Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

1

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

0.5%

Exeter

Automobile

Receivables

Trust,

6.1100%,

9/15/25

$

3,500,000

$

3,500,808

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

6,500,000

6,500,728

Total

Asset-Backed

Securities

(cost

$9,999,547)

10,001,536

Corporate

Bonds

-

75.6%

Basic

Materials

-

1.8%

Celanese

US

Holdings

LLC,

5.9000%, 7/5/24

2,127,000

2,123,209

Celanese

US

Holdings

LLC,

6.0500%, 3/15/25

15,225,000

15,210,769

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

24,000,000

23,077,506

40,411,484

Communications

-

0.1%

Optus

Finance

Pty.

Ltd.,

3.2500%, 9/6/23

AUD

750,000

504,708

Optus

Finance

Pty.

Ltd.,

1.6000%, 7/1/25

1,000,000

631,590

1,136,298

Consumer,

Cyclical

-

7.9%

BMW

US

Capital

LLC,

0.7500%, 8/12/24

(144A)

$

4,500,000

4,285,113

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

6.1709%, 4/1/25

(144A)

‡

7,025,000

7,043,549

BMW

US

Capital

LLC,

1.2500%, 8/12/26

(144A)

300,000

268,555

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,895,000

10,583,205

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

8,198,161

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

1,250,000

1,260,218

General

Motors

Financial

Co.,

Inc.,

5.4000%, 4/6/26

3,230,000

3,211,215

General

Motors

Financial

of

Canada

Ltd.,

3.2500%, 11/7/23

CAD

17,000,000

12,833,854

Hyundai

Capital

America,

1.2500%, 9/18/23

(144A)

$

4,270,000

4,243,736

Hyundai

Capital

America,

0.8000%, 1/8/24

(144A)

9,700,000

9,484,904

Hyundai

Capital

America,

0.8750%, 6/14/24

(144A)

2,960,000

2,836,063

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

3,225,000

3,048,694

Hyundai

Capital

America,

5.5000%, 3/30/26

(144A)

10,125,000

10,081,749

Hyundai

Capital

America,

5.6500%, 6/26/26

(144A)

7,645,000

7,625,835

Lowe's

Cos.,

Inc.,

4.4000%, 9/8/25

4,920,000

4,828,342

Lowe's

Cos.,

Inc.,

4.8000%, 4/1/26

6,575,000

6,527,500

McDonald's

Corp.,

3.0000%, 3/8/24

AUD

6,750,000

4,498,905

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

5.3319%, 3/8/24

‡

1,910,000

1,289,389

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

12,517,677

Mercedes-Benz

Australia,

0.7500%, 1/22/24

AUD

810,000

535,366

Mercedes-Benz

Finance

North

America

LLC,

4.9500%, 3/30/25

(144A)

$

9,350,000

9,292,122

Mercedes-Benz

Finance

North

America

LLC,

5.2000%, 8/3/26

(144A)

12,100,000

12,086,085

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

AUD

13,370,000

8,286,642

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

$

13,000,000

12,794,876

Warnermedia

Holdings,

Inc.,

3.4280%, 3/15/24

12,375,000

12,182,199

Warnermedia

Holdings,

Inc.,

6.4120%, 3/15/26

4,950,000

4,958,371

174,802,325

Consumer,

Non-cyclical

-

13.9%

Amgen,

Inc.,

5.2500%, 3/2/25

4,650,000

4,637,054

Amgen,

Inc.,

5.5070%, 3/2/26

20,025,000

20,025,456

Avery

Dennison

Corp.,

0.8500%, 8/15/24

6,650,000

6,304,283

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,500,000

20,993,635

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,541,492

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,335,780

Cargill,

Inc.,

4.5000%, 6/24/26

(144A)

