N-CSR

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: October 31, 2022

Item 1. Report to Shareholders.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

15

Statement

of

Operations

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

16

Statements

of

Changes

in

Net

Assets

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

17

Financial

Highlights

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

18

Notes

to

Financial

Statements

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

19

Additional

Information

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

28

Trustees

and

Officers

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

30

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

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.

PERFORMANCE

OVERVIEW

U.S.

small-

and

mid-cap

equities

declined

over

the

twelve-month

period

ended

October

31,

2022,

as

soaring

inflation,

rising

interest

rates,

and

fears

of

recession

led

to

market

turbulence.

Equities

started

out

the

period

with

positive

yet

volatile

performance

in

the

fourth

quarter

of

2021,

as

investors

focused

on

strong

corporate

earnings

news.

This

volatility

increased

in

the

first

quarter

of

2022

as

inflation,

rising

rates,

and

geopolitical

uncertainty

weighed

on

investor

sentiment.

Expectations

for

a

more

restrictive

Federal

Reserve

(Fed)

policy

also

triggered

a

sell-off

in

higher-valuation

growth

stocks.

The

Fed

raised

interest

rates

by

25

basis

points

(bps)

in

March,

but

then

moved

more

aggressively

with

a

50-bps

increase

in

May

and

consecutive

75-bps

rate

hikes

in

June,

July,

and

September.

The

Fed

also

signaled

that

additional

rate

hikes

were

likely

into

2023,

which

kept

upward

pressure

on

bond

yields.

As

this

aggressive

pace

of

tightening

fueled

recession

fears,

the

Janus

Henderson

Investors

US

LLC

(Adviser)

began

to

witness

signs

of

economic

slowing

and

pressure

on

earnings

as

companies

faced

weaker

demand,

higher

input

and

financing

costs,

and

currency

pressures.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(the

“Fund”),

returned

-21.60%

(based

on

NAV).

Its

benchmark,

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

returned

-21.39%.

Its

secondary

benchmark,

the

Russell

2500

Growth

Index,

returned

-27.38%.

JSMD

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

primary

benchmark.

The

strategy

seeks

to

provide

risk-adjusted

outperformance

by

identifying

top-tier

small-

and

mid-cap

companies

with

some

of

the

strongest

fundamentals

that

the

Adviser

believes

can

deliver

sustainable

growth

in

a

variety

of

market

environments.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Ubiquiti,

Inc.

Communications

Equipment

3.4%

QIAGEN

NV

Life

Sciences

Tools

&

Services

2.9%

Paylocity

Holding

Corp.

Software

2.8%

GoDaddy,

Inc.

IT

Services

2.7%

Fair

Isaac

Corp.

Software

2.6%

14.4%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

35.5%

Technology

14.0%

Industrial

12.1%

Consumer,

Cyclical

11.9%

Communications

10.4%

Financial

9.0%

Basic

Materials

4.3%

Energy

2.1%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.3%

Utilities

0.7%

Diversified

0.0%

Investment

Companies

0.0%

101.3%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

~

Expense

Ratio

One

Year

Five

Years

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

NAV

-21.60%

7.94%

12.43%

0.30%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

Market

Price

-21.58%

7.92%

12.44%

–

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

-21.39%

8.30%

12.84%

–

Russell

2500

TM

Growth

Index

-27.38%

7.41%

11.95%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$962.90

$1.48

$1,000.00

$1,023.69

$1.53

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

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.*

10,671

$

517,010

Air

Freight

&

Logistics

-

0.2%

Atlas

Air

Worldwide

Holdings,

Inc.*

3,757

379,983

Auto

Components

-

0.6%

Fox

Factory

Holding

Corp.*

4,468

392,514

LCI

Industries

2,687

285,117

Patrick

Industries,

Inc.

2,416

110,435

XPEL,

Inc.*

2,919

201,966

990,032

Automobiles

-

0.1%

Winnebago

Industries,

Inc.

3,356

200,320

Banks

-

1.9%

Ameris

Bancorp

6,249

321,886

Bancorp,

Inc.

(The)*

5,096

140,548

Business

First

Bancshares,

Inc.

2,034

50,402

Capstar

Financial

Holdings,

Inc.

1,978

34,971

Coastal

Financial

Corp.*

1,167

54,406

Customers

Bancorp,

Inc.*

2,922

98,442

FB

Financial

Corp.

4,222

177,155

First

Foundation,

Inc.

5,081

81,093

Five

Star

Bancorp

#

1,553

45,053

Guaranty

Bancshares,

Inc.

1,073

39,733

Live

Oak

Bancshares,

Inc.

3,954

128,386

Metrocity

Bankshares,

Inc.

2,293

51,019

Metropolitan

Bank

Holding

Corp.*

984

64,944

Origin

Bancorp,

Inc.

2,143

88,570

Pathward

Financial,

Inc.

2,617

109,992

Premier

Financial

Corp.

3,204

92,435

Professional

Holding

Corp.

-

Class

A*

1,240

33,567

QCR

Holdings,

Inc.

1,540

78,093

Sandy

Spring

Bancorp,

Inc.

4,022

142,540

Seacoast

Banking

Corp.

of

Florida

5,533

170,970

ServisFirst

Bancshares,

Inc.

4,893

368,590

Silvergate

Capital

Corp.

-

Class

A*

2,852

161,880

Triumph

Bancorp,

Inc.*

2,204

113,506

Western

Alliance

Bancorp

9,757

655,378

3,303,559

Beverages

-

0.8%

Coca-Cola

Consolidated,

Inc.

1,762

858,111

MGP

Ingredients,

Inc.

4,633

519,128

1,377,239

Biotechnology

-

4.0%

Emergent

BioSolutions,

Inc.*

24,864

518,663

Exelixis,

Inc.*

160,482

2,660,792

Halozyme

Therapeutics,

Inc.*

68,703

3,284,690

iTeos

Therapeutics,

Inc.*

17,741

345,595

6,809,740

Building

Products

-

3.3%

Advanced

Drainage

Systems,

Inc.

