N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23112

JANUS DETROIT STREET TRUST

(Exact name of registrant as specified in charter)

151 Detroit Street, Denver, Colorado 80206-4805

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Byron D. Hittle 151 Detroit Street Denver, Colorado 80206-4805	Eric S. Purple Stradley Ronon Stevens & Young, LLP 2000 K Street, N.W., Suite 700 Washington, D.C. 20006

Registrant’s telephone number, including area code: 303-333-3863

Date of fiscal year end: October 31

Date of reporting period: April 30, 2022

Item 1. Report to Shareholders.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

13

Statement

of

Operations

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

14

Statements

of

Changes

in

Net

Assets

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

15

Financial

Highlights

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

16

Notes

to

Financial

Statements

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

17

Additional

Information

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

25

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

27

Liquidity

Risk

Management

Program

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

30

INVESTMENT

OBJECTIVE

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(JSMD)

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

VMware,

Inc.

Software

3.0%

QIAGEN

NV

Life

Sciences

Tools

&

Services

3.0%

Ubiquiti,

Inc.

Communications

Equipment

2.7%

Chemed

Corp.

Health

Care

Providers

&

Services

2.3%

Steel

Dynamics,

Inc.

Metals

&

Mining

2.2%

13.2%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

32.8%

Technology

20.6%

Industrial

12.4%

Consumer,

Cyclical

12.1%

Financial

7.9%

Communications

7.3%

Basic

Materials

6.2%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.4%

Utilities

0.6%

Energy

0.1%

Investment

Companies

0.0%

101.4%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

The

index

provider

is

Janus

Henderson

Indices

LLC.

Janus

Henderson

Indices

maintains

the

indices

and

calculates

the

index

levels

and

performance

shown

or

discussed

but

does

not

manage

actual

assets.

Janus

Henderson

Indices

receives

compensation

in

connection

with

licensing

its

indices

to

third

parties

including

the

provision

of

any

related

data.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

NAV

-18.57%

-19.13%

11.02%

14.20%

0.30%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

Market

Price

-18.55%

-19.02%

10.98%

14.21%

–

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

-18.46%

-18.93%

11.41%

14.64%

–

Russell

2500TM

Growth

Index

-25.96%

-23.08%

10.12%

13.34%

–

*

The

Fund

commenced

operations

on

February

23,

2016.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$814.30

$1.35

$1,000.00

$1,023.31

$1.51

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.3%

Aerojet

Rocketdyne

Holdings,

Inc.*

9,458

$

378,131

Air

Freight

&

Logistics

-

0.1%

Atlas

Air

Worldwide

Holdings,

Inc.*

3,305

227,847

Auto

Components

-

0.6%

Fox

Factory

Holding

Corp.*

4,165

341,030

LCI

Industries

2,500

243,300

Patrick

Industries,

Inc.

2,338

145,541

XPEL,

Inc.*

2,730

118,127

847,998

Automobiles

-

0.4%

Thor

Industries,

Inc.

5,500

421,025

Winnebago

Industries,

Inc.

3,297

175,334

596,359

Banks

-

1.8%

Ameris

Bancorp

3,404

141,947

Bancorp,

Inc.

(The)*

2,805

63,645

Bank

First

Corp.

#

371

26,230

Business

First

Bancshares,

Inc.

997

22,094

Coastal

Financial

Corp.*

623

25,568

Farmers

National

Banc

Corp.

1,384

21,203

First

Citizens

BancShares,

Inc.

-

Class

A

775

495,519

First

Foundation,

Inc.

2,758

61,283

First

Horizon

Corp.

26,105

584,230

Guaranty

Bancshares,

Inc.

590

20,296

Independent

Bank

Corp.

1,034

20,411

Live

Oak

Bancshares,

Inc.

2,137

90,459

Meta

Financial

Group,

Inc.

1,458

63,642

Metropolitan

Bank

Holding

Corp.*

520

46,306

National

Bank

Holdings

Corp.

-

Class

A

1,464

53,451

QCR

Holdings,

Inc.

763

41,423

Seacoast

Banking

Corp.

of

Florida

2,860

92,950

ServisFirst

Bancshares,

Inc.

2,652

213,009

Silvergate

Capital

Corp.

-

Class

A*

1,486

173,803

SmartFinancial,

Inc.

822

20,155

Triumph

Bancorp,

Inc.*

1,230

85,411

Western

Alliance

Bancorp

5,230

398,055

2,761,090

Beverages

-

1.2%

Celsius

Holdings,

Inc.*

10,616

552,032

Coca-Cola

Consolidated,

Inc.

1,011

446,357

MGP

Ingredients,

Inc.

3,113

284,310

National

Beverage

Corp.

13,227

583,046

1,865,745

Biotechnology

-

4.6%

Catalyst

Pharmaceuticals,

Inc.*

46,977

357,965

Emergent

BioSolutions,

Inc.*

23,007

744,967

Exelixis,

Inc.*

145,533

3,251,207

Halozyme

Therapeutics,

Inc.*

62,734

2,503,086

6,857,225

Building

Products

-

2.7%

Advanced

Drainage

Systems,

Inc.

8,444

865,172

Builders

FirstSource,

Inc.*

20,760

1,278,193

Simpson

Manufacturing

Co.,

Inc.

5,101

528,821

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Building

Products

-

(continued)

Trex

Co.,

Inc.*

13,517

$

786,554

UFP

Industries,

Inc.

7,269

562,403

4,021,143

Capital

Markets

-

3.0%

B

Riley

Financial,

Inc.

1,356

61,237

Bridge

Investment

Group

Holdings,

Inc.

-

Class

A

1,229

23,081

Carlyle

Group,

Inc.

(The)

17,419

632,136

Cboe

Global

Markets,

Inc.

5,211

588,739

Evercore,

Inc.

-

Class

A

1,877

198,493

Focus

Financial

Partners,

Inc.

-

Class

A*

3,193

125,964

GCM

Grosvenor,

Inc.

-

Class

A

2,150

17,737

Hamilton

Lane,

Inc.

-

Class

A

1,818

124,678

Houlihan

Lokey,

Inc.

2,476

206,226

Interactive

Brokers

Group,

Inc.

-

Class

A

4,802

286,007

LPL

Financial

Holdings,

Inc.

3,909

734,384

Moelis

&

Co.

-

Class

A

3,053

135,126

Morningstar,

Inc.

2,100

531,783

Open

Lending

Corp.

-

Class

A*

6,169

84,145

Piper

Sandler

Cos.

875

100,607

PJT

Partners,

Inc.

-

Class

A

1,168

77,076

StepStone

Group,

Inc.

-

Class

A

2,971

76,117

Stifel

Financial

Corp.

5,202

321,744

Victory

Capital

Holdings,

Inc.

-

Class

A

3,329

89,850

Virtu

Financial,

Inc.

-

Class

A

5,317

153,555

4,568,685

Chemicals

-

2.9%

FMC

Corp.

24,852

3,293,884

Scotts

Miracle-Gro

Co.

(The)

10,898

1,132,629

4,426,513

Commercial

Services

&

Supplies

-

1.7%

IAA,

Inc.*

15,834

580,316

Rollins,

Inc.

57,782

1,938,008

2,518,324

Communications

Equipment

-

5.0%

Cambium

Networks

Corp.*

6,146

93,849

Ciena

Corp.*

35,176

1,940,660

Clearfield,

Inc.*

3,162

184,123

Lumentum

Holdings,

Inc.*

16,598

1,347,924

Ubiquiti,

Inc.

14,147

3,992,991

7,559,547

Construction

&

Engineering

-

1.1%

Comfort

Systems

USA,

Inc.

4,222

356,421

IES

Holdings,

Inc.*

2,440

71,492

MYR

Group,

Inc.*

1,990

157,389

Primoris

Services

Corp.

6,319

146,475

WillScot

Mobile

Mini

Holdings

Corp.*

26,203

919,725

1,651,502

Construction

Materials

-

0.6%

Eagle

Materials,

Inc.

7,745

955,113

Consumer

Finance

-

0.3%

Atlanticus

Holdings

Corp.*

738

31,764

Credit

Acceptance

Corp.*

711

364,387

396,151

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Diversified

Consumer

Services

-

0.9%

Frontdoor,

Inc.*

8,374

$

258,840

Service

Corp.

International

15,970

1,047,792

1,306,632

Diversified

Financial

Services

-

0.0%

Alerus

Financial

Corp.

841

21,488

Electric

Utilities

-

0.3%

Avangrid,

Inc.

#

9,000

399,150

Otter

Tail

Corp.

968

56,105

455,255

Electrical

Equipment

-

0.8%

Array

Technologies,

Inc.*

15,855

103,533

Atkore,

Inc.*

5,266

506,062

Encore

Wire

Corp.

2,375

267,924

Fluence

Energy,

Inc.

#

,*

6,357

58,294

Vicor

Corp.*

3,758

227,434

1,163,247

Electronic

Equipment,

Instruments

&

Components

-

2.3%

II-VI,

Inc.

#

,*

24,446

1,496,340

Insight

Enterprises,

Inc.*

8,022

797,146

Napco

Security

Technologies,

Inc.*

8,444

147,770

Vontier

Corp.

37,059

949,451

3,390,707

Entertainment

-

0.2%

Akazoo

SA*

,¢

851

–

Sciplay

Corp.

-

Class

A*

3,198

42,725

World

Wrestling

Entertainment,

Inc.

-

Class

A

5,704

333,057

375,782

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.7%

CareTrust

REIT,

Inc.

2,394

38,807

Essential

Properties

Realty

Trust,

Inc.

3,099

74,376

Innovative

Industrial

Properties,

Inc.

632

91,381

National

Storage

Affiliates

Trust

2,255

127,633

PotlatchDeltic

Corp.

1,704

94,385

Rexford

Industrial

Realty,

Inc.

3,960

309,038

STAG

Industrial,

Inc.

4,390

163,835

Terreno

Realty

Corp.

1,862

135,460

1,034,915

Food

&

Staples

Retailing

-

1.6%

BJ's

Wholesale

Club

Holdings,

Inc.*

19,272

1,240,154

Grocery

Outlet

Holding

Corp.*

13,609

458,215

Ingles

Markets,

Inc.

-

Class

A

2,026

188,661

Sprouts

Farmers

Market,

Inc.*

15,719

468,426

2,355,456

Food

Products

-

1.2%

Darling

Ingredients,

Inc.*

22,934

1,683,126

Tattooed

Chef,

Inc.*

11,619

92,836

Vital

Farms,

Inc.*

5,712

65,688

1,841,650

Gas

Utilities

-

0.1%

UGI

Corp.

4,885

167,555

Health

Care

Equipment

&

Supplies

-

2.7%

Figs,

Inc.

-

Class

A*

69,093

1,081,996

LeMaitre

Vascular,

Inc.

9,948

429,853

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Health

Care

Equipment

&

Supplies

-

(continued)

Meridian

Bioscience,

Inc.*

19,836

$

507,603

Quidel

Corp.*

19,033

1,915,101

Semler

Scientific,

Inc.*

3,078

141,557

4,076,110

Health

Care

Providers

&

Services

-

8.1%

Addus

HomeCare

Corp.*

7,267

612,463

Amedisys,

Inc.*

14,818

1,891,518

AMN

Healthcare

Services,

Inc.*

21,248

2,076,992

Chemed

Corp.

7,013

3,446,118

Fulgent

Genetics,

Inc.*

13,590

745,819

Joint

Corp.

(The)*

6,566

200,394

National

Research

Corp.

11,554

396,302

Pennant

Group,

Inc.

(The)*

12,973

212,627

Privia

Health

Group,

Inc.

#

,*

48,517

1,066,889

Progyny,

Inc.*

41,197

1,584,025

12,233,147

Health

Care

Technology

-

1.3%

Doximity,

Inc.

-

Class

A*

47,972

1,912,644

Hotels,

Restaurants

&

Leisure

-

0.2%

Wingstop,

Inc.

2,951

270,784

Household

Durables

-

4.1%

Cavco

Industries,

Inc.*

905

213,806

Century

Communities,

Inc.

3,339

176,032

Green

Brick

Partners,

Inc.*

5,019

98,874

Helen

of

Troy

Ltd.*

2,386

511,821

Installed

Building

Products,

Inc.

3,290

264,746

KB

Home

8,723

282,887

LGI

Homes,

Inc.*

2,365

221,624

M/I

Homes,

Inc.*

2,814

124,604

MDC

Holdings,

Inc.

6,988

257,927

Meritage

Homes

Corp.*

3,652

301,473

PulteGroup,

Inc.

25,036

1,045,503

Skyline

Champion

Corp.*

5,618

286,743

Sonos,

Inc.*

12,619

287,965

Taylor

Morrison

Home

Corp.*

11,994

314,123

Tempur

Sealy

International,

Inc.

17,907

485,459

Toll

Brothers,

Inc.

11,822

548,186

TopBuild

Corp.*

3,256

589,792

Tri

Pointe

Homes,

Inc.*

10,595

218,999

6,230,564

Insurance

-

1.8%

American

Equity

Investment

Life

Holding

Co.

4,522

170,570

Brown

&

Brown,

Inc.

13,796

855,076

Fidelity

National

Financial,

Inc.

13,864

552,065

First

American

Financial

Corp.

5,345

311,667

Kinsale

Capital

Group,

Inc.

1,115

247,184

Mercury

General

Corp.

2,739

138,128

Palomar

Holdings,

Inc.*

1,242

67,627

Primerica,

Inc.

1,930

250,051

Selectquote,

Inc.*

8,017

16,515

Stewart

Information

Services

Corp.

1,314

67,802

2,676,685

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

8

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Interactive

Media

&

Services

-

0.5%

Cargurus,

Inc.*

13,254

$

433,141

ZipRecruiter,

Inc.

-

Class

A*

11,262

253,507

686,648

Internet

&

Direct

Marketing

Retail

-

0.4%

1-800-Flowers.com,

Inc.

-

Class

A*

3,647

37,199

Poshmark,

Inc.

-

Class

A*

4,668

51,535

Revolve

Group,

Inc.*

3,982

168,279

Shutterstock,

Inc.

3,595

272,214

529,227

IT

Services

-

1.0%

Maximus,

Inc.

14,235

1,037,447

Squarespace,

Inc.

-

Class

A

#

,*

20,803

415,436

1,452,883

Leisure

Products

-

0.8%

American

Outdoor

Brands,

Inc.*

1,402

17,665

Brunswick

Corp.

7,570

572,368

Johnson

Outdoors,

Inc.

-

Class

A

884

67,608

Malibu

Boats,

Inc.

-

Class

A*

2,066

103,899

MasterCraft

Boat

Holdings,

Inc.*

1,829

44,024

YETI

Holdings,

Inc.*

8,674

423,899

1,229,463

Life

Sciences

Tools

&

Services

-

6.0%

Cytek

Biosciences,

Inc.

#

,*

60,933

575,817

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

59,890

1,840,419

Medpace

Holdings,

Inc.*

16,049

2,143,665

QIAGEN

NV*

99,643

4,520,803

9,080,704

Machinery

-

1.0%

Agrify

Corp.

#

,*

2,912

8,416

Mueller

Industries,

Inc.

6,729

364,375

Shyft

Group,

Inc.

(The)

4,110

104,682

Toro

Co.

(The)

12,319

987,121

1,464,594

Marine

-

0.3%

Matson,

Inc.

4,935

424,509

Media

-

1.3%

Cable

One,

Inc.

787

917,800

Nexstar

Media

Group,

Inc.

-

Class

A

5,330

844,379

PubMatic,

Inc.

-

Class

A*

3,590

81,026

Thryv

Holdings,

Inc.*

4,428

114,375

1,957,580

Metals

&

Mining

-

4.0%

Cleveland-Cliffs,

Inc.*

103,012

2,625,776

Steel

Dynamics,

Inc.

38,909

3,336,447

5,962,223

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,172

166,838

Multiline

Retail

-

0.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

6,241

299,880

Paper

&

Forest

Products

-

0.7%

Louisiana-Pacific

Corp.

16,832

1,086,001

Personal

Products

-

0.3%

BellRing

Brands,

Inc.*

5,511

118,101

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Personal

Products

-

(continued)

Medifast,

Inc.

1,636

$

291,797

409,898

Pharmaceuticals

-

1.5%

Corcept

Therapeutics,

Inc.*

48,273

1,038,352

Innoviva,

Inc.*

31,659

540,103

Supernus

Pharmaceuticals,

Inc.*

24,227

675,933

2,254,388

Professional

Services

-

3.1%

Booz

Allen

Hamilton

Holding

Corp.

15,647

1,277,265

CACI

International,

Inc.

-

Class

A*

2,738

726,391

Exponent,

Inc.

6,119

586,261

FTI

Consulting,

Inc.*

4,033

636,045

Insperity,

Inc.

4,501

477,331

Legalzoom.com,

Inc.

#

,*

23,138

332,030

TriNet

Group,

Inc.*

7,738

686,361

4,721,684

Real

Estate

Management

&

Development

-

0.1%

eXp

World

Holdings,

Inc.

#

3,670

49,141

Newmark

Group,

Inc.

-

Class

A

4,718

57,324

106,465

Road

&

Rail

-

1.7%

ArcBest

Corp.

2,887

208,326

Knight-Swift

Transportation

Holdings,

Inc.

19,515

934,573

Landstar

System,

Inc.

4,379

678,307

Marten

Transport

Ltd.

9,751

169,473

Saia,

Inc.*

3,099

638,270

2,628,949

Semiconductors

&

Semiconductor

Equipment

-

5.6%

ACM

Research,

Inc.

-

Class

A*

12,284

185,611

Alpha

&

Omega

Semiconductor

Ltd.*

6,139

263,363

Amkor

Technology,

Inc.

56,236

1,057,799

Axcelis

Technologies,

Inc.*

7,641

416,052

Diodes,

Inc.*

10,350

755,860

FormFactor,

Inc.*

18,008

686,285

MKS

Instruments,

Inc.

12,750

1,453,245

Onto

Innovation,

Inc.*

11,347

807,226

Power

Integrations,

Inc.

13,600

1,088,000

Ultra

Clean

Holdings,

Inc.*

10,322

321,737

Universal

Display

Corp.

11,149

1,424,062

8,459,240

Software

-

13.1%

Alarm.com

Holdings,

Inc.*

11,508

702,909

Appfolio,

Inc.

-

Class

A*

4,417

458,750

Aspen

Technology,

Inc.*

15,325

2,429,626

Bentley

Systems,

Inc.

-

Class

B

62,243

2,638,481

DoubleVerify

Holdings,

Inc.*

36,470

793,222

Enfusion,

Inc.

-

Class

A

#

,*

15,077

192,533

EngageSmart,

Inc.*

37,211

776,966

Fair

Isaac

Corp.*

6,041

2,256,374

ON24,

Inc.*

10,935

138,546

Paylocity

Holding

Corp.*

12,669

2,402,422

Qualys,

Inc.*

8,972

1,222,704

SPS

Commerce,

Inc.*

8,277

990,178

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

10

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Software

-

(continued)

VMware,

Inc.

-

Class

A

42,203

$

4,559,612

WM

Technology,

Inc.

#

,*

16,184

93,867

19,656,190

Specialty

Retail

-

2.8%

America's

Car-Mart,

Inc.*

637

51,501

Asbury

Automotive

Group,

Inc.*

2,287

420,145

Boot

Barn

Holdings,

Inc.*

2,934

264,236

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

10,442

832,436

Group

1

Automotive,

Inc.

1,684

293,252

Leslie's,

Inc.*

18,050

353,780

Lithia

Motors,

Inc.

2,916

825,607

MarineMax,

Inc.*

2,167

88,674

OneWater

Marine,

Inc.

-

Class

A

1,370

44,785

Sleep

Number

Corp.*

2,243

90,976

Sportsman's

Warehouse

Holdings,

Inc.*

4,339

41,698

Williams-Sonoma,

Inc.

7,214

941,283

4,248,373

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

Corsair

Gaming,

Inc.

#

,*

21,689

328,154

Turtle

Beach

Corp.*

3,689

61,385

389,539

Textiles,

Apparel

&

Luxury

Goods

-

0.3%

Crocs,

Inc.*

6,051

401,968

Superior

Group

of

Cos.,

Inc.

1,578

25,090

427,058

Thrifts

&

Mortgage

Finance

-

0.5%

Bridgewater

Bancshares,

Inc.*

1,379

22,092

Essent

Group

Ltd.

5,318

215,539

Hingham

Institution

For

Savings

The

104

33,599

Merchants

Bancorp

2,110

49,627

NMI

Holdings,

Inc.

-

Class

A*

4,196

77,122

PennyMac

Financial

Services,

Inc.

2,779

134,948

Southern

Missouri

Bancorp,

Inc.

435

18,357

Walker

&

Dunlop,

Inc.

1,608

192,574

743,858

Trading

Companies

&

Distributors

-

1.6%

BlueLinx

Holdings,

Inc.*

1,142

76,137

Boise

Cascade

Co.

4,618

349,029

SiteOne

Landscape

Supply,

Inc.*

5,265

742,523

Watsco,

Inc.

4,554

1,214,916

2,382,605

Water

Utilities

-

0.2%

Essential

Utilities,

Inc.

5,884

263,368

Pure

Cycle

Corp.*

557

5,820

269,188

Total

Common

Stocks

(cost

$163,332,769)

150,181,979

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

0.2962%

∞

(cost

$19,860)

19,864

19,860

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.4%

Investment

Companies

-

1.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

£,∞

1,688,432

1,688,432

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

(continued)

Time

Deposits

-

0.3%

Royal

Bank

of

Canada,

0.3100%,

5/2/22

$

422,108

$

422,108

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,110,540)

2,110,540

Total

Investments

(total

cost

$165,463,169

)

-

101.4%

152,312,379

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.4%)

(2,144,053)

Net

Assets

-

100.0%

$150,168,326

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

147,791,576

97.0

%

Netherlands

4,520,803

3.0

United

Kingdom

0

0.0

Total

$

152,312,379

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.4%

Investment

Companies

-

1.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

∞

$

13,671

Δ

$

–

$

–

$

1,688,432

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

4/30/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.4%

Investment

Companies

-

1.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

∞

$

4,908,724

$

30,642,397

$

(33,862,689)

$

1,688,432

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

12

April

30,

2022

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

is

designed

to

systematically

identify

small-

and

mid-

capitalization

stocks

that

are

poised

for

sustainable

growth

(Smart

Growth

®

)

by

evaluating

each

company’s

performance

in

three

critical

areas:

growth,

profitability,

and

capital

efficiency.

A

proprietary

methodology

is

used

to

score

stocks

based

on

a

wide

range

of

fundamental

measures

and

select

the

top

10%

(“top-tier”)

of

such

eligible

stocks.

Stocks

are

market

cap-weighted

within

sectors

with

a

3%

maximum

position

size;

sectors

are

weighted

to

align

with

the

Janus

Henderson

Triton

Fund.

Russell

2500

TM

Growth

Index

Russell

2500

TM

Growth

Index

reflects

the

performance

of

U.S.

small

to

mid-cap

equities

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

LLC

Limited

Liability

Company

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2022

is

$0,

which

represents

0.0%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2022.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

£

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

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

Entertainment

(a)

$

375,782

$

—

$

0

All

Other

149,806,197

—

—

Investment

Companies

19,860

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,110,540

—

Total

Assets

$

150,201,839

$

2,110,540

$

0

(a)

There

is

a

security

in

this

category

that

has

a

market

value

of

zero.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$163,774,737)

(1)

$

150,623,947

Affiliated

investments,

at

value

(cost

$1,688,432)

1,688,432

Receivables:

Dividends

9,080

Affiliated

securities

lending

income,

net

1,058

Total

Assets

152,322,517

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,110,540

Payables:

—

Due

to

custodian

4,399

Management

fees

39,252

Total

Liabilities

2,154,191

Net

Assets

$

150,168,326

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

175,064,964

Total

distributable

earnings

(loss)

(

24,896,638

)

Total

Net

Assets

$

150,168,326

Net

Assets

$

150,168,326

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,727,000

Net

Asset

Value

Per

Share

$

55

.07

(1)

Includes

$2,060,697

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

14

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

565,577

Affiliated

securities

lending

income,

net    

13,671

Unaffiliated

securities

lending

income,

net

437

Total

Investment

Income

579,685

Expenses:

Management

Fees

273,598

Total

Expenses

273,598

Net

Investment

Income/(Loss)

306,087

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

4,724,279

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

4,724,279

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

32,392,976

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

32,392,976

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

36,811,168

)

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

306,087

$

568,875

Net

realized

gain/(loss)

on

investments

(

4,724,279

)

35,863,757

Change

in

unrealized

net

appreciation/depreciation

(

32,392,976

)

347,482

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

36,811,168

)

36,780,114

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

284,315

)

(

558,730

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

284,315

)

(

558,730

)

Capital

Share

Transactions

(

14,371,526

)

50,145,768

Net

Increase/(Decrease)

in

Net

Assets

(

51,467,009

)

86,367,152

Net

Assets:

—

—

Beginning

of

Period  

201,635,335

115,268,183

End

of

Period

$

150,168,326

$

201,635,335

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

16

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

2020

2019

2018

2017

Net

Asset

Value,

Beginning

of

Period

$67.73

$52.35

$44.11

$40.81

$36.77

$28.82

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.10

0.21

0.11

0.19

0.15

0.10

Net

realized

and

unrealized

gain/(loss)

(12.67)

15.38

8.26

3.30

4.03

7.99

Total

from

Investment

Operations

(12.57)

15.59

8.37

3.49

4.18

8.09

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.09)

(0.21)

(0.13)

(0.19)

(0.14)

(0.14)

Total

Dividends

and

Distributions

(0.09)

(0.21)

(0.13)

(0.19)

(0.14)

(0.14)

Net

Asset

Value,

End

of

Period

$55.07

$67.73

$52.35

$44.11

$40.81

$36.77

Total

Return

*

(18.57)%

29.81%

19.01%

8.60%

11.37%

28.14%

Net

assets,

End

of

Period

(in

thousands)

$150,168

$201,635

$115,268

$97,121

$51,099

$22,138

Average

Net

Assets

for

the

Period

(in

thousands)

$183,436

$174,649

$105,905

$71,903

$36,173

$16,594

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.32%

0.35%

0.50%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.34%

0.33%

0.23%

0.43%

0.37%

0.31%

Portfolio

Turnover

Rate

(2)

46%

102%

83%

80%

79%

76%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Small/Mid

Cap

Growth

Alpha

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

The

NASDAQ

Stock

Market

LLC

(“NASDAQ”)

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2022

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

JPMorgan

Chase

Bank,

National

Association

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments’

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities.

Securities

on

loan

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

Securities

and

Exchange

Commission

(the

“SEC”).

See

“Securities

Lending”

in

the

“Notes

to

Financial

Statements”

for

additional

information. 

The

following

tables

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

NA

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,060,697

$

—

$

(2,060,697)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2022

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

April

30,

2022,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,060,697

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2022 is $2,110,540,

resulting

in

the

net

amount

due

to

the

counterparty

of

$49,843.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2022, the

Adviser

owned 2,000

shares

or 0.07%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended

April

30,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$2,122,884 in

purchases

and

 $1,974,171,

resulting

in

a

net

realized

loss

of

$216,188.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2022 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(6,878,236)

$

—

$(6,878,236)

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2022

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2022,

the

Fund

had

net

realized

gain

of

$7,105,893

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$165,463,169

$10,014,978

$(23,165,768)

$(13,150,790)

Period

Ended

April

30,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

325,000

$

22,055,195

2,000,000

$

129,840,539

Shares

repurchased

(575,000)

(36,426,721

)

(1,225,000)

(79,694,771

)

Net

Increase/(Decrease)

(250,000)

$

(14,371,526

)

775,000

$

50,145,768

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$83,897,205

$83,814,060

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$22,023,485

$36,382,336

$

—

$

—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

25

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

The

Adviser

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

the

Adviser.

This

affiliation

may

create

potential

conflicts

for

JH

Indices

as

it

may

have

an

interest

in

the

performance

of

the

Fund,

which

could

motivate

it

to

alter

the

Underlying

Index

methodology

for

the

Underlying

Index.

JH

Indices

has

adopted

procedures

that

it

believes

are

reasonably

designed

to

mitigate

these

and

other

potential

conflicts.

JH

Indices

is

the

licensor

of

certain

trademarks,

service

marks,

and

trade

names.

Neither

JH

Indices

nor

any

of

its

affiliates

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the

Fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the

Fund

particularly

or

the

ability

of

the

Underlying

Index

to

track

general

market

performance.

The

Underlying

Index

is

determined,

composed,

and

calculated

by

JH

Indices

without

regard

to

the

Adviser

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

the

Adviser

or

the

owners

of

the

Fund

into

consideration

in

determining,

composing,

or

calculating

the

Underlying

Index.

JH

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

timing

of,

prices

at,

or

quantities

of

the

Fund

to

be

issued

or

in

the

determination

or

calculation

of

the

equation

by

which

the

Fund

is

to

be

converted

into

cash.

ALTHOUGH

JH

INDICES

SHALL

OBTAIN

INFORMATION

FOR

INCLUSION

IN

OR

FOR

USE

IN

THE

CALCULATION

OF

THE

UNDERLYING

INDEX

FROM

SOURCES

WHICH

IT

CONSIDERS

RELIABLE,

IT

DOES

NOT

GUARANTEE

THE

QUALITY,

ACCURACY

AND/OR

THE

COMPLETENESS

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

AND

SHALL

HAVE

NO

LIABILITY

FOR

ERRORS

OR

OMISSIONS

OF

ANY

KIND

RELATED

TO

THE

UNDERLYING

INDEX

OR

DATA.

JH

INDICES

MAKES

NO

WARRANTY,

EXPRESS

OR

IMPLIED,

AS

TO

RESULTS

TO

BE

OBTAINED

BY

THE

ADVISER,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

IN

CONNECTION

WITH

THE

RIGHTS

LICENSED

TO

THE

ADVISER

FOR

ANY

OTHER

USE.

JH

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

HEREBY

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

WITH

RESPECT

TO

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN.

WITHOUT

LIMITING

ANY

OF

THE

FOREGOING,

IN

NO

EVENT

SHALL

IT

HAVE

ANY

LIABILITY

FOR

ANY

SPECIAL,

PUNITIVE,

INDIRECT,

OR

CONSEQUENTIAL

DAMAGES

(INCLUDING

LOST

PROFITS),

EVEN

IF

NOTIFIED

OF

THE

POSSIBILITY

OF

SUCH

DAMAGES.

The

Adviser

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

the

Adviser

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

The

Adviser

makes

no

warranty,

express

or

implied,

as

to

results

to

be

obtained

by

the

Fund,

owners

of

the

shares

of

the

Fund

or

any

other

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

The

Adviser

makes

no

express

or

implied

warranties,

and

expressly

disclaims

all

warranties

of

merchantability

or

fitness

for

a

particular

purpose

or

use

with

respect

to

the

Underlying

Index

or

any

data

included

therein.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

26

April

30,

2022

Adviser

have

any

liability

for

any

special,

punitive,

direct,

indirect

or

consequential

damages

(including

lost

profits)

arising

out

of

matters

relating

to

the

use

of

the

Underlying

Index

even

if

notified

of

the

possibility

of

such

damages.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

27

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

20-21,

2022

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

and

Janus

Henderson

AAA

CLO

ETF

(“JAAA”

and,

together

with

VNLA,

JSML,

JSMD

and

JMBS,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefore;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

meetings

held

on

March

14,

2022

and

on

April

6,

2022

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefore,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2022

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

mutual

funds

and

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

management

fee

and

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

comparative

reporting

indicated

that

contractual

management

fee

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

3rd,

2nd,

1

st

,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

comparative

reporting

indicated

that

total

expense

ratios

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

4th,

2nd,

1st,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

VNLA

and

JMBS

to

the

extent

that

the

Funds’

total

expense

ratio

exceeded

0.23%

and

0.28%,

respectively,

for

at

least

the

period

February

28,

2022

through

February

28,

2023.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2022

until

February 28,

2023.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

and

mutual

funds

(as

applicable)

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Board

next

discussed

the

performance

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

peer

group

compiled

by

an

independent

third

party

for

each

Fund

for

the

one-year

period,

two-year

period,

three-year

period,

four-year

period

and/or

five-year

period,

as

applicable.

The

Board

noted

that

for

the

one-,

two-,

three-,

four-

and

five-year

periods

ended

December

31,

2021,

respectively,

JSMD

was

reported

to

be

in

the

4th,

4th,

4th,

3rd

and

3rd

quintiles;

JSML

was

reported

to

be

in

the

5th,

4th,

4th,

3rd

and

3rd

quintiles;

and

VNLA

was

reported

to

be

in

the

3rd,

4th,

4th,

3rd

and

3rd

quintiles.

JMBS

was

reported

to

be

in

the

2nd,

1st

and

1st

quintile

for

the

one-,

two-

and

three-year

periods,

respectively.

JAAA

was

reported

to

be

in

the

5th

quintile

for

its

first

one-year

period.

The

Board

also

reviewed

supplemental

performance

information

prepared

by

the

Adviser

for

each

Fund

for

the

three-month,

one-year,

three-year,

and

since-inception

periods

as

of

December

31,

2021

(each

period

as

applicable).

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

30

April

30,

2022

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

Janus

Detroit

Street

Trust

31

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

32

April

30,

2022

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

Janus

Detroit

Street

Trust

33

125-24-93062

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

12

Statement

of

Operations

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

13

Statements

of

Changes

in

Net

Assets

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

14

Financial

Highlights

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

15

Notes

to

Financial

Statements

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

16

Additional

Information

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

24

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

26

Liquidity

Risk

Management

Program

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

29

INVESTMENT

OBJECTIVE

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(JSML)

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Westlake

Corp.

Chemicals

3.9%

Ubiquiti,

Inc.

Communications

Equipment

3.8%

Thoughtworks

Holding,

Inc.

IT

Services

2.4%

AMN

Healthcare

Services,

Inc.

Health

Care

Providers

&

Services

2.2%

Qualys

,

Inc.

Software

2.2%

14.5%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

26.4%

Technology

24.8%

Industrial

14.4%

Communications

10.4%

Financial

8.3%

Consumer,

Cyclical

8.3%

Basic

Materials

7.0%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

2.5%

Energy

0.4%

Investment

Companies

0.0%

102.5%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

The

index

provider

is

Janus

Henderson

Indices

LLC.

Janus

Henderson

Indices

maintains

the

indices

and

calculates

the

index

levels

and

performance

shown

or

discussed

but

does

not

manage

actual

assets.

Janus

Henderson

Indices

receives

compensation

in

connection

with

licensing

its

indices

to

third

parties

including

the

provision

of

any

related

data.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

NAV

-23.87%

-24.97%

10.30%

12.85%

0.30%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

Market

Price

-23.94%

-25.00%

10.26%

12.84%

–

Janus

Henderson

Small

Cap

Growth

Alpha

Index

-23.76%

-24.81%

10.60%

13.20%

–

Russell

2000®

Growth

Index

-26.77%

-26.44%

7.08%

11.33%

–

*

The

Fund

commenced

operations

on

February

23,

2016.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$761.30

$1.31

$1,000.00

$1,023.31

$1.51

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.9%

Aerojet

Rocketdyne

Holdings,

Inc.*

22,336

$

892,993

Air

Freight

&

Logistics

-

1.3%

Air

Transport

Services

Group,

Inc.*

20,576

644,029

Atlas

Air

Worldwide

Holdings,

Inc.*

7,807

538,215

Radiant

Logistics,

Inc.*

13,711

79,112

1,261,356

Auto

Components

-

0.6%

LCI

Industries

3,127

304,320

Patrick

Industries,

Inc.

2,926

182,143

XPEL,

Inc.*

3,416

147,810

634,273

Automobiles

-

0.2%

Winnebago

Industries,

Inc.

4,125

219,368

Banks

-

2.5%

Ameris

Bancorp

4,673

194,864

Bank

First

Corp.

512

36,198

Business

First

Bancshares,

Inc.

1,368

30,315

Capstar

Financial

Holdings,

Inc.

1,487

29,963

CNB

Financial

Corp.

1,131

28,105

Coastal

Financial

Corp.*

856

35,130

ConnectOne

Bancorp,

Inc.

2,655

73,968

Customers

Bancorp,

Inc.*

2,208

92,891

Farmers

National

Banc

Corp.

1,900

29,108

FB

Financial

Corp.

3,191

122,949

First

Foundation,

Inc.

3,786

84,125

Guaranty

Bancshares,

Inc.

816

28,070

HarborOne

Bancorp,

Inc.

3,515

47,066

Hilltop

Holdings,

Inc.

5,299

135,072

Live

Oak

Bancshares,

Inc.

2,933

124,154

Meta

Financial

Group,

Inc.

2,003

87,431

Metropolitan

Bank

Holding

Corp.*

714

63,582

MVB

Financial

Corp.

811

32,489

Origin

Bancorp,

Inc.

1,593

60,024

Pacific

Premier

Bancorp,

Inc.

6,334

198,634

Premier

Financial

Corp.

2,437

64,678

Sandy

Spring

Bancorp,

Inc.

3,028

118,910

ServisFirst

Bancshares,

Inc.

3,642

292,526

Silvergate

Capital

Corp.

-

Class

A*

2,040

238,598

Southern

First

Bancshares,

Inc.*

531

24,267

Triumph

Bancorp,

Inc.*

1,689

117,284

Univest

Financial

Corp.

1,981

49,921

2,440,322

Beverages

-

1.1%

Celsius

Holdings,

Inc.*

6,314

328,328

Coca-Cola

Consolidated,

Inc.

602

265,783

MGP

Ingredients,

Inc.

1,851

169,052

National

Beverage

Corp.

7,867

346,777

1,109,940

Biotechnology

-

2.9%

Catalyst

Pharmaceuticals,

Inc.*

50,820

387,248

Denali

Therapeutics,

Inc.*

60,189

1,432,498

Emergent

BioSolutions

,

Inc.*

24,889

805,906

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Biotechnology

-

(continued)

Vanda

Pharmaceuticals,

Inc.*

27,457

$

272,374

2,898,026

Capital

Markets

-

1.5%

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

4,463

143,441

B

Riley

Financial,

Inc.

1,861

84,043

Bridge

Investment

Group

Holdings,

Inc.

-

Class

A

1,688

31,701

Cohen

&

Steers,

Inc.

3,266

253,735

Hamilton

Lane,

Inc.

-

Class

A

2,495

171,107

Moelis

&

Co.

-

Class

A

4,191

185,494

Open

Lending

Corp.

-

Class

A*

8,468

115,503

Piper

Sandler

Cos.

1,201

138,091

PJT

Partners,

Inc.

-

Class

A

1,603

105,782

StepStone

Group,

Inc.

-

Class

A

4,079

104,504

Victory

Capital

Holdings,

Inc.

-

Class

A

4,570

123,344

1,456,745

Chemicals

-

5.9%

AdvanSix

,

Inc.

26,082

1,161,692

Origin

Materials,

Inc.

#

,*

126,792

822,880

Westlake

Corp.

30,614

3,874,202

5,858,774

Communications

Equipment

-

4.3%

Cambium

Networks

Corp.*

11,158

170,383

Clearfield,

Inc.*

5,739

334,182

Ubiquiti,

Inc.

13,301

3,754,207

4,258,772

Construction

&

Engineering

-

1.4%

Comfort

Systems

USA,

Inc.

9,971

841,752

IES

Holdings,

Inc.*

5,764

168,885

MYR

Group,

Inc.*

4,702

371,881

1,382,518

Consumer

Finance

-

0.0%

Atlanticus

Holdings

Corp.*

1,012

43,556

Diversified

Consumer

Services

-

0.3%

Frontdoor

,

Inc.*

10,476

323,813

Diversified

Financial

Services

-

0.0%

Alerus

Financial

Corp.

1,161

29,664

Electrical

Equipment

-

2.8%

Array

Technologies,

Inc.*

37,445

244,516

Atkore

,

Inc.*

12,439

1,195,388

Encore

Wire

Corp.

5,609

632,751

Fluence

Energy,

Inc.

#

,*

15,015

137,688

Vicor

Corp.*

8,877

537,236

2,747,579

Electronic

Equipment,

Instruments

&

Components

-

2.9%

Badger

Meter,

Inc.

12,205

984,821

Insight

Enterprises,

Inc.*

14,561

1,446,927

Kimball

Electronics,

Inc.*

10,477

186,910

Napco

Security

Technologies,

Inc.*

15,327

268,222

2,886,880

Entertainment

-

0.8%

Akazoo

SA*

,¢

2,421

–

Sciplay

Corp.

-

Class

A*

7,014

93,707

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Entertainment

-

(continued)

World

Wrestling

Entertainment,

Inc.

-

Class

A

12,512

$

730,576

824,283

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.0%

Essential

Properties

Realty

Trust,

Inc.

19,133

459,192

PotlatchDeltic

Corp.

10,523

582,869

1,042,061

Food

&

Staples

Retailing

-

0.7%

Grocery

Outlet

Holding

Corp.*

8,095

272,559

Ingles

Markets,

Inc.

-

Class

A

1,205

112,209

Sprouts

Farmers

Market,

Inc.*

9,350

278,630

663,398

Food

Products

-

0.1%

Tattooed

Chef,

Inc.*

6,911

55,219

Vital

Farms,

Inc.*

3,398

39,077

94,296

Health

Care

Equipment

&

Supplies

-

2.4%

Figs,

Inc.

-

Class

A*

74,745

1,170,506

LeMaitre

Vascular,

Inc.

10,762

465,026

Meridian

Bioscience,

Inc.*

21,459

549,136

Semler

Scientific,

Inc.*

3,330

153,147

2,337,815

Health

Care

Providers

&

Services

-

10.9%

AdaptHealth

Corp.*

65,161

824,938

Addus

HomeCare

Corp.*

7,861

662,525

AMN

Healthcare

Services,

Inc.*

22,986

2,246,881

Cross

Country

Healthcare,

Inc.*

18,729

350,981

Ensign

Group,

Inc.

(The)

27,149

2,180,879

Fulgent

Genetics,

Inc.*

14,702

806,846

Joint

Corp.

(The)*

7,103

216,784

National

Research

Corp.

12,499

428,716

Pennant

Group,

Inc.

(The)*

14,034

230,017

Privia

Health

Group,

Inc.

#

,*

52,487

1,154,189

Progyny

,

Inc.*

44,568

1,713,640

10,816,396

Health

Care

Technology

-

2.1%

Doximity

,

Inc.

-

Class

A*

51,897

2,069,133

Household

Durables

-

3.5%

Cavco

Industries,

Inc.*

1,133

267,671

Century

Communities,

Inc.

4,177

220,211

Green

Brick

Partners,

Inc.*

6,279

123,696

Installed

Building

Products,

Inc.

4,116

331,215

KB

Home

10,914

353,941

LGI

Homes,

Inc.*

2,958

277,194

M/I

Homes,

Inc.*

3,520

155,866

MDC

Holdings,

Inc.