5,750,000

5,676,226

Conagra

Brands,

Inc.,

0.5000%, 8/11/23

4,500,000

4,493,864

Constellation

Brands,

Inc.,

5.0000%, 2/2/26

6,600,000

6,530,118

CVS

Health

Corp.,

5.0000%, 2/20/26

6,675,000

6,652,131

Elevance

Health,

Inc.,

4.9000%, 2/8/26

13,500,000

13,332,634

GE

HealthCare

Technologies,

Inc.,

5.5500%, 11/15/24

24,975,000

24,946,953

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

2

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

HCA,

Inc.,

5.8750%, 2/15/26

$

22,285,000

$

22,347,077

Humana,

Inc.,

5.7000%, 3/13/26

20,000,000

19,998,383

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

3,984,177

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

22,964,146

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

5,310,000

3,264,173

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

3,800,000

2,229,262

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

$

5,775,000

5,451,785

Mondelez

International

Holdings

Netherlands

BV,

4.2500%, 9/15/25

(144A)

7,400,000

7,241,142

Mondelez

International,

Inc.,

2.1250%, 3/17/24

3,275,000

3,200,920

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,650,000

3,399,048

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.4500%, 5/19/26

$

26,550,000

26,226,920

Revvity,

Inc.,

0.5500%, 9/15/23

4,825,000

4,794,356

Revvity,

Inc.,

0.8500%, 9/15/24

10,050,000

9,499,058

Roche

Holdings,

Inc.,

1.8820%, 3/8/24

(144A)

17,700,000

17,297,231

Thermo

Fisher

Scientific,

Inc.,

0.7970%, 10/18/23

14,900,000

14,744,610

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

14,250,000

13,527,865

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

2,700,000

2,387,081

308,026,860

Energy

-

3.5%

Enbridge,

Inc.,

4.0000%, 10/1/23

13,066,000

13,021,371

Enbridge,

Inc.,

2.1500%, 2/16/24

6,550,000

6,410,949

Enbridge,

Inc.,

SOFRINDX

+

0.6300%,

5.9970%, 2/16/24

‡

6,800,000

6,803,013

Energy

Transfer

LP,

4.2000%, 9/15/23

14,297,000

14,264,672

Energy

Transfer

LP,

4.9000%, 2/1/24

14,630,000

14,521,548

Energy

Transfer

LP,

4.2500%, 4/1/24

6,561,000

6,493,508

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

5,925,094

Williams

Cos.,

Inc.

(The),

5.4000%, 3/2/26

10,050,000

10,069,902

77,510,057

Financial

-

40.8%

AerCap

Ireland

Capital

DAC,

1.1500%, 10/29/23

20,700,000

20,445,414

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

14,925,000

14,102,735

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

15,128,685

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,857,105

Air

Lease

Corp.,

0.8000%, 8/18/24

16,350,000

15,497,839

Air

Lease

Corp.,

1.8750%, 8/15/26

6,235,000

5,586,232

American

Express

Co.,

SOFRINDX

+

0.7200%,

6.0866%, 5/3/24

‡

6,875,000

6,885,412

American

Express

Co.,

SOFR

+

0.9300%,

6.2819%, 3/4/25

‡

12,900,000

12,952,285

American

Express

Co.,

SOFR

+

0.9990%,

4.9900%, 5/1/26

‡

9,450,000

9,340,172

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

984,322

ANZ

New

Zealand

Int'l

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

12,368,780

Athene

Global

Funding,

2.5140%, 3/8/24

(144A)