11,087

1,284,762

Builders

FirstSource,

Inc.*

20,706

1,276,732

Fortune

Brands

Home

&

Security,

Inc.

17,156

1,034,850

Hayward

Holdings,

Inc.*

28,648

264,994

Simpson

Manufacturing

Co.,

Inc.

5,726

489,458

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Building

Products

-

(continued)

Trex

Co.,

Inc.*

14,626

$

703,364

UFP

Industries,

Inc.

8,174

582,234

5,636,394

Capital

Markets

-

3.3%

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

6,073

173,141

B

Riley

Financial,

Inc.

2,549

103,693

Cboe

Global

Markets,

Inc.

9,554

1,189,473

Cowen,

Inc.

-

Class

A

2,492

96,241

Evercore,

Inc.

-

Class

A

3,528

370,793

Hamilton

Lane,

Inc.

-

Class

A

3,361

201,055

Houlihan

Lokey,

Inc.

-

Class

A

4,476

399,796

Interactive

Brokers

Group,

Inc.

-

Class

A

9,267

742,750

MarketAxess

Holdings,

Inc.

3,392

827,784

Moelis

&

Co.

-

Class

A

5,773

245,122

Open

Lending

Corp.

-

Class

A*

11,371

81,530

Piper

Sandler

Cos.

1,570

200,913

PJT

Partners,

Inc.

-

Class

A

2,183

162,415

StepStone

Group,

Inc.

-

Class

A

5,533

163,334

Stifel

Financial

Corp.

9,564

591,725

Victory

Capital

Holdings,

Inc.

-

Class

A

6,167

178,350

5,728,115

Chemicals

-

2.7%

Origin

Materials,

Inc.

#

,*

41,422

235,277

Scotts

Miracle-Gro

Co.

(The)

16,135

740,758

Westlake

Corp.

37,263

3,601,469

4,577,504

Commercial

Services

&

Supplies

-

2.0%

Aris

Water

Solution,

Inc.

-

Class

A

3,384

57,630

IAA,

Inc.*

17,741

672,916

Rollins,

Inc.

65,326

2,748,918

3,479,464

Communications

Equipment

-

5.3%

Ciena

Corp.*

56,104

2,687,381

Clearfield,

Inc.*

5,163

627,150

Ubiquiti,

Inc.

16,896

5,858,688

9,173,219

Construction

&

Engineering

-

1.4%

Comfort

Systems

USA,

Inc.

4,743

584,717

IES

Holdings,

Inc.*

2,722

89,935

MYR

Group,

Inc.*

2,210

193,397

NV5

Global,

Inc.*

2,062

298,887

Sterling

Infrastructure,

Inc.*

4,019

108,473

WillScot

Mobile

Mini

Holdings

Corp.*

28,350

1,205,725

2,481,134

Construction

Materials

-

0.8%

Eagle

Materials,

Inc.

10,998

1,345,165

Consumer

Finance

-

0.4%

Credit

Acceptance

Corp.*

1,164

541,982

Upstart

Holdings,

Inc.*

7,330

169,909

711,891

Diversified

Consumer

Services

-

0.6%

Service

Corp.

International

16,666

1,010,126

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Diversified

Financial

Services

-

0.2%

Alerus

Financial

Corp.

1,800

$

40,140

Jackson

Financial,

Inc.

-

Class

A

7,646

293,301

333,441

Electric

Utilities

-

0.3%

NRG

Energy,

Inc.

8,518

378,199

Otter

Tail

Corp.

1,508

101,670

479,869

Electrical

Equipment

-

0.6%

Atkore,

Inc.*

5,482

522,435

Encore

Wire

Corp.

2,537

349,066

Fluence

Energy,

Inc.

-

Class

A

#

,*

15,164

226,398

1,097,899

Electronic

Equipment,

Instruments

&

Components

-

1.6%

Insight

Enterprises,

Inc.*

13,152

1,242,996

Napco

Security

Technologies,

Inc.*

13,767

391,258

Vontier

Corp.

59,194

1,130,605

2,764,859

Entertainment

-

0.5%

Sciplay

Corp.

-

Class

A*

5,349

74,832

World

Wrestling

Entertainment,

Inc.

-

Class

A

9,800

773,122

847,954

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

Essential

Properties

Realty

Trust,

Inc.

6,192

133,252

Innovative

Industrial

Properties,

Inc.

1,229

132,855

PotlatchDeltic

Corp.

3,041

135,294

Rexford

Industrial

Realty,

Inc.

7,501

414,655

STAG

Industrial,

Inc.

7,860

248,297

1,064,353

Food

&

Staples

Retailing

-

1.4%

BJ's

Wholesale

Club

Holdings,

Inc.*

28,454

2,202,340

Ingles

Markets,

Inc.

-

Class

A

3,028

285,752

2,488,092

Food

Products

-

1.5%

Darling

Ingredients,

Inc.*

33,785

2,651,447

Gas

Utilities

-

0.2

%

UGI

Corp.

7,587

268,049

Health

Care

Equipment

&

Supplies

-

2.7%

Cue

Health,

Inc.

#

,*

73,835

293,125

LeMaitre

Vascular,

Inc.

10,951

475,273

Meridian

Bioscience,

Inc.*

21,816

697,458

QuidelOrtho

Corp.*

33,387

2,998,820

Semler

Scientific,

Inc.*

3,391

142,456

4,607,132

Health

Care

Providers

&

Services

-

8.0%

AdaptHealth

Corp.

-

Class

A*

67,070

1,529,196

Amedisys,

Inc.*

16,178

1,578,811

AMN

Healthcare

Services,

Inc.*

21,578

2,708,039

Chemed

Corp.