8,742

322,667

Meritage

Homes

Corp.*

4,570

377,254

Skyline

Champion

Corp.*

7,030

358,811

Taylor

Morrison

Home

Corp.*

15,005

392,981

Tri

Pointe

Homes,

Inc.*

13,256

274,002

3,455,509

Insurance

-

1.0%

American

Equity

Investment

Life

Holding

Co.

6,208

234,166

Kinsale

Capital

Group,

Inc.

1,531

339,407

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Insurance

-

(continued)

Mercury

General

Corp.

3,760

$

189,617

Palomar

Holdings,

Inc.*

1,706

92,892

Selectquote

,

Inc.*

11,006

22,672

Stewart

Information

Services

Corp.

1,804

93,086

971,840

Interactive

Media

&

Services

-

1.5%

Cargurus

,

Inc.*

29,070

950,008

ZipRecruiter,

Inc.

-

Class

A*

24,699

555,974

1,505,982

Internet

&

Direct

Marketing

Retail

-

0.7%

1-800-Flowers.com,

Inc.

-

Class

A*

4,563

46,543

Poshmark

,

Inc.

-

Class

A*

5,840

64,474

Revolve

Group,

Inc.*

4,982

210,539

Shutterstock

,

Inc.

4,498

340,588

662,144

IT

Services

-

6.0%

Perficient

,

Inc.*

14,426

1,434,089

Squarespace,

Inc.

-

Class

A

#

,*

37,760

754,067

Thoughtworks

Holding,

Inc.*

127,321

2,356,712

TTEC

Holdings,

Inc.

19,608

1,447,266

5,992,134

Leisure

Products

-

0.3%

Johnson

Outdoors,

Inc.

-

Class

A

1,107

84,663

Malibu

Boats,

Inc.

-

Class

A*

2,585

130,000

MasterCraft

Boat

Holdings,

Inc.*

2,288

55,072

269,735

Life

Sciences

Tools

&

Services

-

2.6%

Cytek

Biosciences,

Inc.

#

,*

65,917

622,916

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

64,788

1,990,935

2,613,851

Machinery

-

2.0%

Agrify

Corp.

#

,*

6,876

19,871

Kadant

,

Inc.

3,218

595,330

Mueller

Industries,

Inc.

15,959

864,180

Omega

Flex,

Inc.

2,799

310,689

Shyft

Group,

Inc.

(The)

9,706

247,212

2,037,282

Marine

-

1.0%

Matson,

Inc.

11,656

1,002,649

Media

-

0.4%

PubMatic,

Inc.

-

Class

A*

7,875

177,739

Thryv

Holdings,

Inc.*

9,710

250,809

428,548

Metals

&

Mining

-

2.5%

Ryerson

Holding

Corp.

35,584

1,309,847

Schnitzer

Steel

Industries,

Inc.

-

Class

A

25,602

1,168,219

2,478,066

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

5,726

228,983

Personal

Products

-

0.2%

BellRing

Brands,

Inc.*

3,278

70,248

Medifast

,

Inc.

982

175,149

245,397

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

8

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Pharmaceuticals

-

2.5%

Corcept

Therapeutics,

Inc.*

52,222

$

1,123,295

Innoviva

,

Inc.*

34,248

584,271

Supernus

Pharmaceuticals,

Inc.*

26,209

731,231

2,438,797

Professional

Services

-

3.6%

Insperity

,

Inc.

10,631

1,127,418

Legalzoom.com,

Inc.

#

,*

54,645

784,156

TriNet

Group,

Inc.*

18,276

1,621,081

3,532,655

Real

Estate

Management

&

Development

-

0.9%

eXp

World

Holdings,

Inc.

#

22,661

303,431

Marcus

&

Millichap,

Inc.

6,046

270,800

Newmark

Group,

Inc.

-

Class

A

29,132

353,954

928,185

Road

&

Rail

-

1.6%

ArcBest

Corp.

6,821

492,203

Marten

Transport

Ltd.

23,098

401,443

Werner

Enterprises,

Inc.

18,244

723,010

1,616,656

Semiconductors

&

Semiconductor

Equipment

-

8.7%

ACM

Research,

Inc.

-

Class

A*

22,298

336,923

Alpha

&

Omega

Semiconductor

Ltd.*

11,144

478,078

Amkor

Technology,

Inc.

102,074

1,920,012

Axcelis

Technologies,

Inc.*

13,870

755,221

Cohu

,

Inc.*

20,265

538,238

Diodes,

Inc.*

18,787

1,372,015

FormFactor

,

Inc.*

32,687

1,245,701

Onto

Innovation,

Inc.*

20,597

1,465,271

Ultra

Clean

Holdings,

Inc.*

18,736

584,001

8,695,460

Software

-

8.0%

Alarm.com

Holdings,

Inc.*

20,889

1,275,900

Appfolio

,

Inc.

-

Class

A*

8,017

832,646

DoubleVerify

Holdings,

Inc.*

66,197

1,439,785

Enfusion

,

Inc.

-

Class

A

#

,*

27,367

349,476

EngageSmart

,

Inc.*

67,542

1,410,277

ON24,

Inc.*

19,849

251,487

Qualys

,

Inc.*

16,286

2,219,456

WM

Technology,

Inc.

#

,*

29,376

170,381

7,949,408

Specialty

Retail

-

3.2%

America's

Car-Mart,

Inc.*

797

64,438

Asbury

Automotive

Group,

Inc.*

2,862

525,778

Boot

Barn

Holdings,

Inc.*

3,670

330,520

Camping

World

Holdings,

Inc.

-

Class

A

#

5,469

140,444

Group

1

Automotive,

Inc.

2,108

367,087

Leslie's,

Inc.*

22,582

442,607

MarineMax

,

Inc.*

2,711

110,934

OneWater

Marine,

Inc.

-

Class

A

1,713

55,998

Penske

Automotive

Group,

Inc.

9,566

1,002,708

Sleep

Number

Corp.*

2,806

113,812

Sportsman's

Warehouse

Holdings,

Inc.*

5,428

52,163

3,206,489

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Technology

Hardware,

Storage

&

Peripherals

-

0.7%

Corsair

Gaming,

Inc.*

39,368

$

595,638

Turtle

Beach

Corp.*

6,695

111,405

707,043

Textiles,

Apparel

&

Luxury

Goods

-

0.0%

Superior

Group

of

Cos.,

Inc.

1,975

31,403

Thrifts

&

Mortgage

Finance

-

0.7%

Bridgewater

Bancshares,

Inc.*

1,892

30,310

Merchants

Bancorp

2,897

68,138

NMI

Holdings,

Inc.

-

Class

A*

5,760

105,869

PennyMac

Financial

Services,

Inc.

3,816

185,305

Southern

Missouri

Bancorp,

Inc.

596

25,151

Walker

&

Dunlop,

Inc.

2,207

264,310

679,083

Trading

Companies

&

Distributors

-

1.6%

BlueLinx

Holdings,

Inc.*

2,698

179,876

Boise

Cascade

Co.

10,907

824,351

McGrath

RentCorp

6,724

561,185

1,565,412

Total

Common

Stocks

(cost

$117,845,587)

99,534,672

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

0.2962%

∞

(cost

$9,110)

9,112

9,110

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.5%

Investment

Companies

-

2.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

£,∞

1,954,750

1,954,750

Time

Deposits

-

0.5%

Royal

Bank

of

Canada,

0.3100%,

5/2/22

$

500,163

500,163

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,454,913)

2,454,913

Total

Investments

(total

cost

$120,309,610

)

-

102.5%

101,998,695

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.5%)

(2,474,694)

Net

Assets

-

100.0%

$99,524,001

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

101,998,695

100.0

%

United

Kingdom

0

0.0

Total

$

101,998,695

100.0

%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

10

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.5%

Investment

Companies

-

2.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

∞

$

15,385

Δ

$

–

$

–

$

1,954,750

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

4/30/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.5%

Investment

Companies

-

2.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

∞

$

11,773,593

$

34,944,189

$

(44,763,032)

$

1,954,750

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

11

Janus

Henderson

Small

Cap

Growth

Alpha

Index

Janus

Henderson

Small

Cap

Growth

Alpha

Index

is

designed

to

systematically

identify

small-capitalization

stocks

that

are

poised

for

sustainable

growth

(Smart

Growth

®

)

by

evaluating

each

company’s

performance

in

three

critical

areas:

growth,

profitability,

and

capital

efficiency.

A

proprietary

methodology

is

used

to

score

stocks

based

on

a

wide

range

of

fundamental

measures

and

select

the

top

10%

(“top-tier”)

of

such

eligible

stocks.

Stocks

are

market

cap-

weighted

within

sectors

with

a

3%

maximum

position

size;

sectors

are

weighted

to

align

with

the

Janus

Henderson

Venture

Fund.

Russell

2000

®

Growth

Index

Russell

2000

®

Growth

Index

reflects

the

performance

of

U.S.

small-cap

equities

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

LLC

Limited

Liability

Company

*

Non-income

producing

security.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2022

is

$0,

which

represents

0.0%

of

net

assets.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2022.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

£

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

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

Entertainment

(a)

$

824,283

$

—

$

0

All

Other

98,710,389

—

—

Investment

Companies

9,110

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,454,913

—

Total

Assets

$

99,543,782

$

2,454,913

$

0

(a)

There

is

a

security

in

this

category

that

has

a

market

value

of

zero.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

12

April

30,

2022

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$118,354,860)

(1)

$

100,043,945

Affiliated

investments,

at

value

(cost

$1,954,750)

1,954,750

Receivables:

Dividends

9,563

Affiliated

securities

lending

income,

net

1,186

Total

Assets

102,009,444

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,454,913

Payables:

—

Due

to

custodian

4,200

Management

fees

26,330

Total

Liabilities

2,485,443

Net

Assets

$

99,524,001

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

139,283,606

Total

distributable

earnings

(loss)

(

39,759,605

)

Total

Net

Assets

$

99,524,001

Net

Assets

$

99,524,001

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,952,000

Net

Asset

Value

Per

Share

$

50

.99

(1)

Includes

$2,389,516

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

400,276

Affiliated

securities

lending

income,

net    

15,385

Unaffiliated

securities

lending

income,

net

603

Total

Investment

Income

416,264

Expenses:

Management

Fees

187,229

Total

Expenses

187,229

Net

Investment

Income/(Loss)

229,035

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

11,598,884

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

11,598,884

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

22,870,810

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

22,870,810

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

34,240,659

)

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

14

April

30,

2022

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

229,035

$

594,071

Net

realized

gain/(loss)

on

investments

(

11,598,884

)

20,865,399

Change

in

unrealized

net

appreciation/depreciation

(

22,870,810

)

505,442

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

34,240,659

)

21,964,912

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

229,325

)

(

565,566

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

229,325

)

(

565,566

)

Capital

Share

Transactions

(

13,712,390

)

73,349,448

Net

Increase/(Decrease)

in

Net

Assets

(

48,182,374

)

94,748,794

Net

Assets:

—

—

Beginning

of

Period  

147,706,375

52,957,581

End

of

Period

$

99,524,001

$

147,706,375

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

2020

2019

2018

2017

Net

Asset

Value,

Beginning

of

Period

$67.08

$48.06

$43.10

$39.59

$36.05

$28.17

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.11

0.32

0.10

0.20

0.20

0.13

Net

realized

and

unrealized

gain/(loss)

(16.10)

19.03

4.97

3.51

3.57

7.97

Total

from

Investment

Operations

(15.99)

19.35

5.07

3.71

3.77

8.10

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.10)

(0.33)

(0.11)

(0.20)

(0.23)

(0.22)

Total

Dividends

and

Distributions

(0.10)

(0.33)

(0.11)

(0.20)

(0.23)

(0.22)

Net

Asset

Value,

End

of

Period

$50.99

$67.08

$48.06

$43.10

$39.59

$36.05

Total

Return

*

(23.87)%

40.30%

11.79%

9.43%

10.49%

(2)

28.86%

Net

assets,

End

of

Period

(in

thousands)

$99,524

$147,706

$52,958

$34,563

$25,816

$9,083

Average

Net

Assets

for

the

Period

(in

thousands)

$125,257

$123,640

$45,900

$30,102

$17,444

$7,068

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.32%

0.35%

0.50%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.37%

0.48%

0.23%

0.49%

0.50%

0.41%

Portfolio

Turnover

Rate

(3)

57%

135%

78%

104%

84%

117%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Small

Cap

Growth

Alpha

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. 

The

Fund

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

underlying

index,

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index

(the

“Underlying

Index”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

The

NASDAQ

Stock

Market

LLC

(“NASDAQ”)

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Small-Sized

Companies

Risk 

The

Fund's

investments

in

securities

issued

by

small-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

companies.

Securities

issued

by

micro-capitalization

companies

tend

to

be

significantly

more

volatile,

and

more

vulnerable

to

adverse

business

and

economic

developments,

than

those

of

larger

companies.

For

example,

small-

and

micro-capitalization

companies

may

be

more

likely

to

merge

with

or

be

acquired

by

another

company,

resulting

in

de-listing

of

the

securities

held

by

the

Fund. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2022

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

JPMorgan

Chase

Bank,

National

Association

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments’

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities.

Securities

on

loan

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

Securities

and

Exchange

Commission

(the

“SEC”).

See

“Securities

Lending”

in

the

“Notes

to

Financial

Statements”

for

additional

information. 

The

following

tables

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

NA

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,389,516

$

—

$

(2,389,516

)

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

April

30,

2022,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,389,516

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2022 is $2,454,913,

resulting

in

the

net

amount

due

to

the

counterparty

of

$65,397.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.30% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2022

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2022, the

Adviser

owned 2,000

shares

or 0.10%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended

April

30,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$1,974,180 in

purchases

and

$2,122,873,

resulting

in

a

net

realized

gain

of

$176,372.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2022 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2022,

the

Fund

had

net

realized

gain

of

$1,411,518

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(9,318,437)

$(374,231)

$(9,692,668)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$120,309,610

$5,128,700

$(23,439,615)

$(18,310,915)

Period

Ended

April

30,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

125,000

$

8,668,006

2,100,000

$

139,741,007

Shares

repurchased

(375,000)

(22,380,396

)

(1,000,000)

(66,391,559

)

Net

Increase/(Decrease)

(250,000)

$

(13,712,390

)

1,100,000

$

73,349,448

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$71,510,367

$71,484,969

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$8,664,666

$22,355,813

$

—

$

—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

24

April

30,

2022

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

The

Adviser

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

the

Adviser.

This

affiliation

may

create

potential

conflicts

for

JH

Indices

as

it

may

have

an

interest

in

the

performance

of

the

Fund,

which

could

motivate

it

to

alter

the

Underlying

Index

methodology

for

the

Underlying

Index.

JH

Indices

has

adopted

procedures

that

it

believes

are

reasonably

designed

to

mitigate

these

and

other

potential

conflicts.

JH

Indices

is

the

licensor

of

certain

trademarks,

service

marks,

and

trade

names.

Neither

JH

Indices

nor

any

of

its

affiliates

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the

Fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the

Fund

particularly

or

the

ability

of

the

Underlying

Index

to

track

general

market

performance.

The

Underlying

Index

is

determined,

composed,

and

calculated

by

JH

Indices

without

regard

to

the

Adviser

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

the

Adviser

or

the

owners

of

the

Fund

into

consideration

in

determining,

composing,

or

calculating

the

Underlying

Index.

JH

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

timing

of,

prices

at,

or

quantities

of

the

Fund

to

be

issued

or

in

the

determination

or

calculation

of

the

equation

by

which

the

Fund

is

to

be

converted

into

cash.

ALTHOUGH

JH

INDICES

SHALL

OBTAIN

INFORMATION

FOR

INCLUSION

IN

OR

FOR

USE

IN

THE

CALCULATION

OF

THE

UNDERLYING

INDEX

FROM

SOURCES

WHICH

IT

CONSIDERS

RELIABLE,

IT

DOES

NOT

GUARANTEE

THE

QUALITY,

ACCURACY

AND/OR

THE

COMPLETENESS

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

AND

SHALL

HAVE

NO

LIABILITY

FOR

ERRORS

OR

OMISSIONS

OF

ANY

KIND

RELATED

TO

THE

UNDERLYING

INDEX

OR

DATA.

JH

INDICES

MAKES

NO

WARRANTY,

EXPRESS

OR

IMPLIED,

AS

TO

RESULTS

TO

BE

OBTAINED

BY

THE

ADVISER,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

IN

CONNECTION

WITH

THE

RIGHTS

LICENSED

TO

THE

ADVISER

FOR

ANY

OTHER

USE.

JH

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

HEREBY

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

WITH

RESPECT

TO

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN.

WITHOUT

LIMITING

ANY

OF

THE

FOREGOING,

IN

NO

EVENT

SHALL

IT

HAVE

ANY

LIABILITY

FOR

ANY

SPECIAL,

PUNITIVE,

INDIRECT,

OR

CONSEQUENTIAL

DAMAGES

(INCLUDING

LOST

PROFITS),

EVEN

IF

NOTIFIED

OF

THE

POSSIBILITY

OF

SUCH

DAMAGES.

The

Adviser

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

the

Adviser

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

The

Adviser

makes

no

warranty,

express

or

implied,

as

to

results

to

be

obtained

by

the

Fund,

owners

of

the

shares

of

the

Fund

or

any

other

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

The

Adviser

makes

no

express

or

implied

warranties,

and

expressly

disclaims

all

warranties

of

merchantability

or

fitness

for

a

particular

purpose

or

use

with

respect

to

the

Underlying

Index

or

any

data

included

therein.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

the

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

25

Adviser

have

any

liability

for

any

special,

punitive,

direct,

indirect

or

consequential

damages

(including

lost

profits)

arising

out

of

matters

relating

to

the

use

of

the

Underlying

Index

even

if

notified

of

the

possibility

of

such

damages.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

26

April

30,

2022

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

20-21,

2022

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

and

Janus

Henderson

AAA

CLO

ETF

(“JAAA”

and,

together

with

VNLA,

JSML,

JSMD

and

JMBS,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefore;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

meetings

held

on

March

14,

2022

and

on

April

6,

2022

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefore,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

27

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

mutual

funds

and

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

management

fee

and

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

comparative

reporting

indicated

that

contractual

management

fee

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

3rd,

2nd,

1

st

,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

comparative

reporting

indicated

that

total

expense

ratios

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

4th,

2nd,

1st,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

VNLA

and

JMBS

to

the

extent

that

the

Funds’

total

expense

ratio

exceeded

0.23%

and

0.28%,

respectively,

for

at

least

the

period

February

28,

2022

through

February

28,

2023.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2022

until

February 28,

2023.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

and

mutual

funds

(as

applicable)

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2022

The

Board

next

discussed

the

performance

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

peer

group

compiled

by

an

independent

third

party

for

each

Fund

for

the

one-year

period,

two-year

period,

three-year

period,

four-year

period

and/or

five-year

period,

as

applicable.

The

Board

noted

that

for

the

one-,

two-,

three-,

four-

and

five-year

periods

ended

December

31,

2021,

respectively,

JSMD

was

reported

to

be

in

the

4th,

4th,

4th,

3rd

and

3rd

quintiles;

JSML

was

reported

to

be

in

the

5th,

4th,

4th,

3rd

and

3rd

quintiles;

and

VNLA

was

reported

to

be

in

the

3rd,

4th,

4th,

3rd

and

3rd

quintiles.

JMBS

was

reported

to

be

in

the

2nd,

1st

and

1st

quintile

for

the

one-,

two-

and

three-year

periods,

respectively.

JAAA

was

reported

to

be

in

the

5th

quintile

for

its

first

one-year

period.

The

Board

also

reviewed

supplemental

performance

information

prepared

by

the

Adviser

for

each

Fund

for

the

three-month,

one-year,

three-year,

and

since-inception

periods

as

of

December

31,

2021

(each

period

as

applicable).

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

29

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93061

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

17

Statement

of

Operations

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

18

Statements

of

Changes

in

Net

Assets

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

19

Financial

Highlights

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

20

Notes

to

Financial

Statements

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

21

Additional

Information

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

35

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

36

Liquidity

Risk

Management

Program

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

39

INVESTMENT

OBJECTIVE

Janus

Henderson

Short

Duration

Income

ETF

(VNLA)

seeks

to

provide

a

steady

income

stream

with

capital

preservation

across

various

market

cycles.

The

Fund

seeks

to

consistently

outperform

the

FTSE

3-Month

US

Treasury

Bill

Index

by

a

moderate

amount

through

various

market

cycles

while

at

the

same

time

providing

low

volatility.

Daniel

Siluk

Jason

England

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

46.3%

Consumer,

Non-cyclical

10.2%

Consumer,

Cyclical

8.5%

Industrial

7.0%

Utilities

4.5%

Communications

4.3%

Government

4.2%

Energy

4.1%

Technology

3.6%

Basic

Materials

1.6%

Exchange

Traded

Funds

1.1%

Mortgage-Backed

Securities

0.8%

Diversified

0.3%

Asset-Backed

Securities

0.0%

96.5%

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

The

Fund

is

not

a

money

market

fund

and

does

not

attempt

to

maintain

a

stable

net

asset

value.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Effective

September

30,

2021,

Jason

England

and

Daniel

Siluk

are

Co-Portfolio

Managers

of

the

Fund.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Short

Duration

Income

ETF

-

NAV

-1.15%

-1.08%

1.77%

1.76%

0.23%

Janus

Henderson

Short

Duration

Income

ETF

-

Market

Price

-1.17%

-1.02%

1.77%

1.76%

–

FTSE

3-Month

U.S.

Treasury

Bill

Index

0.06%

0.08%

1.09%

1.04%

–

*

The

Fund

commenced

operations

on

November

16,

2016.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$988.50

$1.13

$1,000.00

$1,023.65

$1.15

0.23%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Security

-

0.0%

Pepper

SPARKZ

Trust

No.

2,

30

Day

Australian

Bank

Bill

Rate

+

1.5500%,

1.5850%,

10/16/27

‡

(cost

$161,481)

AUD

218,849

$

155,795

Corporate

Bonds

-

79.3%

Basic

Materials

-

1.6%

Ecolab,

Inc.,

0.9000%, 12/15/23

$

6,500,000

6,297,794

Ecolab,

Inc.,

1.6500%, 2/1/27

7,500,000

6,900,401

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

28,760,000

27,277,731

40,475,926

Communications

-

4.3%

Alphabet,

Inc.,

0.4500%, 8/15/25

17,460,000

16,094,176

Amazon.com,

Inc.,

2.7300%, 4/13/24

2,400,000

2,397,361

Amazon.com,

Inc.,

0.4500%, 5/12/24

16,050,000

15,321,715

Amazon.com,

Inc.,

0.8000%, 6/3/25

9,900,000

9,244,127

AT&T,

Inc.,

0.9000%, 3/25/24

25,530,000

24,520,790

eBay,

Inc.,

1.9000%, 3/11/25

9,700,000

9,235,232

Optus

Finance

Pty.

Ltd.,

4.0000%, 6/17/22

AUD

5,250,000

3,745,219

Optus

Finance

Pty.

Ltd.,

3.2500%, 8/23/22

4,500,000

3,216,495

Optus

Finance

Pty.

Ltd.,

3.2500%, 9/6/23

750,000

534,505

Optus

Finance

Pty.

Ltd.,

1.6000%, 7/1/25

700,000

462,755

Spark

Finance

Ltd.,

2.6000%, 3/18/30

990,000

610,330

Verizon

Communications,

Inc.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

1.3000%, 2/17/23

‡

7,240,000

5,163,365

Verizon

Communications,

Inc.,

3.5000%, 2/17/23

2,170,000

1,553,041

Verizon

Communications,

Inc.,

0.7500%, 3/22/24

$

4,700,000

4,514,790

Verizon

Communications,

Inc.,

0.8500%, 11/20/25

6,770,000

6,180,145

Verizon

Communications,

Inc.,

1.4500%, 3/20/26

4,700,000

4,307,619

Walt

Disney

Co.

(The),

1.7500%, 8/30/24

3,470,000

3,358,802

110,460,467

Consumer,

Cyclical

-

7.5%

7-Eleven,

Inc.,

0.6250%, 2/10/23

(144A)

3,350,000

3,290,916

American

Honda

Finance

Corp.,

0.8750%, 7/7/23

1,665,000

1,630,173

American

Honda

Finance

Corp.,

0.5500%, 7/12/24

8,190,000

7,733,059

BMW

US

Capital

LLC,

0.7500%, 8/12/24

(144A)

4,500,000

4,260,346

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

1.1273%, 4/1/25

(144A)

‡

7,025,000

7,045,424

BMW

US

Capital

LLC,

1.2500%, 8/12/26

(144A)

6,450,000

5,853,886

Daimler

Finance

North

America

LLC,

0.7500%, 3/1/24

(144A)

19,060,000

18,237,012

General

Motors

Financial

Co.,

Inc.,

1.7000%, 8/18/23

1,000,000

980,117

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,125,000

9,664,926

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

8,120,211

Home

Depot,

Inc.

(The),

2.7000%, 4/15/25

4,850,000

4,783,605

Hyundai

Capital

America,

1.2500%, 9/18/23

(144A)

4,270,000

4,142,442

Hyundai

Capital

America,

0.8000%, 1/8/24

(144A)

9,050,000

8,622,319

Hyundai

Capital

America,

0.8750%, 6/14/24

(144A)

6,660,000

6,253,504

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

8,000,000

7,445,529

Magallanes,

Inc.,

3.4280%, 3/15/24

(144A)

6,430,000

6,387,452

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

1.2685%, 3/8/24

‡

AUD

1,390,000

992,478

McDonald's

Corp.,

3.0000%, 3/8/24

5,950,000

4,191,925

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

13,153,491

Mercedes-Benz

Australia,

0.7500%, 1/22/24

AUD

390,000

264,705

Toyota

Motor

Corp.,

0.6810%, 3/25/24

$

2,700,000

2,582,772

Toyota

Motor

Credit

Corp.,

0.4500%, 1/11/24

12,250,000

11,755,151

Toyota

Motor

Credit

Corp.,

0.5000%, 6/18/24

11,500,000

10,878,885

Toyota

Motor

Credit

Corp.,

1.8000%, 2/13/25

7,600,000

7,271,698

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

3.1000%, 4/17/23

AUD

1,100,000

782,921

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Cyclical

-

(continued)

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

AUD

13,370,000

$

8,631,090

Volkswagen

Group

of

America

Finance

LLC,

2.9000%, 5/13/22

(144A)

$

2,400,000

2,401,057

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

13,000,000

12,480,687

Walmart,

Inc.,

1.0500%, 9/17/26

12,800,000

11,649,592

191,487,373

Consumer,

Non-cyclical

-

9.6%

Avery

Dennison

Corp.,

0.8500%, 8/15/24

6,450,000

6,077,011

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,000,000

20,808,300

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,669,643

Centene

Corp.,

4.2500%, 12/15/27

13,229,000

12,832,130

Conagra

Brands,

Inc.,

0.5000%, 8/11/23

4,500,000

4,351,692

ConnectEast

Finance

Pty.

Ltd.,

3.4000%, 3/25/26

AUD

1,600,000

1,101,584

CVS

Health

Corp.,

4.7500%, 12/1/22

$

5,300,000

5,349,756

CVS

Health

Corp.,

3.3750%, 8/12/24

7,485,000

7,465,007

CVS

Health

Corp.,

2.6250%, 8/15/24

3,915,000

3,848,335

GSK

Consumer

Healthcare

Capital

US

LLC,

SOFR

+

0.8900%,

1.1757%, 3/24/24

(144A)

‡

6,675,000

6,682,172

GSK

Consumer

Healthcare

Capital

US

LLC,

3.0240%, 3/24/24

(144A)

6,675,000

6,607,824

Hershey

Co.

(The),

0.9000%, 6/1/25

7,906,000

7,382,014

Hershey

Co.

(The),

2.3000%, 8/15/26

4,094,000

3,911,587

Hormel

Foods

Corp.,

0.6500%, 6/3/24

5,500,000

5,243,460

Humana,

Inc.,

0.6500%, 8/3/23

9,750,000

9,462,965

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

4,018,432

Johnson

&

Johnson,

0.5500%, 9/1/25

23,690,000

21,806,650

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

4,210,000

2,730,596

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

650,000

402,728

Mars,

Inc.,

2.7000%, 4/1/25

(144A)

$

4,295,000

4,210,403

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

5,775,000

5,427,125

Mondelez

International,

Inc.,

2.1250%, 3/17/24

3,275,000

3,215,696

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,100,000

3,160,181

Nestle

Holdings,

Inc.,

0.3750%, 1/15/24

(144A)

$

12,070,000

11,580,789

PerkinElmer,

Inc.,

0.5500%, 9/15/23

4,550,000

4,404,239

PerkinElmer,

Inc.,

0.8500%, 9/15/24

23,550,000

22,062,794

Roche

Holdings,

Inc.,

1.8820%, 3/8/24

(144A)

17,500,000

17,171,185

Thermo

Fisher

Scientific,

Inc.,

0.7970%, 10/18/23

13,950,000

13,526,024

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

13,950,000

13,234,113

Unilever

Capital

Corp.,

0.6260%, 8/12/24

6,550,000

6,193,489

WSO

Finance

Pty.

Ltd.,

3.5000%, 7/14/23

AUD

3,290,000

2,355,200

WSO

Finance

Pty.

Ltd.,

4.5000%, 3/31/27

910,000

651,391

WSO

Finance

Pty.

Ltd.,

4.5000%, 9/30/27

5,000,000

3,588,198

245,532,713

Diversified

-

0.3%

CK

Hutchison

International

17

II

Ltd.,

2.7500%, 3/29/23

(144A)

$

1,200,000

1,196,676

CK

Hutchison

International

19

Ltd.,

3.2500%, 4/11/24

(144A)

5,700,000

5,690,770

6,887,446

Energy

-

1.1%

Enbridge,

Inc.,

SOFRINDX

+

0.6300%,

0.8181%, 2/16/24

‡

6,550,000

6,558,064

Enbridge,

Inc.,

2.1500%, 2/16/24

6,550,000

6,401,053

Harvest

Operations

Corp.,

4.2000%, 6/1/23

200,000

202,224

Harvest

Operations

Corp.,

4.2000%, 6/1/23

(144A)

2,900,000

2,932,248

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

5,866,546

SA

Global

Sukuk

Ltd.,

0.9460%, 6/17/24

(144A)

6,550,000

6,197,938

28,158,073

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

43.2%

AAI

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.2000%,

3.4842%, 10/6/42

‡

AUD

7,170,000

$

5,132,952

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

$

14,625,000

13,633,595

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

14,889,247

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,900,505

Air

Lease

Corp.,

0.8000%, 8/18/24

16,150,000

15,012,953

Air

Lease

Corp.,

1.8750%, 8/15/26

6,235,000

5,560,407

American

Express

Co.,

SOFRINDX

+

0.7200%,

1.4788%, 5/3/24

‡

6,875,000

6,873,466

American

Express

Co.,

SOFR

+

0.9300%,

1.1544%, 3/4/25

‡

12,900,000

12,986,466

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

1,000,936

ANZ

New

Zealand

Int'l

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

12,525,460

Athene

Global

Funding,

2.5140%, 3/8/24

(144A)

2,500,000

2,437,416

Athene

Global

Funding,

0.9140%, 8/19/24

(144A)

13,850,000

12,990,014

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

15,460,000

14,469,632

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

23,135,000

20,565,503

Australia

&

New

Zealand

Banking

Group

Ltd.,

5-year

AUD

Swap

Offer

Rate

+

1.8500%,

4.7500%, 5/13/27

‡

AUD

3,170,000

2,255,126

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

2.5274%, 7/26/29

‡

1,290,000

928,002

Australia

&

New

Zealand

Banking

Group

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.2880%,

2.9500%, 7/22/30

(144A)

‡

$

23,781,000

22,583,805

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

1.9298%, 2/26/31

‡

AUD

150,000

106,086

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,640,000

11,291,596

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

13,345,223

Banco

Santander

SA,

3.4960%, 3/24/25

27,400,000

26,954,809

Bank

of

America

Corp.,

SOFR

+

1.4600%,

1.4860%, 5/19/24

‡

3,000,000

2,945,731

Bank

of

America

Corp.,

SOFR

+

0.6700%,

1.8430%, 2/4/25

‡

2,150,000

2,080,976

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

0.9700%,

3.4580%, 3/15/25

‡

2,950,000

2,922,456

Bank

of

America

Corp.,

SOFR

+

0.9100%,

0.9810%, 9/25/25

‡

18,155,000

16,899,797

Bank

of

America

Corp.,

0.6000%, 1/26/26

Ç

2,000,000

1,744,470

Bank

of

America

Corp.,

SOFR

+

1.3300%,

3.3840%, 4/2/26

‡

3,000,000

2,934,820

Bank

of

America

Corp.,

SOFR

+

0.9100%,

1.6580%, 3/11/27

‡

18,570,000

16,815,623

Bank

of

America

Corp.,

SOFR

+

0.9600%,

1.7340%, 7/22/27

‡

6,650,000

5,967,598

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

1.9208%, 5/1/28

‡

AUD

19,500,000

13,911,546

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

2.3120%, 7/29/31

‡

2,950,000

2,049,583

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

2.5298%, 11/30/28

‡

24,600,000

17,767,045

Charles

Schwab

Corp.

(The),

0.7500%, 3/18/24

$

14,200,000

13,596,890

Charter

Hall

Exchange

Finance

Pty.

Ltd.,

2.3170%, 9/25/30

AUD

3,800,000

2,192,550

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

470,000

287,405

Citigroup,

Inc.,

SOFR

+

0.6690%,

0.9810%, 5/1/25

‡

$

11,470,000

10,814,914

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

96,745

Citigroup,

Inc.,

SOFR

+

0.7650%,

1.1220%, 1/28/27

‡

24,000,000

21,421,246

Citigroup,

Inc.,

SOFR

+

0.7700%,

1.4620%, 6/9/27

‡

16,950,000

15,086,841

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

1.4400%, 1/11/24

‡

AUD

200,000

143,336

Commonwealth

Bank

of

Australia,

3.3500%, 6/4/24

$

7,289,000

7,310,648

Commonwealth

Bank

of

Australia,

1.1250%, 6/15/26

(144A)

19,400,000

17,467,279

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

1.9450%, 9/10/30

‡

AUD

2,500,000

1,770,460

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

1.3950%, 8/20/31

‡

24,700,000

17,095,447

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Cooperatieve

Rabobank

UA,

0.3750%, 1/12/24

$

12,200,000

$

11,634,805

Cooperatieve

Rabobank

UA,

2.6250%, 7/22/24

(144A)

1,000,000

979,696

Cooperatieve

Rabobank

UA,

1.3750%, 1/10/25

3,590,000

3,400,252

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.0000%,

1.3390%, 6/24/26

(144A)

‡

5,400,000

4,978,386

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.7300%,

1.9800%, 12/15/27

(144A)

‡

3,500,000

3,173,941

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

(144A)

10,475,000

10,368,784

Credit

Suisse

AG,

SOFRINDX

+

1.2600%,

1.5457%, 2/21/25

‡

13,300,000

13,300,015

DBS

Group

Holdings

Ltd.,

1.1690%, 11/22/24

(144A)

15,000,000

14,285,570

DBS

Group

Holdings

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

1.7339%, 3/16/28

‡

AUD

26,020,000

18,544,960

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

$

3,600,000

3,649,429

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

3,270,000

3,314,898

DEXUS

Finance

Pty.

Ltd.,

4.2000%, 11/9/22

AUD

3,000,000

2,156,411

Dexus

Wholesale

Property

Fund,

4.7500%, 6/16/25

2,590,000

1,886,544

GAIF

Bond

Issuer

Pty.

Ltd.,

3.4000%, 9/30/26

(144A)

$

3,390,000

3,325,366

GAIF

Bond

Issuer

Pty.

Ltd.,

3.4000%, 9/30/26

4,289,000

4,207,226

General

Property

Trust,

3.5910%, 11/7/23

AUD

1,500,000

1,071,958

General

Property

Trust,

3.6725%, 9/19/24

2,200,000

1,566,771

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

0.6570%, 9/10/24

‡

$

18,775,000

18,017,044

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.7300%,

1.7570%, 1/24/25

‡

5,200,000

5,020,977

Goldman

Sachs

Group,

Inc.

(The),

3.5000%, 4/1/25

6,680,000

6,579,102

Goldman

Sachs

Group,

Inc.

(The),

ICE

LIBOR

USD

3

Month

+

1.2010%,

3.2720%, 9/29/25

‡

2,575,000

2,533,528

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.8180%,

1.5420%, 9/10/27

‡

18,775,000

16,589,052

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

AUD

5,780,000

4,076,107

HSBC

Holdings

plc,

SOFR

+

0.5340%,

0.7320%, 8/17/24

‡

$

6,390,000

6,149,963

HSBC

Holdings

plc,

SOFR

+

0.5800%,

1.1620%, 11/22/24

‡

11,300,000

10,837,673

HSBC

Holdings

plc,

SOFR

+

0.7075%,

0.9760%, 5/24/25

‡

10,000,000

9,375,339

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

2.6045%, 12/15/36

‡

AUD

7,540,000

5,391,478

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

2.2545%, 6/15/44

‡

17,350,000

12,369,705

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

2.5045%, 6/15/45

‡

6,730,000

4,807,048

JPMorgan

Chase

&

Co.,

SOFR

+

0.5400%,

0.8240%, 6/1/25

‡

$

7,560,000

7,112,891

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

0.5800%,

0.9690%, 6/23/25

‡

12,300,000

11,572,329

JPMorgan

Chase

&

Co.,

SOFR

+

1.1600%,

2.3010%, 10/15/25

‡

390,000

373,972

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

3,200,000

3,078,384

JPMorgan

Chase

&

Co.,

SOFR

+

0.8000%,

1.0450%, 11/19/26

‡

21,170,000

19,027,305

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

0.6950%,

1.0400%, 2/4/27

‡

10,000,000

8,904,517

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6000%,

2.7350%, 3/6/23

‡

AUD

2,600,000

1,851,068

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

2.4298%, 2/26/24

‡

9,440,000

6,670,767

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

2.6097%, 3/17/25

‡

2,780,000

1,960,274

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

2.6283%, 5/25/26

‡

10,800,000

7,558,859

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

8

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

1.4802%, 3/20/23

‡

AUD

3,310,000

$

2,359,983

Lloyds

Banking

Group

plc,

3.6500%, 3/20/23

1,500,000

1,073,683

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.1000%,

1.3260%, 6/15/23

‡

$

9,300,000

9,281,657

Lloyds

Banking

Group

plc,

ICE

LIBOR

USD

3

Month

+

0.8100%,

2.9070%, 11/7/23

‡

3,400,000

3,394,184

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

AUD

3,850,000

2,752,994

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

4,887,269

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.5500%,

0.6950%, 5/11/24

‡

5,700,000

5,531,715

Macquarie

Bank

Ltd.,

2.3000%, 1/22/25

(144A)

12,840,000

12,404,976

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

2.9798%, 5/28/30

‡

AUD

19,800,000

14,453,316

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

1.7097%, 6/17/31

‡

11,100,000

7,700,378

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

$

9,700,000

9,058,871

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,848,875

Morgan

Stanley,

SOFR

+

0.5250%,

0.7900%, 5/30/25

‡

17,600,000

16,460,448

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,000,000

10,266,711

Morgan

Stanley,

SOFR

+

0.8790%,

1.5930%, 5/4/27

‡

2,040,000

1,834,390

Morgan

Stanley,

SOFR

+

0.8580%,

1.5120%, 7/20/27

‡

27,715,000

24,672,078

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

2.2300%, 5/17/29

‡

AUD

12,620,000

9,101,225

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

1.7800%, 11/18/30

‡

23,000,000

16,208,802

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0200%,

2.1000%, 11/18/31

‡

9,240,000

6,550,636

Nordea

Bank

Abp

,

1.0000%, 6/9/23

(144A)

$

6,700,000

6,542,323

Nordea

Bank

Abp

,

0.7500%, 8/28/25

(144A)

9,000,000

8,190,828

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

(144A)

616,000

624,026

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

2,930,000

2,968,178

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

3.7500%, 12/6/23

AUD

1,000,000

715,709

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2700%,

1.3500%, 8/15/25

‡

3,290,000

2,347,568

Royal

Bank

of

Canada,

2.3520%, 7/2/24

CAD

20,200,000

15,345,393

Royal

Bank

of

Canada,

2.5500%, 7/16/24

$

190,000

186,790

Royal

Bank

of

Canada,

1.1500%, 6/10/25

220,000

203,279

Royal

Bank

of

Canada,

1.2000%, 4/27/26

13,630,000

12,298,295

Shopping

Centres

Australasia

Property

Retail

Trust,

3.9000%, 6/7/24

AUD

4,600,000

3,294,054

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

2.2850%, 12/5/28

‡

15,890,000

11,433,597

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.2500%,

2.3350%, 12/1/35

‡

5,000,000

3,562,413

Suncorp-

Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

9,971,964

SVB

Financial

Group,

2.1000%, 5/15/28

13,370,000

11,745,026

Swedbank

AB,

SOFRINDX

+

0.9100%,

1.1982%, 4/4/25

(144A)

‡

12,000,000

12,003,459

Toronto-Dominion

Bank

(The),

0.5500%, 3/4/24

2,780,000

2,650,004

Toronto-Dominion

Bank

(The),

2.8500%, 3/8/24

CAD

16,840,000

12,981,841

Toronto-Dominion

Bank

(The),

0.7000%, 9/10/24

$

4,150,000

3,907,647

Toronto-Dominion

Bank

(The),

1.1500%, 6/12/25

7,200,000

6,674,246

UBS

AG,

0.3750%, 6/1/23

(144A)

9,950,000

9,691,597

UBS

AG,

0.7000%, 8/9/24

(144A)

4,550,000

4,288,998

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

United

Overseas

Bank

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.5000%,

3.7500%, 4/15/29

(144A)

‡

$

4,230,000

$

4,216,899

Vicinity

Centres

Trust,

3.5000%, 4/26/24

AUD

5,700,000

4,032,277

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

1.6350%, 6/27/25

‡

500,000

359,715

Vicinity

Centres

Trust,

4.0000%, 4/26/27

150,000

104,971

Wells

Fargo

&

Co.,

SOFR

+

1.6000%,

1.6540%, 6/2/24

‡

$

20,480,000

20,131,285

Wells

Fargo

&

Co.,

SOFR

+

0.5100%,

0.8050%, 5/19/25

‡

6,570,000

6,177,174

Wells

Fargo

&

Co.,

ICE

LIBOR

USD

3

Month

+

0.7500%,

2.1640%, 2/11/26

‡

9,590,000

9,096,975

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

1.5900%, 4/25/26

‡

3,500,000

3,502,590

Wells

Fargo

&

Co.,

3.7000%, 7/27/26

AUD

18,000,000

12,332,560

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

1.0284%, 11/16/23

‡

14,300,000

10,225,129

Westpac

Banking

Corp.,

1.0190%, 11/18/24

$

6,000,000

5,683,986

Westpac

Banking

Corp.,

2.3500%, 2/19/25

1,800,000

1,749,992

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.4000%,

1.4784%, 2/16/28

‡

AUD

6,100,000

4,341,378

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

2.6500%,

4.8000%, 6/14/28

‡

300,000

215,346

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

1.9816%, 6/22/28

‡

15,800,000

11,296,979

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

13,722,000

9,744,031

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

2.0598%, 8/27/29

‡

6,700,000

4,815,920

Westpac

Banking

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.3500%,

2.8940%, 2/4/30

‡

$

5,910,000

5,637,224

1,098,602,856

Industrial

-

3.9%

Canadian

Pacific

Railway

Co.,

1.3500%, 12/2/24

9,875,000

9,353,590

Caterpillar

Financial

Services

Corp.,

0.4500%, 5/17/24

8,420,000

7,995,618

Caterpillar

Financial

Services

Corp.,

0.6000%, 9/13/24

1,950,000

1,842,766

Caterpillar

Financial

Services

Corp.,

2.1500%, 11/8/24

2,200,000

2,151,086

Caterpillar

Financial

Services

Corp.,

1.4500%, 5/15/25

4,600,000

4,356,874

Caterpillar

Financial

Services

Corp.,

0.8000%, 11/13/25

13,590,000

12,418,876

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

2.1000%, 12/12/22

AUD

230,000

163,361

DAE

Funding

LLC,

1.5500%, 8/1/24

(144A)

$

3,450,000

3,217,273

John

Deere

Capital

Corp.,

0.4500%, 1/17/24

3,590,000

3,448,225

John

Deere

Capital

Corp.,

0.4500%, 6/7/24

11,650,000

11,071,192

John

Deere

Capital

Corp.,

0.6250%, 9/10/24

6,300,000

5,954,878

John

Deere

Capital

Corp.,

0.7000%, 1/15/26

6,080,000

5,526,291

Martin

Marietta

Materials,

Inc.,

0.6500%, 7/15/23

6,525,000

6,359,383

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

1.7627%, 7/12/24

‡

AUD

8,980,000

6,340,205

Stanley

Black

&

Decker,

Inc.,

2.3000%, 2/24/25

$

16,325,000

15,846,982

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

1,230,000

1,238,097

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

(144A)

1,000,000

1,006,583

98,291,280

Technology

-

3.6%

Apple,

Inc.,

2.4000%, 1/13/23

5,100,000

5,115,013

Apple,

Inc.,

0.7500%, 5/11/23

3,600,000

3,547,518

Apple,

Inc.,

1.8000%, 9/11/24

8,200,000

8,012,053

Apple,

Inc.,

0.5500%, 8/20/25

3,690,000

3,399,634

Apple,

Inc.,

0.7000%, 2/8/26

9,240,000

8,438,904

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

10

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

(continued)

Fiserv,

Inc.,

3.8000%, 10/1/23

$

21,820,000

$

22,022,841

Intuit,

Inc.,

0.6500%, 7/15/23

14,410,000

14,065,459

NVIDIA

Corp.,

0.5840%, 6/14/24

16,300,000

15,512,159

VMware,

Inc.,

1.0000%, 8/15/24

6,550,000

6,160,088

VMware,

Inc.,

1.4000%, 8/15/26

6,550,000

5,870,955

92,144,624

Utilities

-

4.2%

Ausgrid

Finance

Pty.