2,500,000

2,441,787

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

5,156,000

4,806,846

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

20,235,000

17,635,125

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

636,217

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.8300%,

5.1807%, 3/31/26

‡

500,000

337,912

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

6.3500%, 7/26/29

‡

24,510,000

16,626,976

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

5.7976%, 2/26/31

‡

150,000

101,433

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,940,000

11,625,597

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

13,354,209

Banco

Santander

SA,

3.4960%, 3/24/25

28,400,000

27,329,641

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

3

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Bank

of

America

Corp.,

CDOR

USD

3

Month

+

0.8980%,

2.9320%, 4/25/25

‡

CAD

9,950,000

$

7,402,876

Bank

of

America

Corp.,

SOFR

+

1.1100%,

3.8410%, 4/25/25

‡

$

4,670,000

4,600,657

Bank

of

America

Corp.,

SOFR

+

1.1500%,

1.3190%, 6/19/26

‡

25,135,000

23,090,719

Bank

of

America

Corp.,

SOFR

+

1.6300%,

5.2020%, 4/25/29

‡

9,655,000

9,589,707

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.8569%, 7/29/31

‡

AUD

3,500,000

2,300,740

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.1459%, 5/15/26

‡

13,600,000

9,191,708

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.4080%, 11/30/28

‡

27,600,000

18,641,594

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.7691%, 10/14/31

‡

800,000

519,964

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

3,270,000

1,830,152

Citigroup,

Inc.,

SOFR

+

1.3720%,

6.7229%, 5/24/25

‡

$

5,000,000

5,025,062

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

95,714

Citigroup,

Inc.,

SOFR

+

1.5460%,

5.6100%, 9/29/26

‡

35,000,000

34,925,820

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

5.4313%, 1/11/24

‡

AUD

200,000

135,235

Commonwealth

Bank

of

Australia,

4.2000%, 8/18/25

600,000

398,837

Commonwealth

Bank

of

Australia,

5.3160%, 3/13/26

$

14,875,000

14,940,381

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

6.0165%, 9/10/30

‡

AUD

12,500,000

8,463,556

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

5.2367%, 8/20/31

‡

16,600,000

10,992,506

Computershare

US,

Inc.,

3.1470%, 11/30/27

1,070,000

645,205

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

$

11,975,000

11,491,996

DBS

Group

Holdings

Ltd.,

1.1690%, 11/22/24

(144A)

15,000,000

14,194,471

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

3,600,000

3,577,752

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

3,470,000

3,448,555

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

0.6570%, 9/10/24

‡

17,625,000

17,512,212

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

AUD

5,780,000

3,840,302

Heritage

and

People's

Choice

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

6.7024%, 9/16/31

‡

1,000,000

644,647

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.6860%, 12/15/36

‡

8,550,000

5,794,258

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

6.3360%, 6/15/44

‡

17,350,000

11,698,973

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.5860%, 6/15/45

‡

6,730,000

4,558,033

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

$

23,200,000

22,147,458

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

1.5066%,

3.9600%, 1/29/27

‡

13,450,000

12,987,809

JPMorgan

Chase

&

Co.,

SOFR

+

1.5600%,

4.3230%, 4/26/28

‡

19,900,000

19,279,362

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.2976%, 2/26/24

‡

AUD

9,440,000

6,327,051

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.7653%, 3/17/25

‡

3,280,000

2,163,327

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.4797%, 5/25/26

‡

11,620,000

7,564,774

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

3,850,000

2,581,377

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

4,816,119

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

4

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.4800%,

5.9850%, 8/7/27

‡

$

3,600,000

$

3,600,000

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

6.8537%, 5/28/30

‡

AUD

19,800,000

13,551,436

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.8653%, 6/17/31

‡

11,700,000

7,800,552

Macquarie

Group

Ltd.,

6.2070%, 11/22/24

(144A)

$

28,900,000

28,893,918

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

6,725,000

6,334,325

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,839,858

Morgan

Stanley,

SOFR

+

0.5090%,

0.7910%, 1/22/25

‡

17,600,000

17,156,557

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,700,000

10,996,285

Morgan

Stanley,

SOFR

+

1.9900%,

2.1880%, 4/28/26

‡

1,400,000

1,317,218

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

16,250,000

16,449,516

Morgan

Stanley

Bank

NA,

SOFR

+

0.7800%,

6.0883%, 7/16/25

‡

9,000,000

9,011,430

Nasdaq,

Inc.,

5.6500%, 6/28/25

4,940,000

4,947,964

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7800%,

4.6650%, 5/12/26

‡

AUD

10,000,000

6,744,887

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

6.0726%, 5/17/29

‡

14,920,000

10,115,373

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

5.6186%, 11/18/30

‡

24,275,000

16,332,354

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.3500%,

5.8470%, 3/2/27

‡

$

13,400,000

13,321,808

Nordea

Bank

Abp,

SOFR

+

0.9600%,

6.3112%, 6/6/25

(144A)