7,464

3,484,718

Cross

Country

Healthcare,

Inc.*

19,065

707,121

DocGo,

Inc.

#

,*

50,375

498,712

Fulgent

Genetics,

Inc.*

15,092

598,096

Joint

Corp.

(The)*

7,227

119,390

National

Research

Corp.

12,350

503,016

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Health

Care

Providers

&

Services

-

(continued)

Progyny,

Inc.*

45,917

$

2,041,929

13,769,028

Health

Care

Technology

-

0.9%

Doximity,

Inc.

-

Class

A

#

,*

55,087

1,458,153

Hotels,

Restaurants

&

Leisure

-

0.3%

ONE

Group

Hospitality,

Inc.

(The)*

3,451

25,814

Wingstop,

Inc.

3,162

500,829

526,643

Household

Durables

-

2.6%

Cavco

Industries,

Inc.*

940

213,070

Century

Communities,

Inc.

3,412

151,868

Cricut,

Inc.

-

Class

A

#

,*

4,671

41,525

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

3,423

37,995

Green

Brick

Partners,

Inc.*

4,866

112,551

Installed

Building

Products,

Inc.

3,039

261,354

KB

Home

9,212

265,490

LGI

Homes,

Inc.*

2,460

226,443

Lovesac

Co.

(The)*

1,598

38,895

M/I

Homes,

Inc.*

2,933

121,690

MDC

Holdings,

Inc.

7,520

229,059

Meritage

Homes

Corp.*

3,864

294,282

PulteGroup,

Inc.

24,469

978,515

Skyline

Champion

Corp.*

6,012

349,959

Sonos,

Inc.*

13,451

216,830

Taylor

Morrison

Home

Corp.

-

Class

A*

12,013

316,423

TopBuild

Corp.*

3,423

582,389

4,438,338

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

Sunnova

Energy

International,

Inc.*

4,155

77,034

Insurance

-

1.9%

BRP

Group,

Inc.

-

Class

A*

5,429

153,912

Fidelity

National

Financial,

Inc.

25,178

991,510

First

American

Financial

Corp.

9,385

473,004

Kinsale

Capital

Group,

Inc.

2,063

650,196

Old

Republic

International

Corp.

27,838

646,120

Palomar

Holdings,

Inc.*

2,272

202,117

Stewart

Information

Services

Corp.

2,443

95,179

3,212,038

Interactive

Media

&

Services

-

0.9%

Bumble,

Inc.

-

Class

A*

29,331

745,007

Cargurus,

Inc.

-

Class

A*

23,244

338,433

Shutterstock,

Inc.

8,141

407,294

1,490,734

Internet

&

Direct

Marketing

Retail

-

0.1%

1-800-Flowers.com,

Inc.

-

Class

A*

3,942

28,737

Revolve

Group,

Inc.

-

Class

A*

4,305

103,320

132,057

IT

Services

-

3.4%

GoDaddy,

Inc.

-

Class

A*

58,600

4,711,440

International

Money

Express,

Inc.*

14,406

389,394

TTEC

Holdings,

Inc.

17,696

786,941

5,887,775

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

10

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Leisure

Products

-

0.3%

AMMO,

Inc.*

12,362

$

40,177

Johnson

Outdoors,

Inc.

-

Class

A

947

49,831

Malibu

Boats,

Inc.

-

Class

A*

2,167

114,634

YETI

Holdings,

Inc.*

9,108

292,185

496,827

Life

Sciences

Tools

&

Services

-

7.7%

Bio-Rad

Laboratories,

Inc.

-

Class

A*

10,812

3,802,688

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

65,591

1,088,811

Medpace

Holdings,

Inc.*

15,457

3,431,145

QIAGEN

NV*

113,232

4,932,386

13,255,030

Machinery

-

2.3%

Graco,

Inc.

22,435

1,561,027

Kadant,

Inc.

1,546

275,111

Mueller

Industries,

Inc.

7,519

470,990

Shyft

Group,

Inc.

(The)

4,652

106,903

Toro

Co.

(The)

13,873

1,462,630

3,876,661

Marine

-

0.2%

Matson,

Inc.

5,171

380,482

Media

-

1.0%

AdTheorent

Holding

Co.,

Inc.*

19,570

41,489

Nexstar

Media

Group,

Inc.

-

Class

A

8,778

1,503,671

PubMatic,

Inc.

-

Class

A*

9,660

168,084

1,713,244

Metals

&

Mining

-

2.0%

Cleveland-Cliffs,

Inc.*

150,646

1,956,891

MP

Materials

Corp.*

51,699

1,553,038

3,509,929

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,894

214,559

Oil,

Gas

&

Consumable

Fuels

-

1.9%

Callon

Petroleum

Co.*

14,074

618,693

Hess

Midstream

LP

-

Class

A

10,035

290,413

Matador

Resources

Co.

26,939

1,790,096

VAALCO

Energy,

Inc.

13,471

69,376

Viper

Energy

Partners

LP

17,152

572,019

3,340,597

Paper

&

Forest

Products

-

0.7%

Louisiana-Pacific

Corp.

21,510

1,218,541

Personal

Products

-

0.9%

BellRing

Brands,

Inc.*

28,702

695,162

Medifast,

Inc.

2,321

271,534

Olaplex

Holdings,

Inc.*

136,742

601,665

1,568,361

Pharmaceuticals

-

1.4%

Corcept

Therapeutics,

Inc.*

53,407

1,527,440

Innoviva,

Inc.*

34,760

471,346

SIGA

Technologies,

Inc.

#

36,415

334,654

2,333,440

Professional

Services

-

0.6%

CRA

International,

Inc.

951

97,706

Korn

Ferry

7,033

390,964

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Professional

Services

-

(continued)

TriNet

Group,

Inc.*

8,241

$

535,500

1,024,170

Real

Estate

Management

&

Development

-

0.1%

Douglas

Elliman,

Inc.