Ltd.,

3.8500%, 5/1/23

(144A)

7,940,000

7,961,019

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

1.1700%, 2/5/24

‡

AUD

370,000

263,394

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

1.9320%, 10/30/24

‡

22,300,000

15,908,172

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

12,277,272

AusNet

Services

Holdings

Pty.

Ltd.,

5.3750%, 7/2/24

4,400,000

3,238,489

Australian

Gas

Networks

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.4200%,

0.6515%, 7/1/26

‡

3,000,000

2,073,040

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

1.1947%, 12/13/23

‡

1,530,000

1,092,074

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

3,885,415

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

(144A)

$

4,000,000

4,045,080

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

200,000

202,254

Korea

East-West

Power

Co.

Ltd.,

1.7500%, 5/6/25

5,854,000

5,570,491

Korea

Southern

Power

Co.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.9700%,

1.6820%, 10/30/24

‡

AUD

2,090,000

1,490,952

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

1.4831%, 12/6/24

‡

14,120,000

10,094,235

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

1,300,000

917,433

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

570,000

371,465

NextEra

Energy

Capital

Holdings,

Inc.,

SOFRINDX

+

1.0200%,

1.3067%, 3/21/24

‡

$

10,000,000

10,007,736

NextEra

Energy

Capital

Holdings,

Inc.,

2.9400%, 3/21/24

13,300,000

13,202,423

SGSP

Australia

Assets

Pty.

Ltd.,

3.3000%, 4/9/23

Ç

14,270,000

14,278,310

SGSP

Australia

Assets

Pty.

Ltd.,

3.2500%, 7/29/26

200,000

194,180

107,073,434

Total

Corporate

Bonds

(cost

$2,129,747,341)

2,019,114,192

Foreign

Government

Bonds

-

5.2%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

0.8950%, 9/23/25

‡

AUD

16,880,000

12,003,936

Korea

Hydro

&

Nuclear

Power

Co.

Ltd.,

3.7500%, 7/25/23

(144A)

$

8,050,000

8,126,458

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

6,500,000

5,919,355

New

South

Wales

Treasury

Corp.,

1.0000%, 2/8/24

AUD

23,350,000

16,177,056

New

Zealand

Government

Bond,

0.5000%, 5/15/24

NZD

78,100,000

47,909,400

Queensland

Treasury

Corp.,

5.7500%, 7/22/24

AUD

29,700,000

22,455,603

South

Australian

Government

Financing

Authority,

2.2500%, 8/15/24

12,800,000

8,982,846

Treasury

Corp.

of

Victoria,

5.5000%, 12/17/24

6,400,000

4,853,091

Western

Australian

Treasury

Corp.,

2.5000%, 7/23/24

7,700,000

5,441,558

Total

Foreign

Government

Bonds

(cost

$139,548,455)

131,869,303

Mortgage-Backed

Securities

-

0.8%

Firstmac

Mortgage

Funding

Trust

No.

4

,

30

Day

Australian

Bank

Bill

Rate

+

1.3000%

,

1.3271

%

,

3/8/49

‡

3,500,000

2,501,459

La

Trobe

Financial

Capital

Markets

Trust

30

Day

Australian

Bank

Bill

Rate

+

2.0000%,

2.0390%, 3/12/50

‡

1,036,927

742,767

30

Day

Australian

Bank

Bill

Rate

+

2.3500%,

2.3890%, 3/12/50

‡

1,724,038

1,236,715

30

Day

Australian

Bank

Bill

Rate

+

1.3500%,

1.3750%, 2/11/51

‡

365,969

262,035

30

Day

Australian

Bank

Bill

Rate

+

1.8500%,

1.8750%, 2/11/51

‡

1,400,000

1,007,724

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Liberty

30

Day

Australian

Bank

Bill

Rate

+

1.9000%,

1.9900%, 10/25/50

‡

AUD

1,055,061

$

755,547

30

Day

Australian

Bank

Bill

Rate

+

2.1000%,

2.1900%, 10/25/50

‡

364,247

260,936

Liberty

SME

,

30

Day

Australian

Bank

Bill

Rate

+

1.4500%

,

1.4750

%

,

7/10/50

‡

3,828,987

2,724,117

Pepper

I-Prime

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6500%

,

1.7400

%

,

11/23/49

‡

4,183,710

2,980,756

Pepper

Residential

Securities

Trust

ICE

LIBOR

USD

1

Month

+

1.0000%,

1.5944%, 6/20/60

(144A)

‡

$

601,994

605,054

30

Day

Australian

Bank

Bill

Rate

+

2.2500%,

2.2850%, 8/18/60

‡

AUD

1,098,112

797,556

ICE

LIBOR

USD

1

Month

+

0.9000%,

1.4541%, 11/18/60

(144A)

‡

$

280,200

281,359

RedZed

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

2.4000%

,

2.4250

%

,

3/9/50

‡

AUD

6,384,353

4,573,457

RESIMAC

Premier

,

ICE

LIBOR

USD

1

Month

+

0.8000%

,

1.2881

%

,

11/10/49

(144A)

‡

$

328,159

328,609

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

1.6390

%

,

1/12/46

‡

AUD

954,448

685,436

Total

Mortgage-Backed

Securities

(cost

$20,248,688)

19,743,527

Exchange

Traded

Fund

-

1.1%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

27,670,500

Commercial

Paper

-

10.1%

Arrow

Electronics,

Inc.,

0.9001%, 5/2/22

(Section

4(2))

$

60,000,000

59,995,655

Aviation

Capital

Group

LLC,

0.9401%, 5/2/22

(Section

4(2))

68,300,000

68,297,273

Energy

Transfer

LP,

0.8001%, 5/2/22

(Section

4(2))

70,000,000

69,995,666

Jabil,

Inc.,

0.9001%, 5/2/22

(Section

4(2))

18,950,000

18,948,574

Smithfield

Foods,

Inc.,

0.9502%, 5/3/22

(Section

4(2))

15,000,000

14,998,977

VW

Credit,

Inc.,

0.9205%, 5/18/22

(Section

4(2))

25,000,000

24,989,510

Total

Commercial

Paper

(cost

$257,233,035)

257,225,655

Total

Investments

(total

cost

$2,574,606,778

)

-

96.5%

2,455,778,972

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

3.5%

89,274,809

Net

Assets

-

100.0%

$2,545,053,781

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,510,684,951

61.5

%

Australia

524,339,791

21.4

Canada

85,561,220

3.5

United

Kingdom

83,151,451

3.4

New

Zealand

60,523,666

2.5

Singapore

47,603,960

1.9

Ireland

31,423,347

1.3

Spain

26,954,809

1.1

South

Korea

25,354,590

1.0

Finland

14,733,151

0.6

Netherlands

14,559,148

0.6

Cayman

Islands

13,085,384

0.5

Sweden

12,003,459

0.5

United

Arab

Emirates

3,217,273

0.1

Japan

2,582,772

0.1

Total

$

2,455,778,972

100.0

%

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

12

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/22

Exchange

Traded

Fund

-

1.1%

Janus

Henderson

AAA

CLO

ETF

$

33,183

$

–

$

2,722

$

27,670,500

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

4/30/22

Exchange

Traded

Fund

-

1.1%

Janus

Henderson

AAA

CLO

ETF

$

–

$

27,667,778

$

–

$

27,670,500

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts,

Open

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.

Australian

Dollar

5/12/22

657,600,000

$

(470,075,496)

$

2,684,839

Canadian

Dollar

5/12/22

61,000,000

(48,013,349)

286,225

2,971,064

Citibank

N.A.

Australian

Dollar

5/12/22

28,200,000

(21,108,123)

1,064,910

Australian

Dollar

5/12/22

6,900,000

(5,154,261)

250,070

Australian

Dollar

5/12/22

(6,000,000)

4,402,470

(137,957)

Australian

Dollar

5/12/22

(7,000,000)

5,148,217

(172,952)

1,004,071

J.P.

Morgan

Chase

Bank

Australian

Dollar

5/12/22

(3,200,000)

2,313,982

(39,575)

Swiss

Franc

5/5/22

73,200,000

(76,089,008)

669,187

629,612

Morgan

Stanley

&

Co.

Australian

Dollar

5/12/22

600,000

(450,971)

24,520

Australian

Dollar

5/12/22

(7,500,000)

5,512,161

(181,519)

New

Zealand

Dollar

5/12/22

75,400,000

(49,996,307)

1,057,626

900,627

Total

$5,505,374

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

5

Year

Notes

856

6/30/22

$

96,447,125

$

(241,754)

Total

-

Futures

Long

(241,754)

Futures

Short:

Australia

10

Year

Bonds

175

6/15/22

(15,438,487)

992,912

U.S.

Treasury

10

Year

Notes

383

6/21/22

(45,636,844)

2,829,970

U.S.

Treasury

2

Year

Notes

3,750

6/30/22

(790,546,875)

13,681,973

U.S.

Treasury

5

Year

Notes

4,208

6/30/22

(474,123,250)

20,161,126

Total

-

Futures

Short

37,665,981

Total

$37,424,227

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2022.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2022.

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Value

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

$

51,500,000

$

(458,153)

$

502,666

$

44,513

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

130,000,000

(1,156,503)

1,658,430

501,927

Total

(1,614,656)

2,161,096

$546,440

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2022

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$—

$6,037,377

$6,037,377

Swaps

-

centrally

cleared

546,440

—

—

546,440

Futures

contracts

—

37,665,981

—

37,665,981

Total

Asset

Derivatives

$546,440

$37,665,981

$6,037,377

$44,249,798

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

—

(532,003)

(532,003)

Futures

contracts

—

(241,754)

—

(241,754)

Total

Liability

Derivatives

$—

$(241,754)

$(532,003)

$(773,757)

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

April

30,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$11,483,652

11,483,652

Futures

contracts

—

47,244,523

—

47,244,523

Swap

contracts

169,552

825,012

—

994,564

Total

$169,552

$48,069,535

$11,483,652

59,722,739

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$16,714,131

$16,714,131

Futures

contracts

—

24,885,647

—

24,885,647

Swap

contracts

546,440

—

—

546,440

Total

$546,440

$24,885,647

$16,714,131

$42,146,218

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

14

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$16,074,521

Average

notional

amount

of

contracts

-

short

1,542,032,118

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

10,564,888

Average

amounts

sold

-

in

USD

593,323,817

Credit

default

swaps:

Average

notional

amount

-

buy

protection

30,250,000

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

28,897,500

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

15

FTSE

3-Month

U.S.

Treasury

Bill

Index

FTSE

3-Month

U.S.

Treasury

Bill

Index

tracks

the

performance

of

short-term

U.S.

government

debt

securities.

ETF

Exchange

Traded

Fund

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

£

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

April

30,

2022

is

$257,225,655,

which

represents

10.1%

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

April

30,

2022

is

$471,703,266

which

represents

18.5%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2022.

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)

April

30,

2022

16

April

30,

2022

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

April

30,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Security

$

—

$

155,795

$

—

Corporate

Bonds

—

2,019,114,192

—

Foreign

Government

Bonds

—

131,869,303

—

Mortgage-Backed

Securities

—

19,743,527

—

Exchange

Traded

Fund

27,670,500

—

—

Commercial

Paper

—

257,225,655

—

Total

Investments

in

Securities

$

27,670,500

$

2,428,108,472

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

546,440

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

6,037,377

—

Futures

Contracts

37,665,981

—

—

Total

Other

Financial

Instruments

$

37,665,981

$

6,583,817

$

—

Total

Assets

$

65,336,481

$

2,434,692,289

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

532,003

$

—

Futures

Contracts

241,754

—

—

Total

Liabilities

$

241,754

$

532,003

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange,

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.

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,546,939,000)

$

2,428,108,472

Affiliated

investments,

at

value

(cost

$27,667,778)

27,670,500

Cash

denominated

in

foreign

currency

(cost

$79,149,427)

79,056,115

Forward

foreign

currency

exchange

contracts

6,037,377

Due

from

broker

for

centrally

cleared

swaps

2,737,234

Due

from

broker

for

futures

16,240,000

Receivable

for

variation

margin

on

swaps

436,893

Receivables:

Fund

units

sold

7,328,408

Interest

8,878,607

Due

from

adviser

5,119

Total

Assets

2,576,498,723

Liabilities:

Payable

for

variation

margin

on

futures

contracts

4,657,589

Forward

foreign

currency

exchange

contracts

532,003

Payables:

—

Due

to

custodian

18,896,868

Investments

purchased

6,869,290

Management

fees

489,192

Total

Liabilities

31,444,942

Net

Assets

$

2,545,053,781

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,614,299,695

Total

distributable

earnings

(loss)

(

69,245,914

)

Total

Net

Assets

$

2,545,053,781

Net

Assets

$

2,545,053,781

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

52,100,000

Net

Asset

Value

Per

Share

$

48

.85

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

18

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

17,302,113

Dividends

from

affiliates

33,183

Foreign

tax

withheld

(

27

)

Total

Investment

Income

17,335,269

Expenses:

Management

Fees

2,994,715

Total

Expenses

2,994,715

Less:

Excess

Expense

Reimbursement

and

Waivers

(

12,609

)

Net

Expenses

2,982,106

Net

Investment

Income/(Loss)

14,353,163

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

17,836,316

)

Forward

foreign

currency

exchange

contracts

11,483,652

Futures

contracts

47,244,523

Swap

contracts

994,564

Total

Net

Realized

Gain/(Loss)

on

Investments

$

41,886,423

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

128,623,188

)

Investments

in

affiliates

2,722

Forward

foreign

currency

exchange

contracts

16,714,131

Futures

contracts

24,885,647

Swap

contracts

546,440

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

86,474,248

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

30,234,662

)

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

14,353,163

$

28,223,248

Net

realized

gain/(loss)

on

investments

41,886,423

(

5,523,306

)

Change

in

unrealized

net

appreciation/depreciation

(

86,474,248

)

(

18,802,770

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

30,234,662

)

3,897,172

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

30,885,152

)

(

27,444,008

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

30,885,152

)

(

27,444,008

)

Capital

Share

Transactions

(

171,327,113

)

74,521,876

Net

Increase/(Decrease)

in

Net

Assets

(

232,446,927

)

50,975,040

Net

Assets:

—

—

Beginning

of

Period  

2,777,500,708

2,726,525,668

End

of

Period

$

2,545,053,781

$

2,777,500,708

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

20

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

2020

2019

2018

2017

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

$50.40

$49.89

$50.04

$50.35

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(2)

0.27

0.49

0.77

1.39

1.25

0.82

Net

realized

and

unrealized

gain/(loss)

(0.84)

(0.41)

0.70

0.53

(0.33)

0.11

Total

from

Investment

Operations

(0.57)

0.08

1.47

1.92

0.92

0.93

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.58)

(0.48)

(0.96)

(1.43)

(1.23)

(0.58)

Distributions

(from

capital

gains)

—

—

—

(0.64)

—

—

Total

Dividends

and

Distributions

(0.58)

(0.48)

(0.96)

(2.07)

(1.23)

(0.58)

Net

Asset

Value,

End

of

Period

$48.85

$50.00

$50.40

$49.89

$50.04

$50.35

Total

Return

*

(1.15)%

0.15%

2.99%

3.95%

1.86%

1.87%

Net

assets,

End

of

Period

(in

thousands)

$2,545,054

$2,777,501

$2,726,526

$1,037,735

$730,545

$156,084

Average

Net

Assets

for

the

Period

(in

thousands)

$2,643,746

$2,893,718

$1,601,333

$925,572

$406,711

$66,131

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.23%

0.23%

0.26%

0.32%

0.35%

0.35%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.26%

0.32%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

1.09%

0.98%

1.54%

2.80%

2.51%

1.71%

Portfolio

Turnover

Rate

(3)

21%

74%

14%

23%

22%

44%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

November

16,

2016

(commencement

of

operations)

through

October

31,

2017.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Short

Duration

Income

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

to

provide

a

steady

income

stream

with

capital

preservation

across

various

market

cycles.

The

Fund

seeks

to

consistently

outperform

the

FTSE

3-Month

U.S.

Treasury

Bill

Index

by

a

moderate

amount

through

various

market

cycles

while

at

the

same

time

providing

low

volatility.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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-

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2022

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

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date

of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2022 

is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2022

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

When

used

to

enhance

return

the

Fund

may

be

fully

exposed

to

the

risk

of

loss

of

that

derivative,

which

may

sometimes

be

greater

than

the

derivative’s

cost.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-traded

derivatives,

centrally

cleared

derivatives,

forward

foreign

currency

exchange

contracts,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's ability

to

establish

and

maintain

appropriate

systems

and

trading. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

Forward

Foreign

Currency

Exchange

Contracts

A

forward

foreign

currency

exchange

contract

(“forward

currency

contract”)

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i)

fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii)

contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2022

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps

and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

The

Fund

may

invest

in

single-name

credit

default

swaps

(“CDS”)

to

buy

or

sell

credit

protection

to

hedge

its

credit

exposure,

gain

issuer

exposure

without

owning

the

underlying

security,

or

increase

the

Fund’s

total

return.

Single-

name

CDS

enable

the

Fund

to

buy

or

sell

protection

against

a

credit

event

of

a

specific

issuer.

When

the

Fund

buys

a

single-

name

CDS,

the

Fund

will

receive

a

return

on

its

investment

only

in

the

event

of

a

credit

event,

such

as

default

by

the

issuer

of

the

underlying

obligation

(as

opposed

to

a

credit

downgrade

or

other

indication

of

financial

difficulty).

If

a

single-

name

CDS

transaction

is

particularly

large,

or

if

the

relevant

market

is

illiquid,

it

may

not

be

possible

for

the

Fund

to

initiate

a

single-name

CDS

transaction

or

to

liquidate

its

position

at

an

advantageous

time

or

price,

which

may

result

in

significant

losses.

Moreover,

the

Fund

bears

the

risk

of

loss

of

the

amount

expected

to

be

received

under

a

single-name

CDS

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

The

risks

associated

with

cleared

single-name

CDS

may

be

lower

than

that

for

uncleared

single-name

CDS

because

for

cleared

single-name

CDS,

the

counterparty

is

a

clearinghouse

(to

the

extent

such

a

trading

market

is

available).

However,

there

can

be

no

assurance

that

a

clearinghouse

or

its

members

will

satisfy

their

obligations

to

the

Fund. 

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

The

Fund's

use

of

interest

rate

swaps

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

security

transactions.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities,

other

underlying

assets,

or

principal.

Interest

rate

swaps

involve

the

exchange

by

two

parties

of

their

respective

commitments

to

pay

or

receive

interest

(e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Interest

rate

swaps

may

result

in

potential

losses

if

interest

rates

do

not

move

as

expected

or

if

the

counterparties

are

unable

to

satisfy

their

obligations.

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make. 

During

the

period,

the

Fund

entered

into

interest

rate

swaps

paying

a

fixed

interest

rate

and

receiving

a

floating

interest

rate

in

order

to decrease

interest

rate

risk

(duration)

exposure.

As

interest

rates

rise,

the

Fund

benefits

by

receiving

a

higher

future

floating

rate,

while

paying

a

fixed

rate

that

has

not

increased. 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2022

During

the

period,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased. 

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Floating-Rate

Obligations

Risk 

The

Fund

may

invest

in

floating

rate

obligations

that

reset

regularly,

maintaining

a

fixed

spread

over

a

stated

reference

rate

such

as

the

London

InterBank

Offered

Rate

(“LIBOR”),

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

Foreign

Exposure

Risk

The

Fund

normally

has

significant

exposure

to

foreign

markets

as

a

result

of

its

investments

in

foreign

securities,

including

investments

in

emerging

markets,

which

can

be

more

volatile

than

the

U.S.

markets.

As

a

result,

its

returns

and

net

asset

value

may

be

affected

by

fluctuations

in

currency

exchange

rates

or

political

or

economic

conditions

in

a

particular

country.

In

some

foreign

markets,

there

may

not

be

protection

against

failure

by

other

parties

to

complete

transactions.

It

may

not

be

possible

for

the

Fund

to

repatriate

capital,

dividends,

interest,

and

other

income

from

a

particular

country

or

governmental

entity.

In

addition,

a

market

swing

in

one

or

more

countries

or

regions

where

the

Fund

has

invested

a

significant

amount

of

its

assets

may

have

a

greater

effect

on

the

Fund’s

performance

than

it

would

in

a

more

geographically

diversified

portfolio.

The

Fund’s

investments

in

emerging

market

countries,

if

any,

may

involve

risks

greater

than,

or

in

addition

to,

the

risks

of

investing

in

more

developed

countries.

Mortgage

and

Asset-Backed

Securities 

Mortgage-and

asset-backed

securities

represent

interests

in

“pools”

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

(“Ginnie

Mae”),

the

Federal

National

Mortgage

Association

(“Fannie

Mae”),

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”),

or

other

governmental

or

government-related

entities.

Ginnie

Mae’s

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

Exchange-Traded

Funds

Risk

The

Fund

may

invest

in

exchange-traded

funds

(“ETFs”),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2022

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests. 

Sovereign

Debt 

The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

(“sovereign

debt”).

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls  

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor’s

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor’s

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor’s

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to

extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund’s

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

collateral

held

and/or

posted

and

create

one

single

net

payment.

For

financial

reporting

purposes,

the

Fund

does

not

offset

financial

instruments’

payables

and

receivables

and

related

collateral

on

the

Statement

of

Assets

and

Liabilities. 

The

following

tables

present

gross

amounts

of

recognized

assets

and/or

liabilities

and

the

net

amounts

after

deducting

collateral

that

has

been

pledged

by

counterparties

or

has

been

pledged

to

counterparties

(if

applicable).

For

corresponding

information

grouped

by

type

of

instrument,

see

the

“Fair

Value

of

Derivative

Instruments

as

of

April

30,

2022 

table

located

in

the

Fund's Schedule

of

Investments.

The

Fund

generally

does

not

exchange

collateral

on

its

forward

currency

contracts

with

its

counterparties;

however,

all

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

these

contracts.

Certain

securities

may

be

segregated

at

the

Fund’s

custodian.

These

segregated

securities

are

denoted

on

the

accompanying

Schedule

of

Investments

and

are

evaluated

daily

to

ensure

their

cover

and/or

market

value

equals

or

exceeds

the

Fund’s

corresponding

forward

foreign

currency

exchange

contract’s

obligation

value. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Bank

of

America

N.A.

$

2,971,064

$

—

$

—

$

2,971,064

Citibank

N.A.

1,314,980

(310,909

)

—

1,004,071

J.P.

Morgan

Chase

Bank

669,187

(39,575

)

—

629,612

Morgan

Stanley

&

Co.

1,082,146

(181,519

)

—

900,627

Total

$

6,037,377

$

(532,003

)

$

—

$

5,505,374

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Citibank

N.A.

310,909

(310,909

)

—

—

J.P.

Morgan

Chase

Bank

39,575

(39,575

)

—

—

Morgan

Stanley

&

Co.

181,519

(181,519

)

—

—

Total

$

532,003

$

(532,003

)

$

—

$

—

(a)

Represents

the

amount

of

assets

or

liabilities

that

could

be

offset

with

the

same

counterparty

under

master

netting

or

similar

agreements

that

management

elects

not

to

offset

on

the

Statement

of

Assets

and

Liabilities.

(b)

Collateral

pledged

is

limited

to

the

net

outstanding

amount

due

to/from

an

individual

counterparty.

The

actual

collateral

amounts

pledged

may

exceed

these

amounts

and

may

fluctuate

in

value.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2022

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

payable

by

the

Fund

in

an

amount

equal

to

the

amount,

if

any,

that

the

Fund’s

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business)

exceed

the

annual

rate

of

.23%

of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

the

period

from

February

28,

2022

through

February

28,

2023.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by

the

Adviser are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations. 

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

February

28,

2023.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2022,

the

Adviser

waived

$12,609

of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.23% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2022,

an

affiliate

of

the

Adviser

owned 100,999

shares

or 0.19%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended

April

30,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$33,316,025

in

purchases.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(15,638,179)

$(18,709,452)

$(34,347,631)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,574,606,778

$892,766

$(119,720,572)

$(118,827,806)

Period

Ended

April

30,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

6,050,000

$

298,022,579

9,150,000

$

460,894,564

Shares

repurchased

(9,500,000)

(469,349,692

)

(7,700,001)

(386,372,688

)

Net

Increase/(Decrease)

(3,450,000)

$

(171,327,113

)

1,449,999

$

74,521,876

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2022

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$500,036,533

$647,263,849

$

—

$

—

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

35

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

36

April

30,

2022

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

20-21,

2022

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

and

Janus

Henderson

AAA

CLO

ETF

(“JAAA”

and,

together

with

VNLA,

JSML,

JSMD

and

JMBS,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefore;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

meetings

held

on

March

14,

2022

and

on

April

6,

2022

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefore,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

37

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

mutual

funds

and

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

management

fee

and

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

comparative

reporting

indicated

that

contractual

management

fee

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

3rd,

2nd,

1

st

,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

comparative

reporting

indicated

that

total

expense

ratios

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

4th,

2nd,

1st,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

VNLA

and

JMBS

to

the

extent

that

the

Funds’

total

expense

ratio

exceeded

0.23%

and

0.28%,

respectively,

for

at

least

the

period

February

28,

2022

through

February

28,

2023.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2022

until

February 28,

2023.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

and

mutual

funds

(as

applicable)

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

38

April

30,

2022

The

Board

next

discussed

the

performance

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

peer

group

compiled

by

an

independent

third

party

for

each

Fund

for

the

one-year

period,

two-year

period,

three-year

period,

four-year

period

and/or

five-year

period,

as

applicable.

The

Board

noted

that

for

the

one-,

two-,

three-,

four-

and

five-year

periods

ended

December

31,

2021,

respectively,

JSMD

was

reported

to

be

in

the

4th,

4th,

4th,

3rd

and

3rd

quintiles;

JSML

was

reported

to

be

in

the

5th,

4th,

4th,

3rd

and

3rd

quintiles;

and

VNLA

was

reported

to

be

in

the

3rd,

4th,

4th,

3rd

and

3rd

quintiles.

JMBS

was

reported

to

be

in

the

2nd,

1st

and

1st

quintile

for

the

one-,

two-

and

three-year

periods,

respectively.

JAAA

was

reported

to

be

in

the

5th

quintile

for

its

first

one-year

period.

The

Board

also

reviewed

supplemental

performance

information

prepared

by

the

Adviser

for

each

Fund

for

the

three-month,

one-year,

three-year,

and

since-inception

periods

as

of

December

31,

2021

(each

period

as

applicable).

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Short

Duration

Income

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

39

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

Short

Duration

Income

ETF

Notes

40

April

30,

2022

Janus

Henderson

Short

Duration

Income

ETF

Notes

Janus

Detroit

Street

Trust

41

125-24-93073

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

14

Statement

of

Operations

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

15

Statements

of

Changes

in

Net

Assets

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

16

Financial

Highlights

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

17

Notes

to

Financial

Statements

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

18

Additional

Information

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

30

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

31

Liquidity

Risk

Management

Program

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

34

INVESTMENT

OBJECTIVE

Janus

Henderson

Mortgage-Backed

Securities

ETF

(JMBS)

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

138.8%^

Investment

Companies

21.9%

Asset-Backed

Securities

3.5%

Financial

0.1%

164.3%

^

Percentage

includes

amounts

allocated

to

certain

Forward

Commitment

Transactions,

including

“to-be

announced”

mortgage-backed

securities.

Please

see

the

Schedule

of

Investments

and

Notes

to

Financial

Statements

for

additional

information.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

NAV

-8.27%

-8.35%

1.51%

0.29%

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

Market

Price

-8.34%

-8.43%

1.50%

–

Bloomberg

U.S.

MBS

Index

-8.48%

-8.76%

0.58%

–

*

The

Fund

commenced

operations

on

September

12,

2018.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$917.30

$1.33

$1,000.00

$1,023.41

$1.40

0.28%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

3.5%

Affirm

Asset

Securitization

Trust,

1.6600%,

8/15/25

(144A)

$

2,150,000

$

2,075,363

FREED

ABS

Trust,

6.9600%,

9/20/27

(144A)

4,642,363

4,700,973

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

2,500,000

2,488,098

Lendingpoint

Asset

Securitization

Trust,

1.6800%,

6/15/29

(144A)

2,087,814

2,059,903

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

2,025,223

1,953,749

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

5,556,444

5,135,529

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

2,079,314

2,026,477

Point

Securitization

Trust,

3.2282%,

2/25/52

(144A)

‡

2,474,035

2,467,365

PRET

LLC,

2.4871%,

10/25/51

(144A)

‡

4,670,299

4,444,582

Sunnova

Helios

II

Issuer

LLC,

2.0100%,

7/20/48

(144A)

2,068,196

1,831,498

Total

Asset-Backed

Securities

(cost

$30,296,581)

29,183,537

Mortgage-Backed

Securities

-

138.8%

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.3500%,

1.6387%, 2/25/50

(144A)

‡

2,254,497

2,208,044

SOFR30A

+

1.5500%,

1.8387%, 2/25/50

(144A)

‡

2,673,287

2,605,803

CHT

Mortgage

Trust

,

ICE

LIBOR

USD

1

Month

+

0.9300%

,

1.4841

%

,

11/15/36

(144A)

‡

11,463,065

11,406,423

CIM

Trust

,

2.5690

%

,

7/25/55

(144A)

Ç

1,821,484

1,754,640

COLT

Funding

LLC

,

2.3550

%

,

12/25/64

(144A)

‡

2,862,000

2,735,339

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

2.4000%,

3.0679%, 4/25/31

(144A)

‡

295,325

295,324

ICE

LIBOR

USD

1

Month

+

2.4500%,

3.1179%, 7/25/31

(144A)

‡

162,500

162,901

ICE

LIBOR

USD

1

Month

+

4.1500%,

4.8179%, 8/25/31

(144A)

‡

2,000,000

2,018,678

ICE

LIBOR

USD

1

Month

+

2.1500%,

2.8179%, 9/25/31

(144A)

‡

3,664,236

3,667,150

ICE

LIBOR

USD

1

Month

+

4.1000%,

4.7679%, 9/25/31

(144A)

‡

2,000,000

2,000,003

ICE

LIBOR

USD

1

Month

+

4.1000%,

4.7679%, 7/25/39

(144A)

‡

2,719,269

2,719,276

SOFR30A

+

1.0000%,

1.2887%, 12/25/41

(144A)

‡

1,838,055

1,814,031

SOFR30A

+

1.2000%,

1.4887%, 1/25/42

(144A)

‡

13,310,565

13,154,109

SOFR30A

+

4.5000%,

4.7887%, 1/25/42

(144A)

‡

3,000,000

2,867,274

SOFR30A

+

2.0000%,

2.2887%, 3/25/42

(144A)

‡

1,709,469

1,709,861

SOFR30A

+

2.1000%,

2.3887%, 3/25/42

(144A)

‡

4,246,403

4,250,754

Eagle

RE

Ltd.

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

1.5679

%

,

1/25/30

(144A)

‡

1,200,000

1,191,472

Extended

Stay

America

Trust

,

ICE

LIBOR

USD

1

Month

+

2.2500%

,

2.8050

%

,

7/15/38

(144A)

‡

2,981,649

2,930,541

FHLMC

ICE

LIBOR

USD

1

Month

+

0.3500%,

0.9041%, 2/15/32

‡

28,414

28,409

ICE

LIBOR

USD

1

Month

+

0.6500%,

1.2041%, 3/15/32

‡

40,596

40,961

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.0541%, 7/15/32

‡

24,966

25,117

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.9541%, 1/15/33

‡

26,410

26,437

ICE

LIBOR

USD

1

Month

+

0.2500%,

0.8041%, 9/15/35

‡

23,713

23,809

ICE

LIBOR

USD

1

Month

+

0.5900%,

1.1441%, 10/15/37

‡

78,051

78,620

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.8541%, 8/15/40

‡

36,574

36,551

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.0541%, 9/15/40

‡

75,193

75,346

ICE

LIBOR

USD

1

Month

+

0.5500%,

1.1041%, 4/15/41

‡

251,649

251,587

3.5000%, 8/1/42

72,520

72,036

3.5000%, 8/1/42

67,472

67,021

3.0000%, 3/1/43

646

623

3.0000%, 6/1/43

69,833

66,693

3.0000%, 11/1/43

1,176,762

1,133,433

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.2500%,

2.5387%, 8/25/33

(144A)

‡

3,430,000

3,364,587

SOFR30A

+

2.0500%,

2.3387%, 12/25/33

(144A)

‡

2,235,000

2,155,363

ICE

LIBOR

USD

1

Month

+

5.1000%,

5.7679%, 6/25/50

(144A)

‡

2,124,891

2,209,771

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

STACR

Trust

,

ICE

LIBOR

USD

1

Month

+

1.9500%

,

2.6179

%

,

10/25/49

(144A)

‡

$

4,329,326

$

4,326,033

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

SOFR30A

+

1.3000%

,

1.5887

%

,

2/25/42

(144A)

‡

2,646,904

2,622,204

FHLMC

UMBS

3.0000%, 5/1/31

122,292

121,572

2.5000%, 12/1/31

15,314

14,883

3.0000%, 9/1/32

105,710

104,747

3.0000%, 1/1/33

62,850

62,278

2.5000%, 12/1/33

519,489

504,890

2.5000%, 11/1/34

1,117,031

1,079,629

2.0000%, 1/1/42

14,110,458

12,658,492

2.0000%, 3/1/42

181,817

163,032

2.0000%, 4/1/42

73,063

65,420

3.0000%, 3/1/43

3,000,254

2,892,106

3.0000%, 4/1/43

62,326

60,080

3.5000%, 12/1/44

614,512

608,169

3.0000%, 10/1/46

2,756,159

2,639,559

3.0000%, 12/1/46

17,969

17,208

4.0000%, 3/1/47

173,543

175,468

3.0000%, 4/1/47

1,436,917

1,376,128

4.0000%, 11/1/47

498,725

503,109

3.0000%, 12/1/47

25,866

24,771

4.5000%, 8/1/48

134,153

137,056

5.0000%, 9/1/48

84,068

87,444

4.5000%, 12/1/48

479,987

493,941

4.5000%, 12/1/48

34,488

35,614

4.0000%, 5/1/49

505,025

507,025

3.0000%, 8/1/49

106,981

101,771

3.0000%, 8/1/49

127,580

121,366

3.0000%, 8/1/49

2,812,214

2,672,981

3.5000%, 8/1/49

374,393

364,846

3.0000%, 10/1/49

4,761,054

4,529,163

3.0000%, 10/1/49

4,387,616

4,173,913

3.0000%, 11/1/49

4,460,591

4,243,335

3.0000%, 11/1/49

6,195,208

5,893,465

3.0000%, 11/1/49

3,715,600

3,534,629

3.0000%, 12/1/49

5,788,074

5,506,161

3.0000%, 3/1/50

349,198

331,176

3.5000%, 3/1/50

419,652

407,716

2.5000%, 8/1/51

1,316,380

1,203,541

2.0000%, 9/1/51

1,068,489

944,347

2.0000%, 9/1/51

1,068,797

944,620

2.5000%, 2/1/52

3,045,557

2,786,545

3.0000%, 2/1/52

1,150,721

1,088,883

3.0000%, 2/1/52

1,500,125

1,418,062

2.5000%, 3/1/52

972,304

889,073

3.0000%, 3/1/52

1,910,701

1,807,956

3.5000%, 4/1/52

941,690

918,861

3.5000%, 4/1/52

1,124,288

1,097,033

FHLMC,

Multifamily

Structured

Pass-Through

Certificates

,

SOFR30A

+

2.0000%

,

2.2887

%

,

1/25/51

(144A)

‡

2,003,635

1,948,498

FNMA

ICE

LIBOR

USD

1

Month

+

2.6000%,

3.2679%, 5/25/24

‡

2,009,780

2,028,199

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

-

(continued)

ICE

LIBOR

USD

1

Month

+

4.9000%,

5.5679%, 11/25/24

‡

$

652,417

$

690,063

ICE

LIBOR

USD

1

Month

+

4.0000%,

4.6679%, 5/25/25

‡

7,171,040

7,171,116

ICE

LIBOR

USD

1

Month

+

5.0000%,

5.6679%, 7/25/25

‡

2,703,240

2,758,680

ICE

LIBOR

USD

1

Month

+

5.7000%,

6.3679%, 4/25/28

‡

1,144,240

1,209,646

ICE

LIBOR

USD

1

Month

+

2.2000%,

2.8679%, 1/25/30

‡

5,691,414

5,724,594

ICE

LIBOR

USD

1

Month

+

2.5000%,

3.1679%, 5/25/30

‡

5,625,686

5,680,246

ICE

LIBOR

USD

1

Month

+

4.2500%,

4.9179%, 1/25/31

‡

1,307,741

1,327,735

ICE

LIBOR

USD

1

Month

+

2.0000%,

2.6679%, 3/25/31

‡

3,239,975

3,238,166

ICE

LIBOR

USD

1

Month

+

0.4000%,

1.0679%, 4/25/32

‡

35,359

35,394

ICE

LIBOR

USD

1

Month

+

0.5500%,

1.2179%, 4/25/32

‡

25,142

25,254

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.1679%, 9/25/33

‡

36,421

36,519

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.9679%, 10/25/35

‡

29,068

28,914

ICE

LIBOR

USD

1

Month

+

0.3500%,

1.0179%, 4/25/36

‡

96,547

96,277

ICE

LIBOR

USD

1

Month

+

0.5200%,

1.1879%, 9/25/37

‡

30,114

30,221

3.0000%, 4/1/38

238,109

230,094

ICE

LIBOR

USD

1

Month

+

0.3500%,

1.0179%, 5/25/38

‡

3,043

3,043

ICE

LIBOR

USD

1

Month

+

0.4000%,

1.0679%, 9/25/40

‡

18,654

18,804

ICE

LIBOR

USD

1

Month

+

55.0000%,

49.9935%, 10/25/40

‡

41,248

90,520

ICE

LIBOR

USD

1

Month

+

0.4300%,

1.0979%, 11/25/40

‡

19,068

19,084

SOFR30A

+

2.0000%,

2.2887%, 11/25/41

(144A)

‡

2,386,000

2,270,453

3.0000%, 9/1/42

276,857

266,666

ICE

LIBOR

USD

1

Month

+

0.4000%,

1.0679%, 9/25/42

‡

12,293

12,255

3.0000%, 10/1/42

211,650

204,392

ICE

LIBOR

USD

1

Month

+

0.3500%,

1.0179%, 10/25/42

‡

161,850

161,347

ICE

LIBOR

USD

1

Month

+

4.0000%,

3.3321%, 11/25/42

‡

483,359

363,106

3.0000%, 1/1/43

387,555

373,288

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.1679%, 2/25/43

‡

52,261

52,296

3.0000%, 3/1/43

466,603

449,815

3.0000%, 5/1/43

113,726

109,634

3.0000%, 8/1/43

200,380

197,932

3.0000%, 6/1/46

422,593

402,151

3.0000%, 11/1/46

80,045

77,650

3.0000%, 2/1/57

1,897,759

1,802,812

3.5000%, 1/25/61

(a)

