Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2024

1

Shares/

Principal

Amounts

Value

Asset-Backed

Security

-

1

.4

%

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

(cost

$423,251)

$

510,807

$

461,330

Bank

Loans

-

1

.6

%

Communications

-

0

.1

%

Lorca

Holdco

Ltd.

First

Lien

Term

Loan

B4,

CME

Term

SOFR

6

Month

+

3.5000%,

8.8209%, 3/25/31

‡,ƒ

31,000

31,077

Consumer,

Non-cyclical

-

0

.7

%

LifePoint

Health,

Inc.

First

Lien

Term

Loan

B,

CME

Term

SOFR

3

Month

+

4.7500%,

10.3157%, 11/16/28

‡,ƒ

200,498

201,432

Industrial

-

0

.6

%

Genesee

&

Wyoming,

Inc.

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3346%, 4/10/31

‡,ƒ

200,612

200,620

Information

Technology

-

0

.2

%

Amazon

Holdco,

Inc.

First

Lien

Term

Loan

B,

CME

Term

SOFR

12

Month

+

2.2500%,

7.3045%, 7/31/31

‡,ƒ

62,000

62,155

Total

Bank

Loans

(cost

$494,769)

495,284

Corporate

Bonds

-

93

.4

%

Basic

Materials

-

2

.9

%

Anglo

American

Capital

plc,

5.7500%, 4/5/34

(144A)

200,000

203,923

Celanese

US

Holdings

LLC,

6.5500%, 11/15/30

118,000

125,602

Celanese

US

Holdings

LLC,

6.7000%, 11/15/33

139,000

149,460

International

Flavors

&

Fragrances,

Inc.,

2.3000%, 11/1/30

(144A)

277,000

236,524

Solvay

Finance

America

LLC,

5.8500%, 6/4/34

(144A)

203,000

208,258

923,767

Communications

-

1

.8

%

Charter

Communications

Operating

LLC,

6.6500%, 2/1/34

350,000

361,752

T-Mobile

USA,

Inc.,

4.3750%, 4/15/40

104,000

92,216

T-Mobile

USA,

Inc.,

3.0000%, 2/15/41

169,000

124,456

578,424

Consumer,

Cyclical

-

6

.9

%

Choice

Hotels

International,

Inc.,

5.8500%, 8/1/34

177,000

177,863

Ford

Motor

Co.,

3.2500%, 2/12/32

374,000

313,947

Ford

Motor

Credit

Co.

LLC,

6.7980%, 11/7/28

200,000

209,691

General

Motors

Financial

Co.,

Inc.,

5.6000%, 6/18/31

155,000

156,829

General

Motors

Financial

Co.,

Inc.,

6.1000%, 1/7/34

450,000

463,561

Hasbro,

Inc.,

6.0500%, 5/14/34

304,000

310,748

Home

Depot,

Inc.

(The),

4.8500%, 6/25/31

50,000

50,695

Home

Depot,

Inc.

(The),

4.9500%, 6/25/34

40,000

40,392

Home

Depot,

Inc.

(The),

5.3000%, 6/25/54

56,000

55,726

Hyatt

Hotels

Corp.,

4.8500%, 3/15/26

77,000

76,691

Victra

Holdings

LLC,

7.7500%, 2/15/26

(144A)

308,000

309,194

2,165,337

Consumer,

Non-cyclical

-

20

.7

%

Abbott

Laboratories,

6.1500%, 11/30/37

93,000

104,210

AbbVie,

Inc.,

2.9500%, 11/21/26

114,000

110,001

AbbVie,

Inc.,

4.5500%, 3/15/35

158,000

153,893

Albertsons

Cos.,

Inc.,

4.6250%, 1/15/27

(144A)

111,000

108,220

Albertsons

Cos.,

Inc.,

4.8750%, 2/15/30

(144A)

320,000

305,731

Astrazeneca

Finance

LLC,

4.8500%, 2/26/29

30,000

30,448

Astrazeneca

Finance

LLC,

5.0000%, 2/26/34

139,000

141,425

Campbell

Soup

Co.,

5.4000%, 3/21/34

173,000

176,047

Centene

Corp.,

2.6250%, 8/1/31

162,000

135,034

Cigna

Group

(The),

3.4000%, 3/15/50

108,000

75,608

Coca-Cola

Consolidated,

Inc.,

5.2500%, 6/1/29

216,000

220,910

Coca-Cola

Consolidated,

Inc.,

5.4500%, 6/1/34

216,000

223,095

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2024

2

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

Elevance

Health,

Inc.,

1.5000%, 3/15/26

#

$

80,000

$

75,845

Elevance

Health,

Inc.,

2.5500%, 3/15/31

140,000

122,066

Elevance

Health,

Inc.,

5.5000%, 10/15/32

145,000

150,736

Elevance

Health,

Inc.,

6.1000%, 10/15/52

100,000

106,778

HCA,

Inc.,

5.2000%, 6/1/28

48,000

48,501

HCA,

Inc.,

3.5000%, 9/1/30

172,000

158,683

HCA,

Inc.,

5.5000%, 6/1/33

154,000

155,864

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.4500%, 6/15/34

(144A)