3,565

16,470

eXp

World

Holdings,

Inc.

#

6,657

87,939

104,409

Road

&

Rail

-

2.6%

AMERCO

2,600

1,495,494

ArcBest

Corp.

3,254

258,465

Knight-Swift

Transportation

Holdings,

Inc.

-

Class

A

21,315

1,023,760

Landstar

System,

Inc.

4,832

754,855

Marten

Transport

Ltd.

10,781

202,359

Saia,

Inc.*

3,504

696,806

4,431,739

Semiconductors

&

Semiconductor

Equipment

-

5.8%

Alpha

&

Omega

Semiconductor

Ltd.*

10,257

335,917

Amkor

Technology,

Inc.

91,757

1,907,628

Axcelis

Technologies,

Inc.*

12,380

718,040

Diodes,

Inc.*

17,045

1,221,615

FormFactor,

Inc.*

28,907

584,210

MKS

Instruments,

Inc.

24,918

2,047,014

Onto

Innovation,

Inc.*

18,619

1,244,494

Power

Integrations,

Inc.

21,430

1,429,595

Ultra

Clean

Holdings,

Inc.*

17,026

529,679

10,018,192

Software

-

8.4%

Alarm.com

Holdings,

Inc.*

18,641

1,096,837

D-Wave

Quantum,

Inc.

#

,*

54,183

157,673

Fair

Isaac

Corp.*

9,463

4,531,263

Paylocity

Holding

Corp.*

20,717

4,801,993

Qualys,

Inc.*

14,375

2,049,300

SPS

Commerce,

Inc.*

13,497

1,707,640

WM

Technology,

Inc.

#

,*

33,359

68,386

14,413,092

Specialty

Retail

-

3

.9%

Academy

Sports

&

Outdoors,

Inc.

8,994

396,006

America's

Car-Mart,

Inc.*

690

47,168

Asbury

Automotive

Group,

Inc.*

2,339

368,977

AutoNation,

Inc.*

5,915

628,824

Boot

Barn

Holdings,

Inc.*

3,151

178,977

Citi

Trends,

Inc.*

887

20,055

Dick's

Sporting

Goods,

Inc.

5,877

668,567

Five

Below,

Inc.*

5,865

858,343

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

11,207

822,258

Hibbett,

Inc.

1,367

85,328

Leslie's,

Inc.*

19,345

271,604

Lithia

Motors,

Inc.

-

Class

A

2,910

576,616

MarineMax,

Inc.*

2,274

73,473

OneWater

Marine,

Inc.

-

Class

A*

1,495

49,335

RH*

2,608

662,249

Shoe

Carnival,

Inc.

2,918

69,974

Sleep

Number

Corp.*

2,321

64,384

Sportsman's

Warehouse

Holdings,

Inc.*

4,663

41,874

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

12

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Specialty

Retail

-

(continued)

Williams-Sonoma,

Inc.

7,267

$

899,873

6,783,885

Technology

Hardware,

Storage

&

Peripherals

-

1.1%

Corsair

Gaming,

Inc.*

35,900

495,420

Super

Micro

Computer,

Inc.*

19,453

1,353,734

1,849,154

Textiles,

Apparel

&

Luxury

Goods

-

0.8%

Crocs,

Inc.*

6,516

461,007

Deckers

Outdoor

Corp.*

2,803

980,854

1,441,861

Thrifts

&

Mortgage

Finance

-

0.8%

Bridgewater

Bancshares,

Inc.*

2,484

47,494

Essent

Group

Ltd.

9,704

384,084

Hingham

Institution

For

Savings

The

194

47,966

Home

Bancorp,

Inc.

748

31,977

Merchants

Bancorp

3,884

93,022

NMI

Holdings,

Inc.

-

Class

A*

7,632

167,370

PennyMac

Financial

Services,

Inc.

4,727

252,044

Southern

Missouri

Bancorp,

Inc.

831

42,589

Walker

&

Dunlop,

Inc.

2,976

267,721

1,334,267

Trading

Companies

&

Distributors

-

1.8%

BlueLinx

Holdings,

Inc.*

1,232

86,807

Boise

Cascade

Co.

5,233

349,407

Custom

Truck

One

Source,

Inc.*

32,910

228,066

GMS,

Inc.*

5,656

266,963

SiteOne

Landscape

Supply,

Inc.*

5,973

692,092

Watsco,

Inc.

5,187

1,405,470

3,028,805

Water

Utilities

-

0.2%

Essential

Utilities,

Inc.

9,499

420,046

Total

Common

Stocks

(cost

$178,942,062)

172,073,081

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

3.0284%

∞

(cost

$12,825)

12,822

12,825

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.3%

Investment

Companies

-

1.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

£,∞

1,722,783

1,722,783

Time

Deposits

-

0.3%

Royal

Bank

of

Canada,

3.0300%,

11/1/22

$

529,387

529,387

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,252,170)

2,252,170

Total

Investments

(total

cost

$181,207,057

)

-

101.3%

174,338,076

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.3%)

(2,240,239)

Net

Assets

-

100.0%

$172,097,837

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

174,180,403

99.9

%

Canada

157,673

0.1

Total

$

174,338,076

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.3%

Investment

Companies

-

1.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

∞

$

60,954

Δ

$

–

$

–

$

1,722,783

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

10/31/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.3%

Investment

Companies

-

1.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

∞

$

4,908,724

$

59,863,415

$

(63,049,356)

$

1,722,783

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,138,237

$

—

$

(

2,138,237)

$

—

(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

Schedule

of

Investments

and

Other

Information

October

31,

2022

14

October

31,

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

LP

Limited

Partnership

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2022.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

October

31,

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

$

172,073,081

$

—

$

—

Investment

Companies

12,825

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,252,170

—

Total

Assets

$

172,085,906

$

2,252,170

$

—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$179,484,274)

(1)