27,255,478

5,100,331

FNMA

UMBS

2.5000%, 8/1/31

17,499

17,007

2.5000%, 10/1/31

19,975

19,413

2.5000%, 2/1/32

18,229

17,716

3.0000%, 11/1/34

71,135

70,094

3.0000%, 12/1/34

78,766

77,613

2.0000%, 2/1/42

6,631,846

5,938,329

2.0000%, 2/1/42

1,524,230

1,367,395

2.0000%, 2/1/42

176,625

158,155

3.0000%, 1/1/43

226,949

218,501

3.0000%, 5/1/43

1,749,903

1,686,940

3.0000%, 5/1/43

1,287,214

1,240,900

3.0000%, 10/1/44

1,051,679

1,012,534

3.5000%, 12/1/45

590,555

581,993

3.0000%, 1/1/46

18,421

17,683

3.5000%, 1/1/46

53,948

53,166

3.0000%, 3/1/46

2,175,655

2,083,479

3.0000%, 9/1/46

48,529

46,783

3.0000%, 10/1/46

1,573,803

1,507,126

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

3.0000%, 1/1/47

$

438,969

$

420,371

3.0000%, 1/1/47

378,097

364,493

3.0000%, 1/1/47

97,726

93,585

3.5000%, 3/1/47

508,203

500,835

4.0000%, 5/1/47

363,602

367,981

3.5000%, 7/1/47

449,137

442,625

3.5000%, 8/1/47

170,593

168,496

3.5000%, 12/1/47

178,387

176,193

3.0000%, 2/1/48

554,200

532,001

3.0000%, 4/1/48

29,753,365

28,682,821

5.0000%, 5/1/48

1,958,212

2,032,579

3.5000%, 7/1/48

11,637,148

11,433,372

4.0000%, 2/1/49

1,345,275

1,349,441

3.0000%, 8/1/49

131,307

124,913

3.0000%, 8/1/49

138,408

131,668

3.0000%, 9/1/49

248,990

236,665

3.0000%, 5/1/50

3,160,893

2,995,332

2.5000%, 10/1/50

707,113

648,526

2.5000%, 1/1/51

10,892,610

9,985,923

2.5000%, 6/1/51

14,709,574

13,501,910

2.5000%, 8/1/51

144,539

132,190

2.0000%, 9/1/51

983,501

869,244

3.0000%, 9/1/51

3,989,524

3,768,264

2.5000%, 10/1/51

2,108,168

1,927,130

2.5000%, 12/1/51

26,001,838

23,826,811

2.5000%, 12/1/51

42,675,287

39,062,433

2.5000%, 1/1/52

6,861,139

6,280,281

2.5000%, 2/1/52

6,676,024

6,109,546

2.5000%, 2/1/52

33,197,774

30,374,427

3.0000%, 2/1/52

13,063,046

12,327,146

2.5000%, 3/1/52

1,110,500

1,015,416

2.5000%, 3/1/52

1,171,917

1,071,346

2.5000%, 3/1/52

1,971,619

1,803,940

2.5000%, 3/1/52

386,618

353,982

2.5000%, 3/1/52

18,836,920

17,224,047

2.5000%, 3/1/52

6,408,621

5,864,468

2.5000%, 3/1/52

17,231,046

15,765,610

3.0000%, 3/1/52

5,615,475

5,308,102

3.0000%, 3/1/52

14,723,397

13,894,124

3.0000%, 3/1/52

24,128,959

22,763,331

3.0000%, 4/1/52

15,143,091

14,285,447

3.0000%, 4/1/52

4,152,734

3,925,291

3.0000%, 4/1/52

4,724,428

4,470,215

3.5000%, 4/1/52

4,507,955

4,398,591

3.5000%, 4/1/52

1,393,244

1,358,958

3.5000%, 4/1/52

1,297,532

1,266,054

3.5000%, 4/1/52

4,056,744

3,956,914

3.5000%, 4/1/52

1,698,233

1,657,034

FNMA/FHLMC

UMBS

2.0000%,

TBA, 15

Year

Maturity

(b)

40,833,003

38,255,624

2.5000%,

TBA, 15

Year

Maturity

(b)

20,449,526

19,568,172

3.0000%,

TBA, 15

Year

Maturity

(b)

62,427,503

61,186,944

3.5000%,

TBA, 15

Year

Maturity

(b)

49,447,329

49,471,064

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

8

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA/FHLMC

UMBS

-

(continued)

4.0000%,

TBA, 15

Year

Maturity

(b)

$

1,501,500

$

1,525,284

2.0000%,

TBA, 30

Year

Maturity

(b)

92,550,080

81,571,327

3.5000%,

TBA, 30

Year

Maturity

(b)

76,150,565

73,824,774

4.0000%,

TBA, 30

Year

Maturity

(b)

68,400,000

67,750,549

4.5000%,

TBA, 30

Year

Maturity

(b)

70,203,000

70,740,755

FREMF

Mortgage

Trust

,

ICE

LIBOR

USD

1

Month

+

6.0000%

,

6.4520

%

,

9/25/29

(144A)

‡

1,334,438

1,348,732

GNMA

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.9944%, 8/16/29

‡

23,511

23,558

ICE

LIBOR

USD

1

Month

+

0.4000%,

0.9944%, 7/20/34

‡

48,706

48,761

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.8944%, 8/16/34

‡

36,752

36,687

ICE

LIBOR

USD

1

Month

+

0.2000%,

0.7944%, 6/20/35

‡

28,339

28,154

ICE

LIBOR

USD

1

Month

+

0.1500%,

0.7444%, 8/20/35

‡

34,492

34,137

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.8944%, 4/20/37

‡

11,750

11,696

ICE

LIBOR

USD

1

Month

+

0.3100%,

0.9044%, 6/20/37

‡

32,813

32,712

ICE

LIBOR

USD

1

Month

+

0.3200%,

0.9144%, 7/20/37

‡

51,613

51,486

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.0944%, 10/20/37

‡

39,719

39,944

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.0944%, 10/20/37

‡

16,289

16,381

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.0944%, 2/20/38

‡

32,095

32,248

ICE

LIBOR

USD

1

Month

+

0.5000%,

1.0944%, 2/20/38

‡

65,280

65,648

ICE

LIBOR

USD

1

Month

+

0.6000%,

1.1944%, 1/16/40

‡

10,768

10,883

ICE

LIBOR

USD

1

Month

+

0.3500%,

0.9444%, 6/20/40

‡

791

790

ICE

LIBOR

USD

1

Month

+

0.4300%,

1.0244%, 10/16/40

‡

53,537

53,667

0.0000%, 5/16/41

¤

5,022,742

4,121,599

ICE

LIBOR

USD

1

Month

+

0.3000%,

0.8944%, 7/20/41

‡

25,144

25,129

4.5000%, 2/20/48

1,582,227

1,635,584

4.0000%, 5/20/48

347,739

349,702

4.0000%, 6/20/48

1,163,528

1,170,097

4.5000%, 7/20/48

316,026

322,552

4.5000%, 11/20/48

204,730

209,774

5.0000%, 1/20/49

10,505

11,048

4.0000%, 2/20/49

240,730

239,651

4.0000%, 4/20/49

191,809

190,950

3.0000%, 7/20/51

20,731,056

19,793,458

3.0000%, 8/20/51

33,789,624

32,307,636

2.5000%,

TBA, 30

Year

Maturity

(b)

21,077,414

19,549,091

3.0000%,

TBA, 30

Year

Maturity

(b)

2,920,876

2,783,209

3.5000%,

TBA, 30

Year

Maturity

(b)

28,311,337

27,685,855

4.0000%,

TBA, 30

Year

Maturity

(b)

18,017,249

18,031,122

JP

Morgan

Mortgage

Trust

,

3.0000

%

,

6/25/45

(144A)

‡

687,210

636,372

Mello

Warehouse

Securitization

Trust

,

ICE

LIBOR

USD

1

Month

+

2.7500%

,

3.4179

%

,

2/25/55

(144A)

‡

3,489,000

3,479,824

PRPM

LLC

2.3630%, 10/25/26

(144A)

Ç

6,425,951

6,147,020

2.4870%, 10/25/26

(144A)

Ç

12,501,690

12,023,086

2.2370%, 10/25/51

(144A)

‡

2,000,000

1,845,857

2.4850%, 10/25/51

(144A)

‡

2,600,000

2,400,904

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

926,532

839,317

4.0000%, 9/25/49

(144A)

‡

150,292

151,135

TPI

Re-

Remic

Trust

0.0000%, 7/25/46

(144A)

¤

5,274,000

5,016,240

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

TPI

Re-

Remic

Trust

-

(continued)

0.0000%, 8/25/46

(144A)

¤

$

3,230,000

$

3,060,872

Total

Mortgage-Backed

Securities

(cost

$1,194,507,557)

1,154,765,443

Preferred

Stock

-

0.1%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

New

Residential

Investment

Corp.

(cost

$991,600)

40,000

936,800

Investment

Companies

-

21.9%

Money

Market

Funds

-

21.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

0.4357%

£,∞

(cost

$182,644,339)

182,633,112

182,651,375

Total

Investments

(total

cost

$1,408,440,077

)

-

164.3%

1,367,537,155

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(64.3%)

(535,267,925)

Net

Assets

-

100.0%

$832,269,230

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,366,345,683

99.9

%

Bermuda

1,191,472

0.1

Total

$

1,367,537,155

100.0

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(15.8)%

Mortgage-Backed

Securities

-

(15.8)%

FNMA/FHLMC

UMBS,

2.5000%,

TBA,

30

Year

Maturity

(b)

$

(76,870,588)

$

(70,090,525)

FNMA/FHLMC

UMBS,

3.0000%,

TBA,

30

Year

Maturity

(b)

(65,448,899)

(61,685,391)

Total

Securities

Sold

Short

(proceeds

$134,273,428)

$

(131,775,916)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(131,775,916)

100.0%

$–

–

%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

10

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/22

Investment

Company

-

21.9%

Money

Market

Funds

-

21.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

0.4357%

∞

$

180,551

$

(1,526)

$

1,526

$

182,651,375

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

∞

188

Δ

–

–

–

Total

Affiliated

Investments

-

21.9%

$

180,739

$

(1,526)

$

1,526

$

182,651,375

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

4/30/22

Investment

Company

-

21.9%

Money

Market

Funds

-

21.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

0.4357%

∞

$

484,064,930

$

689,599,742

$

(991,013,297)

$

182,651,375

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

0.2698%

∞

22,880

106,040

(128,920)

–

Total

Affiliated

Investments

-

21.9%

$

484,087,810

$

689,705,782

$

(991,142,217)

$

182,651,375

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

10

Year

Ultra

Bonds

214

6/21/22

$

27,606,000

$

(585,226)

U.S.

Treasury

5

Year

Notes

385

6/30/22

43,378,672

(177,119)

U.S.

Treasury

Ultra

Bonds

17

6/21/22

2,727,438

(401,114)

Total

-

Futures

Long

(1,163,459)

Futures

Short:

U.S.

Treasury

10

Year

Notes

300

6/21/22

(35,746,875)

1,584,045

U.S.

Treasury

2

Year

Notes

680

6/30/22

(143,352,500)

533,260

Total

-

Futures

Short

2,117,305

Total

$953,846

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Value

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.38-V1,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/27

$

15,000,000

$

(322,218)

$

816,424

$

494,206

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

68,000,000

(604,939)

1,092,389

487,450

Total

(927,157)

1,908,813

$981,656

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2022.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2022.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2022

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

Swaps

-

centrally

cleared

$981,656

$—

$981,656

Futures

contracts

—

2,117,305

2,117,305

Total

Asset

Derivatives

$981,656

$2,117,305

$3,098,961

Liability

Derivatives:

Futures

contracts

—

(1,163,459)

(1,163,459)

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

April

30,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(916,112)

(916,112)

Swap

contracts

(64,346)

—

(64,346)

Total

$(64,346)

$(916,112)

(980,458)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$608,615

$608,615

Swap

contracts

991,688

—

991,688

Total

$991,688

$608,615

$1,600,303

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$43,233,492

Average

notional

amount

of

contracts

-

short

54,689,792

Credit

default

swaps:

Average

notional

amount

-

buy

protection

70,000,000

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

12

April

30,

2022

Bloomberg

U.S.

MBS

Index

Bloomberg

U.S.

MBS

Index

tracks

the

performance

of

U.S.

fixed-rate

agency

mortgage

backed

pass-through

securities.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

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

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

£

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.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

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

April

30,

2022

¤

Zero

coupon

bond.

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

April

30,

2022

is

$144,521,428

which

represents

17.4%

of

net

assets.

(a)

IO

–

Interest

Only

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

13

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

April

30,

2022

.

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

$

—

$

29,183,537

$

—

Mortgage-Backed

Securities

—

1,154,765,443

—

Preferred

Stock

936,800

—

—

Investment

Companies

182,651,375

—

—

Total

Investments

in

Securities

$

183,588,175

$

1,183,948,980

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

981,656

$

—

Futures

Contracts

2,117,305

—

—

Total

Other

Financial

Instruments

$

2,117,305

$

981,656

$

—

Total

Assets

$

185,705,480

$

1,184,930,636

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

131,775,916

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

1,163,459

$

—

$

—

Total

Liabilities

$

1,163,459

$

131,775,916

$

—

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/

(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

14

April

30,

2022

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,225,795,738)

$

1,184,885,780

Affiliated

investments,

at

value

(cost

$182,644,339)

182,651,375

Due

from

broker

for

centrally

cleared

swaps

1,908,541

Due

from

broker

for

futures

1,380,000

Receivable

for

variation

margin

on

swaps

559,026

Receivable

for

variation

margin

on

futures

contracts

267,348

Receivables:

Investments

sold

46,770,091

TBA

investments

sold

865,031,419

Dividends

17,500

Interest

1,163,937

Affiliated

securities

lending

income,

net

66

Total

Assets

2,284,635,083

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$134,273,428)

131,775,916

Payables:

—

Due

to

custodian

187,250

Investments

purchased

49,504,792

TBA

investments

purchased

1,270,707,694

Management

fees

190,201

Total

Liabilities

1,452,365,853

Net

Assets

$

832,269,230

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

909,563,454

Total

distributable

earnings

(loss)

(

77,294,224

)

Total

Net

Assets

$

832,269,230

Net

Assets

$

832,269,230

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

17,225,000

Net

Asset

Value

Per

Share

$

48

.32

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

5,744,739

Dividends

from

affiliates

180,551

Dividends

3,816

Affiliated

securities

lending

income,

net    

188

Total

Investment

Income

5,929,294

Expenses:

Management

Fees

1,208,531

Total

Expenses

1,208,531

Net

Investment

Income/(Loss)

4,720,763

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

8,476,930

)

Investments

in

affiliates

(

1,526

)

TBA

sales

commitments

(

32,140,192

)

Futures

contracts

(

916,112

)

Swap

contracts

(

64,346

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

41,599,106

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

42,302,841

)

Investments

in

affiliates

1,526

TBA

sales

commitments

2,479,174

Futures

contracts

608,615

Swap

contracts

991,688

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

38,221,838

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

75,100,181

)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

16

April

30,

2022

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

4,720,763

$

8,838,954

Net

realized

gain/(loss)

on

investments

(

41,599,106

)

(

3,754

)

Change

in

unrealized

net

appreciation/depreciation

(

38,221,838

)

(

3,716,678

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

75,100,181

)

5,118,522

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

4,352,321

)

(

13,788,144

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

4,352,321

)

(

13,788,144

)

Capital

Share

Transactions

63,347,965

278,398,450

Net

Increase/(Decrease)

in

Net

Assets

(

16,104,537

)

269,728,828

Net

Assets:

—

—

Beginning

of

Period  

848,373,767

578,644,939

End

of

Period

$

832,269,230

$

848,373,767

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

2020

2019

2018

(1)

Net

Asset

Value,

Beginning

of

Period

$52.94

$53.58

$52.62

$49.53

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

0.28

0.66

1.22

1.56

0.17

Net

realized

and

unrealized

gain/(loss)

(4.64)

(0.19)

1.51

3.03

(0.64)

Total

from

Investment

Operations

(4.36)

0.47

2.73

4.59

(0.47)

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.26)

(1.00)

(1.77)

(1.50)

—

Distributions

(from

capital

gains)

—

(0.11)

—

—

—

Total

Dividends

and

Distributions

(0.26)

(1.11)

(1.77)

(1.50)

—

Net

Asset

Value,

End

of

Period

$48.32

$52.94

$53.58

$52.62

$49.53

Total

Return

*

(8.27)%

0.88%

5.30%

(3)

9.40%

(3)

(0.94)%

Net

assets,

End

of

Period

(in

thousands)

$832,269

$848,374

$578,645

$168,381

$32,193

Average

Net

Assets

for

the

Period

(in

thousands)

$874,904

$712,596

$369,845

$78,797

$30,452

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.28%

0.28%

0.32%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

1.09%

1.24%

2.31%

3.05%

2.67%

Portfolio

Turnover

Rate

(4)(5)

47%

162%

300%

348%

91%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

12,

2018

(commencement

of

operations)

through

October

31,

2018.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(5)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Mortgage-Backed

Securities ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2022

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures

contracts,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2022 is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2022

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps

and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

hedging

purposes.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2022

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Mortgage

and

Asset-Backed

Securities 

Mortgage-and

asset-backed

securities

represent

interests

in

“pools”

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

(“Ginnie

Mae”),

the

Federal

National

Mortgage

Association

(“Fannie

Mae”),

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”),

or

other

governmental

or

government-related

entities.

Ginnie

Mae’s

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

TBA

Commitments 

The

Fund

enters

into

“to

be

announced”

or

“TBA”

commitments

to

purchase

mortgage-backed

securities.

TBAs

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities,

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

Although

the

particular

TBA

securities

must

meet

industry-accepted

“good

delivery”

standards,

there

can

be

no

assurance

that

a

security

purchased

on

forward

commitment

basis

will

ultimately

be

issued

or

delivered

by

the

counterparty.

During

the

settlement

period,

the

Fund

will

still

bear

the

risk

of

any

decline

in

the

value

of

the

security

to

be

delivered.

Because

TBA

commitments

do

not

require

the

delivery

of

a

specific

security,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

facilitate

TBA

commitments,

the

Fund

will

segregate

or

otherwise

earmark

liquid

assets

marked

to

market

daily

in

an

amount

at

least

equal

to

such

TBA

commitments.

Proposed

rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”)

include

mandatory

margin

requirements

for

TBA

commitments

which,

in

some

circumstances,

will

require

the

Fund

to

also

post

collateral.

These

collateral

requirements

may

increase

costs

associated

with

the

Fund's

participation

in

the

TBA

market.

Real

Estate

Investing

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

When-Issued,

Delayed

Delivery

and

Forward

Commitment

Transactions 

The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund’s

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security’s

price

appreciates

in

value

such

that

the

security’s

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss. 

LIBOR

Replacement

Risk 

The

Fund

may

invest

in

certain

debt

securities,

derivatives,

or

other

financial

instruments

that

utilize

the

London

Inter-Bank

Offered

Rate

("LIBOR")

or

other

interbank

offered

rates

as

a

reference

rate

for

various

rate

calculations.

The

U.K.

Financial

Conduct

Authority

has

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

rates

for

many

LIBOR

settings

after

December

31,

2021,

and

for

certain

other

commonly

used

U.S.

dollar

LIBOR

settings

after

June

30,

2023.

The

elimination

of

LIBOR

or

other

reference

rates

and

the

transition

process

away

from

LIBOR

could

adversely

impact

(i)

volatility

and

liquidity

in

markets

that

are

tied

to

those

reference

rates,

(ii)

the

market

for,

or

value

of,

specific

securities

or

payments

linked

to

those

reference

rates,

(iii)

the

availability

or

terms

of

borrowing

or

refinancing,

or

(iv)

the

effectiveness

of

hedging

strategies.

For

these

and

other

reasons,

the

elimination

of

LIBOR

or

changes

to

other

reference

rates

may

adversely

affect

the

Fund's

performance

and/or

net

asset

value.

Alternatives

to

LIBOR

are

established

or

in

development

in

most

major

currencies

including

the

Secured

Overnight

Financing

Rate

("SOFR")

that

is

intended

to

replace

the

U.S.

dollar

LIBOR.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2022

The

effect

of

the

discontinuation

of

LIBOR

or

other

reference

rates will

depend

on

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

or

other

reference

rates

on

the

Fund

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted. 

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

NA

acts

as

securities

lending

agent

and

a

limited

purpose

custodian

or

subcustodian

to

receive

and

disburse

cash

balances

and

cash

collateral,

hold

short-term

investments,

hold

collateral,

and

perform

other

custodial

functions

in

accordance

with

the

Securities

Lending

Agreement.

The

Fund

may

lend

fund

securities

in

an

amount

equal

to

up

to

1/3

of

its

total

assets

as

determined

at

the

time

of

the

loan

origination.

There

is

the

risk

of

delay

in

recovering

a

loaned

security

or

the

risk

of

loss

in

collateral

rights

if

the

borrower

fails

financially.

In

addition, the

Adviser makes

efforts

to

balance

the

benefits

and

risks

from

granting

such

loans.

All

loans

will

be

continuously

secured

by

collateral

which

may

consist

of

cash,

U.S.

Government

securities,

domestic

and

foreign

short-term

debt

instruments,

letters

of

credit,

time

deposits,

repurchase

agreements,

money

market

mutual

funds

or

other

money

market

accounts,

or

such

other

collateral

as

permitted

by

the

SEC.

If

the

Fund

is

unable

to

recover

a

security

on

loan,

the

Fund

may

use

the

collateral

to

purchase

replacement

securities

in

the

market.

There

is

a

risk

that

the

value

of

the

collateral

could

decrease

below

the

cost

of

the

replacement

security

by

the

time

the

replacement

investment

is

made,

resulting

in

a

loss

to

the

Fund.

In

certain

circumstances

individual

loan

transactions

could

yield

negative

returns. 

Upon

receipt

of

cash

collateral, the

Adviser may

invest

it

in

affiliated

or

non-affiliated

cash

management

vehicles,

whether

registered

or

unregistered

entities,

as

permitted

by

the

1940

Act

and

rules

promulgated

thereunder.

The

Adviser

currently

intends

to

invest

the

cash

collateral

in

a

cash

management

vehicle

for

which the

Adviser serves

as

investment

adviser,

Janus

Henderson

Cash

Collateral

Fund

LLC,

or

in

time

deposits.

An

investment

in

Janus

Henderson

Cash

Collateral

Fund

LLC

is

generally

subject

to

the

same

risks

that

shareholders

experience

when

investing

in

similarly

structured

vehicles,

such

as

the

potential

for

significant

fluctuations

in

assets

as

a

result

of

the

purchase

and

redemption

activity

of

the

securities

lending

program,

a

decline

in

the

value

of

the

collateral,

and

possible

liquidity

issues.

Such

risks

may

delay

the

return

of

the

cash

collateral

and

cause

the

Fund

to

violate

its

agreement

to

return

the

cash

collateral

to

a

borrower

in

a

timely

manner.

As

adviser

to

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC, the

Adviser has

an

inherent

conflict

of

interest

as

a

result

of

its

fiduciary

duties

to

both

the

Fund

and

Janus

Henderson

Cash

Collateral

Fund

LLC.

Additionally, the

Adviser receives

an

investment

advisory

fee

of

0.05%

for

managing

Janus

Henderson

Cash

Collateral

Fund

LLC

and

therefore

may

have

an

incentive

to

allocate

collateral

to

the

Janus

Henderson

Cash

Collateral

Fund

LLC,

rather

than

to

other

collateral

management

options

for

which the

Adviser does

not

receive

compensation. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

The

value

of

the

collateral

must

be

at

least

102%

of

the

market

value

of

the

loaned

securities

that

are

denominated

in

U.S.

dollars

and

105%

of

the

market

value

of

the

loaned

securities

that

are

not

denominated

in

U.S.

dollars.

Loaned

securities

and

related

collateral

are

marked-to-market

each

business

day

based

upon

the

market

value

of

the

loaned

securities

at

the

close

of

business,

employing

the

most

recent

available

pricing

information.

Collateral

levels

are

then

adjusted

based

on

this

mark-to-market

evaluation. 

Additional

required

collateral,

or

excess

collateral

returned,

is

delivered

on

the

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

There

were

no

securities

on

loan

as

of April

30,

2022.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

payable

by

the

Fund

in

an

amount

equal

to

the

amount,

if

any,

that

the

Fund’s

total

annual

fund

operating

expenses

(excluding

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business)

exceed

the

annual

rate

of

0.28%

of

the

Fund’s

average

daily

net

assets. The

Adviser has

agreed

to

continue

the

waiver

for

at

least

the

period

from

February

28,

2022

through

February

28,

2023.

If

applicable,

amounts

waived

and/or

reimbursed

to

the

Fund

by the

Adviser are

disclosed

as

“Excess

Expense

Reimbursement

and

Waivers”

on

the

Statement

of

Operations. 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.28% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2022

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

Pursuant

to

the

provisions

of

the

1940

Act

and

related

rules,

the

Fund

may

participate

in

an

affiliated

or

non-affiliated

cash

sweep

program.

In

the

cash

sweep

program,

uninvested

cash

balances

of

the

Fund

may

be

used

to

purchase

shares

of

affiliated

or

non

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds.

The

Fund

is

eligible

to

participate

in

the

cash

sweep

program

(the

“Investing

Funds”).

As

adviser, the

Adviser has

an

inherent

conflict

of

interest

because

of

its

fiduciary

duties

to

the

affiliated

money

market

funds

or

cash

management

pooled

investment

vehicles

and

the

Investing

Funds.

Janus

Henderson

Cash

Liquidity

Fund

LLC

(the

“Sweep

Vehicle”)

is

an

affiliated

unregistered

cash

management

pooled

investment

vehicle

that

invests

primarily

in

highly-rated

short-term

fixed-income

securities.

The

Sweep

Vehicle

operates

pursuant

to

the

provisions

of

the

1940

Act

that

govern

the

operation

of

money

market

funds

and

prices

its

shares

at

NAV

reflecting

market-based

values

of

its

portfolio

securities

(i.e.,

a

“floating”

NAV)

rounded

to

the

fourth

decimal

place

(e.g.,

$1.0000).

The

Sweep

Vehicle

is

permitted

to

impose

a

liquidity

fee

(of

up

to

2%)

on

redemptions

from

the

Sweep

Vehicle

or

a

redemption

gate

that

temporarily

suspends

redemptions

from

the

Sweep

Vehicle

for

up

to

10

business

days

during

a

90

day

period.

There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2022 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended

April

30,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$13,463,359 in

purchases.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,TBAs

and

in-kind

transactions)

was

as

follows: 

8.

Recent

Accounting

Pronouncements 

The

FASB

issued

Accounting

Standards

Update

2020-04

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

("ASU

2020-04")

in

March

2020.

The

new

guidance

in

the

ASU

provide

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

LIBOR

or

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

For

new

and

existing

contracts,

Funds

may

elect

to

apply

the

guidance

as

of

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$

—

$(113,659)

$(113,659)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,408,440,077

$1,204,131

$(42,107,053)

$(40,902,922)

Period

Ended

April

30,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

4,525,000

$

230,174,051

6,050,000

$

322,380,877

Shares

repurchased

(3,325,000)

(166,826,086

)

(825,001)

(43,982,427

)

Net

Increase/(Decrease)

1,200,000

$

63,347,965

5,224,999

$

278,398,450

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$565,839,146

$225,575,760

$

—

$

—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

30

April

30,

2022

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

31

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

20-21,

2022

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

and

Janus

Henderson

AAA

CLO

ETF

(“JAAA”

and,

together

with

VNLA,

JSML,

JSMD

and

JMBS,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefore;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

meetings

held

on

March

14,

2022

and

on

April

6,

2022

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefore,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

32

April

30,

2022

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

mutual

funds

and

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

management

fee

and

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

comparative

reporting

indicated

that

contractual

management

fee

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

3rd,

2nd,

1

st

,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

comparative

reporting

indicated

that

total

expense

ratios

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

4th,

2nd,

1st,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

VNLA

and

JMBS

to

the

extent

that

the

Funds’

total

expense

ratio

exceeded

0.23%

and

0.28%,

respectively,

for

at

least

the

period

February

28,

2022

through

February

28,

2023.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2022

until

February 28,

2023.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

and

mutual

funds

(as

applicable)

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

33

The

Board

next

discussed

the

performance

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

peer

group

compiled

by

an

independent

third

party

for

each

Fund

for

the

one-year

period,

two-year

period,

three-year

period,

four-year

period

and/or

five-year

period,

as

applicable.

The

Board

noted

that

for

the

one-,

two-,

three-,

four-

and

five-year

periods

ended

December

31,

2021,

respectively,

JSMD

was

reported

to

be

in

the

4th,

4th,

4th,

3rd

and

3rd

quintiles;

JSML

was

reported

to

be

in

the

5th,

4th,

4th,

3rd

and

3rd

quintiles;

and

VNLA

was

reported

to

be

in

the

3rd,

4th,

4th,

3rd

and

3rd

quintiles.

JMBS

was

reported

to

be

in

the

2nd,

1st

and

1st

quintile

for

the

one-,

two-

and

three-year

periods,

respectively.

JAAA

was

reported

to

be

in

the

5th

quintile

for

its

first

one-year

period.

The

Board

also

reviewed

supplemental

performance

information

prepared

by

the

Adviser

for

each

Fund

for

the

three-month,

one-year,

three-year,

and

since-inception

periods

as

of

December

31,

2021

(each

period

as

applicable).

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Liquidity

Risk

Management

Program

(unaudited)

34

April

30,

2022

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

Janus

Detroit

Street

Trust

35

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

36

April

30,

2022

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

Janus

Detroit

Street

Trust

37

125-24-93085

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

10

Statement

of

Operations

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

11

Statements

of

Changes

in

Net

Assets

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

12

Financial

Highlights

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

13

Notes

to

Financial

Statements

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

14

Additional

Information

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

21

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

22

Liquidity

Risk

Management

Program

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

25

INVESTMENT

OBJECTIVE

Janus

Henderson

AAA

CLO

ETF

(JAAA)

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to

high-quality

AAA

rated

collateralized

loan

obligations

(CLOs).

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligations

101.0%

Investment

Companies

0.6%

101.6%

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

AAA

CLO

ETF

-

NAV

-0.35%

0.30%

1.14%

0.26%

Janus

Henderson

AAA

CLO

ETF

-

Market

Price

-0.29%

0.35%

1.18%

–

J.P.

Morgan

CLO

AAA

Index

-0.22%

0.47%

1.30%

–

*

The

Fund

commenced

operations

on

October

16,

2020.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$996.50

$1.24

$1,000.00

$1,023.55

$1.25

0.25%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

101.0%

AB

BSL

CLO

1

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

2.2164%,

1/15/35

(144A)

‡

$

10,000,000

$

9,958,000

AB

BSL

CLO

2

Ltd.

2021-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

4/15/34

(144A)

‡

15,000,000

14,780,595

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

2.1327%,

4/20/33

(144A)

‡

5,500,000

5,441,463

Allegro

CLO

VIII

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

7/15/31

(144A)

‡

6,000,000

5,947,380

AMMC

CLO

XII

Ltd.

2013-12A

AR2,

ICE

LIBOR

USD

3

Month

+

0.9500%,

1.3163%,

11/10/30

(144A)

‡

20,000,000

19,842,140

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

ICE

LIBOR

USD

3

Month

+

1.0500%,

2.2881%,

1/28/31

(144A)

‡

6,500,000

6,467,188

Apex

Credit

CLO

2021

Ltd.

2021-1A

AN,

ICE

LIBOR

USD

3

Month

+

1.2100%,

2.2543%,

7/18/34

(144A)

‡

1,476,000

1,449,059

Apidos

CLO

XX

Ltd.

2015-20A

A1RA,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

7/16/31

(144A)

‡

4,205,000

4,181,116

Apidos

CLO

XXIX

Ltd.

2018-29A

A1B,

ICE

LIBOR

USD

3

Month

+

1.3000%,

2.4840%,

7/25/30

(144A)

‡

2,000,000

1,986,468

Ares

XXXIV

CLO

Ltd.

2015-2A

AR2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

2.2943%,

4/17/33

(144A)

‡

12,500,000

12,427,962

Assurant

CLO

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.0400%,

2.1027%,

4/20/31

(144A)

‡

5,800,000

5,754,586

Atrium

XIV

LLC

14A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

2.4943%,

8/23/30

(144A)

‡

2,000,000

1,993,216

Ballyrock

CLO

Ltd.

2019-1A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0300%,

2.0743%,

7/15/32

(144A)

‡

9,000,000

8,881,119

Battalion

CLO

VIII

Ltd.

2015-8A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0700%,

2.1143%,

7/18/30

(144A)

‡

15,000,000

14,929,860

Benefit

Street

Partners

CLO

VIII

Ltd.

2015-8A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1627%,

1/20/31

(144A)

‡

3,000,000

2,983,557

Benefit

Street

Partners

CLO

XXII

Ltd.

2020-22A

AR,

CME

Term

SOFR

3

Month

+

1.3500%,

1.6667%,

4/20/35

(144A)

‡

20,000,000

19,977,480

BlueMountain

Fuji

US

CLO

II

Ltd.

2017-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

2.0627%,

10/20/30

(144A)

‡

15,000,000

14,905,635

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.1943%,

1/15/30

(144A)

‡

3,500,000

3,470,341

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.4690%,

1/30/31

(144A)

‡

3,010,000

2,972,264

Canyon

CLO

Ltd.

2021-4A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

2.2143%,

10/15/34

(144A)

‡

22,000,000

21,700,668

Carlyle

US

CLO

Ltd.

2016-4A

BR,

ICE

LIBOR

USD

3

Month

+

2.1000%,

3.1627%,

10/20/27

(144A)

‡

1,000,000

978,705

Carlyle

US

CLO

Ltd.

2017-5A

A1B,

ICE

LIBOR

USD

3

Month

+

1.2500%,

2.3127%,

1/20/30

(144A)

‡

4,527,000

4,456,687

Carlyle

US

CLO

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1600%,

2.2043%,

10/15/35

(144A)

‡

22,000,000

21,770,408

CBAM

Ltd.

2018-8A

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

2.1827%,

10/20/29

(144A)

‡

6,389,780

6,373,320

CBAM

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

2.0643%,

4/17/31

(144A)

‡

5,900,000

5,858,086

CBAM

Ltd.

2020-13A

B1,

ICE

LIBOR

USD

3

Month

+

1.8000%,

2.8627%,

1/20/34

(144A)

‡

7,500,000

7,459,380

CBAM

Ltd.

2019-11RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

2.2427%,

1/20/35

(144A)

‡

16,897,000

16,759,932

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CBAM

Ltd.

2019-11RA

A2,

ICE

LIBOR

USD

3

Month

+

1.5000%,

2.5627%,

1/20/35

(144A)

‡

$

13,889,000

$

13,744,554

CIFC

Funding

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0100%,

2.1083%,

4/23/29

(144A)

‡

9,481,824

9,448,590

CIFC

Funding

Ltd.

2017-3A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

2.2827%,

7/20/30

(144A)

‡

10,000,000

9,977,630

CIFC

Funding

Ltd.

2013-2A

A3LR,

ICE

LIBOR

USD

3

Month

+

1.9500%,

2.9943%,

10/18/30

(144A)

‡

1,000,000

981,584

CIFC

Funding

Ltd.

2015-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1100%,

2.2463%,

1/22/31

(144A)

‡

2,000,000

1,986,844

CIFC

Funding

Ltd.

2018-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

7/18/31

(144A)

‡

2,500,000

2,485,592

CIFC

Funding

Ltd.

2016-1A

BRR,

ICE

LIBOR

USD

3

Month

+

1.7000%,

2.7983%,

10/21/31

(144A)

‡

9,357,000

9,225,141

CIFC

Funding

Ltd.

2019-6A

C,

ICE

LIBOR

USD

3

Month

+

2.7000%,

3.7443%,

1/16/33

(144A)

‡

1,500,000

1,499,092

CIFC

Funding

Ltd.

2014-4RA

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

2.2143%,

1/17/35

(144A)

‡

42,500,000

42,083,075

CIFC

Funding

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1300%,

2.3140%,

1/23/35

(144A)

‡

14,576,000

14,410,096

Deer

Creek

CLO

Ltd.

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

2.2427%,

10/20/30

(144A)

‡

3,000,000

2,987,325

Dryden

37

Senior

Loan

Fund

2015-37A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

1/15/31

(144A)

‡

3,000,000

2,984,553

Dryden

41

Senior

Loan

Fund

2015-41A

AR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

2.0143%,

4/15/31

(144A)

‡

14,450,000

14,329,458

Dryden

53

CLO

Ltd.

2017-53A

A,

ICE

LIBOR

USD

3

Month

+

1.1200%,

2.1643%,

1/15/31

(144A)

‡

19,402,000

19,310,539

Dryden

64

CLO

Ltd.

2018-64A

A,

ICE

LIBOR

USD

3

Month

+

0.9700%,

2.0143%,

4/18/31

(144A)

‡

17,250,000

17,110,706

Dryden

75

CLO

Ltd.

2019-75A

AR2,

ICE

LIBOR

USD

3

Month

+

1.0400%,

2.0843%,

4/15/34

(144A)

‡

27,500,000

27,066,600

Dryden

85

CLO

Ltd.

2020-85A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.1943%,

10/15/35

(144A)

‡

30,000,000

29,633,820

Eaton

Vance

CLO

Ltd.

2020-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

2.2143%,

10/15/34

(144A)

‡

25,000,000

24,763,325

Elmwood

CLO

X

Ltd.

2021-3A

A,

ICE

LIBOR

USD

3

Month

+

1.0400%,

2.1027%,

10/20/34

(144A)

‡

40,890,000

40,437,266

Elmwood

CLO

X

Ltd.

2021-3A

B,

ICE

LIBOR

USD

3

Month

+

1.6000%,

2.6627%,

10/20/34

(144A)

‡

5,000,000

4,942,845

Galaxy

XVIII

CLO

Ltd.

2018-28A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

7/15/31

(144A)

‡

1,000,000

991,967

Galaxy

XX

CLO

Ltd.

2015-20A

AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

2.0627%,

4/20/31

(144A)

‡

4,000,000

3,968,552

Generate

CLO

2

Ltd.

2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.2863%,

1/22/31

(144A)

‡

2,000,000

1,990,114

GoldenTree

Loan

Management

US

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1627%,

7/20/34

(144A)

‡

4,500,000

4,449,983

GoldentTree

Loan

Management

US

CLO

1

Ltd.

2021-9A

A,

ICE

LIBOR

USD

3

Month

+

1.0700%,

2.1327%,

1/20/33

(144A)

‡

26,631,000

26,402,240

GoldentTree

Loan

Management

US

CLO

1

Ltd.

2021-11A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

2.1927%,

10/20/34

(144A)

‡

10,000,000

9,889,970

Greywolf

CLO

VII

Ltd.

2018-2A

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

2.2427%,

10/20/31

(144A)

‡

2,000,000

1,988,818

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Highbridge

Loan

Management

Ltd.

7A-2015

A2R,

ICE

LIBOR

USD

3

Month

+

0.9000%,

1.4064%,

3/15/27

(144A)

‡

$

3,000,000

$

2,996,280

HPS

Loan

Management

Ltd.

2021-16A

A1,

ICE

LIBOR

USD

3

Month

+

1.1400%,

2.3240%,

1/23/35

(144A)

‡

31,198,000

30,740,856

KKR

CLO

12

Ltd.

12

BR2,

ICE

LIBOR

USD

3

Month

+

1.7000%,

2.7443%,

10/15/30

(144A)

‡

5,000,000

4,953,440

KKR

CLO

23

Ltd.

23

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.2127%,

10/20/31

(144A)

‡

1,000,000

993,403

KKR

CLO

24

Ltd.

24

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

2.1427%,

4/20/32

(144A)

‡

6,670,000

6,606,428

KKR

CLO

25

Ltd.

25

CR,

ICE

LIBOR

USD

3

Month

+

2.3000%,

3.3443%,

7/15/34

(144A)

‡

1,300,000

1,291,086

KKR

CLO

Ltd.

22A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.2127%,

7/20/31

(144A)

‡

3,000,000

2,977,572

LCM

XVIII

LP

19A

AR,

ICE

LIBOR

USD

3

Month

+

1.2400%,

2.2843%,

7/15/27

(144A)

‡

662,176

662,111

Logan

CLO

II

Ltd.

2021-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.3974%,

1/20/35

(144A)

‡

24,196,521

23,916,616

Logan

CLO

III

Ltd.

2022-1A

A,

CME

Term

SOFR

3

Month

+

1.5400%,

0.0000%,

4/21/35

(144A)

‡

12,000,000

11,997,888

Madison

Park

Funding

XLVIII

Ltd.

2021-48A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.1943%,

4/19/33

(144A)

‡

25,000,000

24,876,425

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

ICE

LIBOR

USD

3

Month

+

1.3000%,

2.5249%,

7/27/30

(144A)

‡

4,750,000

4,725,689

Madison

Park

Funding

XXVI

Ltd.

2017-26A

AR,

ICE

LIBOR

USD

3

Month

+

1.2000%,

2.4389%,

7/29/30

(144A)

‡

3,000,000

2,992,959

Magnetite

XIV-R

Ltd.

2015-14RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

2.1643%,

10/18/31

(144A)

‡

10,250,000

10,194,978

Magnetite

XV

Ltd.

2015-15A

CR,

ICE

LIBOR

USD

3

Month

+

1.8000%,

2.9840%,

7/25/31

(144A)

‡

2,700,000

2,664,571

Magnetite

XVII

Ltd.

2016-17A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1627%,

7/20/31

(144A)

‡

21,400,000

21,281,508

Magnetite

Xxix

Ltd.

2021-29A

A,

ICE

LIBOR

USD

3

Month

+

0.9900%,

2.0343%,

1/15/34

(144A)

‡

18,306,000

18,122,098

Magnetite

XXVI

Ltd.

2020-26A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1200%,

2.3040%,

7/25/34

(144A)

‡

6,000,000

5,938,854

Magnetite

XXVIII

Ltd.

2020-28A

AR,

ICE

LIBOR

USD

3

Month

+

1.1300%,

2.1927%,

1/20/35

(144A)

‡

40,000,000

39,495,560

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

2.2243%,

12/18/30

(144A)

‡

3,000,000

2,985,033

MP

CLO

III

Ltd.

2013-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

2.3127%,

10/20/30

(144A)

‡

2,250,000

2,234,725

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

2.1243%,

10/16/33

(144A)

‡

23,000,000

22,777,682

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

BR,

ICE

LIBOR

USD

3

Month

+

1.6000%,

2.6443%,

10/16/33

(144A)

‡

4,725,000

4,670,010

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.

2019-34A

A1R,

CME

Term

SOFR

3

Month

+

1.2400%,

2.0912%,

1/20/35

(144A)

‡

20,000,000

19,971,540

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.

2021-40A

A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

2.1043%,

4/16/33

(144A)

‡

4,500,000

4,466,421

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

7/16/35

(144A)

‡

6,000,000

5,930,544

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

2.1743%,

7/17/35

(144A)

‡

15,060,000

14,953,707

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Oaktree

CLO

Ltd.

2019-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1200%,

2.1643%,

4/15/31

(144A)

‡

$

3,000,000

$

2,974,755

OCP

CLO

Ltd.