158,000

159,701

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.,

5.8750%, 6/15/54

(144A)

185,000

186,188

Heartland

Dental

LLC,

10.5000%, 4/30/28

(144A)

215,000

228,975

Humana,

Inc.,

5.3750%, 4/15/31

185,000

187,873

Humana,

Inc.,

3.9500%, 8/15/49

180,000

137,810

Humana,

Inc.,

5.7500%, 4/15/54

159,000

156,598

Illumina,

Inc.,

2.5500%, 3/23/31

162,000

136,906

IQVIA,

Inc.,

6.2500%, 2/1/29

146,000

152,548

J

M

Smucker

Co.

(The),

6.5000%, 11/15/53

72,000

79,790

JBS

USA

Holding

Lux

SARL,

3.6250%, 1/15/32

355,000

310,229

Smith

&

Nephew

plc,

5.4000%, 3/20/34

157,000

158,814

Solventum

Corp.,

5.4500%, 3/13/31

(144A)

221,000

222,934

Solventum

Corp.,

5.6000%, 3/23/34

(144A)

231,000

232,405

Solventum

Corp.,

6.0000%, 5/15/64

(144A)

110,000

107,300

Sysco

Corp.,

5.7500%, 1/17/29

220,000

228,937

Tyson

Foods,

Inc.,

5.4000%, 3/15/29

376,000

382,792

UnitedHealth

Group,

Inc.,

4.7500%, 7/15/26

78,000

78,256

UnitedHealth

Group,

Inc.,

4.8000%, 1/15/30

78,000

78,714

UnitedHealth

Group,

Inc.,

4.9500%, 1/15/32

78,000

78,763

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

79,000

71,413

UnitedHealth

Group,

Inc.,

5.6250%, 7/15/54

168,000

172,253

UnitedHealth

Group,

Inc.,

5.7500%, 7/15/64

59,000

60,596

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

167,000

155,562

Universal

Health

Services,

Inc.,

2.6500%, 1/15/32

187,000

158,097

6,526,549

Energy

-

4

.7

%

Columbia

Pipelines

Operating

Co.

LLC,

6.7140%, 8/15/63

(144A)

113,000

122,914

EQM

Midstream

Partners

LP,

6.3750%, 4/1/29

(144A)

151,000

154,144

EQM

Midstream

Partners

LP,

4.7500%, 1/15/31

(144A)

115,000

108,582

Occidental

Petroleum

Corp.,

5.3750%, 1/1/32

154,000

155,498

Occidental

Petroleum

Corp.,

5.5500%, 10/1/34

127,000

127,695

Occidental

Petroleum

Corp.,

6.6000%, 3/15/46

146,000

155,497

Venture

Global

LNG,

Inc.,

7.0000%, 1/15/30

(144A)

155,000

156,619

Western

Midstream

Operating

LP,

6.1500%, 4/1/33

254,000

263,894

Williams

Cos.,

Inc.

(The),

3.9000%, 1/15/25

233,000

231,201

1,476,044

Financial

-

38

.8

%

Agree

LP,

5.6250%, 6/15/34

156,000

158,389

Alexandria

Real

Estate

Equities,

Inc.,

5.6250%, 5/15/54

130,000

125,169

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

73,000

72,925

American

Homes

4

Rent

LP,

5.5000%, 2/1/34

154,000

155,007

Arthur

J

Gallagher

&

Co.,

6.5000%, 2/15/34

84,000

91,154

Arthur

J

Gallagher

&

Co.,

5.4500%, 7/15/34

98,000

99,780

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

191,000

160,351

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

203,000

172,471

Bank

of

America

Corp.,

SOFR

+

1.6500%,

5.4680%, 1/23/35

‡

136,000

139,065

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2024

3

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Barclays

plc,

SOFR

+

2.2200%,

6.4900%, 9/13/29

‡

$

200,000

$

210,445

Berkshire

Hathaway

Finance

Corp.,

3.8500%, 3/15/52

98,000

78,373

Blackstone

Private

Credit

Fund,

7.3000%, 11/27/28

(144A)

74,000

77,897

Blackstone

Secured

Lending

Fund,

5.8750%, 11/15/27

308,000

310,300

Blue

Owl

Capital

Corp.