$

172,615,293

Affiliated

investments,

at

value

(cost

$1,722,783)

1,722,783

Receivables:

Fund

units

sold

1,322,976

Dividends

19,176

Interest

43

Affiliated

securities

lending

income,

net

35,276

Total

Assets

175,715,547

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,252,170

Payables:

—

Due

to

custodian

858

Investments

purchased

1,323,236

Management

fees

41,446

Total

Liabilities

3,617,710

Net

Assets

$

172,097,837

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

211,072,093

Total

distributable

earnings

(loss)

(

38,974,256

)

Total

Net

Assets

$

172,097,837

Net

Assets

$

172,097,837

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

3,252,000

Net

Asset

Value

Per

Share

$

52

.92

(1)

Includes

$2,138,237

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

16

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,093,572

Affiliated

securities

lending

income,

net    

60,954

Unaffiliated

securities

lending

income,

net

5,977

Total

Investment

Income

1,160,503

Expenses:

Management

Fees

526,325

Total

Expenses

526,325

Net

Investment

Income/(Loss)

634,178

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

17,349,245

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

17,349,245

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

26,111,167

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

26,111,167

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

42,826,234

)

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

634,178

$

568,875

Net

realized

gain/(loss)

on

investments

(

17,349,245

)

35,863,757

Change

in

unrealized

net

appreciation/depreciation

(

26,111,167

)

347,482

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

42,826,234

)

36,780,114

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

594,109

)

(

558,730

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

594,109

)

(

558,730

)

Capital

Share

Transactions

13,882,845

50,145,768

Net

Increase/(Decrease)

in

Net

Assets

(

29,537,498

)

86,367,152

Net

Assets:

—

—

Beginning

of

Year  

201,635,335

115,268,183

End

of

Year

$

172,097,837

$

201,635,335

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

18

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2022

2021

2020

2019

2018

Net

Asset

Value,

Beginning

of

Period

$67.73

$52.35

$44.11

$40.81

$36.77

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.21

0.21

0.11

0.19

0.15

Net

realized

and

unrealized

gain/(loss)

(14.83)

15.38

8.26

3.30

4.03

Total

from

Investment

Operations

(14.62)

15.59

8.37

3.49

4.18

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.19)

(0.21)

(0.13)

(0.19)

(0.14)

Total

Dividends

and

Distributions

(0.19)

(0.21)

(0.13)

(0.19)

(0.14)

Net

Asset

Value,

End

of

Period

$52.92

$67.73

$52.35

$44.11

$40.81

Total

Return

(21.60)%

29.81%

19.01%

8.60%

11.37%

Net

assets,

End

of

Period

(in

thousands)

$172,098

$201,635

$115,268

$97,121

$51,099

Average

Net

Assets

for

the

Period

(in

thousands)

$175,280

$174,649

$105,905

$71,903

$36,173

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.30%

0.32%

0.35%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.36%

0.33%

0.23%

0.43%

0.37%

Portfolio

Turnover

Rate

(2)

89%

102%

83%

80%

79%

(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

Janus

Detroit

Street

Trust

19

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

20

October

31,

2022

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

Janus

Detroit

Street

Trust

21

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

22

October

31,

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

Janus

Detroit

Street

Trust

23

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,

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. 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. 

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

October

31,

2022,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,138,237

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2022 is

$2,252,170,

resulting

in

the

net

amount

due

to

the

counterparty

of

$113,933.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

24

October

31,

2022

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.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

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).  

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 year

ended

October

31,

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. 

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. 

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

Janus

Detroit

Street

Trust

25

As

of

October

31,

2022, the

Adviser

owned 2,000

shares

or 0.06%

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

and

amended 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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$5,716,374

in

purchases

and

$5,261,032

in

sales,

resulting

in

a

net

realized

loss

of

$2,201,223.

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

year

ended

October

31,

2022

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

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

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$49,323

$—

$(31,919,319)

$—

$—

$—

$(7,104,260)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(29,504,530)

$(2,414,789)

$(31,919,319)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$181,442,336

$19,668,693

$(26,772,953)

$(7,104,260)

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

26

October

31,

2022

and

capital

loss

carryovers.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the year ended

October

31,

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 year

ended

October

31,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year

ended

October

31,

2022,

the

Fund

had

net

realized

gain

of

$7,750,973

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$594,109

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$558,730

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$7,752,758

$2,351

$(7,755,109)

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

950,000

$

55,380,934

2,000,000

$

129,840,539

Shares

repurchased

(675,000)

(41,498,089

)

(1,225,000)

(79,694,771

)

Net

Increase/(Decrease)

275,000

$

13,882,845

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

$157,136,072

$157,024,105

$—

$—

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

$55,313,304

$41,447,881

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

28

October

31,

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2022.

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

Dividends

Received

Deduction

Percentage

100%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

29

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

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

Trustees

and

Officers

(unaudited)

30

October

31,

2022

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

32

October

31,

2022

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93062

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

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

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

27

Trustees

and

Officers

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

29

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

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.

Performance

Overview

U.S.

small-cap

equities

declined

over

the

twelve-month

period

ended

October

31,

2022,

as

soaring

inflation,

rising

interest

rates,

and

fears

of

recession

led

to

market

turbulence.

Equities

started

out

the

period

with

positive

yet

volatile

performance

in

the

fourth

quarter

of

2021,

as

investors

focused

on

strong

corporate

earnings

news.

This

volatility

increased

in

the

first

quarter

of

2022

as

inflation,

rising

rates,

and

geopolitical

uncertainty

weighed

on

investor

sentiment.

Expectations

for

a

more

restrictive

Federal

Reserve

(Fed)

policy

also

triggered

a

sell-off

in

higher-

valuation

growth

stocks.

The

Fed

raised

interest

rates

by

25

basis

points

(bps)

in

March,

but

then

moved

more

aggressively

with

a

50-bps

increase

in

May

and

consecutive

75-bps

rate

hikes

in

June,

July,

and

September.