2014-5A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

2.2937%,

4/26/31

(144A)

‡

1,250,000

1,242,579

OCP

CLO

Ltd.

2016-12A

AR2,

CME

Term

SOFR

3

Month

+

1.2700%,

1.9910%,

4/18/33

(144A)

‡

20,000,000

19,977,260

OCP

CLO

Ltd.

2015-10A

BR2,

ICE

LIBOR

USD

3

Month

+

1.6500%,

2.8637%,

1/26/34

(144A)

‡

13,250,000

13,003,020

Octagon

56

Ltd.

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1600%,

2.2043%,

10/15/34

(144A)

‡

15,000,000

14,793,285

Octagon

Investment

Partners

24

Ltd.

2015-1A

BS,

ICE

LIBOR

USD

3

Month

+

1.9000%,

2.9983%,

4/21/31

(144A)

‡

5,000,000

5,000,320

Octagon

Investment

Partners

34

Ltd.

2017-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

2.3127%,

1/20/30

(144A)

‡

2,000,000

1,977,246

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.2127%,

10/20/34

(144A)

‡

25,268,000

24,920,540

Octagon

Investment

Partners

48

Ltd.

2020-3A

BR,

ICE

LIBOR

USD

3

Month

+

1.6000%,

2.6627%,

10/20/34

(144A)

‡

7,560,000

7,420,836

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.1943%,

1/15/35

(144A)

‡

10,000,000

9,863,640

Octagon

Investment

Partners

XVII

Ltd.

2013-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

2.1840%,

1/25/31

(144A)

‡

5,900,000

5,856,942

Octagon

Loan

Funding

Ltd.

2014-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.6681%,

11/18/31

(144A)

‡

6,000,000

5,957,766

OHA

Credit

Funding

3

Ltd.

2019-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

2.2027%,

7/2/35

(144A)

‡

60,000,000

59,416,380

OHA

Credit

Funding

5

Ltd.

2020-5A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

2.4943%,

4/18/33

(144A)

‡

1,350,000

1,339,645

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

2.2343%,

1/18/34

(144A)

‡

13,000,000

12,902,331

OHA

Credit

Partners

XIV

Ltd.

2017-14A

C,

ICE

LIBOR

USD

3

Month

+

1.8000%,

2.8983%,

1/21/30

(144A)

‡

1,000,000

983,935

Palmer

Square

CLO

Ltd.

2018-2A

A1A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

7/16/31

(144A)

‡

56,312,000

56,052,908

Palmer

Square

CLO

Ltd.

2021-4A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

2.2143%,

10/15/34

(144A)

‡

25,000,000

24,724,150

Pikes

Peak

CLO

1

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

2.3640%,

7/24/31

(144A)

‡

1,500,000

1,490,689

PPM

CLO

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.1943%,

7/15/31

(144A)

‡

6,000,000

5,932,458

Rad

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

2.3540%,

4/23/34

(144A)

‡

5,000,000

4,955,825

Rad

CLO

14

Ltd.

2021-14A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.3996%,

1/15/35

(144A)

‡

20,000,000

19,694,880

Regatta

Funding

LP

2013-2A

A1R3,

ICE

LIBOR

USD

3

Month

+

0.8500%,

1.8943%,

1/15/29

(144A)

‡

15,248,418

15,162,493

Regatta

XXIII

Funding

Ltd.

2021-4A

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.2127%,

1/20/35

(144A)

‡

36,479,491

35,945,796

Shackleton

CLO

Ltd.

2017-11A

AR,

ICE

LIBOR

USD

3

Month

+

1.0900%,

1.5964%,

8/15/30

(144A)

‡

24,250,000

24,115,437

Shackleton

CLO

Ltd.

2019-14A

A1R,

ICE

LIBOR

USD

3

Month

+

1.2000%,

2.2627%,

7/20/34

(144A)

‡

3,825,000

3,772,506

Signal

Peak

CLO

8

Ltd.

2020-8A

C,

ICE

LIBOR

USD

3

Month

+

2.0000%,

3.0627%,

4/20/33

(144A)

‡

2,000,000

1,967,656

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

8

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

ICE

LIBOR

USD

3

Month

+

1.2500%,

2.3127%,

10/20/31

(144A)

‡

$

4,000,000

$

3,968,112

Sound

Point

CLO

XIX

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0000%,

2.0443%,

4/15/31

(144A)

‡

11,500,000

11,399,410

Sounds

Point

CLO

IV-R

Ltd.

2013-3RA

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.1943%,

4/18/31

(144A)

‡

5,000,000

4,969,190

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

ICE

LIBOR

USD

3

Month

+

1.2900%,

2.3343%,

4/18/33

(144A)

‡

2,650,000

2,639,437

THL

Credit

Wind

River

CLO

Ltd.

2013-2A

AR2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

2.0443%,

10/18/30

(144A)

‡

3,750,000

3,723,390

THL

Credit

Wind

River

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1600%,

2.2227%,

7/20/34

(144A)

‡

20,010,000

19,766,638

TICP

CLO

XII

Ltd.

2018-12A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

2.2143%,

7/15/34

(144A)

‡

8,580,000

8,501,973

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.4500%,

1.6660%,

1/18/35

(144A)

‡

8,000,000

7,816,568

Venture

32

CLO

Ltd.

2018-32A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

2.1443%,

7/18/31

(144A)

‡

3,766,000

3,730,178

Venture

XVIII

CLO

Ltd.

2014-18A

AR,

ICE

LIBOR

USD

3

Month

+

1.2200%,

2.2643%,

10/15/29

(144A)

‡

25,020,769

24,892,187

Voya

CLO

Ltd.

2014-2A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

2.0643%,

4/17/30

(144A)

‡

4,376,418

4,350,335

Voya

CLO

Ltd.

2016-1A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

2.1327%,

1/20/31

(144A)

‡

10,450,000

10,382,535

Voya

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

2.1043%,

4/15/31

(144A)

‡

1,000,000

992,460

Voya

CLO

Ltd.

2014-1A

AAR2,

ICE

LIBOR

USD

3

Month

+

0.9900%,

2.0343%,

4/18/31

(144A)

‡

12,992,763

12,900,566

Voya

CLO

Ltd.

2018-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9500%,

1.9943%,

4/19/31

(144A)

‡

5,566,000

5,515,583

Voya

CLO

Ltd.

2013-3A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

2.1943%,

10/18/31

(144A)

‡

1,993,114

1,977,665

Wind

River

CLO

Ltd.

2021-2A

C,

ICE

LIBOR

USD

3

Month

+

1.9500%,

3.0127%,

7/20/34

(144A)

‡

2,000,000

1,936,086

Total

Collateralized

Loan

Obligations

(cost

$1,398,851,766)

1,389,122,469

Investment

Companies

-

0.6%

Money

Market

Funds

-

0.6%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.1500%

∞

(cost

$8,432,533)

8,432,533

8,432,533

Total

Investments

(total

cost

$1,407,284,299

)

-

101.6%

1,397,555,002

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.6%)

(22,050,391)

Net

Assets

-

100.0%

$1,375,504,611

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,397,555,002

100.0

%

–

–

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

J.P.

Morgan

CLO

AAA

Index

J.P.

Morgan

CLO

AAA

Index

is

designed

to

track

the

AAA-rated

components

of

the

USD-denominated,

broadly

syndicated

CLO

market.

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

April

30,

2022.

‡

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

April

30,

2022

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

April

30,

2022

is

$1,389,122,469

which

represents

101.0%

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

April

30,

2022

.

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

$

—

$

1,389,122,469

$

—

Investment

Companies

8,432,533

—

—

Total

Assets

$

8,432,533

$

1,389,122,469

$

—

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

10

April

30,

2022

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$1,407,284,299)

$

1,397,555,002

Cash

8,729

Receivables:

Investments

sold

429,231

Interest

1,443,675

Total

Assets

1,399,436,637

Liabilities:

Payables:

—

Investments

purchased

23,678,407

Management

fees

253,619

Total

Liabilities

23,932,026

Net

Assets

$

1,375,504,611

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,383,676,543

Total

distributable

earnings

(loss)

(

8,171,932

)

Total

Net

Assets

$

1,375,504,611

Net

Assets

$

1,375,504,611

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

27,500,000

Net

Asset

Value

Per

Share

$

50

.02

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

5,127,611

Dividends

3,237

Total

Investment

Income

5,130,848

Expenses:

Management

Fees

845,176

Total

Expenses

845,176

Net

Investment

Income/(Loss)

4,285,672

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

2,669

Total

Net

Realized

Gain/(Loss)

on

Investments

$

2,669

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

10,433,669

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

10,433,669

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

6,145,328

)

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

12

April

30,

2022

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

4,285,672

$

1,694,271

Net

realized

gain/(loss)

on

investments

2,669

326,356

Change

in

unrealized

net

appreciation/depreciation

(

10,433,669

)

1,269,540

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

6,145,328

)

3,290,167

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

3,239,366

)

(

1,562,707

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

3,239,366

)

(

1,562,707

)

Capital

Share

Transactions

1,124,887,539

138,788,004

Net

Increase/(Decrease)

in

Net

Assets

1,115,502,845

140,515,464

Net

Assets:

—

—

Beginning

of

Period  

260,001,766

119,486,302

End

of

Period

$

1,375,504,611

$

260,001,766

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

2020

(1)

Net

Asset

Value,

Beginning

of

Period

$50.49

$49.79

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

0.31

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

(0.49)

0.69

(0.23)

Total

from

Investment

Operations

(0.18)

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.29)

(0.57)

—

Total

Dividends

and

Distributions

(0.29)

(0.57)

—

Net

Asset

Value,

End

of

Period

$50.02

$50.49

$49.79

Total

Return

*

(0.35)%

2.55%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$1,375,505

$260,002

$119,486

Average

Net

Assets

for

the

Period

(in

thousands)

$703,272

$146,235

$95,755

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.25%

0.25%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

1.23%

1.16%

1.29%

Portfolio

Turnover

Rate

(3)

9%

42%

0%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

October

16,

2

020

(commencement

of

operations)

through

October

31,

2020.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2022

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson AAA

CLO ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers

twelve Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to

high

quality

AAA-rated

collateralized

loan

obligations

(“CLOs”).

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

CLO

Risk 

The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

The

Fund

intends

to

invest

primarily

in

AAA-rated

tranches;

however,

this

rating

does

not

constitute

a

guarantee,

may

be

downgraded,

and

in

stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

the

disappearance

of

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund’s

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others. 

Investment

Focus

Risk 

Because

the

Fund

invests

primarily

in

CLOs

it

is

susceptible

to

an

increased

risk

of

loss

due

to

adverse

occurrences

in

the

CLO

market,

generally,

and

in

the

various

markets

impacting

the

portfolios

of

loans

underlying

these

CLOs.

The

Fund’s

CLO

investment

focus

may

cause

the

Fund

to

perform

differently

than

the

overall

financial

market

and

the

Fund’s

performance

may

be

more

volatile

than

if

the

Fund’s

investments

were

more

diversified

across

financial

instruments

and

or

markets. 

Liquidity

Risk 

Liquidity

risk

refers

to

the

possibility

that

the

Fund

may

not

be

able

to

sell

or

buy

a

security

or

close

out

an

investment

contract

at

a

favorable

price

or

time.

Consequently,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

the

Fund’s

performance.

Infrequent

trading

of

securities

also

may

lead

to

an

increase

in

their

price

volatility.

CLOs,

and

their

underlying

loan

obligations,

are

typically

not

registered

for

sale

to

the

public

and

therefore

are

subject

to

certain

restrictions

on

transfer

and

sale,

potentially

making

them

less

liquid

than

other

types

of

securities.

Additionally,

when

the

Fund

purchases

a

newly

issued

CLO

directly

from

the

issuer

(rather

than

from

the

secondary

market),

there

often

may

be

a

delayed

settlement

period,

during

which

time,

the

liquidity

of

the

CLO

may

be

further

reduced.

During

periods

of

limited

liquidity

and

higher

price

volatility,

the

Fund’s

ability

to

acquire

or

dispose

of

CLOs

at

a

price

and

time

the

Fund

deems

advantageous

may

be

impaired.

CLOs

are

generally

considered

to

be

long-term

investments

and

there

is

no

guarantee

that

an

active

secondary

market

will

exist

or

be

maintained

for

any

given

CLO.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

Floating-Rate

Obligations

Risk 

The

Fund

may

invest

in

floating

rate

obligations

that

reset

regularly,

maintaining

a

fixed

spread

over

a

stated

reference

rate

such

as

the

London

InterBank

Offered

Rate

(“LIBOR”),

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

LIBOR

Replacement

Risk 

The

Fund

may

invest

in

certain

debt

securities,

derivatives,

or

other

financial

instruments

that

utilize

the

London

Inter-Bank

Offered

Rate

("LIBOR")

or

other

interbank

offered

rates

as

a

reference

rate

for

various

rate

calculations.

The

U.K.

Financial

Conduct

Authority

has

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

rates

for

many

LIBOR

settings

after

December

31,

2021,

and

for

certain

other

commonly

used

U.S.

dollar

LIBOR

settings

after

June

30,

2023.

The

elimination

of

LIBOR

or

other

reference

rates

and

the

transition

process

away

from

LIBOR

could

adversely

impact

(i)

volatility

and

liquidity

in

markets

that

are

tied

to

those

reference

rates,

(ii)

the

market

for,

or

value

of,

specific

securities

or

payments

linked

to

those

reference

rates,

(iii)

the

availability

or

terms

of

borrowing

or

refinancing,

or

(iv)

the

effectiveness

of

hedging

strategies.

For

these

and

other

reasons,

the

elimination

of

LIBOR

or

changes

to

other

reference

rates

may

adversely

affect

the

Fund's

performance

and/or

net

asset

value.

Alternatives

to

LIBOR

are

established

or

in

development

in

most

major

currencies

including

the

Secured

Overnight

Financing

Rate

("SOFR")

that

is

intended

to

replace

the

U.S.

dollar

LIBOR.

The

effect

of

the

discontinuation

of

LIBOR

or

other

reference

rates will

depend

on

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

or

other

reference

rates

on

the

Fund

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted. 

Privately

Issued

Securities

Risk 

CLOs

are

generally

privately-issued

securities,

and

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

“Securities

Act”).

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund’s

net

asset

value

per

share

(“NAV”)

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result. 

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.25% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended

April

30,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$201,985,703

in

purchases.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.25%

Over

$1

billion

0.20%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2022

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

April

30,

2022

are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows:

Recent

Accounting

Pronouncements 

The

FASB

issued

Accounting

Standards

Update

2020-04

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

("ASU

2020-04")

in

March

2020.

The

new

guidance

in

the

ASU

provide

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

LIBOR

or

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

For

new

and

existing

contracts,

Funds

may

elect

to

apply

the

guidance

as

of

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to

April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,407,284,299

$139,041

$(9,868,338)

$(9,729,297)

Period

Ended

April

30,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

22,350,000

$

1,124,887,539

2,750,000

$

138,789,012

Shares

repurchased

—

—

(20)

(1,008

)

Net

Increase/(Decrease)

22,350,000

$

1,124,887,539

2,749,980

$

138,788,004

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$1,207,724,175

$67,377,531

$

—

$

—

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

Historically,

the

Fund

filed

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

on

Form

N-Q.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-0020

(toll

free).

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2022

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

on

April

20-21,

2022

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

and

Janus

Henderson

AAA

CLO

ETF

(“JAAA”

and,

together

with

VNLA,

JSML,

JSMD

and

JMBS,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefore;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

meetings

held

on

March

14,

2022

and

on

April

6,

2022

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefore,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

mutual

funds

and

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

management

fee

and

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

comparative

reporting

indicated

that

contractual

management

fee

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

3rd,

2nd,

1

st

,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

comparative

reporting

indicated

that

total

expense

ratios

for

JSMD,

JSML,

VNLA,

JMBS

and

JAAA

were

in

the

3rd,

4th,

2nd,

1st,

and

1st

quintiles,

respectively,

as

compared

to

each

Fund’s

respective

peer

grouping.

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

VNLA

and

JMBS

to

the

extent

that

the

Funds’

total

expense

ratio

exceeded

0.23%

and

0.28%,

respectively,

for

at

least

the

period

February

28,

2022

through

February

28,

2023.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2022

until

February 28,

2023.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

and

mutual

funds

(as

applicable)

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2022

The

Board

next

discussed

the

performance

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

peer

group

compiled

by

an

independent

third

party

for

each

Fund

for

the

one-year

period,

two-year

period,

three-year

period,

four-year

period

and/or

five-year

period,

as

applicable.

The

Board

noted

that

for

the

one-,

two-,

three-,

four-

and

five-year

periods

ended

December

31,

2021,

respectively,

JSMD

was

reported

to

be

in

the

4th,

4th,

4th,

3rd

and

3rd

quintiles;

JSML

was

reported

to

be

in

the

5th,

4th,

4th,

3rd

and

3rd

quintiles;

and

VNLA

was

reported

to

be

in

the

3rd,

4th,

4th,

3rd

and

3rd

quintiles.

JMBS

was

reported

to

be

in

the

2nd,

1st

and

1st

quintile

for

the

one-,

two-

and

three-year

periods,

respectively.

JAAA

was

reported

to

be

in

the

5th

quintile

for

its

first

one-year

period.

The

Board

also

reviewed

supplemental

performance

information

prepared

by

the

Adviser

for

each

Fund

for

the

three-month,

one-year,

three-year,

and

since-inception

periods

as

of

December

31,

2021

(each

period

as

applicable).

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

AAA

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93087

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

6

Statement

of

Operations

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

7

Statement

of

Changes

in

Net

Assets

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

8

Financial

Highlights

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

9

Notes

to

Financial

Statements

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

10

Additional

Information

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

17

Liquidity

Risk

Management

Program

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

18

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Real

Estate

ETF

(JRE)

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

Greg

Kuhl

Danny

Greenberger

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Prologis,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

11.8%

VICI

Properties,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

7.9%

Sun

Communities,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

6.8%

Alexandria

Real

Estate

Equities,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

6.7%

Rexford

Industrial

Realty,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

5.5%

38.7%

Sector

Allocation

–

(%

of

Net

Assets)

Financial

99.0%

Investment

Companies

0.9%

99.9%

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

U.S.

Real

Estate

ETF

-

NAV

0.03%

7.94%

0.65%

Janus

Henderson

U.S.

Real

Estate

ETF

-

Market

Price

-0.45%

7.86%

–

FTSE

Nareit

Equity

REITs

Index

-0.64%

6.72%

–

*

The

Fund

commenced

operations

on

June

22,

2021.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$1,000.30

$3.22

$1,000.00

$1,021.57

$3.26

0.65%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

99.0%

Diversified

Telecommunication

Services

-

1.7%

Radius

Global

Infrastructure,

Inc.*

15,895

$

197,416

Equity

Real

Estate

Investment

Trusts

(REITs)

-

95.8%

Agree

Realty

Corp.

5,247

356,376

Alexandria

Real

Estate

Equities,

Inc.

4,174

760,336

CubeSmart

10,743

510,400

Equity

LifeStyle

Properties,

Inc.

7,072

546,524

Essex

Property

Trust,

Inc.

1,468

483,368

Invitation

Homes,

Inc.

15,552

619,281

Life

Storage,

Inc.

3,898

516,446

National

Retail

Properties,

Inc.

10,716

469,789

Park

Hotels

&

Resorts,

Inc.

29,847

588,284

Prologis,

Inc.

8,367

1,341,146

Rexford

Industrial

Realty,

Inc.

8,046

627,910

SBA

Communications

Corp.

1,161

402,995

SITE

Centers

Corp.

15,775

250,823

Spirit

Realty

Capital,

Inc.

13,591

590,529

Sun

Communities,

Inc.

4,402

772,859

UDR,

Inc.

11,563

615,267

VICI

Properties,

Inc.

29,901

891,342

Welltower

,

Inc.

5,906

536,324

10,879,999

Real

Estate

Management

&

Development

-

1.5%

Tricon

Residential,

Inc.

11,616

168,962

Total

Common

Stocks

(cost

$10,847,311)

11,246,377

Investment

Companies

-

0.9%

Money

Market

Funds

-

0.9%

Invesco

Government

&

Agency

Portfolio,

0.3500%

∞

(cost

$98,132)

98,132

98,132

Total

Investments

(total

cost

$10,945,443

)

-

99.9%

11,344,509

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.1%

6,675

Net

Assets

-

100.0%

$11,351,184

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

11,175,547

98.5

%

Canada

168,962

1.5

Total

$

11,344,509

100.0

%

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

FTSE

Nareit

Equity

REITs

Index

FTSE

Nareit

Equity

REITs

Index

reflects

performance

of

the

U.S.

equity

real

estate

investment

trust

market,

excluding

timber

and

infrastructure.

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

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

April

30,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

11,246,377

$

—

$

—

Investment

Companies

98,132

—

—

Total

Assets

$

11,344,509

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$10,945,443)

$

11,344,509

Cash

1,710

Receivables:

Dividends

11,301

Total

Assets

11,357,520

Liabilities:

Payables:

—

Management

fees

6,336

Total

Liabilities

6,336

Net

Assets

$

11,351,184

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

10,696,374

Total

distributable

earnings

(loss)

654,810

Total

Net

Assets

$

11,351,184

Net

Assets

$

11,351,184

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

425,001

Net

Asset

Value

Per

Share

$

26

.71

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

134,511

Foreign

tax

withheld

(

102

)

Total

Investment

Income

134,409

Expenses:

Management

Fees

36,938

Total

Expenses

36,938

Net

Investment

Income/(Loss)

97,471

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

390,885

Total

Net

Realized

Gain/(Loss)

on

Investments

$

390,885

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

527,568

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

527,568

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

39,212

)

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Changes

in

Net

Assets

8

April

30,

2022

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

97,471

$

71,184

Net

realized

gain/(loss)

on

investments

390,885

(

187,876

)

Change

in

unrealized

net

appreciation/depreciation

(

527,568

)

926,634

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

39,212

)

809,942

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

86,039

)

(

29,881

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

86,039

)

(

29,881

)

Capital

Share

Transactions

41,785

10,654,589

Net

Increase/(Decrease)

in

Net

Assets

(

83,466

)

11,434,650

Net

Assets:

—

—

Beginning

of

Period  

11,434,650

—

End

of

Period

$

11,351,184

$

11,434,650

(1)

Period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$26.90

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.23

0.17

Net

realized

and

unrealized

gain/(loss)

(0.22)

1.80

Total

from

Investment

Operations

0.01

(3)

1.97

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.20)

(0.07)

Total

Dividends

and

Distributions

(0.20)

(0.07)

Net

Asset

Value,

End

of

Period

$26.71

$26.90

Total

Return

*

0.03%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$11,351

$11,435

Average

Net

Assets

for

the

Period

(in

thousands)

$11,467

$10,790

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.65%

0.65%

Ratio

of

Net

Investment

Income/(Loss)

1.71%

1.84%

Portfolio

Turnover

Rate

(4)

36%

23%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

10

April

30,

2022

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson U.S.

Real

Estate ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946. As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

and for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2022

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

which

may

include

real

estate

investment

trust

("REIT"), common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

REIT

Risk

REITs

are

pooled

investment

vehicles

that

trade

like

stocks

and

invest

substantially

all

of

their

assets

in

real

estate

and

may

qualify

for

special

tax

considerations.

REITs

are

subject

to

certain

risks

inherent

in

the

direct

ownership

of

real

estate,

including

without

limitation,

a

possible

lack

of

mortgage

funds

and

associated

interest

rate

risks,

overbuilding,

property

vacancies,

increases

in

property

taxes

and

operating

expenses,

changes

in

zoning

laws,

losses

due

to

environmental

damages

and

changes

in

neighborhood

values

and

appeal

to

purchasers.

Further,

failure

of

a

company

to

qualify

as

a

REIT

under

federal

tax

law

may

have

adverse

consequences

to

the

REIT’s

shareholders.

In

addition,

REITs

may

have

expenses,

including

advisory

and

administration

expenses,

and

REIT

shareholders

will

incur

a

proportionate

share

of

the

underlying

expenses.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2022

Concentration Risk 

Since

the

Fund

concentrates

its

assets

in

the

U.S.

real

estate

industry

and

real

estate-related

industries

an

investment

in

the

Fund

will

be

closely

linked

to

performance

of

the

U.S.

real

estate

markets.

As

a

result,

the

Fund

may

be

subject

to

greater

risks

and

its

net

asset

value

may

fluctuate

more

than

a

fund

that

does

not

concentrate

its

investments.

Nondiversification

Risk 

The

Fund

is

classified

as

non-diversified

under

the

1940

Act.

This

gives

the

Fund’s

portfolio

managers

more

flexibility

to

hold

larger

positions

in

a

smaller

number

of

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund’s

NAV

and

total

return.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.65% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.65%

Next

$750

million

0.60%

Over

$1

billion

0.50%

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

As

of

April

30,

2022, the

Adviser

owned 1

shares

or

less

than 0.00%

of

the

Fund.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(183,315)

$

—

$(183,315)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$10,945,443

$645,168

$(246,102)

$399,066

Period

Ended

April

30,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

50,000

$

1,357,429

425,001

$

10,654,589

Shares

repurchased

(50,000)

(1,315,644

)

—

—

Net

Increase/(Decrease)

—

$

41,785

425,001

$

10,654,589

(1)

Period

from

June

22,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$4,018,456

$4,001,320

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

During

the

period ended

April

30,

2022,

the

Fund

had

net

realized

gain

of

$83,031

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$1,346,399

$1,306,732

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

17

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

U.S.

Real

Estate

ETF

Liquidity

Risk

Management

Program

(unaudited)

18

April

30,

2022

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

Janus

Detroit

Street

Trust

19

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

20

April

30,

2022

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

Janus

Detroit

Street

Trust

21

125-24-93088

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

International

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

International

Sustainable

Equity

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

7

Statement

of

Operations

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

8

Statement

of

Changes

in

Net

Assets

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

9

Financial

Highlights

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

10

Notes

to

Financial

Statements

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

11

Additional

Information

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

19

Liquidity

Risk

Management

Program

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

20

INVESTMENT

OBJECTIVE

Janus

Henderson

International

Sustainable

Equity

ETF

(SXUS)

seeks

long-term

growth

of

capital.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Nintendo

Co.

Ltd.

Entertainment

6.2%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

Semiconductors

&

Semiconductor

Equipment

5.2%

Intact

Financial

Corp.

Insurance

4.7%

AIA

Group

Ltd.

Insurance

4.5%

Boralex

,

Inc.

Independent

Power

and

Renewable

Electricity

Producers

4.2%

24.8%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

22.2%

Industrial

21.7%

Consumer,

Cyclical

13.2%

Financial

12.6%

Utilities

11.5%

Consumer,

Non-cyclical

11.0%

Communications

3.9%

Energy

1.7%

Investment

Companies

1.3%

Basic

Materials

0.7%

99.8%

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

International

Sustainable

Equity

ETF

-

NAV

-23.51%

-28.46%

0.60%

Janus

Henderson

International

Sustainable

Equity

ETF

-

Market

Price

-24.45%

-29.22%

–

MSCI

All

Country

World

ex

USA

IndexSM

-11.87%

-13.39%

–

*

The

Fund

commenced

operations

on

September

8,

2021.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$764.90

$2.63

$1,000.00

$1,021.82

$3.01

0.60%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

98.5%

Chemicals

-

0.7%

Calix

Ltd.*

33,069

$

206,804

Containers

&

Packaging

-

1.8%

DS

Smith

plc

131,743

547,320

Electric

Utilities

-

3.7%

SSE

plc

46,694

1,095,395

Electrical

Equipment

-

10.3%

Legrand

SA

7,193

643,181

Nidec

Corp.

11,900

784,301

Schneider

Electric

SE

7,794

1,132,208

Vestas

Wind

Systems

A/S

19,918

516,417

3,076,107

Electronic

Equipment,

Instruments

&

Components

-

7.0%

Murata

Manufacturing

Co.

Ltd.

16,300

980,567

Shimadzu

Corp.

33,400

1,104,654

2,085,221

Entertainment

-

6.2%

Nintendo

Co.

Ltd.

4,000

1,849,645

Health

Care

Equipment

&

Supplies

-

7.4%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

37,562

524,162

Nanosonics

Ltd.*

84,585

241,643

Olympus

Corp.

63,800

1,137,035

Siemens

Healthineers

AG

(144A)

5,988

323,811

2,226,651

Health

Care

Providers

&

Services

-

0.5%

New

Horizon

Health

Ltd.

(144A)*

73,230

159,225

Independent

Power

and

Renewable

Electricity

Producers

-

7.9%

Boralex

,

Inc.

-

Class

A

42,221

1,272,197

Innergex

Renewable

Energy,

Inc.

80,421

1,082,306

2,354,503

Insurance

-

12.6%

AIA

Group

Ltd.

135,778

1,345,467

Allianz

SE

4,464

1,018,150

Intact

Financial

Corp.

9,987

1,404,377

3,767,994

Interactive

Media

&

Services

-

0.4%

Thinkific

Labs,

Inc.*

55,276

126,723

Leisure

Products

-

4.0%

Shimano,

Inc.

3,600

647,422

Yamaha

Corp.

14,100

544,149

1,191,571

Machinery

-

4.3%

Alstom

SA

29,447

656,095

Knorr-

Bremse

AG

8,654

623,913

1,280,008

Professional

Services

-

6.9%

SMS

Co.

Ltd.

18,000

429,994

TechnoPro

Holdings,

Inc.

34,700

891,872

Wolters

Kluwer

NV

7,254

739,089

2,060,955

Semiconductors

&

Semiconductor

Equipment

-

11.7%

ASML

Holding

NV

1,672

966,604

Infineon

Technologies

AG

33,571

972,162

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

16,713

1,553,139

3,491,905

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Software

-

10.1%

Constellation

Software,

Inc.

471

$

745,120

Kinaxis

,

Inc.*

4,732

526,350

Lightspeed

Commerce,

Inc.*

21,386

480,413

Linklogis

,

Inc.

-

Class

B

(144A)*

907,606

875,662

Rakus

Co.

Ltd.

32,400

404,375

3,031,920

Textiles,

Apparel

&

Luxury

Goods

-

3.0%

adidas

AG

4,397

898,593

Total

Common

Stocks

(cost

$41,306,795)

29,450,540

Investment

Companies

-

1.3%

Money

Market

Funds

-

1.3%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.1500%

∞

(cost

$399,200)

399,200

399,200

Total

Investments

(total

cost

$41,705,995

)

-

99.8%

29,849,740

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.2%

62,489

Net

Assets

-

100.0%

$29,912,229

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Japan

$

8,774,014

29.4

%

Canada

5,637,486

18.9

Germany

3,836,629

12.9

France

2,431,484

8.1

Netherlands

1,705,693

5.7

United

Kingdom

1,642,715

5.5

Taiwan

1,553,139

5.2

Hong

Kong

1,345,467

4.5

China

1,034,887

3.5

New

Zealand

524,162

1.8

Denmark

516,417

1.7

Australia

448,447

1.5

United

States

399,200

1.3

Total

$

29,849,740

100.0

%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

6

April

30,

2022

MSCI

All

Country

World

ex

USA

Index

SM

MSCI

All

Country

World

ex

USA

Index

SM

reflects

the

equity

market

performance

of

global

developed

and

emerging

markets,

excluding

the

U.S.

ADR

American

Depositary

Receipt

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

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

April

30,

2022

is

$1,358,698

which

represents

4.5%

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

April

30,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

29,450,540

$

—

$

—

Investment

Companies

399,200

—

—

Total

Assets

$

29,849,740

$

—

$

—

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$41,705,995)

$

29,849,740

Cash

500

Receivables:

Dividends

77,601

Total

Assets

29,927,841

Liabilities:

Foreign

cash

due

to

custodian

(cost

$37)

37

Payables:

—

Management

fees

15,575

Total

Liabilities

15,612

Net

Assets

$

29,912,229

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

43,197,061

Total

distributable

earnings

(loss)

(

13,284,832

)

Total

Net

Assets

$

29,912,229

Net

Assets

$

29,912,229

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,675,001

Net

Asset

Value

Per

Share

$

17

.86

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

8

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

222,051

Foreign

tax

withheld

(

26,326

)

Total

Investment

Income

195,725

Expenses:

Management

Fees

112,402

Total

Expenses

112,402

Net

Investment

Income/(Loss)

83,323

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

1,435,698

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,435,698

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(

8,400,200

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

8,400,200

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

9,752,575

)

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

83,323

$

40,700

Net

realized

gain/(loss)

on

investments

(

1,435,698

)

(

93,640

)

Change

in

unrealized

net

appreciation/depreciation

(

8,400,200

)

(

3,460,463

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

9,752,575

)

(

3,513,403

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

55,762

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

55,762

)

—

Capital

Share

Transactions

(

5,877,220

)

49,111,189

Net

Increase/(Decrease)

in

Net

Assets

(

15,685,557

)

45,597,786

Net

Assets:

—

—

Beginning

of

Period  

45,597,786

—

End

of

Period

$

29,912,229

$

45,597,786

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

International

Sustainable

Equity

ETF

Financial

Highlights

10

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$23.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.05

0.02

Net

realized

and

unrealized

gain/(loss)

(5.54)

(1.64)

(3)

Total

from

Investment

Operations

(5.49)

(1.62)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.03)

—

Total

Dividends

and

Distributions

(0.03)

—

Net

Asset

Value,

End

of

Period

$17.86

$23.38

Total

Return

*

(23.51)%

(6.48)%

(4)

Net

assets,

End

of

Period

(in

thousands)

$29,912

$45,598

Average

Net

Assets

for

the

Period

(in

thousands)

$37,622

$42,044

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

0.60%

Ratio

of

Net

Investment

Income/(Loss)

0.45%

0.67%

Portfolio

Turnover

Rate

(5)

3%

9%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Net

realized

and

unrealized

gain/

(loss)

includes

the

voluntary

reimbursement

made

by

Janus

Capital.

The

impact

of

the

reimbursement

to

the

net

realized

and

unrealized

gain/

(loss)

is

$0.02.

(4)

0.08%

of

the

Fund’s

total

return

consists

of

a

voluntary

reimbursement

by

Janus

Capital

for

realized

investment

losses.  Excluding

this

item,

total

return

would

have

been

(6.56)%.  

(5)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson International

Sustainable Equity

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946. As

of

the

date

of

this

report,

the

Trust

offers

twelve Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital. 

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2022

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date

of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2022

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Emerging

Market

Investing

Within

the

parameters

of

its

specific

investment

policies,

the

Fund

may

invest

in

securities

of

issuers

or

companies

from

or

with

exposure

to

one

or

more

“developing

countries”

or

“emerging

market

countries.”

Such

countries

include

but

are

not

limited

to

countries

included

in

the

MSCI

Emerging

Markets

Index

SM

.

Emerging

market

countries

in

which

the

Fund

may

invest

include

frontier

market

countries,

the

economies

of

which

are

less

developed

than

other

emerging

market

countries. To

the

extent

that

the

Fund

invests

a

significant

amount

of

its

assets

in

one

or

more

of

these

countries,

its

returns

and

net

asset

value

may

be

affected

to

a

large

degree

by

events

and

economic

conditions

in

such

countries.

The

risks

of

foreign

investing

are

heightened

when

investing

in

emerging

markets,

which

may

result

in

the

price

of

investments

in

emerging

markets

experiencing

sudden

and

sharp

price

swings.

In

many

developing

markets,

there

is

less

government

supervision

and

regulation

of

stock

exchanges,

brokers,

and

listed

companies,

making

these

investments

potentially

more

volatile

in

price

and

less

liquid

than

investments

in

developed

securities

markets,

resulting

in

greater

risk

to

investors.

Similarly,

issuers

in

such

markets

may

not

be

subject

to

regulatory,

accounting,

auditing,

and

financial

reporting

and

recordkeeping

standards

comparable

to

those

to

which

U.S.

companies

are

subject.

There

is

a

risk

in

developing

countries

that

a

current

or

future

economic

or

political

crisis

could

lead

to

price

controls,

forced

mergers

of

companies,

expropriation

or

confiscatory

taxation,

imposition

or

enforcement

of

foreign

ownership

limits,

seizure,

nationalization,

sanctions

or

imposition

of

restrictions

by

various

governmental

entities

on

investment

and

trading,

or

creation

of

government

monopolies,

any

of

which

may

have

a

detrimental

effect

on

the

Fund’s

investments.

In

addition,

the

Fund’s

investments

may

be

denominated

in

foreign

currencies

and

therefore,

changes

in

the

value

of

a

country’s

currency

compared

to

the

U.S.

dollar

may

affect

the

value

of

the

Fund’s

investments.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

of

issuers

in

or

companies

of

a

single

country

or

region,

it

is

more

likely

to

be

impacted

by

events

or

conditions

affecting

that

country

or

region,

which

could

have

a

negative

impact

on

the

Fund’s

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

performance.

Developing

countries

may

also

experience

a

higher

level

of

exposure

and

vulnerability

to

the

adverse

effects

of

climate

change.

This

can

be

attributed

to

both

the

geographic

location

of

emerging

market

countries

and/or

a

country’s

lack

of

access

to

technology

or

resources

to

adjust

and

adapt

to

its

effects.

An

increased

occurrence

and

severity

of

natural

disasters

and

extreme

weather

events

such

as

droughts

and

decreased

crop

yields,

heat

waves,

flooding

and

rising

sea

levels,

and

increased

spread

of

disease,

could

cause

harmful

effects

to

the

performance

of

affected

economies.

Additionally,

foreign

and

emerging

market

risks,

including,

but

not

limited

to,

price

controls,

expropriation

or

confiscatory

taxation,

imposition

or

enforcement

of

foreign

ownership

limits,

nationalization,

and

restrictions

on

repatriation

of

assets

may

be

heightened

to

the

extent

the

Fund

invests

in

Chinese

local

market

securities. 

Industry

and Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors. 

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to Environmental,

Sustainability

and

Governance

("ESG") practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.60% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2022, the

Adviser

owned 1,600,001

shares

or 95.52%

of

the

Fund.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.60%

Over

$250

million

0.55%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2022,

the

Fund

had

net

realized

loss

of

$419,875

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(45,553)

$(5,064)

$(50,617)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$41,705,995

$73,224

$(11,929,479)

$(11,856,255)

Period

Ended

April

30,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

2,000,001

$

50,284,289

Shares

repurchased

(275,000)

(5,877,220

)

(50,000)

(1,173,100

)

Net

Increase/(Decrease)

(275,000)

$

(5,877,220

)

1,950,001

$

49,111,189

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$990,708

$3,248,095

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$

—

$3,127,677

$

—

$

—

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Janus

Henderson

International

Sustainable

Equity

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Foreign

Taxes

Paid

$8,743

Foreign

Source

Income

$49,917

Janus

Henderson

International

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

20

April

30,

2022

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

Janus

Detroit

Street

Trust

21

125-24-93089

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

7

Statement

of

Operations

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

8

Statement

of

Changes

in

Net

Assets

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

9

Financial

Highlights

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

10

Notes

to

Financial

Statements

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

11

Additional

Information

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

18

Liquidity

Risk

Management

Program

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

19

INVESTMENT

OBJECTIVE

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(JZRO)

seeks

long-term

growth

of

capital.

Tim

Gerrard

Darko

Kuzmanovic

Tal

Lomnitzer

Daniel

Sullivan

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Champion

Iron

Ltd.

Metals

&

Mining

4.6%

Nucor

Corp.

Metals

&

Mining

4.4%

Air

Products

and

Chemicals,

Inc.

Chemicals

4.4%

Anglo

American

plc

Metals

&

Mining

4.3%

Freeport-McMoRan,

Inc.

Metals

&

Mining

4.3%

22.0%

Sector

Allocation

–

(%

of

Net

Assets)

Basic

Materials

65.8%

Consumer,

Non-cyclical

11.4%

Industrial

9.6%

Investment

Companies

4.4%

Energy

3.5%

Financial

2.7%

Utilities

2.3%

99.7%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

NAV

6.91%

9.21%

0.60%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

Market

Price

6.10%

8.57%

–

S&P

Global

Natural

Resources

Index

14.02%

18.52%

–

*

The

Fund

commenced

operations

on

September

8,

2021.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$1,069.10

$3.08

$1,000.00

$1,021.82

$3.01

0.60%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

95.3%

Building

Products

-

2.9%

Johnson

Controls

International

plc

27,591

$

1,651,873

Chemicals

-

13.9%

Air

Products

and

Chemicals,

Inc.

10,526

2,463,821

Koninklijke

DSM

NV

6,393

1,083,134

Mosaic

Co.

(The)

33,279

2,077,275

Nutrien

Ltd.

22,752

2,247,339

7,871,569

Containers

&

Packaging

-

6.7%

Ball

Corp.

21,383

1,735,444

Smurfit

Kappa

Group

plc

48,405

2,077,319

3,812,763

Electric

Utilities

-

2.3%

Orsted

A/S

(144A)

11,389

1,280,663

Electrical

Equipment

-

4.6%

Ballard

Power

Systems,

Inc.*

52,217

435,942

Nexans

SA

13,577

1,254,700

Vestas

Wind

Systems

A/S

34,495

894,356

2,584,998

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.7%

Weyerhaeuser

Co.

37,238

1,534,950

Food

Products

-

11.4%

Archer-Daniels-Midland

Co.

26,506

2,373,877

Beyond

Meat,

Inc.*

8,490

313,111

Costa

Group

Holdings

Ltd.

737,101

1,749,562

Salmar

ASA

11,707

971,337

Synlait

Milk

Ltd.*

459,402

1,052,557

6,460,444

Independent

Power

and

Renewable

Electricity

Producers

-

1.2%

Scatec

ASA

(144A)

53,533

663,664

Metals

&

Mining

-

38.0%

Alcoa

Corp.

23,400

1,586,520

Allkem

Ltd.*

143,258

1,247,127

Anglo

American

plc

54,532

2,455,152

AVZ

Minerals

Ltd.*

310,209

218,246

Champion

Iron

Ltd.

504,824

2,626,073

Filo

Mining

Corp.*

65,299

1,025,941

Freeport-McMoRan,

Inc.

59,885

2,428,337

IGO

Ltd.

133,456

1,249,050

Ivanhoe

Mines

Ltd.

-

Class

A*

130,699

1,053,323

Liontown

Resources

Ltd.*

138,302

143,987

Lynas

Rare

Earths

Ltd.*

72,009

468,746

MP

Materials

Corp.*

11,902

452,752

Norsk

Hydro

ASA

139,655

1,198,300

Nucor

Corp.

16,082

2,489,172

Solaris

Resources,

Inc.*

104,400

1,049,677

Talon

Metals

Corp.*

1,987,495

1,088,570

Turquoise

Hill

Resources

Ltd.*

25,804

707,664

21,488,637

Oil,

Gas

&

Consumable

Fuels

-

4.9%

Cameco

Corp.