‡

6,925,000

6,940,661

Royal

Bank

of

Canada,

5.2000%, 7/20/26

22,100,000

22,109,095

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26

‡

14,190,000

14,381,475

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

6.2226%, 12/5/28

‡

AUD

18,590,000

12,555,307

Suncorp-Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

9,808,156

Toronto-Dominion

Bank

(The),

4.2850%, 9/13/24

2,800,000

2,757,474

Toronto-Dominion

Bank

(The),

2.6670%, 9/9/25

CAD

18,500,000

13,245,789

Toronto-Dominion

Bank

(The),

5.5320%, 7/17/26

$

6,650,000

6,680,034

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,251,464

Vicinity

Centres

Trust,

3.5000%, 4/26/24

5,700,000

3,797,120

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

5.7180%, 6/27/25

‡

610,000

412,684

Vicinity

Centres

Trust,

4.0000%, 4/26/27

150,000

95,821

Wells

Fargo

&

Co.,

2.5090%, 10/27/23

CAD

15,000,000

11,314,416

Wells

Fargo

&

Co.,

SOFR

+

0.5100%,

0.8050%, 5/19/25

‡

$

6,880,000

6,591,968

Wells

Fargo

&

Co.,

CME

Term

SOFR

3

Month

+

1.0116%,

2.1640%, 2/11/26

‡

9,590,000

9,063,411

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

6.6345%, 4/25/26

‡

3,500,000

3,529,547

Wells

Fargo

&

Co.,

CDOR

USD

3

Month

+

1.0650%,

4.1680%, 4/28/26

‡

CAD

16,000,000

11,780,255

Wells

Fargo

&

Co.,

SOFR

+

2.0000%,

2.1880%, 4/30/26

‡

$

13,000,000

12,225,101

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

4.8622%, 11/16/23

‡

AUD

14,600,000

9,853,619

Westpac

Banking

Corp.,

5.3500%, 10/18/24

$

8,000,000

7,981,634

Westpac

Banking

Corp.,

4.6000%, 2/16/26

AUD

3,100,000

2,071,773

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.1043%, 11/11/27

‡

3,300,000

2,252,371

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

14,022,000

9,271,913

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

5.9337%, 8/27/29

‡

6,700,000

4,544,939

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

5

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.8069%, 1/29/31

‡

AUD

11,800,000

$

7,901,083

Willis

North

America,

Inc.,

3.6000%, 5/15/24

$

23,144,000

22,709,175

902,003,399

Industrial

-

1.4%

Canadian

Pacific

Railway

Co.,

1.3500%, 12/2/24

10,175,000

9,612,680

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

1.7500%, 7/8/24

AUD

3,600,000

2,348,824

DAE

Funding

LLC,

1.5500%, 8/1/24

(144A)

$

13,450,000

12,822,300

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

5.7550%, 7/12/24

‡

AUD

8,980,000

6,032,948

30,816,752

Technology

-

2.1%

Fidelity

National

Information

Services,

Inc.,

4.5000%, 7/15/25

$

6,860,000

6,729,795

Fiserv,

Inc.,

3.8000%, 10/1/23

22,245,000

22,162,468

VMware,

Inc.,

1.0000%, 8/15/24

11,867,000

11,288,812

VMware,

Inc.,

1.4000%, 8/15/26

6,550,000

5,803,176

45,984,251

Utilities

-

4.1%

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

4.9715%, 2/5/24

‡

AUD

1,570,000

1,058,527

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

11,477,411

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

5.4769%, 10/30/24

‡

22,900,000

15,477,465

DTE

Energy

Co.,

4.2200%, 11/1/24

Ç

$

18,735,000

18,374,148

DTE

Energy

Co.,

4.8750%, 6/1/28

5,085,000

5,022,765

Duke

Energy

Corp.,

5.0000%, 12/8/25

10,325,000

10,252,262

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,097,544

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

5.2565%, 12/13/23

‡

1,630,000

1,099,179

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

3,628,777

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

1,300,000

857,377

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.5792%, 12/6/24

‡

14,620,000

9,869,206

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

570,000

345,601

Vistra

Operations

Co.