III,

3.1250%, 4/13/27

118,000

109,398

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

(144A)

373,000

383,949

Capital

One

Financial

Corp.,

SOFR

+

0.8550%,

1.8780%, 11/2/27

‡

122,000

113,473

Capital

One

Financial

Corp.,

SOFR

+

1.9050%,

5.7000%, 2/1/30

‡

26,000

26,529

Capital

One

Financial

Corp.,

SOFR

+

3.0700%,

7.6240%, 10/30/31

‡

137,000

153,239

Capital

One

Financial

Corp.,

SOFR

+

2.6000%,

5.8170%, 2/1/34

‡

76,000

76,840

CBRE

Services,

Inc.,

5.9500%, 8/15/34

310,000

325,268

Charles

Schwab

Corp.

(The),

SOFR

+

2.0100%,

6.1360%, 8/24/34

‡

302,000

319,832

Citigroup,

Inc.,

SOFR

+

1.1670%,

2.5610%, 5/1/32

‡

284,000

242,304

Citigroup,

Inc.,

CME

Term

SOFR

3

Month

+

1.4296%,

3.8780%, 1/24/39

‡

87,000

75,240

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

34,000

32,431

CoStar

Group,

Inc.,

2.8000%, 7/15/30

(144A)

448,000

390,091

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.4000%,

5.7050%, 3/1/30

(144A)

‡

310,000

317,025

Deutsche

Bank

AG,

SOFR

+

2.5100%,

6.8190%, 11/20/29

‡

187,000

197,815

Discover

Financial

Services,

SOFRINDX

+

3.3700%,

7.9640%, 11/2/34

‡

343,000

395,112

Equinix

Europe

2

Financing

Corp.

LLC,

5.5000%, 6/15/34

260,000

265,371

F&G

Annuities

&

Life,

Inc.,

6.5000%, 6/4/29

130,000

132,044

Fifth

Third

Bancorp,

SOFR

+

1.8400%,

5.6310%, 1/29/32

‡

39,000

39,650

GGAM

Finance

Ltd.,

8.0000%, 6/15/28

(144A)

228,000

241,303

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.2650%,

5.7270%, 4/25/30

‡

197,000

203,490

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.5520%,

5.8510%, 4/25/35

‡

256,000

267,509

ING

Groep

NV,

SOFR

+

2.0900%,

6.1140%, 9/11/34

‡

200,000

211,187

Intercontinental

Exchange,

Inc.,

5.2500%, 6/15/31

54,000

55,216

Jane

Street

Group,

7.1250%, 4/30/31

(144A)

149,000

154,555

JPMorgan

Chase

&

Co.,

SOFR

+

1.1900%,

5.0400%, 1/23/28

‡

44,000

44,199

JPMorgan

Chase

&

Co.,

SOFR

+

1.8900%,

2.1820%, 6/1/28

‡

215,000

200,079

JPMorgan

Chase

&

Co.,

SOFR

+

1.4500%,

5.2990%, 7/24/29

‡

91,000

92,619

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

231,000

201,377

JPMorgan

Chase

&

Co.,

SOFR

+

1.8450%,

5.3500%, 6/1/34

‡

138,000

140,518

JPMorgan

Chase

&

Co.,

SOFR

+

1.6200%,

5.3360%, 1/23/35

‡

47,000

47,744

Kilroy

Realty

LP,

6.2500%, 1/15/36

158,000

155,670

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6000%,

3.5110%, 3/18/26

‡

320,000

316,112

LPL

Holdings,

Inc.,

6.0000%, 5/20/34

306,000

308,438

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

47,000

47,441

Morgan

Stanley,

SOFR

+

1.6300%,

5.4490%, 7/20/29

‡

108,000

110,275

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

57,000

57,265

Morgan

Stanley,

SOFR

+

1.5550%,

5.3200%, 7/19/35

‡

157,000

158,294

Morgan

Stanley,

SOFR

+

2.6200%,

5.2970%, 4/20/37

‡

162,000

158,934

Nasdaq,

Inc.,

1.6500%, 1/15/31

222,000

182,722

Nasdaq,

Inc.,

5.5500%, 2/15/34

103,000

105,776

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

250,000

215,578

Nationwide

Building

Society,

5.1270%, 7/29/29

(144A)