29,046

753,848

NexGen

Energy

Ltd.*

405,553

2,008,647

2,762,495

Paper

&

Forest

Products

-

5.3%

Stora

Enso

OYJ

-

Class

R

83,078

1,656,017

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Paper

&

Forest

Products

-

(continued)

West

Fraser

Timber

Co.

Ltd.

15,419

$

1,362,200

3,018,217

Professional

Services

-

1.4%

Jacobs

Engineering

Group,

Inc.

5,574

772,278

Total

Common

Stocks

(cost

$51,707,456)

53,902,551

Investment

Companies

-

4.4%

Money

Market

Funds

-

4.4%

JPMorgan

Prime

Money

Market

Fund,

0.3660%

∞

(cost

$2,471,728)

2,469,977

2,471,706

Total

Investments

(total

cost

$54,179,184

)

-

99.7%

56,374,257

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.3%

158,542

Net

Assets

-

100.0%

$56,532,799

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

22,351,116

39.7

%

Canada

11,733,151

20.8

Australia

7,234,045

12.8

Norway

2,833,301

5.0

United

Kingdom

2,455,152

4.4

Denmark

2,175,019

3.9

Ireland

2,077,319

3.7

Finland

1,656,017

2.9

France

1,254,700

2.2

Netherlands

1,083,134

1.9

New

Zealand

1,052,557

1.9

Malaysia

468,746

0.8

Total

$

56,374,257

100.0

%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

6

April

30,

2022

SOI

S&P

Global

Natural

Resources

Index

S&P

Global

Natural

Resources

Index

reflects

the

performance

of

large

publicly-traded

natural

resource

and

commodities

companies

across

agribusiness,

energy,

and

metals

and

mining.

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

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

April

30,

2022

is

$1,944,327

which

represents

3.4%

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

April

30,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

53,902,551

$

—

$

—

Investment

Companies

2,471,706

—

—

Total

Assets

$

56,374,257

$

—

$

—

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$54,179,184)

$

56,374,257

Cash

denominated

in

foreign

currency

(cost

$17)

18

Receivables:

Dividends

187,493

Total

Assets

56,561,768

Liabilities:

Payables:

—

Due

to

custodian

500

Management

fees

28,469

Total

Liabilities

28,969

Net

Assets

$

56,532,799

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

53,133,459

Total

distributable

earnings

(loss)

3,399,340

Total

Net

Assets

$

56,532,799

Net

Assets

$

56,532,799

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,100,001

Net

Asset

Value

Per

Share

$

26

.92

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

8

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

458,971

Foreign

tax

withheld

(

6,127

)

Total

Investment

Income

452,844

Expenses:

Management

Fees

154,484

Total

Expenses

154,484

Net

Investment

Income/(Loss)

298,360

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

1,489,075

Total

Net

Realized

Gain/(Loss)

on

Investments

$

1,489,075

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

1,369,124

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,369,124

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

3,156,559

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

298,360

$

102,396

Net

realized

gain/(loss)

on

investments

1,489,075

34,072

Change

in

unrealized

net

appreciation/depreciation

1,369,124

823,330

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

3,156,559

959,798

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

717,017

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

717,017

)

—

Capital

Share

Transactions

3,006,254

50,127,205

Net

Increase/(Decrease)

in

Net

Assets

5,445,796

51,087,003

Net

Assets:

—

—

Beginning

of

Period  

51,087,003

—

End

of

Period

$

56,532,799

$

51,087,003

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Financial

Highlights

10

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$25.54

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.15

0.06

Net

realized

and

unrealized

gain/(loss)

1.59

0.48

Total

from

Investment

Operations

1.74

0.54

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.36)

—

Total

Dividends

and

Distributions

(0.36)

—

Net

Asset

Value,

End

of

Period

$26.92

$25.54

Total

Return

*

6.91%

2.16%

Net

assets,

End

of

Period

(in

thousands)

$56,533

$51,087

Average

Net

Assets

for

the

Period

(in

thousands)

$51,963

$44,399

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

0.60%

Ratio

of

Net

Investment

Income/(Loss)

1.16%

1.59%

Portfolio

Turnover

Rate

(3)

19%

6%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946. As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies. The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as

nondiversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2022

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2022

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Industry

and Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors. 

Natural

Resources

Investment

Risk

Investment

in

companies

in

natural

resources

industries

(including

those

in

the

energy

sector)

can

be

significantly

affected

by

(often

rapid)

changes

in

supply

of,

or

demand

for,

various

natural

resources.

They

may

also

be

affected

by

changes

in

energy

prices,

international

political

and

economic

developments,

environmental

incidents,

energy

conservation,

the

success

of

exploration

projects,

changes

in

commodity

prices,

and

tax

and

other

government

regulations.

For

example,

the

COVID-19

pandemic

has

drastically

reduced

the

demand

for

various

natural

resources

and

has

drastically

increased

the

price

volatility

of

natural

resources

and

companies

within

the

natural

resources

industry.

An

extended

period

of

reduced

(or

negative)

prices

may

significantly

lengthen

the

time

that

companies

within

the

natural

resources

industries

would

need

to

recover

after

a

stabilization

of

prices. 

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

Nondiversification

Risk 

The

Fund

is

classified

as

non-diversified

under

the

1940

Act.

This

gives

the

Fund’s

portfolio

managers

more

flexibility

to

hold

larger

positions

in

a

smaller

number

of

securities.

As

a

result,

an

increase

or

decrease

in

the

value

of

a

single

security

held

by

the

Fund

may

have

a

greater

impact

on

the

Fund’s

NAV

and

total

return.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to

Environmental,

Sustainability

and

Governance

("ESG")

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.60%

Over

$250

million

0.55%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.60% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2022, the

Adviser

owned 1,800,001

shares

or 85.71%

of

the

Fund.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$54,179,184

$6,312,733

$(4,117,660)

$2,195,073

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2022,

the

Fund

had

net

realized

gain

of

$155,366

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

April

30,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

200,000

$

5,579,224

2,000,001

$

50,127,205

Shares

repurchased

(100,000)

(2,572,970

)

—

—

Net

Increase/(Decrease)

100,000

$

3,006,254

2,000,001

$

50,127,205

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$9,876,675

$12,236,779

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$5,367,347

$2,545,353

$

—

$

—

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Additional

Information

(unaudited)

18

April

30,

2022

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2021.

Foreign

Taxes

Paid

$10,125

Foreign

Source

Income

$84,777

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

19

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

20

April

30,

2022

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

Janus

Detroit

Street

Trust

21

125-24-93090

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

11

Statement

of

Operations

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

12

Statement

of

Changes

in

Net

Assets

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

13

Financial

Highlights

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

14

Notes

to

Financial

Statements

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

15

Additional

Information

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

24

Liquidity

Risk

Management

Program

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

25

INVESTMENT

OBJECTIVE

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(SCRD)

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors.

Michael

Keough

Brad

Smith

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

34.8%

Consumer,

Non-cyclical

22.5%

Technology

12.1%

Industrial

8.6%

Consumer,

Cyclical

6.6%

Investment

Companies

4.7%

Utilities

4.0%

Communications

2.8%

Energy

1.4%

Basic

Materials

1.2%

98.7%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

NAV

-12.46%

-13.24%

0.35%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

Market

Price

-12.64%

-13.36%

–

Bloomberg

U.S.

Corporate

Bond

Index

-12.75%

-13.25%

–

*

The

Fund

commenced

operations

on

September

8,

2021.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$875.40

$1.63

$1,000.00

$1,023.06

$1.76

0.35%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

94.0%

Basic

Materials

-

1.2%

Ecolab,

Inc.,

2.7000%, 11/1/26

$

438,000

$

422,834

Communications

-

2.8%

Amazon.com,

Inc.,

3.0000%, 4/13/25

125,000

124,604

Comcast

Corp.,

4.1500%, 10/15/28

93,000

93,501

Comcast

Corp.,

3.9990%, 11/1/49

242,000

218,122

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

78,000

73,746

FactSet

Research

Systems,

Inc.,

3.4500%, 3/1/32

141,000

129,364

Netflix,

Inc.,

3.6250%, 6/15/25

(144A)

110,000

107,525

Netflix,

Inc.,

4.8750%, 6/15/30

(144A)

220,000

214,502

961,364

Consumer,

Cyclical

-

6.6%

Aptiv

plc,

4.3500%, 3/15/29

83,000

81,146

Aptiv

plc,

4.4000%, 10/1/46

184,000

159,707

General

Motors

Financial

Co.,

Inc.,

3.1000%, 1/12/32

195,000

164,460

Hasbro,

Inc.,

3.5000%, 9/15/27

223,000

214,134

Hasbro,

Inc.,

5.1000%, 5/15/44

219,000

209,912

Home

Depot,

Inc.

(The),

2.7000%, 4/1/23

393,000

394,098

Home

Depot,

Inc.

(The),

2.8750%, 4/15/27

29,000

28,088

Home

Depot,

Inc.

(The),

3.2500%, 4/15/32

49,000

45,864

Lithia

Motors,

Inc.,

3.8750%, 6/1/29

(144A)

59,000

53,275

Lithia

Motors,

Inc.,

4.3750%, 1/15/31

(144A)

241,000

221,117

Lowe's

Cos.,

Inc.,

3.7500%, 4/1/32

36,000

33,983

Lowe's

Cos.,

Inc.,

4.2500%, 4/1/52

102,000

91,658

Marriott

International,

Inc.,

4.1500%, 12/1/23

101,000

102,225

Marriott

International,

Inc.,

4.0000%, 4/15/28

99,000

96,025

Whirlpool

Corp.,

4.0000%, 3/1/24

162,000

163,474

Whirlpool

Corp.,

4.6000%, 5/15/50

227,000

209,404

2,268,570

Consumer,

Non-cyclical

-

22.5%

Abbott

Laboratories,

2.9500%, 3/15/25

279,000

277,509

Abbott

Laboratories,

6.1500%, 11/30/37

99,000

119,602

AbbVie,

Inc.,

2.9500%, 11/21/26

122,000

116,827

AbbVie,

Inc.,

3.2000%, 11/21/29

121,000

112,597

AbbVie,

Inc.,

4.2500%, 11/21/49

128,000

117,230

Amgen,

Inc.,

2.3000%, 2/25/31

107,000

92,056

Amgen,

Inc.,

2.7700%, 9/1/53

161,000

110,982

Anthem,

Inc.,

1.5000%, 3/15/26

85,000

78,228

Anthem,

Inc.,

2.5500%, 3/15/31

149,000

130,890

Anthem,

Inc.,

3.6000%, 3/15/51

96,000

80,868

Boston

Scientific

Corp.,

1.9000%, 6/1/25

117,000

110,781

Boston

Scientific

Corp.,

2.6500%, 6/1/30

160,000

142,158

Bristol-Myers

Squibb

Co.,

4.5500%, 2/20/48

196,000

196,971

Centene

Corp.,

2.6250%, 8/1/31

173,000

143,713

Cigna

Corp.,

3.0000%, 7/15/23

84,000

84,041

Cigna

Corp.,

2.3750%, 3/15/31

151,000

129,240

Cigna

Corp.,

3.4000%, 3/15/50

317,000

248,826

Coca-Cola

Co.

(The),

2.9000%, 5/25/27

140,000

136,528

Coca-Cola

Co.

(The),

2.8750%, 5/5/41

213,000

177,652

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

238,000

189,829

CSL

UK

Holdings

Ltd.,

3.8500%, 4/27/27

(144A)

48,000

47,728

CSL

UK

Holdings

Ltd.,

4.2500%, 4/27/32

(144A)

120,000

118,961

CSL

UK

Holdings

Ltd.,

4.6250%, 4/27/42

(144A)

224,000

220,042

CVS

Health

Corp.,

3.3750%, 8/12/24

164,000

163,562

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

CVS

Health

Corp.,

3.7500%, 4/1/30

$

217,000

$

207,350

CVS

Health

Corp.,

4.1250%, 4/1/40

324,000

294,418

General

Mills,

Inc.,

2.2500%, 10/14/31

220,000

184,130

GSK

Consumer

Healthcare

Capital

US

LLC,

3.3750%, 3/24/29

(144A)

250,000

235,742

HCA,

Inc.,

5.2500%, 6/15/26

93,000

95,842

HCA,

Inc.,

4.1250%, 6/15/29

98,000

93,762

HCA,

Inc.,

3.5000%, 9/1/30

184,000

164,833

HCA,

Inc.,

5.2500%, 6/15/49

121,000

115,327

Humana,

Inc.,

3.1500%, 12/1/22

373,000

374,236

Humana,

Inc.,

3.1250%, 8/15/29

101,000

93,185

Humana,

Inc.,

3.9500%, 8/15/49

91,000

80,270

Illumina,

Inc.,

0.5500%, 3/23/23

109,000

106,925

Illumina,

Inc.,

2.5500%, 3/23/31

173,000

147,403

JBS

USA

LUX

SA,

3.0000%, 5/15/32

(144A)

79,000

65,836

JBS

USA

LUX

SA,

4.3750%, 2/2/52

(144A)

107,000

86,850

Laboratory

Corp.

of

America

Holdings,

2.7000%, 6/1/31

214,000

186,359

Medtronic

Global

Holdings

SCA,

3.3500%, 4/1/27

139,000

137,052

Medtronic,

Inc.,

4.0000%, 4/1/43

76,000

72,787

Novartis

Capital

Corp.,

2.2000%, 8/14/30

113,000

100,517

Novartis

Capital

Corp.,

2.7500%, 8/14/50

148,000

116,490

PayPal

Holdings,

Inc.,

2.6500%, 10/1/26

207,000

198,273

PayPal

Holdings,

Inc.,

3.2500%, 6/1/50

97,000

76,714

Pfizer,

Inc.,

3.6000%, 9/15/28

95,000

94,986

Pfizer,

Inc.,

4.2000%, 9/15/48

136,000

135,835

Royalty

Pharma

plc,

2.1500%, 9/2/31

208,000

167,273

Royalty

Pharma

plc,

3.5500%, 9/2/50

150,000

110,358

S&P

Global,

Inc.,

2.7000%, 3/1/29

(144A)

120,000

110,220

S&P

Global,

Inc.,

3.7000%, 3/1/52

(144A)

89,000

77,607

Sysco

Corp.,

6.6000%, 4/1/40

157,000

187,099

Verisk

Analytics,

Inc.,

3.6250%, 5/15/50

265,000

221,678

7,686,178

Energy

-

1.4%

Cheniere

Corpus

Christi

Holdings

LLC,

3.7000%, 11/15/29

25,000

23,428

Enbridge,

Inc.,

2.5000%, 8/1/33

335,000

276,978

Sabine

Pass

Liquefaction

LLC,

5.6250%, 3/1/25

133,000

137,685

Targa

Resources

Corp.,

4.2000%, 2/1/33

21,000

19,903

457,994

Financial

-

34.8%

AerCap

Ireland

Capital

DAC,

1.7500%, 1/30/26

331,000

294,256

Air

Lease

Corp.,

3.1250%, 12/1/30

260,000

224,554

Alexandria

Real

Estate

Equities,

Inc.,

3.8000%, 4/15/26

200,000

199,239

Alexandria

Real

Estate

Equities,

Inc.,

2.9500%, 3/15/34

210,000

182,240

American

Express

Co.,

3.3750%, 5/3/24

222,000

221,823

American

Express

Co.,

4.0500%, 5/3/29

222,000

219,924

American

Homes

4

Rent

LP,

3.3750%, 7/15/51

219,000

163,820

American

Tower

Corp.,

2.4000%, 3/15/25

84,000

80,749

American

Tower

Corp.,

3.1000%, 6/15/50

179,000

125,097

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.0000%,

4.1750%, 3/24/28

‡

400,000

388,056

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

3.1350%,

5.2000%, 6/1/23

‡,μ

243,000

239,355

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

336,000

277,407

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

217,000

183,320

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

210,000

182,732

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Berkshire

Hathaway

Finance

Corp.,

3.8500%, 3/15/52

$

105,000

$

93,409

BlackRock,

Inc.,

3.2000%, 3/15/27

303,000

297,666

BNP

Paribas

SA,

SOFR

+

1.5610%,

3.1320%, 1/20/33

(144A)

‡

200,000

171,548

Boston

Properties

LP,

4.5000%, 12/1/28

91,000

91,592

Boston

Properties

LP,

2.5500%, 4/1/32

220,000

184,248

Brown

&

Brown,

Inc.,

4.9500%, 3/17/52

101,000

96,923

Charles

Schwab

Corp.

(The),

3.2000%, 3/2/27

98,000

95,755

Charles

Schwab

Corp.

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.0790%,

4.0000%, 12/1/30

‡,μ

174,000

147,486

Citigroup,

Inc.,

SOFR

+

2.1070%,

2.5720%, 6/3/31

‡

216,000

185,314

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

76,000

66,361

Citigroup,

Inc.,

ICE

LIBOR

USD

3

Month

+

1.1680%,

3.8780%, 1/24/39

‡

93,000

83,782

CME

Group,

Inc.,

3.7500%, 6/15/28

290,000

287,926

Commonwealth

Bank

of

Australia,

3.7840%, 3/14/32

(144A)

219,000

198,399

Cooperatieve

Rabobank

UA,

3.7500%, 7/21/26

514,000

499,469

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

(144A)

36,000

34,371

Crown

Castle

International

Corp.,

2.9000%, 4/1/41

135,000

100,661

Crown

Castle

International

Corp.,

4.1500%, 7/1/50

151,000

131,519

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

132,000

132,034

Equinix

,

Inc.,

1.5500%, 3/15/28

112,000

95,432

Equinix

,

Inc.,

2.5000%, 5/15/31

219,000

183,975

Equinix

,

Inc.,

3.4000%, 2/15/52

147,000

113,835

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.1140%,

2.6400%, 2/24/28

‡

167,000

153,460

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4100%,

3.1020%, 2/24/33

‡

184,000

160,799

Healthpeak

Properties,

Inc.,

1.3500%, 2/1/27

292,000

261,967

Healthpeak

Properties,

Inc.,

2.8750%, 1/15/31

2,000

1,777

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

219,000

202,422

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

333,000

292,701

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

247,000

217,304

Lloyds

Banking

Group

plc,

4.6500%, 3/24/26

516,000

518,640

Mastercard

,

Inc.,

3.3750%, 4/1/24

278,000

280,396

Mastercard

,

Inc.,

3.5000%, 2/26/28

95,000

94,074

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

334,000

291,154

Morgan

Stanley,

SOFR

+

1.3600%,

2.4840%, 9/16/36

‡

279,000

223,216

Nasdaq,

Inc.,

1.6500%, 1/15/31

237,000

190,347

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

586,000

500,694

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

479,000

401,530

PNC

Financial

Services

Group,

Inc.

(The),

2.6000%, 7/23/26

144,000

138,323

PNC

Financial

Services

Group,

Inc.

(The),

2.5500%, 1/22/30

105,000

93,851

Raymond

James

Financial,

Inc.,

3.7500%, 4/1/51

194,000

170,146

Rexford

Industrial

Realty

LP,

2.1500%, 9/1/31

341,000

279,380

Rocket

Mortgage

LLC,

4.0000%, 10/15/33

(144A)

118,000

94,536

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

284,000

241,785

SVB

Financial

Group,

1.8000%, 2/2/31

231,000

184,836

Truist

Bank,

2.2500%, 3/11/30

446,000

385,411

US

Bancorp,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.9500%,

2.4910%, 11/3/36

‡

218,000

183,292

Visa,

Inc.,

2.0000%, 8/15/50

98,000

66,144

11,902,462

Industrial

-

8.6%

Canadian

Pacific

Railway

Co.,

1.7500%, 12/2/26

221,000

202,799

Canadian

Pacific

Railway

Co.,

3.0000%, 12/2/41

221,000

179,716

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Industrial

-

(continued)

FedEx

Corp.,

3.2500%, 4/1/26

$

141,000

$

139,016

FedEx

Corp.,

3.2500%, 5/15/41

213,000

170,470

Johnson

Controls

International

plc,

1.7500%, 9/15/30

345,000

288,538

Norfolk

Southern

Corp.,

3.1500%, 6/1/27

100,000

96,616

Norfolk

Southern

Corp.,

2.3000%, 5/15/31

25,000

21,684

Otis

Worldwide

Corp.,

2.0560%, 4/5/25

215,000

204,600

Otis

Worldwide

Corp.,

2.5650%, 2/15/30

2,000

1,754

Otis

Worldwide

Corp.,

3.3620%, 2/15/50

120,000

93,790

Owens

Corning,

3.9500%, 8/15/29

161,000

157,448

Owens

Corning,

4.3000%, 7/15/47

168,000

149,317

Trane

Technologies

Luxembourg

Finance

SA,

3.5500%, 11/1/24

268,000

267,990

Trimble,

Inc.,

4.9000%, 6/15/28

281,000

283,984

Waste

Management,

Inc.,

2.4000%, 5/15/23

185,000

184,237

Waste

Management,

Inc.,

2.5000%, 11/15/50

103,000

73,535

Westinghouse

Air

Brake

Technologies

Corp.,

3.4500%, 11/15/26

207,000

198,242

Xylem,

Inc.,

1.9500%, 1/30/28

133,000

119,958

Xylem,

Inc.,

4.3750%, 11/1/46

129,000

120,330

2,954,024

Technology

-

12.1%

Adobe,

Inc.,

3.2500%, 2/1/25

382,000

383,312

Apple,

Inc.,

3.0000%, 11/13/27

89,000

86,737

Apple,

Inc.,

2.7000%, 8/5/51

271,000

207,743

Apple,

Inc.,

2.8500%, 8/5/61

241,000

181,123

Autodesk,

Inc.,

3.5000%, 6/15/27

200,000

194,550

Autodesk,

Inc.,

2.8500%, 1/15/30

103,000

93,325

Broadcom

Corp.,

3.8750%, 1/15/27

98,000

95,584

Broadcom,

Inc.,

3.4690%, 4/15/34

(144A)

276,000

234,267

Marvell

Technology,

Inc.,

2.9500%, 4/15/31

435,000

377,780

Micron

Technology,

Inc.,

4.1850%, 2/15/27

155,000

153,862

Micron

Technology,

Inc.,

5.3270%, 2/6/29

143,000

148,039

NVIDIA

Corp.,

1.5500%, 6/15/28

221,000

194,551

NXP

BV,

2.7000%, 5/1/25

(144A)

147,000

140,523

Oracle

Corp.,

2.8750%, 3/25/31

41,000

34,792

Oracle

Corp.,

3.9500%, 3/25/51

133,000

101,024

salesforce.com,

Inc.,

2.9000%, 7/15/51

172,000

134,613

salesforce.com,

Inc.,

3.0500%, 7/15/61

105,000

80,155

SK

Hynix,

Inc.,

2.3750%, 1/19/31

(144A)

200,000

166,190

Take-Two

Interactive

Software,

Inc.,

3.3000%, 3/28/24

358,000

355,828

TSMC

Arizona

Corp.,

3.8750%, 4/22/27

200,000

199,061

TSMC

Arizona

Corp.,

4.1250%, 4/22/29

200,000

199,100

VMware,

Inc.,

4.5000%, 5/15/25

178,000

180,355

VMware,

Inc.,

4.7000%, 5/15/30

90,000

89,472

Workday,

Inc.,

3.5000%, 4/1/27

39,000

38,015

Workday,

Inc.,

3.7000%, 4/1/29

30,000

28,654

Workday,

Inc.,

3.8000%, 4/1/32

46,000

43,526

4,142,181

Utilities

-

4.0%

AES

Corp.

(The),

1.3750%, 1/15/26

109,000

97,649

American

Water

Capital

Corp.,

3.8500%, 3/1/24

101,000

101,719

American

Water

Capital

Corp.,

2.3000%, 6/1/31

8,000

6,966

American

Water

Capital

Corp.,

3.2500%, 6/1/51

144,000

116,866

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

227,000

190,934

Duquesne

Light

Holdings,

Inc.,

2.7750%, 1/7/32

(144A)

552,000

466,235

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

8

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Utilities

-

(continued)

NextEra

Energy

Capital

Holdings,

Inc.,

1.9000%, 6/15/28

$

288,000

$

254,994

NextEra

Energy

Capital

Holdings,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5470%,

3.8000%, 3/15/82

‡

154,000

133,999

1,369,362

Total

Corporate

Bonds

(cost

$37,337,407)

32,164,969

Investment

Companies

-

4.7%

Money

Market

Funds

-

4.7%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.1500%

∞

(cost

$1,602,197)

1,602,197

1,602,197

Total

Investments

(total

cost

$38,939,604

)

-

98.7%

33,767,166

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

1.3%

451,239

Net

Assets

-

100.0%

$34,218,405

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

28,605,913

84.7

%

United

Kingdom

1,306,901

3.9

Australia

699,093

2.1

Canada

659,493

2.0

Netherlands

639,992

1.9

Ireland

535,109

1.6

Luxembourg

405,042

1.2

Spain

388,056

1.2

Mexico

189,829

0.5

France

171,548

0.5

South

Korea

166,190

0.4

Total

$

33,767,166

100.0

%

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

9

6/30/22

$

1,897,313

$

(14,227)

U.S.

Treasury

Long

Bonds

27

6/21/22

3,798,563

(374,562)

Total

-

Futures

Long

(388,789)

Futures

Short:

U.S.

Treasury

10

Year

Notes

9

6/21/22

(1,072,406)

32,427

U.S.

Treasury

10

Year

Ultra

Bonds

41

6/21/22

(5,289,000)

350,769

U.S.

Treasury

5

Year

Notes

15

6/30/22

(1,690,078)

9,149

U.S.

Treasury

Ultra

Bonds

3

6/21/22

(481,313)

35,934

Total

-

Futures

Short

428,279

Total

$39,490

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2022.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2022.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2022

Interest

Rate

Contracts

Asset

Derivatives:

Futures

contracts

$428,279

Liability

Derivatives:

Futures

contracts

(388,789)

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

April

30,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$182,455

182,455

Swap

contracts

327

—

327

Total

$327

$182,455

182,782

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$(65,304)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$8,314,310

Average

notional

amount

of

contracts

-

short

10,522,186

Credit

default

swaps:

Average

notional

amount

-

buy

protection

254,167

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

10

April

30,

2022

Bloomberg

U.S.

Corporate

Bond

Index

Bloomberg

U.S.

Corporate

Bond

Index

measures

the

investment

grade,

US

dollar-denominated,

fixed-rate,

taxable

corporate

bond

market.

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

‡

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

April

30,

2022

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2022

is

$3,566,168

which

represents

10.4%

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

April

30,

2022

.

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:

Corporate

Bonds

$

—

$

32,164,969

$

—

Investment

Companies

1,602,197

—

—

Total

Investments

in

Securities

$

1,602,197

$

32,164,969

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

428,279

$

—

$

—

Total

Assets

$

2,030,476

$

32,164,969

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

388,789

$

—

$

—

Total

Liabilities

$

388,789

$

—

$

—

(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.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$38,939,604)

$

33,767,166

Due

from

broker

for

futures

180,000

Receivable

for

variation

margin

on

futures

contracts

1,496

Receivables:

Investments

sold

1,239,283

Interest

281,835

Total

Assets

35,469,780

Liabilities:

Payables:

—

Due

to

custodian

19,231

Investments

purchased

1,222,064

Management

fees

10,080

Total

Liabilities

1,251,375

Net

Assets

$

34,218,405

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

40,902,099

Total

distributable

earnings

(loss)

(

6,683,694

)

Total

Net

Assets

$

34,218,405

Net

Assets

$

34,218,405

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

800,001

Net

Asset

Value

Per

Share

$

42

.77

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

12

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

527,949

Dividends

208

Total

Investment

Income

528,157

Expenses:

Management

Fees

75,882

Total

Expenses

75,882

Net

Investment

Income/(Loss)

452,275

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

1,665,891

)

Futures

contracts

182,455

Swap

contracts

327

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,483,109

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

4,386,216

)

Futures

contracts

(

65,304

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

4,451,520

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

5,482,354

)

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

452,275

$

123,790

Net

realized

gain/(loss)

on

investments

(

1,483,109

)

(

10,390

)

Change

in

unrealized

net

appreciation/depreciation

(

4,451,520

)

(

681,428

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

5,482,354

)

(

568,028

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

633,312

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

633,312

)

—

Capital

Share

Transactions

(

9,227,395

)

50,129,494

Net

Increase/(Decrease)

in

Net

Assets

(

15,343,061

)

49,561,466

Net

Assets:

—

—

Beginning

of

Period  

49,561,466

—

End

of

Period

$

34,218,405

$

49,561,466

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Financial

Highlights

14

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$49.56

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.49

0.13

Net

realized

and

unrealized

gain/(loss)

(6.61)

(0.57)

Total

from

Investment

Operations

(6.12)

(0.44)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.56)

—

Distributions

(from

capital

gains)

(0.11)

—

Total

Dividends

and

Distributions

(0.67)

—

Net

Asset

Value,

End

of

Period

$42.77

$49.56

Total

Return

*

(12.46)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$34,218

$49,561

Average

Net

Assets

for

the

Period

(in

thousands)

$43,628

$47,019

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

2.09%

1.81%

Portfolio

Turnover

Rate

(3)

51%

15%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Sustainable Corporate

Bond

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946. As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors. 

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures

contracts,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2022 is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

Counterparty

Risk

 -

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2022

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

There

were

no

credit

default

swaps

held

as

of

April

30,

2022.

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Floating-Rate

Obligations

Risk 

The

Fund

may

invest

in

floating

rate

obligations

that

reset

regularly,

maintaining

a

fixed

spread

over

a

stated

reference

rate

such

as

the

London

InterBank

Offered

Rate

(“LIBOR”),

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

Industry

and

Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors. 

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to

Environmental,

Sustainability

and

Governance

("ESG")

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2022

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.35% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.35%

Over

$500

million

0.30%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2022, the

Adviser

owned 450,001

shares

or 56.25%

of

the

Fund.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$38,939,604

$—

$(5,172,438)

$(5,172,438)

Period

Ended

April

30,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

1,000,001

$

50,129,494

Shares

repurchased

(200,000)

(9,227,395

)

—

—

Net

Increase/(Decrease)

(200,000)

$

(9,227,395

)

1,000,001

$

50,129,494

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$21,628,513

$32,536,374

$

—

$

—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Additional

Information

(unaudited)

24

April

30,

2022

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93092

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

13

Statement

of

Operations

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

14

Statement

of

Changes

in

Net

Assets

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

15

Financial

Highlights

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

16

Notes

to

Financial

Statements

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

17

Additional

Information

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

29

Liquidity

Risk

Management

Program

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

30

INVESTMENT

OBJECTIVE

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(JIB)

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors.

Nick

Childs

Greg

Wilensky

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

45.5%^

Asset-Backed

Securities

24.2%

Financial

13.9%

Government

12.8%

Consumer,

Non-cyclical

4.1%

Investment

Companies

3.7%

Consumer,

Cyclical

2.1%

Utilities

1.7%

Technology

1.4%

Basic

Materials

0.8%

Industrial

0.5%

Communications

0.4%

Energy

0.0%

111.1%

^

Percentage

includes

amounts

allocated

to

certain

Forward

Commitment

Transactions,

including

“to-be

announced”

mortgage-backed

securities.

Please

see

the

Schedule

of

Investments

and

Notes

to

Financial

Statements

for

additional

information.

Environmental

and

Social

Sustainable

Investments

–

86.98%

of

Net

Assets

Environmental

and

Social

Impact

Themes*

–

(%

of

Net

Assets)

Transition

to

the

Green

Economy

28.85%

Economic

&

Community

Development

and

Inclusion

10.07%

Knowledge

&

Technology,

and

Innovation

1.99%

Health

&

Well-Being

1.98%

Affordable

Housing

11.37%

54.26

%

*

The

Adviser

seeks

to

identify

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes,

which

generally

align

with

certain

of

the

United

Nations

Sustainable

Development

Goals

as

described

in

the

Fund's

prospectus.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

NAV

-9.59%

-10.28%

0.40%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

Market

Price

-9.43%

-10.14%

–

Bloomberg

U.S.

Aggregate

Bond

Index

-9.47%

-10.15%

–

*

The

Fund

commenced

operations

on

September

8,

2021.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$904.10

$1.84

$1,000.00

$1,022.86

$1.96

0.39%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

24.2%

ACM

Auto

Trust,

3.2300%,

4/20/29

(144A)

$

179,000

$

179,006

Affirm

Asset

Securitization

Trust,

3.4600%,

10/15/24

(144A)

224,616

224,825

Ajax

Mortgage

Loan

Trust,

2.2500%,

6/25/60

(144A)

Ç

94,691

93,059

Ajax

Mortgage

Loan

Trust,

2.2500%,

9/27/60

(144A)

Ç

32,533

32,419

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

500,000

451,798

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

284,970

268,445

Carvana

Auto

Receivables

Trust,

0.8200%,

4/10/25

57,000

56,548

FREED

ABS

Trust,

0.6200%,

11/20/28

(144A)

184,935

183,840

FREED

ABS

Trust,

1.0100%,

11/20/28

(144A)

250,000

242,203

FREED

ABS

Trust,

3.0300%,

5/18/29

(144A)

200,000

199,752

GoodLeap

Sustainable

Home

Solutions

Trust,

2.1000%,

5/20/48

(144A)

915,269

802,538

GoodLeap

Sustainable

Home

Solutions

Trust,

2.3100%,

10/20/48

(144A)

230,766

205,045

Jersey

Mike's

Funding,

4.4330%,

2/15/50

(144A)

124,688

122,987

JP

Morgan

Chase

Bank

NA,

0.8600%,

2/26/29

(144A)

361,201

348,874

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

100,000

99,524

Lendingpoint

Asset

Securitization

Trust,

1.1100%,

2/15/29

(144A)

77,308

75,981

Lendingpoint

Asset

Securitization

Trust,

1.6800%,

6/15/29

(144A)

217,209

214,305

LL

ABS

Trust,

3.7600%,

11/15/29

(144A)

200,000

199,868

Mosaic

Solar

Loan

Trust,

1.4400%,

6/20/52

(144A)

458,571

399,583

Mosaic

Solar

Loan

Trust,

1.9200%,

6/20/52

(144A)

458,571

399,353

Oasis

Securitization

Funding

LLC,

2.1430%,

10/15/33

(144A)

197,589

195,063

PACEWell

5

Trust,

2.6280%,

10/10/59

(144A)

248,132

225,016

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

101,000

98,434

PRET

LLC,

2.4871%,

10/25/51

(144A)

‡

373,624

355,567

Sunnova

Helios

II

Issuer

LLC,

2.0100%,

7/20/48

(144A)

943,290

835,334

Sunrun

Demeter

Issuer,

2.2700%,

1/30/57

(144A)

248,165

218,651

Tesla

Auto

Lease

Trust,

0.3600%,

9/22/25

(144A)

1,444,455

1,411,316

Tricolor

Auto

Securitization

Trust,

3.3000%,

2/18/25

(144A)

180,000

179,994

Upstart

Securitization

Trust,

0.8400%,

9/20/31

(144A)

312,723

302,920

Total

Asset-Backed

Securities

(cost

$9,197,650)

8,622,248

Corporate

Bonds

-

24.7%

Basic

Materials

-

0.8%

RPM

International,

Inc.,

2.9500%, 1/15/32

314,000

273,345

Communications

-

0.4%

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

60,000

56,727

FactSet

Research

Systems,

Inc.,

3.4500%, 3/1/32

89,000

81,656

138,383

Consumer,

Cyclical

-

2.1%

General

Motors

Financial

Co.,

Inc.,

2.7000%, 8/20/27

122,000

109,995

Hasbro,

Inc.,

5.1000%, 5/15/44

128,000

122,688

Home

Depot,

Inc.

(The),

2.8750%, 4/15/27

30,000

29,056

Home

Depot,

Inc.

(The),

3.2500%, 4/15/32

50,000

46,800

Lithia

Motors,

Inc.,

4.3750%, 1/15/31

(144A)

217,000

199,098

Lowe's

Cos.,

Inc.,

3.7500%, 4/1/32

37,000

34,926

Lowe's

Cos.,

Inc.,

4.2500%, 4/1/52

99,000

88,962

Marriott

International,

Inc.,

4.0000%, 4/15/28

50,000

48,498

Marriott

International,

Inc.,

3.5000%, 10/15/32

85,000

75,911

755,934

Consumer,

Non-cyclical

-

4.1%

AbbVie,

Inc.,

3.2000%, 11/21/29

59,000

54,903

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

150,000

119,640

CSL

UK

Holdings

Ltd.,

3.8500%, 4/27/27

(144A)

35,000

34,802

CSL

UK

Holdings

Ltd.,

4.2500%, 4/27/32

(144A)

89,000

88,229

GSK

Consumer

Healthcare

Capital

US

LLC,

3.3750%, 3/24/29

(144A)

250,000

235,742

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

HCA,

Inc.,

4.1250%, 6/15/29

$

80,000

$

76,541

HCA,

Inc.,

3.5000%, 9/1/30

264,000

236,499

HCA,

Inc.,

5.2500%, 6/15/49

89,000

84,827

Humana,

Inc.,

3.1250%, 8/15/29

51,000

47,054

Illumina,

Inc.,

2.5500%, 3/23/31

87,000

74,127

JBS

USA

LUX

SA,

3.0000%, 5/15/32

(144A)

113,000

94,171

JBS

USA

LUX

SA,

4.3750%, 2/2/52

(144A)

96,000

77,922

Royalty

Pharma

plc,

2.1500%, 9/2/31

151,000

121,434

S&P

Global,

Inc.,

2.7000%, 3/1/29

(144A)

82,000

75,317

S&P

Global,

Inc.,

3.7000%, 3/1/52

(144A)

60,000

52,319

1,473,527

Energy

-

0.0%

Targa

Resources

Corp.,

4.2000%, 2/1/33

21,000

19,903

Financial

-

13.7%

AerCap

Ireland

Capital

DAC,

3.8750%, 1/23/28

178,000

163,380

Air

Lease

Corp.,

3.1250%, 12/1/30

148,000

127,823

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

146,000

119,842

American

Express

Co.,

4.0500%, 5/3/29

225,000

222,896

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

3.1350%,

5.2000%, 6/1/23

‡,μ

340,000

334,900

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

164,000

135,401

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

80,000

67,584

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

250,000

217,538

BNP

Paribas

SA,

SOFR

+

1.5610%,

3.1320%, 1/20/33

(144A)

‡

250,000

214,435

Boston

Properties

LP,

4.5000%, 12/1/28

168,000

169,093

Boston

Properties

LP,

2.5500%, 4/1/32

163,000

136,511

Brown

&

Brown,

Inc.,

4.9500%, 3/17/52

75,000

71,972

Charles

Schwab

Corp.

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.0790%,

4.0000%, 12/1/30

‡,μ

112,000

94,933

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

139,000

121,371

Commonwealth

Bank

of

Australia,

3.7840%, 3/14/32

(144A)

210,000

190,246

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

(144A)

37,000

35,326

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

66,000

66,017

Equinix

,

Inc.,

1.5500%, 3/15/28

122,000

103,953

Equinix

,

Inc.,

2.5000%, 5/15/31

108,000

90,727

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4100%,

3.1020%, 2/24/33

‡

760,000

664,170

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

114,000

105,370

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

171,000

150,306

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

192,000

168,916

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.6270%, 5/11/27

‡

201,000

180,030

Morgan

Stanley,

3.9500%, 4/23/27

145,000

142,109

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

322,000

280,694

Morgan

Stanley,

SOFR

+

1.3600%,

2.4840%, 9/16/36

‡

155,000

124,009

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

239,000

200,346

Rexford

Industrial

Realty

LP,

2.1500%, 9/1/31

131,000

107,328

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

94,000

80,028

4,887,254

Industrial

-

0.5%

Trimble,

Inc.,

4.9000%, 6/15/28

117,000

118,242

Xylem,

Inc.,

4.3750%, 11/1/46

50,000

46,640

164,882

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

1.4%

Broadcom

Corp.,

3.8750%, 1/15/27

$

86,000

$

83,880

Broadcom,

Inc.,

3.4690%, 4/15/34

(144A)

107,000

90,821

Micron

Technology,

Inc.,

5.3270%, 2/6/29

70,000

72,467

Oracle

Corp.,

2.8750%, 3/25/31

42,000

35,641

Oracle

Corp.,

3.9500%, 3/25/51

64,000

48,613

VMware,

Inc.,

4.7000%, 5/15/30

46,000

45,730

VMware,

Inc.,

2.2000%, 8/15/31

8,000

6,510

Workday,

Inc.,

3.5000%, 4/1/27

36,000

35,091

Workday,

Inc.,

3.7000%, 4/1/29

27,000

25,788

Workday,

Inc.,

3.8000%, 4/1/32

42,000

39,741

484,282

Utilities

-

1.7%

AES

Corp.

(The),

1.3750%, 1/15/26

120,000

107,504

AES

Corp.