LLC,

4.8750%, 5/13/24

(144A)

$

13,118,000

12,918,938

91,479,200

Total

Corporate

Bonds

(cost

$1,717,815,091)

1,672,170,626

Foreign

Government

Bonds

-

6.4%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

5.0213%, 9/23/25

‡

AUD

17,230,000

11,581,082

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

$

7,100,000

6,418,258

New

Zealand

Government

Bond,

0.5000%, 5/15/24

NZD

204,355,000

122,178,911

Total

Foreign

Government

Bonds

(cost

$148,104,907)

140,178,251

Mortgage-Backed

Securities

-

2.4%

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.0000%,

6.0690%, 12/25/41

(144A)

‡

$

3,922,457

3,888,571

SOFR30A

+

2.5500%,

7.6190%, 7/25/42

(144A)

‡

2,938,578

3,000,455

SOFR30A

+

2.5000%,

7.5690%, 9/25/42

(144A)

‡

5,648,372

5,727,622

SOFR30A

+

2.4000%,

7.4690%, 12/25/42

(144A)

‡

5,852,584

5,957,923

SOFR30A

+

2.5000%,

7.5690%, 4/25/43

(144A)

‡

3,479,032

3,531,095

SOFR30A

+

2.3000%,

7.3690%, 5/25/43

(144A)

‡

4,165,317

4,228,659

SOFR30A

+

1.7000%,

6.7690%, 7/25/43

(144A)

‡

3,592,924

3,601,927

FHLMC

STACR

Debt

Notes

SOFR30A

+

2.3000%,

7.3690%, 8/25/33

(144A)

‡

2,752,457

2,758,241

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

6

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

STACR

Debt

Notes

-

(continued)

SOFR30A

+

2.1000%,

7.1690%, 4/25/43

(144A)

‡

$

1,201,020

$

1,219,408

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.3000%,

7.3690%, 8/25/42

(144A)

‡

4,861,863

4,938,856

SOFR30A

+

2.1500%,

7.2190%, 9/25/42

(144A)

‡

1,906,102

1,916,719

SOFR30A

+

2.1000%,

7.1690%, 3/25/43

(144A)

‡

4,246,006

4,296,263

FHLMC

STACR

Trust

,

SOFR30A

+

2.0000%

,

7.0690

%

,

5/25/43

(144A)

‡

2,482,371

2,496,551

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

SOFR30A

+

2.0000%

,

7.0690

%

,

6/25/43

(144A)

‡

5,354,004

5,395,692

Pepper

Residential

Securities

Trust

No.

22

SOFR

+

1.1145%,

6.1724%, 6/20/60

(144A)

‡

109,670

109,825

30

Day

Australian

Bank

Bill

Rate

+

2.2500%,

6.3550%, 8/18/60

‡

AUD

462,693

312,077

Pepper

Residential

Securities

Trust

No.

24

,

SOFR

+

1.0145%

,

6.0737

%

,

11/18/60

(144A)

‡

$

69,000

69,166

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

5.7000

%

,

1/12/46

‡

AUD

715,174

481,397

Total

Mortgage-Backed

Securities

(cost

$53,428,844)

53,930,447

Exchange

Traded

Fund

-

1.3%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

27,634,750

Investment

Companies

-

0.1%

Money

Market

Funds

-

0.1%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

5.0700%

∞

(cost

$1,826,122)

1,826,122

1,826,122

Commercial

Paper

-

17.4%

AES

Corp.

(The),

6.0362%, 8/4/23

(Section

4(2))

$

22,000,000

21,985,001

AutoNation,

Inc.,

5.9010%, 8/2/23

(Section

4(2))

40,000,000

39,987,280

Dollar

General

Corp.,

5.3308%, 8/1/23

(Section

4(2))

8,800,000

8,798,665

Energy

Transfer

LP,

6.0010%, 8/1/23

(Section

4(2))

47,250,000

47,242,520

Fiserv,

Inc.,

5.4308%, 8/1/23

(Section

4(2))

30,000,000

29,995,433

General

Motors

Financial

Co.,

Inc.,

5.5508%, 8/1/23

(Section

4(2))

5,000,000

4,999,226

Global

Payments,

Inc.,

5.9810%, 8/1/23

(Section

4(2))

43,500,000

43,492,799

Jabil,

Inc.,

6.1010%, 8/1/23

(Section

4(2))

62,250,000

62,239,454

Jabil,

Inc.,

6.1010%, 8/2/23

(Section

4(2))

61,750,000

61,729,049

Liberty

Utilities

Co.,

5.5310%, 8/1/23

(Section

4(2))

65,450,000

65,440,073

Total

Commercial

Paper

(cost

$385,971,944)

385,909,500

Total

Investments

(total

cost

$2,344,814,233

)

-

103.7%

2,291,651,232

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.7%)

