

Month

+

1.2000%,

6.0177%,

1/25/32

(144A)

‡

12,595,000

12,517,856

United

States

of

America

2019-10A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.9277%,

4/20/32

(144A)

‡

29,000,000

28,629,061

United

States

of

America

2016-9A

AR2,

ICE

LIBOR

USD

3

Month

+

1.1400%,

5.9324%,

7/15/32

(144A)

‡

32,500,000

32,127,062

United

States

of

America

2016-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.9956%,

1/24/33

(144A)

‡

27,775,000

27,441,228

United

States

of

America

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1600%,

5.9677%,

7/20/34

(144A)

‡

11,000,000

10,882,003

Venture

32

CLO

Ltd.

2018-32A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.8947%,

7/18/31

(144A)

‡

3,766,000

3,705,168

Venture

XVIII

CLO

Ltd.

2014-18A

AR,

ICE

LIBOR

USD

3

Month

+

1.2200%,

6.0124%,

10/15/29

(144A)

‡

22,769,001

22,569,658

Voya

CLO

Ltd.

2014-2A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

5.8124%,

4/17/30

(144A)

‡

21,310,019

21,090,100

Voya

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

5.8524%,

4/15/31

(144A)

‡

1,000,000

988,218

Voya

CLO

Ltd.

2014-1A

AAR2,

CME

Term

SOFR

3

Month

+

1.2516%,

5.8835%,

4/18/31

(144A)

‡

19,278,784

19,087,904

Voya

CLO

Ltd.

2018-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9500%,

5.7476%,

4/19/31

(144A)

‡

9,066,000

8,958,142

Wind

River

CLO

Ltd.

2021-2A

C,

ICE

LIBOR

USD

3

Month

+

1.9500%,

6.7577%,

7/20/34

(144A)

‡

2,000,000

1,836,926

Total

Collateralized

Loan

Obligations

(cost

$2,037,156,123)

2,033,664,240

Investment

Companies

-

2.7%

Money

Market

Funds

-

2.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3380%

£,∞

(cost

$56,139,368)

56,138,098

56,149,325

Total

Investments

(total

cost

$2,093,295,491

)

-

101.6%

2,089,813,565

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.6%)

(33,646,874)

Net

Assets

-

100.0%

$2,056,166,691

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

6

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

2,089,813,565

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

-

2.7%

Money

Market

Funds

-

2.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3380%

∞

$

924,268

$

4,203

$

9,957

$

56,149,325

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

1/31/23

Investment

Company

-

2.7%

Money

Market

Funds

-

2.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

4.3380%

∞

$

117,098,991

$

633,468,777

$

(694,425,810)

$

56,149,325

Janus

Henderson

AAA

CLO

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

SOFR

Secured

Overnight

Financing

Rate

∞

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.

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

$2,033,664,240

which

represents

98.9%

of

net

assets.

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:

Collateralized

Loan

Obligations

$

—

$

2,033,664,240

$

—

Investment

Companies

—

56,149,325

—

Total

Assets

$

—

$

2,089,813,565

$

—

8

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.

9

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.

125-25-70351

03-23