(The),

2.4500%, 1/15/31

80,000

66,337

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

127,000

106,822

Duquesne

Light

Holdings,

Inc.,

2.7750%, 1/7/32

(144A)

187,000

157,945

NextEra

Energy

Capital

Holdings,

Inc.,

1.9000%, 6/15/28

96,000

84,998

NextEra

Energy

Capital

Holdings,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.5470%,

3.8000%, 3/15/82

‡

82,000

71,350

594,956

Total

Corporate

Bonds

(cost

$10,110,297)

8,792,466

Mortgage-Backed

Securities

-

45.5%

Angel

Oak

Mortgage

Trust

,

3.8600

%

,

1/26/65

(144A)

‡

30,928

30,860

Angel

Oak

Mortgage

Trust

I

LLC

,

3.6490

%

,

9/25/48

(144A)

‡

4,466

4,465

BX

Commercial

Mortgage

Trust

ICE

LIBOR

USD

1

Month

+

0.7000%,

1.2541%, 9/15/36

(144A)

‡

1,000,000

977,269

ICE

LIBOR

USD

1

Month

+

1.6500%,

2.2041%, 9/15/36

(144A)

‡

250,000

241,647

ICE

LIBOR

USD

1

Month

+

0.6711%,

1.2251%, 3/15/37

(144A)

‡

179,942

178,411

CALI

Mortgage

Trust

,

3.9570

%

,

3/10/39

(144A)

250,000

244,868

COLT

Mortgage

Loan

Trust

,

1.8530

%

,

3/25/65

(144A)

‡

9,901

9,866

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

4.1500%,

4.8179%, 8/25/31

(144A)

‡

500,000

504,670

SOFR30A

+

1.0000%,

1.2887%, 12/25/41

(144A)

‡

555,691

548,428

SOFR30A

+

1.2000%,

1.4887%, 1/25/42

(144A)

‡

627,670

620,292

SOFR30A

+

2.0000%,

2.2887%, 3/25/42

(144A)

‡

150,005

150,039

SOFR30A

+

2.1000%,

2.3887%, 3/25/42

(144A)

‡

179,494

179,678

FHLMC

3.5000%, 7/1/42

61,749

61,337

3.0000%, 2/1/43

1,169

1,127

3.5000%, 2/1/44

330,307

328,314

3.5000%, 1/1/47

345,643

343,598

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.1000%,

2.3887%, 3/25/42

(144A)

‡

199,063

199,001

ICE

LIBOR

USD

1

Month

+

2.9500%,

3.6179%, 11/25/49

(144A)

‡

250,000

242,512

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

,

SOFR30A

+

1.3000%

,

1.5887

%

,

2/25/42

(144A)

‡

247,977

245,663

FHLMC

UMBS

2.0000%, 3/1/42

5,048

4,526

3.5000%, 3/1/43

229

226

3.5000%, 6/1/43

25,305

25,044

3.0000%, 2/1/52

9,808

9,281

3.0000%, 2/1/52

12,786

12,086

3.0000%, 3/1/52

17,939

16,974

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

3.5000%, 4/1/52

$

4,095

$

3,996

3.5000%, 4/1/52

4,889

4,770

FNMA

ICE

LIBOR

USD

1

Month

+

6.0000%,

6.6679%, 9/25/28

‡

202,116

212,973

3.0000%, 2/1/43

10,393

10,019

3.0000%, 2/1/43

570,658

549,651

3.0000%, 3/1/43

138,790

133,796

4.0000%, 6/1/43

57,252

58,420

4.5000%, 6/1/45

6,169

6,452

3.0000%, 7/1/45

605,691

583,897

3.0000%, 9/1/46

277,329

267,120

3.0000%, 1/1/47

13,667

13,258

3.5000%, 8/1/56

47,381

46,798

3.0000%, 6/1/57

112,373

106,600

3.0000%, 9/1/57

195,939

185,874

3.0000%, 5/1/58

651,230

617,776

FNMA

UMBS

3.0000%, 9/1/51

741,813

700,672

2.5000%, 3/1/52

616,152

563,751

2.5000%, 3/1/52

229,161

209,703

2.5000%, 3/1/52

134,704

123,171

3.0000%, 3/1/52

226,534

213,713

3.0000%, 3/1/52

47,741

45,128

3.0000%, 4/1/52

128,241

120,977

3.0000%, 4/1/52

35,334

33,399

3.0000%, 4/1/52

40,198

38,035

3.5000%, 4/1/52

12,102

11,805

3.5000%, 4/1/52

5,642

5,505

3.5000%, 4/1/52

35,239

34,372

3.5000%, 4/1/52

19,602

19,126

3.5000%, 4/1/52

7,384

7,205

FNMA/FHLMC

UMBS

2.0000%,

TBA, 15

Year

Maturity

(b)

356,690

334,176

2.5000%,

TBA, 15

Year

Maturity

(b)

420,646

402,517

3.0000%,

TBA, 15

Year

Maturity

(b)

547,502

536,622

3.5000%,

TBA, 15

Year

Maturity

(b)

455,414

455,633

2.0000%,

TBA, 30

Year

Maturity

(b)

1,109,193

977,615

2.5000%,

TBA, 30

Year

Maturity

(b)

48,405

44,136

3.5000%,

TBA, 30

Year

Maturity

(b)

7,369

7,144

4.5000%,

TBA, 30

Year

Maturity

(b)

1,000,000

1,007,660

GNMA

3.0000%, 7/20/51

90,143

86,066

3.0000%, 8/20/51

376,155

359,657

2.5000%,

TBA, 30

Year

Maturity

(b)

183,400

170,102

3.0000%,

TBA, 30

Year

Maturity

(b)

32,516

30,984

3.5000%,

TBA, 30

Year

Maturity

(b)

230,577

225,483

4.0000%,

TBA, 30

Year

Maturity

(b)

193,300

193,449

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

8

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GS

Mortgage-Backed

Securities

Trust

,

2.3520

%

,

9/27/60

(144A)

‡

$

43,270

$

42,923

JP

Morgan

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

0.9990

%

,

3/25/51

(144A)

‡

233,276

232,054

JPMorgan

Chase

Commercial

Mortgage

Securities

Corp.

,

ICE

LIBOR

USD

1

Month

+

0.7600%

,

1.3140

%

,

6/15/38

(144A)

‡

500,000

488,436

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

100,000

89,742

New

Residential

Mortgage

Loan

Trust

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

1.5679

%

,

1/25/48

(144A)

‡

147,591

146,559

SREIT

Trust

,

ICE

LIBOR

USD

1

Month

+

0.7308%

,

1.2849

%

,

11/15/38

(144A)

‡

179,000

175,333

TPI

Re-

Remic

Trust

0.0000%, 7/25/46

(144A)

¤

66,000

62,774

0.0000%, 8/25/46

(144A)

¤

41,000

38,853

Total

Mortgage-Backed

Securities

(cost

$16,927,564)

16,216,062

U.S.

Treasury

Notes/Bonds

-

12.8%

0.3750%,

9/15/24

2,839,000

2,679,417

0.8750%,

9/30/26

1,174,000

1,073,201

1.8750%,

2/28/27

81,000

77,134

1.8750%,

2/15/32

614,500

561,115

2.0000%,

11/15/41

25,000

20,691

2.3750%,

2/15/42

135,000

119,285

1.8750%,

11/15/51

36,700

28,787

Total

U.S.

Treasury

Notes/Bonds

(cost

$4,843,489)

4,559,630

Preferred

Stock

-

0.2%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

New

Residential

Investment

Corp.

(cost

$75,000)

3,000

70,260

Investment

Companies

-

3.7%

Money

Market

Funds

-

3.7%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.1500%

∞

(cost

$1,314,670)

1,314,670

1,314,670

Total

Investments

(total

cost

$42,468,670

)

-

111.1%

39,575,336

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(11.1%)

(3,965,983)

Net

Assets

-

100.0%

$35,609,353

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

38,384,228

97.0

%

United

Kingdom

503,407

1.3

France

214,435

0.5

Australia

190,246

0.5

Ireland

163,380

0.4

Mexico

119,640

0.3

Total

$

39,575,336

100.0

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(7.9)%

Mortgage-Backed

Securities

-

(7.9)%

FNMA/FHLMC

UMBS,

3.0000%,

TBA,

30

Year

Maturity

(b)

$

(2,943,260)

$

(2,774,014)

FNMA/FHLMC

UMBS,

4.0000%,

TBA,

30

Year

Maturity

(b)

(35,630)

(35,412)

Total

Securities

Sold

Short

(proceeds

$2,859,489)

$

(2,809,426)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2022.

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(2,809,426)

100.0%

$–

–

%

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

10

Year

Notes

11

6/21/22

$

1,310,719

$

(79,762)

U.S.

Treasury

2

Year

Notes

5

6/30/22

1,054,063

(5,026)

U.S.

Treasury

5

Year

Notes

30

6/30/22

3,380,156

(95,724)

U.S.

Treasury

Long

Bonds

12

6/21/22

1,688,250

(134,983)

U.S.

Treasury

Ultra

Bonds

15

6/21/22

2,406,563

(328,831)

Total

-

Futures

Long

(644,326)

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

20

6/21/22

(2,580,000)

168,937

Total

-

Futures

Short

168,937

Total

$(475,389)

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Value

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.HY.38-V1,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/27

$

350,000

$

(7,518)

$

20,097

$

12,579

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

12,750,000

(113,426)

204,823

91,397

CDX.NA.HY.38-V1,

Fixed

Rate

of

5.00%

Paid

Quarterly

6/20/27

350,000

(7,518)

19,032

11,514

Total

(128,462)

243,952

$115,490

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2022

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

Swaps

-

centrally

cleared

$115,490

$—

$115,490

Futures

contracts

—

168,937

168,937

Total

Asset

Derivatives

$115,490

$168,937

$284,427

Liability

Derivatives:

Futures

contracts

—

(644,326)

(644,326)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

10

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2022.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

April

30,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(632,216)

(632,216)

Swap

contracts

(65,324)

—

(65,324)

Total

$(65,324)

$(632,216)

(697,540)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(388,852)

$(388,852)

Swap

contracts

115,490

—

115,490

Total

$115,490

$(388,852)

$(273,362)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$11,486,763

Average

notional

amount

of

contracts

-

short

4,973,216

Credit

default

swaps:

Average

notional

amount

-

buy

protection

6,075,000

Average

notional

amount

-

sell

protection

158,333

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

11

Bloomberg

U.S.

Aggregate

Bond

Index

Bloomberg

U.S.

Aggregate

Bond

Index

is

a

broad-based

measure

of

the

investment

grade,

US

dollar-denominated,

fixed-rate

taxable

bond

market.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

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

April

30,

2022

¤

Zero

coupon

bond.

μ

Perpetual

security.

Perpetual

securities

have

no

stated

maturity

date,

but

they

may

be

called/redeemed

by

the

issuer.

The

date

indicated,

if

any,

represents

the

next

call

date.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2022

is

$15,766,416

which

represents

44.3%

of

net

assets.

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

12

April

30,

2022

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

April

30,

2022

.

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

$

—

$

8,622,248

$

—

Corporate

Bonds

—

8,792,466

—

Mortgage-Backed

Securities

—

16,216,062

—

U.S.

Treasury

Notes/Bonds

—

4,559,630

—

Preferred

Stock

70,260

—

—

Investment

Companies

1,314,670

—

—

Total

Investments

in

Securities

$

1,384,930

$

38,190,406

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

115,490

$

—

Futures

Contracts

168,937

—

—

Total

Other

Financial

Instruments

$

168,937

$

115,490

$

—

Total

Assets

$

1,553,867

$

38,305,896

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

2,809,426

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

644,326

$

—

$

—

Total

Liabilities

$

644,326

$

2,809,426

$

—

(a)

Other

financial

instruments

include

futures

and

swap

contracts.

Futures

contracts

and

swap

contracts

are

reported

at

their

unrealized

appreciation/

(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$42,468,670)

$

39,575,336

Cash

790

Due

from

broker

for

centrally

cleared

swaps

229,158

Due

from

broker

for

futures

240,000

Receivable

for

variation

margin

on

swaps

37,413

Receivables:

Investments

sold

1,798,822

TBA

investments

sold

16,847,204

Dividends

1,313

Interest

94,266

Total

Assets

58,824,302

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$2,859,489)

2,809,426

Payable

for

variation

margin

on

futures

contracts

21,409

Payables:

—

Investments

purchased

1,949,609

TBA

investments

purchased

18,422,938

Management

fees

11,567

Total

Liabilities

23,214,949

Net

Assets

$

35,609,353

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

40,599,047

Total

distributable

earnings

(loss)

(

4,989,694

)

Total

Net

Assets

$

35,609,353

Net

Assets

$

35,609,353

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

800,001

Net

Asset

Value

Per

Share

$

44

.51

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

14

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

411,968

Dividends

3,063

Total

Investment

Income

415,031

Expenses:

Management

Fees

85,942

Total

Expenses

85,942

Net

Investment

Income/(Loss)

329,089

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

875,686

)

TBA

sales

commitments

(

180,182

)

Futures

contracts

(

632,216

)

Swap

contracts

(

65,324

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,753,408

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

2,565,896

)

TBA

sales

commitments

50,063

Futures

contracts

(

388,852

)

Swap

contracts

115,490

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

2,789,195

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

4,213,514

)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

329,089

$

69,968

Net

realized

gain/(loss)

on

investments

(

1,753,408

)

(

75,791

)

Change

in

unrealized

net

appreciation/depreciation

(

2,789,195

)

(

413,975

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

4,213,514

)

(

419,798

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

356,382

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

356,382

)

—

Capital

Share

Transactions

(

9,436,809

)

50,035,856

Net

Increase/(Decrease)

in

Net

Assets

(

14,006,705

)

49,616,058

Net

Assets:

—

—

Beginning

of

Period  

49,616,058

—

End

of

Period

$

35,609,353

$

49,616,058

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Financial

Highlights

16

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$49.62

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.36

0.07

Net

realized

and

unrealized

gain/(loss)

(5.09)

(0.45)

Total

from

Investment

Operations

(4.73)

(0.38)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.38)

—

Total

Dividends

and

Distributions

(0.38)

—

Net

Asset

Value,

End

of

Period

$44.51

$49.62

Total

Return

*

(9.59)%

(0.76)%

Net

assets,

End

of

Period

(in

thousands)

$35,609

$49,616

Average

Net

Assets

for

the

Period

(in

thousands)

$44,356

$48,400

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.39%

0.39%

Ratio

of

Net

Investment

Income/(Loss)

1.50%

1.00%

Portfolio

Turnover

Rate

(3)(4)

82%

61%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(4)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

Sustainable

and

Impact

Core

Bond

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

total

return

consisting

of

income

and

capital

appreciation,

while

giving

special

consideration

to

certain

environmental,

social

and

governance

(“ESG”)

factors. 

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures

contracts,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2022 is

discussed

in

further

detail

below.

A

summary

of

derivative

activity

by

the

Fund

is

reflected

in

the

tables

at

the

end

of

the

Schedule

of

Investments.

The

Fund

may

use

derivatives

only

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

or

to

manage

duration.

The

Fund’s

exposure

to

derivatives

will

vary.

The

Fund

may

also

enter

into

short

positions

for

hedging

purposes.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

investments.

Derivatives

are

subject

to

a

number

of

risks

including

liquidity

risk,

market

risk,

credit

risk,

default

risk,

counterparty

risk

and

management

risk.

They

also

involve

the

risk

of

mispricing

or

improper

valuation

and

the

risk

that

changes

in

the

value

of

the

derivative

may

not

correlate

exactly

with

the

change

in

the

value

of

the

underlying

asset,

rate

or

index.

Also,

suitable

derivative

transactions

may

not

be

available

in

all

circumstances

and

there

can

be

no

assurance

that

the

Fund

will

engage

in

these

transactions

to

reduce

exposure

to

other

risks

when

that

would

be

beneficial.

While

use

of

derivatives

to

hedge

can

reduce

or

eliminate

losses,

it

can

also

reduce

or

eliminate

gains

or

cause

losses

if

the

market

moves

in

a

manner

different

from

that

anticipated

by the

Adviser or

if

the

cost

of

the

derivative

outweighs

the

benefit

of

the

hedge.

The

Fund’s

ability

to

use

derivatives

may

also

be

limited

by

certain

regulatory

and

tax

considerations. 

In

pursuit

of

its

investment

objective,

the

Fund

may

seek

to

use

derivatives

to

increase

or

decrease

exposure

to

the

following

market

risk

factors: 

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2022

Counterparty

Risk

-

the

risk

that

the

counterparty

(the

party

on

the

other

side

of

the

transaction)

on

a

derivative

transaction

will

be

unable

to

honor

its

financial

obligation

to

the

Fund. 

Credit

Risk

-

the

risk

an

issuer

will

be

unable

to

make

principal

and

interest

payments

when

due

or

will

default

on

its

obligations. 

Currency

Risk

-

the

risk

that

changes

in

the

exchange

rate

between

currencies

will

adversely

affect

the

value

(in

U.S.

dollar

terms)

of

an

investment. 

Index

Risk

-

if

the

derivative

is

linked

to

the

performance

of

an

index,

it

will

be

subject

to

the

risks

associated

with

changes

in

that

index.

If

the

index

changes,

the

Fund

could

receive

lower

interest

payments

or

experience

a

reduction

in

the

value

of

the

derivative

to

below

what

the

Fund

paid.

Certain

indexed

securities,

including

inverse

securities

(which

move

in

an

opposite

direction

to

the

index),

may

create

leverage,

to

the

extent

that

they

increase

or

decrease

in

value

at

a

rate

that

is

a

multiple

of

the

changes

in

the

applicable

index. 

Interest

Rate

Risk

-

the

risk

that

the

value

of

fixed-income

securities

will

generally

decline

as

prevailing

interest

rates

rise,

which

may

cause

the

Fund's

NAV

to

likewise

decrease. 

Leverage

Risk

-

the

risk

associated

with

certain

types

of

leveraged

investments

or

trading

strategies

pursuant

to

which

relatively

small

market

movements

may

result

in

large

changes

in

the

value

of

an

investment.

The

Fund

creates

leverage

by

investing

in

instruments,

including

derivatives,

where

the

investment

loss

can

exceed

the

original

amount

invested.

Certain

investments

or

trading

strategies,

such

as

short

sales,

that

involve

leverage

can

result

in

losses

that

greatly

exceed

the

amount

originally

invested. 

Liquidity

Risk

-

the

risk

that

certain

securities

may

be

difficult

or

impossible

to

sell

at

the

time

that

the

seller

would

like

or

at

the

price

that

the

seller

believes

the

security

is

currently

worth. 

Derivatives

may

generally

be

traded

OTC

or

on

an

exchange.

Derivatives

traded

OTC

are

agreements

that

are

individually

negotiated

between

parties

and

can

be

tailored

to

meet

a

purchaser's

needs.

OTC

derivatives

are

not

guaranteed

by

a

clearing

agency

and

may

be

subject

to

increased

credit

risk. 

In

an

effort

to

mitigate

credit

risk

associated

with

derivatives

traded

OTC,

the

Fund

may

enter

into

collateral

agreements

with

certain

counterparties

whereby,

subject

to

certain

minimum

exposure

requirements,

the

Fund

may

require

the

counterparty

to

post

collateral

if

the

Fund

has

a

net

aggregate

unrealized

gain

on

all

OTC

derivative

contracts

with

a

particular

counterparty.

Additionally,

the

Fund

may

deposit

cash

and/or

treasuries

as

collateral

with

the

counterparty

and/

or

custodian

daily

(based

on

the

daily

valuation

of

the

financial

asset)

if

the

Fund

has

a

net

aggregate

unrealized

loss

on

OTC

derivative

contracts

with

a

particular

counterparty.

All

liquid

securities

and

restricted

cash

are

considered

to

cover

in

an

amount

at

all

times

equal

to

or

greater

than

the

Fund’s

commitment

with

respect

to

certain

exchange-

traded

derivatives,

centrally

cleared

derivatives,

short

sales,

and/or

securities

with

extended

settlement

dates.

There

is

no

guarantee

that

counterparty

exposure

is

reduced

and

these

arrangements

are

dependent

on

the

Adviser's

ability

to

establish

and

maintain

appropriate

systems

and

trading.

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

to

hedge

or

protect

itself

from

fluctuations

or

other

adverse

movement

in

the

value

of

individual

securities,

the

securities

markets

generally,

or

interest

rate

fluctuations,

without

actually

buying

or

selling

the

underlying

debt

security.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts

are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2022

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap. 

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Floating-Rate

Obligations

Risk 

The

Fund

may

invest

in

floating

rate

obligations

that

reset

regularly,

maintaining

a

fixed

spread

over

a

stated

reference

rate

such

as

the

London

InterBank

Offered

Rate

(“LIBOR”),

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

LIBOR

Replacement

Risk 

The

Fund

may

invest

in

certain

debt

securities,

derivatives,

or

other

financial

instruments

that

utilize

the

London

Inter-Bank

Offered

Rate

("LIBOR")

or

other

interbank

offered

rates

as

a

reference

rate

for

various

rate

calculations.

The

U.K.

Financial

Conduct

Authority

has

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

rates

for

many

LIBOR

settings

after

December

31,

2021,

and

for

certain

other

commonly

used

U.S.

dollar

LIBOR

settings

after

June

30,

2023.

The

elimination

of

LIBOR

or

other

reference

rates

and

the

transition

process

away

from

LIBOR

could

adversely

impact

(i)

volatility

and

liquidity

in

markets

that

are

tied

to

those

reference

rates,

(ii)

the

market

for,

or

value

of,

specific

securities

or

payments

linked

to

those

reference

rates,

(iii)

the

availability

or

terms

of

borrowing

or

refinancing,

or

(iv)

the

effectiveness

of

hedging

strategies.

For

these

and

other

reasons,

the

elimination

of

LIBOR

or

changes

to

other

reference

rates

may

adversely

affect

the

Fund's

performance

and/or

net

asset

value.

Alternatives

to

LIBOR

are

established

or

in

development

in

most

major

currencies

including

the

Secured

Overnight

Financing

Rate

("SOFR")

that

is

intended

to

replace

the

U.S.

dollar

LIBOR.

The

effect

of

the

discontinuation

of

LIBOR

or

other

reference

rates will

depend

on

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

or

other

reference

rates

on

the

Fund

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted. 

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2022

Industry

and Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors. 

Mortgage

and

Asset-Backed

Securities 

Mortgage-and

asset-backed

securities

represent

interests

in

“pools”

of

commercial

or

residential

mortgages

or

other

assets,

including

consumer

and

commercial

loans

or

receivables.

The

Fund

may

purchase

fixed

or

variable

rate

commercial

or

residential

mortgage-backed

securities

issued

by

the

Government

National

Mortgage

Association

(“Ginnie

Mae”),

the

Federal

National

Mortgage

Association

(“Fannie

Mae”),

the

Federal

Home

Loan

Mortgage

Corporation

(“Freddie

Mac”),

or

other

governmental

or

government-related

entities.

Ginnie

Mae’s

guarantees

are

backed

as

to

the

timely

payment

of

principal

and

interest

by

the

full

faith

and

credit

of

the

U.S.

Government.

Fannie

Mae

and

Freddie

Mac

securities

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

Government.

In

September

2008,

the

Federal

Housing

Finance

Agency

(“FHFA”),

an

agency

of

the

U.S.

Government,

placed

Fannie

Mae

and

Freddie

Mac

under

conservatorship.

Since

that

time,

Fannie

Mae

and

Freddie

Mac

have

received

capital

support

through

U.S.

Treasury

preferred

stock

purchases

and

Treasury

and

Federal

Reserve

purchases

of

their

mortgage-backed

securities.

The

FHFA

and

the

U.S.

Treasury

have

imposed

strict

limits

on

the

size

of

these

entities’

mortgage

portfolios.

The

FHFA

has

the

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Sovereign

Debt 

The

Fund

may

invest

in

U.S.

and

non-U.S.

government

debt

securities

(“sovereign

debt”).

Some

investments

in

sovereign

debt,

such

as

U.S.

sovereign

debt,

are

considered

low

risk.

However,

investments

in

sovereign

debt,

especially

the

debt

of

less

developed

countries,

can

involve

a

high

degree

of

risk,

including

the

risk

that

the

governmental

entity

that

controls  

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

the

repayment

of

sovereign

debt

may

not

be

willing

or

able

to

repay

the

principal

and/or

to

pay

the

interest

on

its

sovereign

debt

in

a

timely

manner.

A

sovereign

debtor’s

willingness

or

ability

to

satisfy

its

debt

obligation

may

be

affected

by

various

factors

including,

but

not

limited

to,

its

cash

flow

situation,

the

extent

of

its

foreign

currency

reserves,

the

availability

of

foreign

exchange

when

a

payment

is

due,

the

relative

size

of

its

debt

position

in

relation

to

its

economy

as

a

whole,

the

sovereign

debtor’s

policy

toward

international

lenders,

and

local

political

constraints

to

which

the

governmental

entity

may

be

subject.

Sovereign

debtors

may

also

be

dependent

on

expected

disbursements

from

foreign

governments,

multilateral

agencies,

and

other

entities.

The

failure

of

a

sovereign

debtor

to

implement

economic

reforms,

achieve

specified

levels

of

economic

performance,

or

repay

principal

or

interest

when

due

may

result

in

the

cancellation

of

third

party

commitments

to

lend

funds

to

the

sovereign

debtor,

which

may

further

impair

such

debtor’s

ability

or

willingness

to

timely

service

its

debts.

The

Fund

may

be

requested

to

participate

in

the

rescheduling

of

such

sovereign

debt

and

to

extend

further

loans

to

governmental

entities,

which

may

adversely

affect

the

Fund’s

holdings.

In

the

event

of

default,

there

may

be

limited

or

no

legal

remedies

for

collecting

sovereign

debt

and

there

may

be

no

bankruptcy

proceedings

through

which

the

Fund

may

collect

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid.

In

addition,

to

the

extent

the

Fund

invests

in

non-U.S.

sovereign

debt,

it

may

be

subject

to

currency

risk. 

TBA

Commitments 

The

Fund

enters

into

“to

be

announced”

or

“TBA”

commitments

to

purchase

mortgage-backed

securities.

TBAs

are

forward

agreements

for

the

purchase

or

sale

of

securities,

including

mortgage-backed

securities,

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

Although

the

particular

TBA

securities

must

meet

industry-accepted

“good

delivery”

standards,

there

can

be

no

assurance

that

a

security

purchased

on

forward

commitment

basis

will

ultimately

be

issued

or

delivered

by

the

counterparty.

During

the

settlement

period,

the

Fund

will

still

bear

the

risk

of

any

decline

in

the

value

of

the

security

to

be

delivered.

Because

TBA

commitments

do

not

require

the

delivery

of

a

specific

security,

the

characteristics

of

the

security

delivered

to

the

Fund

may

be

less

favorable

than

expected.

If

the

counterparty

to

a

transaction

fails

to

deliver

the

security,

the

Fund

could

suffer

a

loss.

To

facilitate

TBA

commitments,

the

Fund

will

segregate

or

otherwise

earmark

liquid

assets

marked

to

market

daily

in

an

amount

at

least

equal

to

such

TBA

commitments.

Proposed

rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”)

include

mandatory

margin

requirements

for

TBA

commitments

which,

in

some

circumstances,

will

require

the

Fund

to

also

post

collateral.

These

collateral

requirements

may

increase

costs

associated

with

the

Fund's

participation

in

the

TBA

market.

When-Issued,

Delayed

Delivery

and

Forward

Commitment

Transactions 

The

Fund

may

purchase

or

sell

securities

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis.

When

purchasing

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value.

Typically,

no

income

accrues

on

securities

the

Fund

has

committed

to

purchase

prior

to

the

time

delivery

of

the

securities

is

made.

Because

the

Fund

is

not

required

to

pay

for

the

security

until

the

delivery

date,

these

risks

are

in

addition

to

the

risks

associated

with

the

Fund’s

other

investments.

If

the

other

party

to

a

transaction

fails

to

deliver

the

securities,

the

Fund

could

miss

a

favorable

price

or

yield

opportunity.

If

the

Fund

remains

substantially

fully

invested

at

a

time

when

when-issued,

delayed

delivery,

or

forward

commitment

purchases

(including

TBA

commitments)

are

outstanding,

the

purchases

may

result

in

a

form

of

leverage.

When

the

Fund

has

sold

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis,

the

Fund

does

not

participate

in

future

gains

or

losses

with

respect

to

the

security.

If

the

other

party

to

a

transaction

fails

to

pay

for

the

securities,

the

Fund

could

suffer

a

loss.

Additionally,

when

selling

a

security

on

a

when-issued,

delayed

delivery,

or

forward

commitment

basis

without

owning

the

security,

the

Fund

will

incur

a

loss

if

the

security’s

price

appreciates

in

value

such

that

the

security’s

price

is

above

the

agreed

upon

price

on

the

settlement

date.

The

Fund

may

dispose

of

or

renegotiate

a

transaction

after

it

is

entered

into,

and

may

purchase

or

sell

when-issued,

delayed

delivery

or

forward

commitment

securities

before

the

settlement

date,

which

may

result

in

a

gain

or

loss. 

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2022

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to Environmental,

Sustainability

and

Governance

("ESG") practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.39% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.39%

Over

$500

million

0.35%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2022, the

Adviser

owned 250,001

shares

or 31.25%

of

the

Fund.

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended

April

30,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$3,527,243

in

sales,

resulting

in

a

net

realized

loss

of

$98,368.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2021,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2021

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(81,416)

$(77,531)

$(158,947)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$42,468,670

$3,967

$(2,897,301)

$(2,893,334)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2022

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,TBAs

and

in-kind

transactions)

was

as

follows: 

8.

Recent

Accounting

Pronouncements 

The

FASB

issued

Accounting

Standards

Update

2020-04

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

("ASU

2020-04")

in

March

2020.

The

new

guidance

in

the

ASU

provide

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

LIBOR

or

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

For

new

and

existing

contracts,

Funds

may

elect

to

apply

the

guidance

as

of

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

9.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Period

Ended

April

30,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

1,000,001

$

50,035,856

Shares

repurchased

(200,000)

(9,436,809

)

—

—

Net

Increase/(Decrease)

(200,000)

$

(9,436,809

)

1,000,001

$

50,035,856

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$28,530,604

$31,950,640

$5,591,646

$8,388,159

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

29

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

30

April

30,

2022

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

Janus

Detroit

Street

Trust

31

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

32

April

30,

2022

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

Janus

Detroit

Street

Trust

33

125-24-93091

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

7

Statement

of

Operations

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

8

Statement

of

Changes

in

Net

Assets

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

9

Financial

Highlights

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

10

Notes

to

Financial

Statements

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

11

Additional

Information

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

18

Liquidity

Risk

Management

Program

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

19

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(SSPX)

seeks

long-

term

growth

of

capital.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Microsoft

Corp.

Software

7.0%

NVIDIA

Corp.

Semiconductors

&

Semiconductor

Equipment

3.8%

Evoqua

Water

Technologies

Corp.

Machinery

3.8%

Westinghouse

Air

Brake

Technologies

Corp.

Machinery

3.5%

Progressive

Corp.

(The)

Insurance

3.3%

21.4%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

30.9%

Financial

20.6%

Consumer,

Non-cyclical

17.9%

Industrial

17.6%

Consumer,

Cyclical

7.2%

Communications

4.6%

Investment

Companies

1.2%

100.0%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

~

Expense

Ratio

Fiscal

Year-to-

Date

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

NAV

-19.09%

-17.86%

0.55%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

Market

Price

-19.08%

-17.82%

–

S&P

500®

Index

-9.65%

-7.66%

–

*

The

Fund

commenced

operations

on

September

8,

2021.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$809.10

$2.47

$1,000.00

$1,022.07

$2.76

0.55%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

98.8%

Auto

Components

-

2.3%

Aptiv

plc*

8,055

$

857,052

Biotechnology

-

0.2%

Moderna

,

Inc.*

527

70,834

Building

Products

-

3.9%

Advanced

Drainage

Systems,

Inc.

7,231

740,888

Carrier

Global

Corp.

19,076

730,039

1,470,927

Electronic

Equipment,

Instruments

&

Components

-

6.6%

IPG

Photonics

Corp.*

7,086

669,485

Keysight

Technologies,

Inc.*

7,522

1,055,111

TE

Connectivity

Ltd.

6,043

754,046

2,478,642

Equity

Real

Estate

Investment

Trusts

(REITs)

-

6.0%

Crown

Castle

International

Corp.

3,360

622,306

Equinix

,

Inc.

751

540,029

Prologis,

Inc.

6,704

1,074,584

2,236,919

Food

Products

-

1.4%

McCormick

&

Co.,

Inc.

(Non-Voting)

5,145

517,433

Health

Care

Equipment

&

Supplies

-

3.0%

Edwards

Lifesciences

Corp.*

8,353

883,580

STAAR

Surgical

Co.*

4,269

243,717

1,127,297

Health

Care

Providers

&

Services

-

5.2%

Accolade,

Inc.*

9,388

52,197

Encompass

Health

Corp.

11,481

790,237

Humana,

Inc.

2,489

1,106,510

1,948,944

Health

Care

Technology

-

0.8%

Certara

,

Inc.*

15,548

285,306

Insurance

-

9.1%

Aon

plc

-

Class

A

3,348

964,191

Marsh

&

McLennan

Cos.,

Inc.

7,377

1,192,861

Progressive

Corp.

(The)

11,512

1,235,928

3,392,980

IT

Services

-

3.6%

Mastercard

,

Inc.

-

Class

A

2,831

1,028,728

Okta

,

Inc.*

1,351

161,188

Twilio

,

Inc.

-

Class

A*

1,351

151,069

1,340,985

Life

Sciences

Tools

&

Services

-

7.3%

Bruker

Corp.

8,941

514,018

ICON

plc*

5,146

1,164,077

Illumina,

Inc.*

1,116

331,061

PerkinElmer,

Inc.

4,856

711,938

2,721,094

Machinery

-

8.8%

Evoqua

Water

Technologies

Corp.*

33,837

1,410,665

Westinghouse

Air

Brake

Technologies

Corp.

14,493

1,303,066

Xylem,

Inc.

7,191

578,875

3,292,606

Semiconductors

&

Semiconductor

Equipment

-

10.8%

Lam

Research

Corp.

2,089

972,973

Microchip

Technology,

Inc.

12,378

807,045

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

(continued)

NVIDIA

Corp.

7,746

$

1,436,651

Texas

Instruments,

Inc.

4,703

800,686

4,017,355

Software

-

20.7%

Adobe,

Inc.*

1,399

553,934

Atlassian

Corp.

plc

-

Class

A*

3,219

723,728

Autodesk,

Inc.*

5,959

1,127,919

Avalara,

Inc.*

6,541

497,574

Bill.com

Holdings,

Inc.*

2,008

342,786

Cadence

Design

Systems,

Inc.*

2,975

448,779

Microsoft

Corp.

9,394

2,607,023

Workday,

Inc.

-

Class

A*

1,864

385,289

Zendesk

,

Inc.*

8,491

1,036,241

7,723,273

Specialty

Retail

-

2.2%

Home

Depot,

Inc.

(The)

2,762

829,705

Textiles,

Apparel

&

Luxury

Goods

-

1.8%

NIKE,

Inc.

-

Class

B

5,289

659,538

Thrifts

&

Mortgage

Finance

-

2.8%

Walker

&

Dunlop,

Inc.

8,792

1,052,930

Trading

Companies

&

Distributors

-

0.9%

Core

&

Main,

Inc.

-

Class

A*

14,473

343,878

Wireless

Telecommunication

Services

-

1.4%

T-Mobile

US,

Inc.*

4,391

540,708

Total

Common

Stocks

(cost

$44,517,621)

36,908,406

Investment

Companies

-

1.2%

Money

Market

Funds

-

1.2%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.1500%

∞

(cost

$438,987)

438,987

438,987

Total

Investments

(total

cost

$44,956,608

)

-

100.0%

37,347,393

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(7,695)

Net

Assets

-

100.0%

$37,339,698

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

34,602,536

92.7

%

Ireland

2,021,129

5.4

Australia

723,728

1.9

Total

$

37,347,393

100.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

6

April

30,

2022

S&P

500

®

Index

S&P

500

®

Index

reflects

U.S.

large-cap

equity

performance

and

represents

broad

U.S.

equity

market

performance.

plc

Public

Limited

Company

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2022.

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

April

30,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

36,908,406

$

—

$

—

Investment

Companies

438,987

—

—

Total

Assets

$

37,347,393

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$44,956,608)

$

37,347,393

Receivables:

Dividends

10,413

Total

Assets

37,357,807

Liabilities:

Payables:

—

Management

fees

18,109

Total

Liabilities

18,109

Net

Assets

$

37,339,698

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

45,029,107

Total

distributable

earnings

(loss)

(

7,689,409

)

Total

Net

Assets

$

37,339,698

Net

Assets

$

37,339,698

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,825,001

Net

Asset

Value

Per

Share

$

20

.46

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

8

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

153,662

Total

Investment

Income

153,662

Expenses:

Management

Fees

123,084

Total

Expenses

123,084

Net

Investment

Income/(Loss)

30,578

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

83,257

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

83,257

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

8,780,773

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

8,780,773

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

8,833,452

)

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(unaudited)

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

30,578

$

(

666

)

Net

realized

gain/(loss)

on

investments

(

83,257

)

151,903

Change

in

unrealized

net

appreciation/depreciation

(

8,780,773

)

1,171,558

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

8,833,452

)

1,322,795

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

178,752

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

178,752

)

—

Capital

Share

Transactions

(

5,042,501

)

50,071,608

Net

Increase/(Decrease)

in

Net

Assets

(

14,054,705

)

51,394,403

Net

Assets:

—

—

Beginning

of

Period  

51,394,403

—

End

of

Period

$

37,339,698

$

51,394,403

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Financial

Highlights

10

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

and

each

year

or

period

ended

October

31

2022

2021

(1)

Net

Asset

Value,

Beginning

of

Period

$25.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

Net

investment

income/(loss)

(2)

0.02

—

(3)

Net

realized

and

unrealized

gain/(loss)

(4.85)

0.38

Total

from

Investment

Operations

(4.83)

0.38

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.09)

—

Total

Dividends

and

Distributions

(0.09)

—

Net

Asset

Value,

End

of

Period

$20.46

$25.38

Total

Return

*

(19.09)%

1.52%

Net

assets,

End

of

Period

(in

thousands)

$37,340

$51,394

Average

Net

Assets

for

the

Period

(in

thousands)

$44,987

$44,389

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.55%

0.55%

Ratio

of

Net

Investment

Income/(Loss)

0.14%

(0.01)%

Portfolio

Turnover

Rate

(4)

4%

1%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Amount

is

less

than

$0.005

(4)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

11

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson

U.S.

Sustainable Equity

ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

As

of

the

date

of

this

report,

the

Trust

offers twelve

Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

long-term

growth

of

capital.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

(formerly

Janus

Capital

Management

LLC)

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

NYSE

Arca,

Inc.

(NYSE

Arca"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

12

April

30,

2022

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.  

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

The

Fund

generally

declares

and

distributes

dividends

of

net

investment

income

quarterly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

The

Fund

may

make

certain

investments

in

real

estate

investment

trusts

(“REITs”)

which

pay

dividends

to

their

shareholders

based

upon

funds

available

from

operations.

It

is

quite

common

for

these

dividends

to

exceed

the

REITs’

taxable

earnings

and

profits,

resulting

in

the

excess

portion

of

such

dividends

being

designated

as

a

return

of

capital.

If

the

Fund

distributes

such

amounts,

such

distributions

could

constitute

a

return

of

capital

to

shareholders

for

federal

income

tax

purposes. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2022

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

Industry

and

Sector

Risk

Although

the

Fund

does

not

concentrate

its

investments

in

specific

industries

or

industry

sectors,

it

emphasizes

certain

themes

and

megatrends.

As

a

result,

at

times,

it

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector

or

that

benefit

from

the

same

megatrend.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

megatrend

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

As

the

Fund’s

portfolio

becomes

more

concentrated,

the

Fund

is

less

able

to

spread

risk

and

potentially

reduce

the

risk

of

loss

and

volatility.

In

addition,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index

due

to

its

ESG

focus,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

securities

of

real

estate-related

companies

to

the

extent

such

securities

are

included

in

the

Underlying

Index.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

preferred

and

convertible

securities

of

issuers

in

real

estate-related

industries.

A

REIT

is

a

trust

that

invests

in

real

estate-related

projects,

such

as

properties,

mortgage

loans,

and

construction

loans.

REITs

are

generally

categorized

as

equity,

mortgage,

or

hybrid

REITs.

A

REIT

may

be

listed

on

an

exchange

or

traded

OTC.

Small-

and

Mid-Sized

Companies

Risk

The

Fund’s

investments

in

securities

issued

by

small-

and

mid-sized

companies,

which

can

include

smaller,

start-up

companies

offering

emerging

products

or

services,

may

involve

greater

risks

than

are

customarily

associated

with

larger,

more

established

companies.

Securities

issued

by

small-

and

mid-sized

companies

tend

to

be

more

volatile

and

somewhat

more

speculative

than

securities

issued

by

larger

or

more

established

companies

and

may

underperform

as

compared

to

the

securities

of

larger

or

more

established

companies.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

companies

that

relate

to

certain

sustainable

development

themes

and

demonstrate

adherence

to

Environmental,

Sustainability

and

Governance

("ESG")

practices.

Accordingly,

the

Fund

may

have

a

significant

portion

of

its

assets

invested

in

securities

of

companies

conducting

similar

business

or

businesses

within

the

same

economic

sector.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors.

As

a

result,

the

Fund

may

be

overweight

or

underweight

in

certain

industries

or

sectors

relative

to

its

benchmark

index,

which

may

cause

the

Fund’s

performance

to

be

more

or

less

sensitive

to

developments

affecting

those

sectors.

In

addition,

since

sustainable

and

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

Sustainability

and

ESG-related

information

provided

by

issuers

and

third

parties,

upon

which

the

portfolio

managers

may

rely,

continues

to

develop,

and

may

be

incomplete,

inaccurate,

use

different

methodologies,

or

be

applied

differently

across

companies

and

industries.

Further,

the

regulatory

landscape

for

sustainable

and

ESG

investing

in

the

United

States

is

still

developing

and

future

rules

and

regulations

may

require

the

Fund

to

modify

or

alter

its

investment

process.

Similarly,

government

policies

incentivizing

companies

to

engage

in

sustainable

and

ESG

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

companies

identified

through

the

investment

process

may

fail

to

adhere

to

sustainable

and/or

ESG-related

business

practices,

which

may

result

in

the

Fund

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

There

is

no

guarantee

that

sustainable

investments

will

outperform

the

broader

market

on

either

an

absolute

or

relative

basis.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.55% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

Daily

Net

Assets

Fee

Rate

$0-$250

million

0.55%

Over

$250

million

0.50%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2022, the

Adviser

owned 1,700,001

shares

or 93.15%

of

the

Fund.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$44,956,608

$846,272

$(8,455,487)

$(7,609,215)

Period

Ended

April

30,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

2,025,001

$

50,071,608

Shares

repurchased

(200,000)

(5,042,501

)

—

—

Net

Increase/(Decrease)

(200,000)

$

(5,042,501

)

2,025,001

$

50,071,608

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$1,831,339

$1,799,744

$

—

$

—

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$

—

$4,977,107

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

During

the

period ended

April

30,

2022,

the

Fund

had

net

realized

gain

of

$154,207

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

18

April

30,

2022

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

19

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk.

In

compliance

with

the

Liquidity

Rule,

each

Fund

has

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

holdings,

as

applicable;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

each

Fund’s

illiquid

investments;

(v)

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

(i)

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP.

A

working

group

comprised

of

various

groups

within

the

Adviser’s

business

is

responsible

for

administering

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

The

Program

Administrator

Report

also

addressed

the

annual

review

of

each

Fund’s

liquidity

risk,

as

well

as

any

recommendations

of

the

Program

Administrator

in

managing

such

risk.

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

and

(vi)

short-term

and

long-term

cash

flow

projections

for

the

Fund

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

At

a

meeting

held

April

21,

2022,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period,

including

notable

liquidity

events

such

as

extended

holiday

market

closures.

It

noted

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

primarily

“highly

liquid”

under

the

Liquidity

Rule

during

the

Reporting

Period

and

therefore

was

not

required

to

establish

an

HLIM.

In

addition,

the

Adviser

expressed

its

belief

in

the

Program

Administrator

Report

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

The

Program

Administrator

Report

indicated

certain

material

changes

to

the

LRMP

were

implemented

during

the

Reporting

Period.