200,000

202,251

NNN

REIT,

Inc.,

5.5000%, 6/15/34

308,000

312,578

Nomura

Holdings,

Inc.,

5.7830%, 7/3/34

310,000

318,666

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

233,000

245,471

Sixth

Street

Lending

Partners,

6.5000%, 3/11/29

(144A)

303,000

307,249

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2024

4

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Sun

Communities

Operating

LP,

5.5000%, 1/15/29

$

79,000

$

80,190

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

266,000

224,950

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

92,000

92,628

Truist

Financial

Corp.,

SOFR

+

1.6200%,

5.4350%, 1/24/30

‡

47,000

47,724

Truist

Financial

Corp.,

SOFR

+

1.9220%,

5.7110%, 1/24/35

‡

51,000

52,144

US

Bancorp,

SOFR

+

1.6000%,

4.8390%, 2/1/34

‡

72,000

69,819

US

Bancorp,

SOFR

+

2.2600%,

5.8360%, 6/12/34

‡

169,000

175,438

US

Bancorp,

SOFR

+

1.8600%,

5.6780%, 1/23/35

‡

71,000

72,928

VICI

Properties

LP,

3.8750%, 2/15/29

(144A)

329,000

308,738

Wells

Fargo

&

Co.,

SOFR

+

1.5000%,

5.1980%, 1/23/30

‡

96,000

97,165

Wells

Fargo

&

Co.,

SOFR

+

1.9900%,

5.5570%, 7/25/34

‡

60,000

61,344

Wells

Fargo

&

Co.,

SOFR

+

1.7800%,

5.4990%, 1/23/35

‡

100,000

101,936

Willis

North

America,

Inc.,

5.3500%, 5/15/33

236,000

236,864

Willis

North

America,

Inc.,

3.8750%, 9/15/49

125,000

93,391

12,224,712

Industrial

-

9

.0

%

Amphenol

Corp.,

5.0500%, 4/5/29

61,000

62,180

BAE

Systems

plc,

5.2500%, 3/26/31

(144A)

200,000

203,661

Berry

Global,

Inc.,

5.8000%, 6/15/31

(144A)

381,000

388,060

Berry

Global,

Inc.,

5.6500%, 1/15/34

(144A)

157,000

157,582

Boeing

Co.

(The),

6.2980%, 5/1/29

(144A)

18,000

18,619

Boeing

Co.

(The),

6.5280%, 5/1/34

(144A)

94,000

98,675

Boeing

Co.

(The),

6.8580%, 5/1/54

(144A)

27,000

28,583

Boeing

Co.

(The),

3.8250%, 3/1/59

146,000

95,996

EMRLD

Borrower

LP,

6.7500%, 7/15/31

(144A)

199,000

202,935

Jacobs

Engineering

Group,

Inc.,

6.3500%, 8/18/28

225,000

235,271

Nordson

Corp.,

5.6000%, 9/15/28

104,000

107,043

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

106,000

110,556

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

249,000

260,093

RTX

Corp.,

6.1000%, 3/15/34

98,000

105,611

SMBC

Aviation

Capital

Finance

DAC,

5.3000%, 4/3/29

(144A)

233,000

235,841

SMBC

Aviation

Capital

Finance

DAC,

5.5500%, 4/3/34

(144A)

200,000

201,450

Trimble,

Inc.,

6.1000%, 3/15/33

294,000

309,564

2,821,720

Technology

-

6

.7

%

Amentum

Escrow

Corp.,

7.2500%, 8/1/32

(144A)

59,000

60,257

Autodesk,

Inc.,

2.8500%, 1/15/30

96,000

87,567

Broadcom,

Inc.,

3.1870%, 11/15/36

(144A)

144,000

117,450

Broadcom,

Inc.,

4.9260%, 5/15/37

(144A)

222,000

214,230

Constellation

Software,

Inc.,

5.1580%, 2/16/29

(144A)

41,000

41,671

Constellation

Software,

Inc.,

5.4610%, 2/16/34

(144A)

119,000

121,835

Foundry

JV

Holdco

LLC,

6.1500%, 1/25/32

(144A)

#

200,000

209,055

Foundry

JV

Holdco

LLC,

5.8750%, 1/25/34

(144A)

307,000

313,333

Gartner,

Inc.,

3.6250%, 6/15/29

(144A)

123,000

114,425

Gartner,

Inc.,

3.7500%, 10/1/30

(144A)

396,000

361,911

MSCI,

Inc.,

3.8750%, 2/15/31

(144A)

#

171,000

156,879

SS&C

Technologies,

Inc.,

6.5000%, 6/1/32

(144A)

228,000

232,233

VMware

LLC,

4.7000%, 5/15/30

84,000

83,151

2,113,997

Utilities

-

1

.9

%

Duke

Energy

Progress

LLC,

5.3500%, 3/15/53

114,000

111,109

Southern

Co.