The

Fed

also

signaled

that

additional

rate

hikes

were

likely

into

2023,

which

kept

upward

pressure

on

bond

yields.

As

this

aggressive

pace

of

tightening

fueled

recession

fears,

the

Janus

Henderson

Investors

US

LLC

(Adviser)

began

to

witness

signs

of

economic

slowing

and

pressure

on

earnings

as

companies

faced

weaker

demand,

higher

input

and

financing

costs,

and

currency

pressures.

During

the

period,

Janus

Henderson

Small

Cap

Growth

Alpha

ETF,

(the

“Fund”)

returned

-29.11%

(based

on

NAV).

Its

primary

benchmark,

the

Janus

Small

Cap

Growth

Alpha

Index,

returned

-28.92%,

and

its

secondary

benchmark,

the

Russell

2000

Growth

Index,

returned

-26.02%.

JSML

seeks

investment

results

that

correspond

generally,

before

fees

and

expenses,

to

the

performance

of

its

primary

benchmark.

The

strategy

seeks

to

provide

risk-adjusted

outperformance

by

identifying

top-tier

small-cap

companies

with

some

of

the

strongest

fundamentals

that

the

Adviser

believes

can

deliver

sustainable

growth

in

a

variety

of

market

environments.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Progyny,

Inc.

Health

Care

Providers

&

Services

3.4%

Amkor

Technology,

Inc.

Semiconductors

&

Semiconductor

Equipment

3.2%

Westlake

Corp.

Chemicals

3.1%

MP

Materials

Corp.

Metals

&

Mining

2.7%

Super

Micro

Computer,

Inc.

Technology

Hardware,

Storage

&

Peripherals

2.6%

15.0%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

28.8%

Technology

24.6%

Industrial

12.1%

Consumer,

Cyclical

10.2%

Financial

9.5%

Basic

Materials

6.2%

Communications

5.9%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

2.9%

Energy

2.2%

Utilities

0.5%

102.9%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

~

Expense

Ratio

One

Year

Five

Years

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

NAV

-29.11%

6.10%

10.64%

0.30%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

Market

Price

-29.08%

6.17%

10.66%

–

Janus

Henderson

Small

Cap

Growth

Alpha

Index

-28.92%

6.40%

10.97%

–

Russell

2000

®

Growth

Index

-26.02%

5.17%

10.60%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$931.20

$1.46

$1,000.00

$1,023.69

$1.53

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

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.*

14,435

$

699,376

Auto

Components

-

0

.7

%

LCI

Industries

2,338

248,085

Patrick

Industries,

Inc.

2,100

95,991

XPEL,

Inc.*

2,537

175,535

519,611

Automobiles

-

0

.2

%

Winnebago

Industries,

Inc.

2,916

174,056

Banks

-

3

.2

%

Ameris

Bancorp

5,224

269,088

Bancorp,

Inc.

(The)*

4,262

117,546

Bank

First

Corp.

678

58,410

Business

First

Bancshares,

Inc.

1,697

42,052

Capstar

Financial

Holdings,

Inc.

1,650

29,172

Coastal

Financial

Corp.*

975

45,454

ConnectOne

Bancorp,

Inc.

2,953

73,973

Customers

Bancorp,

Inc.*

2,443

82,305

FB

Financial

Corp.

3,532

148,203

First

Foundation,

Inc.

4,249

67,814

Five

Star

Bancorp

#

1,298

37,655

Live

Oak

Bancshares,

Inc.

3,304

107,281

Metropolitan

Bank

Holding

Corp.*

821

54,186

Origin

Bancorp,

Inc.

1,791

74,022

Pacific

Premier

Bancorp,

Inc.

7,154

260,477

Pathward

Financial,

Inc.

2,189

92,004

Premier

Financial

Corp.

2,680

77,318

Sandy

Spring

Bancorp,

Inc.

3,365

119,255

Seacoast

Banking

Corp.

of

Florida

4,628

143,005

ServisFirst

Bancshares,

Inc.

4,091

308,175

Silvergate

Capital

Corp.

-

Class

A*

2,386

135,429

Triumph

Bancorp,

Inc.*

1,842

94,863

2,437,687

Beverages

-

0

.4

%

Coca-Cola

Consolidated,

Inc.

372

181,168

MGP

Ingredients,

Inc.

971

108,800

289,968

Biotechnology

-

1

.8

%

Emergent

BioSolutions,

Inc.*

31,348

653,920

iTeos

Therapeutics,

Inc.*

22,365

435,670

Organogenesis

Holdings,

Inc.

-

Class

A*

82,290

269,911

1,359,501

Building

Products

-

1

.0

%

CSW

Industrials,

Inc.

2,769

356,979

Hayward

Holdings,

Inc.*

38,754

358,475

715,454

Capital

Markets

-

2

.2

%

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

5,079

144,802

B

Riley

Financial,

Inc.

2,132

86,730

Cowen,

Inc.

-

Class

A

2,085

80,523

Evercore,

Inc.

-

Class

A

2,948

309,835

Hamilton

Lane,

Inc.

-

Class

A

2,809

168,034

Moelis

&

Co.

-

Class

A

4,829

205,039

Open

Lending

Corp.

-

Class

A*

9,511

68,194

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

Capital

Markets

-

(continued)

Piper

Sandler

Cos.

1,315

$

168,281

PJT

Partners,

Inc.

-

Class

A

1,826

135,854

StepStone

Group,

Inc.

-

Class

A

4,627

136,589

Victory

Capital

Holdings,

Inc.

-

Class

A

5,158

149,169

1,653,050

Chemicals

-

3

.6

%

Origin

Materials,

Inc.

#

,*

67,077

380,997

Westlake

Corp.

23,934

2,313,221

2,694,218

Commercial

Services

&

Supplies

-

0

.3

%

Aris

Water

Solution,

Inc.