(80,767,147)

Net

Assets

-

100.0%

$2,210,884,085

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,494,992,951

65.2

%

Australia

345,259,630

15.1

New

Zealand

133,759,993

5.8

Canada

99,399,353

4.4

Ireland

52,533,939

2.3

United

Kingdom

52,053,881

2.3

Singapore

47,447,698

2.1

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

7

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

(continued)

Country

Value

%

of

Investment

Securities

Spain

$

27,329,641

1.2

%

United

Arab

Emirates

12,822,300

0.5

Netherlands

12,692,927

0.5

Finland

6,940,661

0.3

South

Korea

6,418,258

0.3

Total

$

2,291,651,232

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

7/31/23

Investment

Company

-

1.3%

Exchange

Traded

Fund

-

1.3%

Janus

Henderson

AAA

CLO

ETF

$

1,116,995

$

–

$

772,750

$

27,634,750

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

7/31/23

Investment

Company

-

1.3%

Exchange

Traded

Fund

-

1.3%

Janus

Henderson

AAA

CLO

ETF

$

26,862,000

$

–

$

–

$

27,634,750

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

Bank

of

America

N.A.

New

Zealand

Dollar

10/30/23

205,500,000

$

(126,917,006)

$

(983,729)

–

J.P.

Morgan

Chase

Bank

Canadian

Dollar

10/30/23

97,200,000

(73,669,236)

(263,370)

–

Morgan

Stanley

Australian

Dollar

10/30/23

479,200,000

(322,621,400)

(1,271,509)

–

Total

$(2,518,608)

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

Futures

Short:

U.S.

Treasury

2

Year

Notes

682

9/29/23

$

(138,467,313)

$

2,114,413

U.S.

Treasury

5

Year

Notes

436

9/29/23

(46,573,656)

1,034,933

Total

$3,149,346

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

8

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.IG.40-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/28

$

131,900,000

$

1,214,189

$

(1,063,630)

$

(2,277,819)

Schedule

of

Centrally

Cleared

Interest

Rate

Swaps

Payments

made

by

F

und

Payments

received

by

Fund

Payment

Frequency

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Value

3

Month

BBR

5.6150%

Fixed

Quarterly

7/13/25

32,632,700

NZD

$

–

$

42,039

$

42,039

3

Month

BBR

5.4400%

Fixed

Quarterly

7/27/25

63,455,000

NZD

–

(35,447)

(35,447)

3

Month

BBR

5.3775%

Fixed

Quarterly

7/19/25

32,632,700

NZD

–

(44,910)

(44,910)

Total

$–

$(38,318)

$(38,318)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

July

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

short

$611,024,617

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

18,002,583

Average

amounts

sold

-

in

USD

582,175,625

Credit

default

swaps:

Average

notional

amount

-

buy

protection

179,833,333

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

25,980,979

Options:

Average

value

of

option

contracts

purchased

167,770

Average

value

of

option

contracts

written

88,741

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2023

9

CDOR

Canadian

Dollar

Offered

Rate

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

ICE

Intercontinental

Exchange

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

£

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.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

period

ended

July

31,

2023

is

$385,909,500

which

represents

17.5%

of

net

assets.

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

July

31,

2023

is

$379,739,813

which

represents

17.2%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

July

31,

2023.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2023

10

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

July

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

Securities

$

—

$

10,001,536

$

—

Corporate

Bonds

—

1,672,170,626

—

Foreign

Government

Bonds

—

140,178,251

—

Mortgage-Backed

Securities

—

53,930,447

—

Exchange

Traded

Fund

27,634,750

—

—

Investment

Companies

1,826,122

—

—

Commercial

Paper

—

385,909,500

—

Total

Investments

in

Securities

$

29,460,872

$

2,262,190,360

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

42,039

$

—

Futures

Contracts

3,149,346

—

—

Total

Other

Financial

Instruments

$

3,149,346

$

42,039

$

—

Total

Assets

$

32,610,218

$

2,262,232,399

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,143,987

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

2,518,608

—

Total

Liabilities

$

—

$

3,662,595

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

contracts,

futures

and

swap

contracts.

Forward

foreign

currency

exchange

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.

11

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

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

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.

12

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.

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

July

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.

125-35-70333

09-23