(The),

5.7000%, 3/15/34

148,000

154,120

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2024

5

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

(continued)

Xcel

Energy,

Inc.,

5.4500%, 8/15/33

$

315,000

$

319,223

584,452

Total

Corporate

Bonds

(cost

$29,278,997)

29,415,002

Investment

Companies

-

1

.9

%

Money

Market

Funds

-

1

.9

%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3017%

£,∞

(cost

$589,073)

588,956

589,073

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0

.9

%

Investment

Companies

-

0

.7

%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.3014%

£,∞

243,150

243,150

Time

Deposits

-

0

.2

%

Royal

Bank

of

Canada,

5.3100%,

8/1/24

60,788

60,788

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$303,936)

303,938

Total

Investments

(total

cost

$

31,090,026

)

-

99

.2

%

31,264,627

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.8%

236,646

Net

Assets

-

100.0%

$31,501,273

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

27,723,559

88

.7

%

United

Kingdom

1,326,283

4

.2

Ireland

678,594

2

.2

Japan

318,666

1

.0

Denmark

317,025

1

.0

Luxembourg

310,229

1

.0

Australia

215,578

0

.7

Netherlands

211,187

0

.7

Canada

163,506

0

.5

Total

$

31,264,627

100

.0

%

Janus

Henderson

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

July

31,

2024

6

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

7/31/24

.............

Shares

Held

at

7/31/24

Dividend

Income

Investment

Company

-

1.9%

Money

Market

Funds

-

1.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3017%

∞

$

508,070

$

23,364,460

$

(

23,283,456

)

$

–

$

–

$

589,073

588,956

$

32,619

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.9%

Investment

Companies

-

0.7%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.3014%

∞

–

1,600,860

(

1,357,710

)

–

–

243,150

243,150

4,003

Δ

Total

Affiliated

Investments

-

2.6%

$508,070

$24,965,320

$(24,641,166)

$–

$–

$832,223

$36,622

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

2

Year

Notes

28

9/30/24

$

5,750,281

$

42,810

U.S.

Treasury

Long

Bonds

67

9/19/24

8,092,344

396,103

U.S.

Treasury

Ultra

Bonds

18

9/19/24

2,303,438

123,361

Total

-

Futures

Long

562,274

Futures

Short:

U.S.

Treasury

10

Year

Notes

12

9/19/24

(1,341,750)

(22,924)

U.S.

Treasury

10

Year

Ultra

Bonds

115

9/19/24

(13,291,484)

(443,330)

U.S.

Treasury

5

Year

Notes

4

9/30/24

(431,563)

(2,513)

Total

-

Futures

Short

(468,767)

Total

$93,507

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

July

31,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$15,385,714

Average

notional

amount

of

contracts

-

short

11,701,831

Swaptions:

Average

value

of

swaption

contracts

purchased

4,670

Average

value

of

swaption

contracts

written

1,382

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2024

7

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

July

31,

2024.

∞

Rate

shown

is

the

7-day

yield

as

of

July

31,

2024.

£

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.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

‡

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

July

31,

2024.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

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,

2024

is

$9,590,263

which

represents

30.4%

of

net

assets.

Janus

Henderson

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2024

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

July

31,

2024

.

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

Total

Assets

Investments

in

Securities:

Asset-Backed

Security

$

—

$

461,330

$

—

$

461,330

Bank

Loans

—

495,284

—

495,284

Corporate

Bonds

—

29,415,002

—

29,415,002

Investment

Companies

—

589,073

—

589,073

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

303,938

—

303,938

Total

Investments

in

Securities

$

—

$

31,264,627

$

—

$

31,264,627

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

562,274

$

—

$

—

$

562,274

Total

Assets

$

562,274

$

31,264,627

$

—

$

31,826,901

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

468,767

$

—

$

—

$

468,767

Total

Liabilities

$

468,767

$

—

$

—

$

468,767

(a)

Other

financial

instruments

include

futures

contracts.

Futures

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

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.

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

July

31,

2024 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

financial

statements.

125-35-70443

09-24