-

Class

A

4,573

77,878

Heritage-Crystal

Clean,

Inc.*

4,336

119,110

196,988

Communications

Equipment

-

1

.2

%

Clearfield,

Inc.*

7,718

937,505

Construction

&

Engineering

-

2

.8

%

Ameresco,

Inc.

-

Class

A*

6,070

367,114

Comfort

Systems

USA,

Inc.

6,420

791,458

IES

Holdings,

Inc.*

3,684

121,719

MYR

Group,

Inc.*

2,987

261,392

NV5

Global,

Inc.*

2,789

404,265

Sterling

Infrastructure,

Inc.*

5,437

146,745

2,092,693

Diversified

Financial

Services

-

0

.3

%

Jackson

Financial,

Inc.

-

Class

A

6,393

245,235

Electrical

Equipment

-

2

.3

%

Atkore,

Inc.*

7,413

706,459

Encore

Wire

Corp.

3,431

472,071

Fluence

Energy,

Inc.

-

Class

A

#

,*

20,513

306,259

Vicor

Corp.*

5,783

276,254

1,761,043

Electronic

Equipment,

Instruments

&

Components

-

3

.2

%

Insight

Enterprises,

Inc.*

19,656

1,857,688

Napco

Security

Technologies,

Inc.*

20,573

584,685

2,442,373

Entertainment

-

1

.0

%

Sciplay

Corp.

-

Class

A*

4,688

65,585

World

Wrestling

Entertainment,

Inc.

-

Class

A

8,600

678,454

744,039

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0

.9

%

Bluerock

Homes

Trust,

Inc.*

406

10,272

Essential

Properties

Realty

Trust,

Inc.

15,048

323,833

PotlatchDeltic

Corp.

7,392

328,870

662,975

Food

&

Staples

Retailing

-

0

.9

%

Albertsons

Cos.,

Inc.

-

Class

A

31,176

639,420

Ingles

Markets,

Inc.

-

Class

A

633

59,736

699,156

Health

Care

Equipment

&

Supplies

-

2

.7

%

Cue

Health,

Inc.

#

,*

93,094

369,583

LeMaitre

Vascular,

Inc.

13,808

599,267

Meridian

Bioscience,

Inc.*

27,504

879,303

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

2022

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)

Semler

Scientific,

Inc.*

4,273

$

179,509

2,027,662

Health

Care

Providers

&

Services

-

11

.3

%

AdaptHealth

Corp.

-

Class

A*

84,562

1,928,013

Addus

HomeCare

Corp.*

10,109

1,035,364

Cross

Country

Healthcare,

Inc.*

24,036

891,495

DocGo,

Inc.*

63,513

628,779

Fulgent

Genetics,

Inc.*

19,027

754,040

Joint

Corp.

(The)*

9,114

150,563

National

Research

Corp.

15,568

634,085

Progyny,

Inc.*

57,891

2,574,413

8,596,752

Health

Care

Technology

-

2

.4

%

Doximity,

Inc.

-

Class

A

#

,*

69,455

1,838,474

Hotels,

Restaurants

&

Leisure

-

0

.6

%

ONE

Group

Hospitality,

Inc.

(The)*

2,995

22,402

Wingstop,

Inc.

2,748

435,256

457,658

Household

Durables

-

3

.5

%

Cavco

Industries,

Inc.*

816

184,963

Century

Communities,

Inc.

2,965

131,972

Cricut,

Inc.

-

Class

A

#

,*

4,057

36,067

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

2,973

33,000

Green

Brick

Partners,

Inc.*

4,230

97,840

Installed

Building

Products,

Inc.

2,643

227,298

KB

Home

8,010

230,848

LGI

Homes,

Inc.*

2,139

196,895

Lovesac

Co.

(The)*

1,387

33,760

M/I

Homes,

Inc.*

2,551

105,841

MDC

Holdings,

Inc.

6,538

199,148

Meritage

Homes

Corp.*

3,361

255,974

Skyline

Champion

Corp.*

5,226

304,205

Sonos,

Inc.*

11,694

188,507

Taylor

Morrison

Home

Corp.

-

Class

A*

10,445

275,121

Tri

Pointe

Homes,

Inc.*

9,339

156,428

2,657,867

Insurance

-

0

.5

%

BRP

Group,

Inc.

-

Class

A*

4,538

128,652

Palomar

Holdings,

Inc.*

1,901

169,113

Stewart

Information

Services

Corp.

2,042

79,557

377,322

Interactive

Media

&

Services

-

1

.7

%

Bumble,

Inc.

-

Class

A*

25,741

653,822

Cargurus,

Inc.

-

Class

A*

20,398

296,995

Shutterstock,

Inc.

7,145

357,464

1,308,281

Internet

&

Direct

Marketing

Retail

-

0

.2

%

1-800-Flowers.com,

Inc.

-

Class

A*

3,424

24,961

Revolve

Group,

Inc.

-

Class

A*

3,743

89,832

114,793

IT

Services

-

4

.0

%

International

Money

Express,

Inc.*

21,530

581,956

Perficient,

Inc.*

19,380

1,297,879

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

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)

IT

Services

-

(continued)

TTEC

Holdings,

Inc.

26,432

$

1,175,431

3,055,266

Leisure

Products

-

0

.6

%

Acushnet

Holdings

Corp.

6,539

304,521

AMMO,

Inc.

#

,*

10,734

34,885

Johnson

Outdoors,

Inc.

-

Class

A

822

43,254

Malibu

Boats,

Inc.

-

Class

A*

1,885

99,717

482,377

Life

Sciences

Tools

&

Services

-

1

.8

%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

82,699

1,372,803

Machinery

-

1

.5

%

Kadant,

Inc.

2,092

372,272

Mueller

Industries,

Inc.

10,172

637,174

Shyft

Group,

Inc.