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

20

April

30,

2022

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

Janus

Detroit

Street

Trust

21

125-24-93093

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2022

Janus

Henderson

B-BBB

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

B-BBB

CLO

ETF

Fund

At

A

Glance

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

1

Disclosure

of

Fund

Expenses

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

3

Schedule

of

Investments

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

4

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statement

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

13

Additional

Information

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

21

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

22

INVESTMENT

OBJECTIVE

Janus

Henderson

B-BBB

CLO

ETF

(JBBB)

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to

collateralized

loan

obligations

(CLOs)

generally

rated

between

and

inclusive

of

BBB+

and

B-.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2022

Janus

Detroit

Street

Trust

1

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligations

94.2%

Exchange

Traded

Funds

5.1%

Investment

Companies

3.2%

102.5%

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Performance

2

April

30,

2022

Returns

quoted

are

past

performance

and

do

not

guarantee

future

results;

current

performance

may

be

lower

or

higher.

Investment

returns

and

principal

value

will

vary;

there

may

be

a

gain

or

loss

when

shares

are

sold.

For

the

most

recent

month-end

performance

call

800.668.0434

or

visit

janushenderson.com/performance.

Shares

of

ETFs

are

bought

and

sold

at

market

price

(not

NAV)

and

are

not

individually

redeemed

from

the

Fund.

Market

returns

are

based

upon

the

midpoint

of

the

bid/ask

spread

at

4:00

p.m.

Eastern

time

(when

NAV

is

normally

determined

for

most

ETFs),

and

do

not

represent

the

returns

you

would

receive

if

you

traded

shares

at

other

times.

Ordinary

brokerage

commissions

apply

and

will

reduce

returns.

Net

expense

rations

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

March

1,

2023.

Performance

for

very

short

time

periods

may

not

be

indicative

of

future

performance.

Investing

involves

risk,

including

the

possible

loss

of

principal

and

fluctuation

of

value.

There

is

no

assurance

the

stated

objective(s)

will

be

met.

Performance

may

be

affected

by

risks

that

include

those

associated

with

foreign

and

emerging

markets,

fixed

income

securities,

high-yield

and

high-risk

securities,

undervalued,

overlooked

and

smaller

capitalization

companies,

real

estate

related

securities

including

Real

Estate

Investment

Trusts

(REITs),

non-diversification,

Environmental,

Social

and

Governance

(ESG)

factors,

portfolio

turnover,

derivatives,

short

sales,

initial

public

offerings

(IPOs)

and

potential

conflicts

of

interest.

Each

product

has

different

risks.

Please

see

the

prospectus

for

more

information

about

risks,

holdings

and

other

details.

Returns

include

reinvestment

of

dividends

and

capital

gains.

Returns

greater

than

one

year

are

annualized.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

returns

do

not

include

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

the

period

end

for

financial

reporting

purposes.

See

Notes

to

Schedule

of

Investments

and

Other

Information

for

index

definitions.

Index

performance

does

not

reflect

the

expenses

of

managing

a

portfolio

as

an

index

is

unmanaged

and

not

available

for

direct

investment.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2022

Prospectus

Expense

Ratio

~

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Net

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

B-BBB

CLO

ETF

-

NAV

-1.08%

0.50%

0.49

%

Janus

Henderson

B-BBB

CLO

ETF

-

Market

Price

-0.64%

–

–

JP

Morgan

CLO

High

Quality

Mezzanine

Index

-0.54%

–

–

*

The

Fund

commenced

operations

on

January

11,

2022.

‡

As

stated

in

the

prospectus.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

3

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(1/11/2022)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(1/11/2022

-

4/30/22)

*†

Beginning

Account

Value

(11/1/21)

Ending

Account

Value

(4/30/22)

Expenses

Paid

During

Period

(11/1/21

-

4/30/22)

†

Net

Annualized

Expense

Ratio

(11/1/21

-

4/30/22)

$1,000.00

$989.20

$1.43

$1,000.00

$1,022.41

$2.41

0.48%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(January

11,

2022

to

April

30,

2022)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

109/365

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

4

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

94.2%

AGL

CLO

10

Ltd.

2021-10A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

3.9443%,

4/15/34

(144A)

‡

$

2,000,000

$

1,940,702

AGL

CLO

7

Ltd.

2020-7A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

4.1443%,

7/15/34

(144A)

‡

250,000

244,122

Apidos

CLO

XXIII

Ltd.

2015-23A

DR,

ICE

LIBOR

USD

3

Month

+

2.9500%,

3.9943%,

4/15/33

(144A)

‡

950,000

924,631

Ares

XLI

CLO

Ltd.

2016-41A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.0443%,

4/15/34

(144A)

‡

1,250,000

1,217,634

Atrium

XV

LLC

15A

E,

ICE

LIBOR

USD

3

Month

+

5.8500%,

7.0340%,

1/23/31

(144A)

‡

2,000,000

1,928,160

BlueMountain

CLO

Ltd.

2015-4A

DR,

ICE

LIBOR

USD

3

Month

+

2.9500%,

4.0127%,

4/20/30

(144A)

‡

415,000

392,541

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

ICE

LIBOR

USD

3

Month

+

4.3700%,

5.4327%,

10/20/34

(144A)

‡

1,250,000

1,257,781

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

4.1512%,

4/15/35

(144A)

‡

1,500,000

1,487,072

BlueMountain

CLO

XXXI

Ltd.

2021-31A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.0443%,

4/19/34

(144A)

‡

1,250,000

1,206,909

Boyce

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

3.6479%,

4/21/35

(144A)

‡

1,500,000

1,486,044

Carlyle

Global

Market

Strategies

CLO

Ltd.

2014-5A

DRR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

4.1943%,

7/15/31

(144A)

‡

1,000,000

954,044

CBAM

Ltd.

2019-10A

E,

ICE

LIBOR

USD

3

Month

+

7.0000%,

8.0627%,

4/20/32

(144A)

‡

600,000

581,164

CBAM

Ltd.

2021-14A

D,

ICE

LIBOR

USD

3

Month

+

3.1000%,

4.1627%,

4/20/34

(144A)

‡

1,400,000

1,354,696

Cedar

Funding

VI

CLO

Ltd.

2016-6A

DRR,

ICE

LIBOR

USD

3

Month

+

3.3100%,

4.3727%,

4/20/34

(144A)

‡

1,000,000

971,430

Cedar

Funding

X

CLO

Ltd.

2019-10A

DR,

ICE

LIBOR

USD

3

Month

+

3.2000%,

4.2627%,

10/20/32

(144A)

‡

2,000,000

1,957,076

CIFC

Funding

Ltd.

2015-3A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

3.5443%,

4/19/29

(144A)

‡

1,500,000

1,437,835

CIFC

Funding

Ltd.

2017-1A

E,

ICE

LIBOR

USD

3

Month

+

6.3500%,

7.4483%,

4/23/29

(144A)

‡

740,000

717,298

CIFC

Funding

Ltd.

2017-5A

C,

ICE

LIBOR

USD

3

Month

+

2.8500%,

3.8943%,

11/16/30

(144A)

‡

2,000,000

1,955,454

CIFC

Funding

Ltd.

2014-5A

DR2,

ICE

LIBOR

USD

3

Month

+

3.4000%,

4.4443%,

10/17/31

(144A)

‡

2,000,000

1,930,868

CIFC

Funding

Ltd.

2019-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

4.1627%,

4/20/32

(144A)

‡

1,000,000

978,548

Dryden

37

Senior

Loan

Fund

2015-37A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

3.5443%,

1/15/31

(144A)

‡

1,500,000

1,422,379

Dryden

40

Senior

Loan

Fund

2015-40A

ER,

ICE

LIBOR

USD

3

Month

+

5.7500%,

6.2564%,

8/15/31

(144A)

‡

800,000

749,778

Dryden

50

Senior

Loan

Fund

2017-50A

E,

ICE

LIBOR

USD

3

Month

+

6.2600%,

7.3043%,

7/15/30

(144A)

‡

2,400,000

2,345,724

Dryden

60

CLO

Ltd.

2018-60A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.0443%,

7/15/31

(144A)

‡

1,000,000

972,937

Dryden

80

CLO

Ltd.

2019-80A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

3.9463%,

1/17/33

(144A)

‡

1,000,000

987,500

Elevation

CLO

Ltd.

2017-8A

D,

ICE

LIBOR

USD

3

Month

+

2.8700%,

4.0540%,

10/25/30

(144A)

‡

853,000

791,490

Gilbert

Park

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

3.9943%,

10/15/30

(144A)

‡

1,000,000

976,136

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

5

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

GoldenTree

Loan

Opportunities

IX

Ltd.

2014-9A

DR2,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.2389%,

10/29/29

(144A)

‡

$

1,250,000

$

1,217,392

GoldenTree

Loan

Opportunities

XII

Ltd.

2016-12A

ER,

ICE

LIBOR

USD

3

Month

+

5.4000%,

6.4983%,

7/21/30

(144A)

‡

250,000

232,069

Greywolf

CLO

V

Ltd.

2015-1A

CR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.1840%,

1/27/31

(144A)

‡

1,000,000

960,262

Highbridge

Loan

Management

3A-2014

CR,

ICE

LIBOR

USD

3

Month

+

3.6000%,

4.6443%,

7/18/29

(144A)

‡

2,500,000

2,420,275

Jamestown

CLO

XI

Ltd.

2018-11A

C,

ICE

LIBOR

USD

3

Month

+

3.2500%,

4.2884%,

7/14/31

(144A)

‡

1,000,000

974,708

KKR

CLO

27

Ltd.

27A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

4.0964%,

10/15/32

(144A)

‡

1,250,000

1,238,431

LCM

29

Ltd.

29A

DR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

4.4443%,

4/15/31

(144A)

‡

1,000,000

973,978

LCM

30

Ltd.

30A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.0627%,

4/20/31

(144A)

‡

435,000

418,092

LCM

31

Ltd.

31A

D,

ICE

LIBOR

USD

3

Month

+

3.6000%,

3.7754%,

1/20/32

(144A)

‡

3,000,000

2,954,445

LCM

36

Ltd.

36A

D,

ICE

LIBOR

USD

3

Month

+

3.4000%,

3.6481%,

1/15/34

(144A)

‡

2,000,000

1,939,810

LCM

XIV

LP

14A

ER,

ICE

LIBOR

USD

3

Month

+

5.5000%,

6.5627%,

7/20/31

(144A)

‡

1,475,000

1,269,037

Madison

Park

Funding

XVII

Ltd.

2015-17A

DR,

ICE

LIBOR

USD

3

Month

+

3.6000%,

4.6983%,

7/21/30

(144A)

‡

2,000,000

1,970,932

Madison

Park

Funding

XXI

Ltd.

2016-21A

C2RR,

ICE

LIBOR

USD

3

Month

+

5.1500%,

6.1943%,

10/15/32

(144A)

‡

1,000,000

979,986

Madison

Park

Funding

XXVI

Ltd.

2017-26A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.2389%,

7/29/30

(144A)

‡

1,250,000

1,221,428

Madison

Park

Funding

XXX

Ltd.

2018-30A

D,

ICE

LIBOR

USD

3

Month

+

2.5000%,

3.5443%,

4/15/29

(144A)

‡

622,900

606,863

Magnetite

XII

Ltd.

2015-12A

ER,

ICE

LIBOR

USD

3

Month

+

5.6800%,

6.7243%,

10/15/31

(144A)

‡

980,000

935,178

Myers

Park

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

3.0500%,

4.1127%,

10/20/30

(144A)

‡

1,000,000

979,898

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

DR,

ICE

LIBOR

USD

3

Month

+

2.9000%,

3.9443%,

10/16/33

(144A)

‡

2,500,000

2,431,503

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.

2019-34A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

3.9512%,

1/20/35

(144A)

‡

2,000,000

1,982,610

Oaktree

CLO

Ltd.

2019-3A

D1R,

ICE

LIBOR

USD

3

Month

+

3.2100%,

4.2727%,

10/20/34

(144A)

‡

2,500,000

2,454,000

Octagon

54

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.0500%,

4.0943%,

7/15/34

(144A)

‡

250,000

245,667

Octagon

Investment

Partners

XVI

Ltd.

2013-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.0443%,

7/17/30

(144A)

‡

1,000,000

964,804

Palmer

Square

Loan

Funding

Ltd.

2019-2A

E,

ICE

LIBOR

USD

3

Month

+

6.7500%,

7.8127%,

4/20/27

(144A)

‡

250,000

248,271

Palmer

Square

Loan

Funding

Ltd.

2019-4A

D,

ICE

LIBOR

USD

3

Month

+

5.9000%,

7.0840%,

10/24/27

(144A)

‡

250,000

246,990

Park

Avenue

Institutional

Advisers

CLO

Ltd.

2019-2A

CR,

ICE

LIBOR

USD

3

Month

+

3.5000%,

4.5443%,

10/15/34

(144A)

‡

1,250,000

1,223,740

Race

Point

VIII

CLO

Ltd.

2013-8A

DR2,

ICE

LIBOR

USD

3

Month

+

3.5000%,

3.9796%,

2/20/30

(144A)

‡

750,000

729,299

Regatta

XV

Funding

Ltd.

2018-4A

C,

ICE

LIBOR

USD

3

Month

+

3.3000%,

4.4840%,

10/25/31

(144A)

‡

2,000,000

1,970,084

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

6

April

30,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Regatta

XX

Funding

Ltd.

2021-2A

D,

ICE

LIBOR

USD

3

Month

+

3.1000%,

4.1443%,

10/15/34

(144A)

‡

$

250,000

$

242,304

Sandstone

Peak

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.5500%,

4.5943%,

10/15/34

(144A)

‡

2,000,000

1,939,276

Sixth

Street

CLO

XIX

Ltd.

2021-19A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

4.0627%,

7/20/34

(144A)

‡

2,500,000

2,438,422

Sound

Point

CLO

XXI

Ltd.

2018-3A

C,

ICE

LIBOR

USD

3

Month

+

3.3000%,

4.5137%,

10/26/31

(144A)

‡

800,000

764,723

Symphony

CLO

XV

Ltd.

2014-15A

DR2,

ICE

LIBOR

USD

3

Month

+

4.0000%,

5.0443%,

1/17/32

(144A)

‡

500,000

497,600

TCI-Flatiron

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.7500%,

3.2187%,

11/18/30

(144A)

‡

1,000,000

969,994

TCW

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9100%,

4.0940%,

4/25/31

(144A)

‡

1,210,000

1,169,133

TCW

CLO

Ltd.

2020-1A

DRR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

4.4627%,

4/20/34

(144A)

‡

1,500,000

1,463,472

THL

Credit

Wind

River

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

3.9443%,

7/15/30

(144A)

‡

1,000,000

962,662

THL

Credit

Wind

River

CLO

Ltd.

2018-3A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

4.0127%,

1/20/31

(144A)

‡

500,000

482,766

THL

Credit

Wind

River

CLO

Ltd.

2019-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.4500%,

4.5127%,

7/20/34

(144A)

‡

2,000,000

1,937,986

TICP

CLO

VIII

Ltd.

2017-8A

CR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

4.4627%,

10/20/34

(144A)

‡

2,000,000

1,964,546

Venture

31

CLO

Ltd.

2018-31A

D,

ICE

LIBOR

USD

3

Month

+

2.8200%,

3.8827%,

4/20/31

(144A)

‡

1,250,000

1,166,313

Venture

44

CLO

Ltd.

2021-44A

D1,

ICE

LIBOR

USD

3

Month

+

3.2300%,

4.2927%,

10/20/34

(144A)

‡

2,000,000

1,967,986

Voya

CLO

Ltd.

2017-1A

C,

ICE

LIBOR

USD

3

Month

+

3.3300%,

4.3743%,

4/17/30

(144A)

‡

3,000,000

2,900,472

Whitebox

CLO

II

Ltd.

2020-2A

DR,

ICE

LIBOR

USD

3

Month

+

3.3500%,

4.5340%,

10/24/34

(144A)

‡

250,000

247,001

Total

Collateralized

Loan

Obligations

(cost

$89,872,455)

88,074,361

Exchange

Traded

Fund

-

5.1%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$4,720,020)

93,705

4,714,298

Investment

Companies

-

3.2%

Money

Market

Funds

-

3.2%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.1500%

∞

(cost

$2,973,026)

2,973,026

2,973,026

Total

Investments

(total

cost

$97,565,501

)

-

102.5%

95,761,685

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.5%)

(2,292,570)

Net

Assets

-

100.0%

$93,469,115

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

95,761,685

100.0

%

–

–

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

4/30/22

Exchange

Traded

Fund

-

5.1%

Janus

Henderson

AAA

CLO

ETF

$

7,659

$

–

$

(5,722)

$

4,714,298

Market

Value

at

1/11/22

Purchases

Sales

Market

Value

at

4/30/22

Exchange

Traded

Fund

-

5.1%

Janus

Henderson

AAA

CLO

ETF

$

–

$

4,720,020

$

–

$

4,714,298

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2022

8

April

30,

2022

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

is

designed

to

track

the

performance

of

high-quality

mezzanine

tranches

of

the

USD-denominated,

broadly

syndicated

CLO

market,

representing

90%

BBB-rated

and

10%

BB/B-

rated

CLOs.

ETF

Exchange

Traded

Fund

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

April

30,

2022.

£

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

April

30,

2022

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

April

30,

2022

is

$88,074,361

which

represents

94.2%

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

April

30,

2022

.

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

$

—

$

88,074,361

$

—

Exchange

Traded

Fund

4,714,298

—

—

Investment

Companies

2,973,026

—

—

Total

Assets

$

7,687,324

$

88,074,361

$

—

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$92,845,481)

$

91,047,387

Affiliated

investments,

at

value

(cost

$4,720,020)

4,714,298

Cash

100

Receivables:

Investments

sold

2,984,358

Interest

196,693

Due

from

adviser

753

Total

Assets

98,943,589

Liabilities:

Payables:

—

Investments

purchased

5,440,608

Management

fees

33,866

Total

Liabilities

5,474,474

Net

Assets

$

93,469,115

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

95,026,734

Total

distributable

earnings

(loss)

(

1,557,619

)

Total

Net

Assets

$

93,469,115

Net

Assets

$

93,469,115

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,900,000

Net

Asset

Value

Per

Share

$

49

.19

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2022

(1)

10

April

30,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

737,174

Dividends

from

affiliates

7,659

Dividends

370

Total

Investment

Income

745,203

Expenses:

Management

Fees

98,178

Total

Expenses

98,178

Less:

Excess

Expense

Reimbursement

and

Waivers

(

2,038

)

Net

Expenses

96,140

Net

Investment

Income/(Loss)

649,063

Net

Realized

Gain/(Loss)

on

Investments:

Total

Net

Realized

Gain/(Loss)

on

Investments

$

—

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

1,798,094

)

Investments

in

affiliates

(

5,722

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

1,803,816

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

1,154,753

)

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

April

30,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2022

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

649,063

Net

realized

gain/(loss)

on

investments

—

Change

in

unrealized

net

appreciation/depreciation

(

1,803,816

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

1,154,753

)

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(

402,866

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

402,866

)

Capital

Share

Transactions

95,026,734

Net

Increase/(Decrease)

in

Net

Assets

93,469,115

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

93,469,115

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

April

30,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

12

April

30,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2022

(unaudited)

2022

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

0.47

Net

realized

and

unrealized

gain/(loss)

(1.03)

Total

from

Investment

Operations

(0.56)

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(0.25)

Total

Dividends

and

Distributions

(0.25)

Net

Asset

Value,

End

of

Period

$49.19

Total

Return

*

(1.08)%

Net

assets,

End

of

Period

(in

thousands)

$93,469

Average

Net

Assets

for

the

Period

(in

thousands)

$68,106

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.48%

Ratio

of

Net

Investment

Income/(Loss)

3.19%

Portfolio

Turnover

Rate

(3)

0%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

April

30,

2022.

(2)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

13

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson B-BBB

CLO ETF (the

“Fund”)

is

a

series

fund.

The

Fund

is

part

of

Janus

Detroit

Street

Trust

(the

“Trust”),

which

is

organized

as

a

Delaware

statutory

trust

and

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

and

therefore

has

applied

the

specialized

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The financial

statements include

information

for

the

period

from

January

11,

2022

(commencement

of

operations)

through

April,

30,

2022.

As

of

the

date

of

this

report,

the

Trust

offers

twelve Funds

each

of

which

represent

shares

of

beneficial

interest

in

a

separate

portfolio

of

securities

and

other

assets

with

its

own

objective

and

policies.

The

Fund

seeks

capital

preservation

and

current

income

by

seeking

to

deliver

floating-rate

exposure

to collateralized

loan

obligations

("CLOs")

generally

rated

between

and

inclusive

of

BBB+

and

B-.

The

Fund

is

classified

as

diversified,

as

defined

in

the

1940

Act.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

(the

“Adviser”)

to

the

Fund.

The

Fund

is

an

actively-managed

exchange-traded

fund.

Unlike

shares

of

traditional

mutual

funds,

shares

of

the

Fund

are

not

individually

redeemable

and

may

only

be

purchased

or

redeemed

directly

from

the

Fund

at

net

asset

value

(“NAV”)

in

large

increments

called

“Creation

Units”

by

certain

participants,

known

as

“Authorized

Participants.”

The

size

of

a

Creation

Unit

to

purchase

shares

of

the

Fund

may

differ

from

the

size

of

a

Creation

Unit

to

redeem

shares

of

the

Fund.

The

Fund

will

issue

or

redeem

Creation

Units

in

exchange

for

portfolio

securities

and/or

cash.

Except

when

aggregated

in

Creation

Units,

Fund

shares

are

not

redeemable

securities

of

the

Fund.

Shares

of

the

Fund

are

listed

and

trade

on

the

Cboe

BZX

Exchange,

Inc. (the

"Exchange"),

and

individual

investors

can

purchase

or

sell

shares

in

much

smaller

increments

for

cash

in

the

secondary

market

through

a

broker.

These

transactions,

which

do

not

involve

the

Fund,

are

made

at

market

prices

that

may

vary

throughout

the

day

and

differ

from

the

Fund’s

NAV.

As

a

result,

you

may

pay

more

than

NAV

(a

premium)

when

you

purchase

shares

and

receive

less

than

NAV

(a

discount)

when

you

sell

shares,

in

the

secondary

market.

An

Authorized

Participant

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

hold

of

record

more

than

25%

of

the

outstanding

shares

of

the

Fund.

From

time

to

time,

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

be

a

beneficial

and/or

legal

owner

of

the

Fund,

may

be

affiliated

with

an

index

provider,

may

be

deemed

to

have

control

of

the

Fund

and/or

may

be

able

to

affect

the

outcome

of

matters

presented

for

a

vote

of

the

shareholders

of

the

Fund.

Authorized

Participants

(or

other

broker-dealers

making

markets

in

shares

of

the

Fund)

may

execute

an

irrevocable

proxy

granting

ALPS

Distributors,

Inc.

(the

"Distributor"),

the

Adviser

or

an

affiliate

of

the

Adviser

power

to

vote

or

abstain

from

voting

such

Authorized

Participant’s

beneficially

or

legally

owned

shares

of

the

Fund.

In

such

cases,

the

Agent

shall

mirror

vote

(or

abstain

from

voting)

such

shares

in

the

same

proportion

as

all

other

beneficial

owners

of

the

Fund.

The

following

accounting

policies

have

been

followed

by

the

Fund

and

are

in

conformity

with

United

States

of

America

generally

accepted

accounting

principles

(“US

GAAP”). 

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

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

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2022

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available,

or

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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

nonvalued

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. 

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.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

inception. 

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

April

30,

2022 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.

Investment

Transactions

and

Investment

Income

Investment

transactions

are

accounted

for

as

of

the

date

purchased

or

sold

(trade

date).

Dividend

income

is

recorded

on

the

ex-dividend

date.

Certain

dividends

from

foreign

securities

will

be

recorded

as

soon

as

the

Fund

is

informed

of

the

dividend,

if

such

information

is

obtained

subsequent

to

the

ex-dividend

date.

Dividends

from

foreign

securities

may

be

subject

to

withholding

taxes

in

foreign

jurisdictions.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Interest

income

is

recorded

daily

on

an

accrual

basis

and

includes

amortization

of

premiums

and

accretion

of

discounts.

The

Fund

classifies

gains

and

losses

on

prepayments

received

as

an

adjustment

to

interest

income.

Debt

securities

may

be

placed

in

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

and

writing

off

interest

receivables

when

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Gains

and

losses

are

determined

on

the

identified

cost

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

In

response

to

the

COVID-19

pandemic,

the

U.S.

government

and

the

Federal

Reserve,

as

well

as

certain

foreign

governments

and

central

banks,

have

taken

extraordinary

actions

to

support

local

and

global

economies

and

the

financial

markets,

including

reducing

interest

rates

to

record

low

levels.

Extremely

low

or

negative

interest

rates

may

become

more

prevalent

or

may

not

work

as

intended.

As

there

is

little

precedent

for

this

situation,

the

impact

on

various

markets

that

interest

rate

or

other

significant

policy

changes

may

have

is

unknown.

The

withdrawal

of

this

support,

a

failure

of

measures

put

in

place

in

response

to

such

economic

uncertainty,

or

investor

perception

that

such

efforts

were

not

sufficient

could

each

negatively

affect

financial

markets

generally,

and

the

value

and

liquidity

of

specific

securities.

In

addition,

policy

and

legislative

changes

in

the

United

States

and

in

other

countries

continue

to

impact

many

aspects

of

financial

regulation.

Widespread

disease,

including

pandemics

and

epidemics,

and

natural

or

environmental

disasters,

including

those

which

may

be

attributable

to

global

climate

change,

such

as

earthquakes,

fires,

floods,

hurricanes,

tsunamis

and

weather-related

phenomena

generally,

have

been

and

can

be

highly

disruptive

to

economies

and

markets,

adversely

impacting

individual

companies,

sectors,

industries,

markets,

currencies,

interest

and

inflation

rates,

credit

ratings,

investor

sentiment,

and

other

factors

affecting

the

value

of

a

Fund’s

investments.

Economies

and

financial

markets

throughout

the

world

have

become

increasingly

interconnected,

which

increases

the

likelihood

that

events

or

conditions

in

one

region

or

country

will

adversely

affect

markets

or

issuers

in

other

regions

or

countries,

including

the

United

States.

These

disruptions

could

prevent

a

Fund

from

executing

advantageous

investment

decisions

in

a

timely

manner

and

negatively

impact

a

Fund’s

ability

to

achieve

its

investment

objective(s).

Any

such

event(s)

could

have

a

significant

adverse

impact

on

the

value

of

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2022

a

Fund.

In

addition,

these

disruptions

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

Adverse

weather

conditions

may

also

have

a

particularly

negative

effect

on

issuers

in

the

agricultural

sector

in

the

agricultural

sector

and

on

insurance

and

reinsurance

companies

that

insure

or

reinsure

against

the

impact

of

natural

disasters.

A

number

of

countries

in

the

European

Union

(“EU”)

have

experienced,

and

may

continue

to

experience,

severe

economic

and

financial

difficulties.

In

particular,

many

EU

nations

are

susceptible

to

economic

risks

associated

with

high

levels

of

debt.

Many

non-governmental

issuers,

and

even

certain

governments,

have

defaulted

on,

or

been

forced

to

restructure,

their

debts.

Many

other

issuers

have

faced

difficulties

obtaining

credit

or

refinancing

existing

obligations.

Financial

institutions

have

in

many

cases

required

government

or

central

bank

support,

have

needed

to

raise

capital,

and/

or

have

been

impaired

in

their

ability

to

extend

credit.

As

a

result,

financial

markets

in

the

EU

have

experienced

extreme

volatility

and

declines

in

asset

values

and

liquidity.

These

difficulties

may

continue,

worsen,

or

spread

further

within

the EU. Responses

to

these

financial

problems

by

European

governments,

central

banks,

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest,

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Among

other

things,

these

developments

have

adversely

affected

the

value

and

exchange

rate

of

the

euro

and

pound

sterling,

and

may

continue

to

significantly

affect

the

economies

of

all

EU

countries,

which

in

turn

may

have

a

material

adverse

effect

on

a

Fund's

investments

in

such

countries,

other

countries

that

depend

on

EU

countries

for

significant

amounts

of

trade

or

investment,

or

issuers

with

exposure

to

debt

issued

by

certain

EU

countries.

CLO

Risk 

The

risks

of

investing

in

Collateralized

Loan

Obligations

("CLO")

include

both

the

economic

risks

of

the

underlying

loans

combined

with

the

risks

associated

with

the

CLO

structure

governing

the

priority

of

payments.

The

degree

of

such

risk

will

generally

correspond

to

the

specific

tranche

in

which

the

Fund

is

invested.

The

Fund

intends

to

invest

primarily

in

BBB-rated

tranches;

however,

this

rating

does

not

constitute

a

guarantee,

may

be

downgraded,

and

in

stressed

market

environments

it

is

possible

that

even

senior

CLO

tranches

could

experience

losses

due

to

actual

defaults,

increased

sensitivity

to

defaults

due

to

collateral

default

and

the

disappearance

of

the

subordinated/equity

tranches,

market

anticipation

of

defaults,

as

well

as

negative

market

sentiment

with

respect

to

CLO

securities

as

an

asset

class.

The

Fund’s

portfolio

managers

may

not

be

able

to

accurately

predict

how

specific

CLOs

or

the

portfolio

of

underlying

loans

for

such

CLOs

will

react

to

changes

or

stresses

in

the

market,

including

changes

in

interest

rates.

The

most

common

risks

associated

with

investing

in

CLOs

are

liquidity

risk,

interest

rate

risk,

credit

risk,

call

risk,

and

the

risk

of

default

of

the

underlying

asset,

among

others. 

Mezzanine

CLO

Risk

The

Fund

intends

to

invest

primarily

in

BBB

rated

CLO

tranches.

Such

securities

are

often

subordinate

to

higher-rated

tranches

in

terms

of

payment

priority.

Subordinated

CLO

tranches

are

subject

to

higher

credit

risk

and

liquidity

risk

relative

to

more

senior

CLO

tranches.

To

the

extent

a

CLO

or

its

underlying

loans

experience

default

or

are

having

difficulty

making

principal

and/or

interest

payments,

such

subordinate

CLO

tranches

will

be

more

likely

to

experience

adverse

impacts,

and

such

impacts

will

be

more

severe,

relative

to

more

senior

and/or

higher-rated

CLO

securities,

which

in

turn

will

adversely

affect

the

performance

of

the

Fund. 

Exchange-Traded

Funds

Risk

The

Fund

may

invest

in

exchange-traded

funds

(“ETFs”),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

premium

or

discount.

In

the

case

of

affiliated

ETFs,

unless

waived,

the

Adviser

will

earn

fees

both

from

the

Fund

and

from

the

underlying

ETF,

with

respect

to

assets

of

the

Fund

invested

in

the

underlying

ETF.

The

Fund

is

also

subject

to

the

risks

associated

with

the

securities

in

which

the

ETF

invests. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

Investment

Focus

Risk 

Because

the

Fund

invests

primarily

in

CLOs

it

is

susceptible

to

an

increased

risk

of

loss

due

to

adverse

occurrences

in

the

CLO

market,

generally,

and

in

the

various

markets

impacting

the

portfolios

of

loans

underlying

these

CLOs.

The

Fund’s

CLO

investment

focus

may

cause

the

Fund

to

perform

differently

than

the

overall

financial

market

and

the

Fund’s

performance

may

be

more

volatile

than

if

the

Fund’s

investments

were

more

diversified

across

financial

instruments

and

or

markets. 

Liquidity

Risk 

Liquidity

risk

refers

to

the

possibility

that

the

Fund

may

not

be

able

to

sell

or

buy

a

security

or

close

out

an

investment

contract

at

a

favorable

price

or

time.

Consequently,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

the

Fund’s

performance.

Infrequent

trading

of

securities

also

may

lead

to

an

increase

in

their

price

volatility.

CLOs,

and

their

underlying

loan

obligations,

are

typically

not

registered

for

sale

to

the

public

and

therefore

are

subject

to

certain

restrictions

on

transfer

and

sale,

potentially

making

them

less

liquid

than

other

types

of

securities.

Additionally,

when

the

Fund

purchases

a

newly

issued

CLO

directly

from

the

issuer

(rather

than

from

the

secondary

market),

there

often

may

be

a

delayed

settlement

period,

during

which

time,

the

liquidity

of

the

CLO

may

be

further

reduced.

During

periods

of

limited

liquidity

and

higher

price

volatility,

the

Fund’s

ability

to

acquire

or

dispose

of

CLOs

at

a

price

and

time

the

Fund

deems

advantageous

may

be

impaired.

CLOs

are

generally

considered

to

be

long-term

investments

and

there

is

no

guarantee

that

an

active

secondary

market

will

exist

or

be

maintained

for

any

given

CLO.

Floating-Rate

Obligations

Risk 

The

Fund

may

invest

in

floating

rate

obligations

that

reset

regularly,

maintaining

a

fixed

spread

over

a

stated

reference

rate

such

as

the

London

InterBank

Offered

Rate

(“LIBOR”),

the

Secured

Overnight

Financing

Rate

(“SOFR”),

or

the

Treasury

bill

rate.

The

interest

rates

on

floating

rate

obligations

typically

reset

quarterly,

although

rates

on

some

obligations

may

adjust

at

other

intervals.

Unexpected

changes

in

the

interest

rates

on

floating

rate

obligations

could

result

in

lower

income

to

the

Fund.

In

addition,

the

secondary

market

on

which

floating

rate

obligations

are

traded

may

be

less

liquid

than

the

market

for

investment

grade

securities

or

other

types

of

income-producing

securities,

which

may

have

an

adverse

impact

on

their

market

price.

There

is

also

a

potential

that

there

is

no

active

market

to

trade

floating

rate

obligations

and

that

there

may

be

restrictions

on

their

transfer.

As

a

result,

the

Fund

may

be

unable

to

sell

assignments

or

participations

at

the

desired

time

or

may

be

able

to

sell

only

at

a

price

less

than

fair

market

value. 

LIBOR

Replacement

Risk 

The

Fund

may

invest

in

certain

debt

securities,

derivatives,

or

other

financial

instruments

that

utilize

the

London

Inter-Bank

Offered

Rate

("LIBOR")

or

other

interbank

offered

rates

as

a

reference

rate

for

various

rate

calculations.

The

U.K.

Financial

Conduct

Authority

has

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

rates

for

many

LIBOR

settings

after

December

31,

2021,

and

for

certain

other

commonly

used

U.S.

dollar

LIBOR

settings

after

June

30,

2023.

The

elimination

of

LIBOR

or

other

reference

rates

and

the

transition

process

away

from

LIBOR

could

adversely

impact

(i)

volatility

and

liquidity

in

markets

that

are

tied

to

those

reference

rates,

(ii)

the

market

for,

or

value

of,

specific

securities

or

payments

linked

to

those

reference

rates,

(iii)

the

availability

or

terms

of

borrowing

or

refinancing,

or

(iv)

the

effectiveness

of

hedging

strategies.

For

these

and

other

reasons,

the

elimination

of

LIBOR

or

changes

to

other

reference

rates

may

adversely

affect

the

Fund's

performance

and/or

net

asset

value.

Alternatives

to

LIBOR

are

established

or

in

development

in

most

major

currencies

including

the

Secured

Overnight

Financing

Rate

("SOFR")

that

is

intended

to

replace

the

U.S.

dollar

LIBOR.

The

effect

of

the

discontinuation

of

LIBOR

or

other

reference

rates will

depend

on

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

or

other

reference

rates

on

the

Fund

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2022

Privately

Issued

Securities

Risk 

CLOs

are

generally

privately-issued

securities,

and

are

normally

purchased

pursuant

to

Rule144A

or

Regulation

S

under

the

Securities

Act

of

1933,

as

amended

(the

“Securities

Act”).

Privately-issued

securities

typically

may

be

resold

only

to

qualified

institutional

buyers,

in

a

privately

negotiated

transaction,

to

a

limited

number

of

purchasers,

or

in

limited

quantities

after

they

have

been

held

for

a

specified

period

of

time

and

other

conditions

are

met

for

an

exemption

from

registration.

Because

there

may

be

relatively

few

potential

purchasers

for

such

securities,

especially

under

adverse

market

or

economic

conditions

or

in

the

event

of

adverse

changes

in

the

financial

condition

of

the

issuer,

the

Fund

may

find

it

more

difficult

to

sell

such

securities

when

it

may

be

advisable

to

do

so

or

it

may

be

able

to

sell

such

securities

only

at

prices

lower

than

if

such

securities

were

more

widely

held

and

traded.

At

times,

it

also

may

be

more

difficult

to

determine

the

fair

value

of

such

securities

for

purposes

of

computing

the

Fund’s

net

asset

value

per

share

(“NAV”)

due

to

the

absence

of

an

active

trading

market.

There

can

be

no

assurance

that

a

privately-issued

security

previously

deemed

to

be

liquid

when

purchased

will

continue

to

be

liquid

for

as

long

as

it

is

held

by

the

Fund,

and

its

value

may

decline

as

a

result. 

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

The

Adviser

has

also

contractually

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund's

management

fee

in

an

amount

equal

to

the

management

fee

it

earns

as

an

investment

adviser

to

any

of

the

affiliated

ETFs

in

which

the

Fund

invests.

The

fee

waiver

agreement

will

remain

in

effect

at

least

through

March

1,

2023.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2022,

the

Adviser

waived

$2,038

of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

For

the period

ended

April

30,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.49% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.49%

Over

$500

million

0.45%

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

The

Fund

is

permitted

to

purchase

or

sell

securities

(“cross-trade”)

between

itself

and

other

funds

or

accounts

managed

by

the

Adviser

in

accordance

with

Rule

17a-7

under

the

Investment

Company

Act

of

1940

(“Rule

17a-7”),

when

the

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

by

the

Trust’s

Board

of

Trustees.

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

another

fund

or

account

that

is

or

could

be

considered

an

affiliate

of

the

Fund

under

certain

limited

circumstances

by

virtue

of

having

a

common

investment

adviser,

common

Officer,

or

common

Trustee

complies

with

Rule

17a-7.

Under

these

procedures,

each

cross-trade

is

effected

at

the

current

market

price

to

save

costs

where

allowed.

During

the

period

ended

April

30,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$15,984,531 in

purchases.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2022 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$97,565,501

$12,387

$(1,816,203)

$(1,803,816)

Period

Ended

April

30,

2022

(1)

Shares

Amount

Shares

sold

1,900,000

$

95,026,734

Shares

repurchased

—

—

Net

Increase/(Decrease)

1,900,000

$

95,026,734

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

April

30,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2022

6.

Purchases

and

Sales

of

Investment

Securities 

For

the period ended

April

30,

2022,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

7.

Recent

Accounting

Pronouncements 

The

FASB

issued

Accounting

Standards

Update

2020-04

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

("ASU

2020-04")

in

March

2020.

The

new

guidance

in

the

ASU

provide

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

LIBOR

or

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

For

new

and

existing

contracts,

Funds

may

elect

to

apply

the

guidance

as

of

March

12,

2020

through

December

31,

2022.

Management

is

currently

evaluating

the

impact,

if

any,

of

the

ASU's

adoption

to

the

Fund's

financial

statements. 

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2022

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$94,592,784

$

—

$

—

$

—

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

21

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-0020

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

Quarterly

Portfolio

Holdings

The

Fund

files

its

complete

portfolio

holdings

(schedule

of

investments)

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

such

fiscal

quarter.

The

Fund’s

Form

N-PORT

and

Form

N-Q

filings:

are

available

on

the

SEC’s

website

at

http://www.sec.gov;

(ii)

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

D.C.

(information

on

the

Public

Reference

Room

may

be

obtained

by

calling

1-800-SEC-0330);

and

(iii)

are

available

without

charge,

upon

request,

by

calling

Janus

Henderson

at

1-800-525-

0020

(toll

free).

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2022

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

November

18,

2021

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

B-BBB

CLO

ETF

(the

“New

Fund”).

In

the

course

of

their

consideration

of

the

Investment

Management

Agreement,

the

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

the

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

the

Investment

Management

Agreement

for

the

New

Fund

and

other

information

provided

by

counsel

and

Janus

Capital

Management

LLC,

the

proposed

investment

adviser

to

the

New

Fund

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

the

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

the

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

the

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-traded

funds

(“ETFs”)

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

the

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

the

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

New

Fund:

(a)

The

nature,

extent

and

quality

of

services

to

be

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund’s

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

lower

than

the

median

contractual

management

fee

of

the

New

Fund’s

anticipated

peer

group,

and

in

addition

would

include

a

contractual

breakpoint

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

noted

that

the

projected

total

net

expense

ratio

of

the

New

Fund

was

lower

than

the

median

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund’s

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund’s

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

the

New

Fund

contained

a

breakpoint

for

assets

above

$500

million.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

the

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Fund.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Because

the

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

New

Fund.

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2022

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

the

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

the

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

the

New

Fund.

Janus

Henderson

B-BBB

CLO

ETF

Notes

Janus

Detroit

Street

Trust

25

125-24-93094

04-22

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to semiannual reports.

Item 6. Investments.

(a) Schedule of Investments is contained in the Reports to Shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures were effective, as of that date.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits.

(a)	(1) Not applicable because the Registrant has posted its Code of Ethics (as defined in Item 2(b) of Form N-CSR) on its website pursuant to paragraph (f)(2) of Item 2 of Form N-CSR.
	(2)  Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex99.CERT.
(b)  A certification for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, is attached as Ex99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JANUS DETROIT STREET TRUST
By:	/s/ Bruce L. Koepfgen
	Bruce L. Koepfgen
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 28, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Bruce L. Koepfgen
	Bruce L. Koepfgen
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 28, 2022

By:	/s/ Jesper Nergaard
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)
Date: June 28, 2022

EX-99.CERT

Section 302 Certification

I, Bruce L. Koepfgen, certify that:

1. I have reviewed this report on Form N-CSR of Janus Detroit Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 28, 2022
By:	/s/ Bruce L. Koepfgen
	Bruce L. Koepfgen
	President and Chief Executive Officer (Principal Executive Officer)

Section 302 Certification

I, Jesper Nergaard, certify that:

1. I have reviewed this report on Form N-CSR of Janus Detroit Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 28, 2022
By:	/s/ Jesper Nergaard
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

EX-99.906 CERT

Section 906 Certification

The following certification is provided by the undersigned Principal Executive Officer and Principal Financial Officer of Registrant on the basis of such officers’ knowledge and belief for the sole purpose of complying with 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940.

Certification

In connection with the Annual Reports of Janus Detroit Street Trust (the “Registrant”) on Form N-CSR for the period ended April 30, 2022, as filed with the Securities and Exchange Commission on June 28, 2022 (the “Report”), we, Bruce L. Koepfgen, Principal Executive Officer of the Registrant, and Jesper Nergaard, Principal Accounting Officer and Principal Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:   /s/ Bruce L. Koepfgen

        Bruce L. Koepfgen

        President and Chief Executive Officer (Principal Executive Officer)

Date: June 28, 2022

By:  /s/ Jesper Nergaard

        Jesper Nergaard

Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

Date: June 28, 2022

This certification is being furnished to the Commission solely pursuant to the requirements of Form N-CSR and is not being “filed” as part of this report. A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.