(The)

6,293

144,613

1,154,059

Marine

-

0

.7

%

Matson,

Inc.

6,996

514,766

Media

-

0

.2

%

AdTheorent

Holding

Co.,

Inc.*

17,155

36,368

PubMatic,

Inc.

-

Class

A*

8,477

147,500

183,868

Metals

&

Mining

-

3

.6

%

MP

Materials

Corp.*

67,464

2,026,619

Olympic

Steel,

Inc.

5,245

142,716

Ryerson

Holding

Corp.

17,474

586,253

2,755,588

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0

.3

%

AFC

Gamma,

Inc.

1,492

25,558

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

6,599

179,361

204,919

Multiline

Retail

-

0

.4

%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

5,742

321,552

Oil,

Gas

&

Consumable

Fuels

-

1

.7

%

Callon

Petroleum

Co.*

4,273

187,841

Hess

Midstream

LP

-

Class

A

3,046

88,151

New

Fortress

Energy,

Inc.

-

Class

A

14,378

791,797

VAALCO

Energy,

Inc.

4,085

21,038

Viper

Energy

Partners

LP

5,209

173,720

1,262,547

Personal

Products

-

0

.4

%

BellRing

Brands,

Inc.*

6,017

145,732

Medifast,

Inc.

485

56,740

Olaplex

Holdings,

Inc.*

28,675

126,170

328,642

Pharmaceuticals

-

3

.9

%

Corcept

Therapeutics,

Inc.*

67,338

1,925,867

Innoviva,

Inc.*

43,821

594,213

SIGA

Technologies,

Inc.

45,911

421,922

2,942,002

Professional

Services

-

3

.0

%

CRA

International,

Inc.

1,286

132,124

Heidrick

&

Struggles

International,

Inc.

3,542

99,743

Insperity,

Inc.

6,826

805,604

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

10

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Professional

Services

-

(continued)

Korn

Ferry

9,512

$

528,772

TriNet

Group,

Inc.*

11,149

724,462

2,290,705

Real

Estate

Management

&

Development

-

0

.3

%

Douglas

Elliman,

Inc.

8,655

39,986

eXp

World

Holdings,

Inc.

#

16,187

213,830

253,816

Road

&

Rail

-

1

.4

%

ArcBest

Corp.

4,400

349,492

Marten

Transport

Ltd.

14,539

272,897

Werner

Enterprises,

Inc.

11,378

446,018

1,068,407

Semiconductors

&

Semiconductor

Equipment

-

13

.8

%

ACM

Research,

Inc.

-

Class

A*

30,347

194,221

Alpha

&

Omega

Semiconductor

Ltd.*

15,331

502,090

Amkor

Technology,

Inc.

117,266

2,437,960

Axcelis

Technologies,

Inc.*

18,502

1,073,116

Cohu,

Inc.*

27,012

889,235

Diodes,

Inc.*

25,474

1,825,722

FormFactor,

Inc.*

43,201

873,092

Onto

Innovation,

Inc.*

27,825

1,859,823

Ultra

Clean

Holdings,

Inc.*

25,445

791,594

10,446,853

Software

-

2

.6

%

Alarm.com

Holdings,

Inc.*

27,855

1,638,988

D-Wave

Quantum,

Inc.*

80,979

235,649

WM

Technology,

Inc.

#

,*

49,861

102,215

1,976,852

Specialty

Retail

-

3

.4

%

Academy

Sports

&

Outdoors,

Inc.

7,820

344,315

America's

Car-Mart,

Inc.*

601

41,084

Asbury

Automotive

Group,

Inc.*

2,033

320,706

Boot

Barn

Holdings,

Inc.*

2,738

155,518

Camping

World

Holdings,

Inc.

-

Class

A

#

3,844

106,979

Citi

Trends,

Inc.*

770

17,410

Group

1

Automotive,

Inc.

1,450

250,850

Hibbett,

Inc.

1,185

73,968

Leslie's,

Inc.*

16,821

236,167

MarineMax,

Inc.*

1,975

63,812

OneWater

Marine,

Inc.

-

Class

A*

1,298

42,834

Penske

Automotive

Group,

Inc.

6,820

761,248

Shoe

Carnival,

Inc.

2,530

60,669

Sleep

Number

Corp.*

2,020

56,035

Sportsman's

Warehouse

Holdings,

Inc.*

4,049

36,360

2,567,955

Technology

Hardware,

Storage

&

Peripherals

-

3

.7

%

Corsair

Gaming,

Inc.

#

,*

53,652

740,398

Super

Micro

Computer,

Inc.*

29,073

2,023,190

Turtle

Beach

Corp.*

9,245

72,111

2,835,699

Textiles,

Apparel

&

Luxury

Goods

-

0.0

%

Rocky

Brands,

Inc.

673

13,248

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Thrifts

&

Mortgage

Finance

-

1

.2

%

Bridgewater

Bancshares,

Inc.*

2,076

$

39,693

Flagstar

Bancorp,

Inc.

4,017

155,458

Merchants

Bancorp

3,246

77,742

NMI

Holdings,

Inc.

-

Class

A*

6,381

139,935

PennyMac

Financial

Services,

Inc.

3,951

210,667

Southern

Missouri

Bancorp,

Inc.

694

35,568

Walker

&

Dunlop,

Inc.

2,489

223,910

882,973

Trading

Companies

&

Distributors

-

1

.7

%

BlueLinx

Holdings,

Inc.*

1,665

117,316

Boise

Cascade

Co.

7,080

472,732

Custom

Truck

One

Source,

Inc.*

44,520

308,523

GMS,

Inc.*

7,654

361,269

1,259,840

Total

Common

Stocks

(cost

$87,384,352)

75,878,474

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2

.9

%

Investment

Companies

-

2

.3

%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

£,∞

1,753,591

1,753,591

Time

Deposits

-

0

.6

%

Royal

Bank

of

Canada,

3.0300%,

11/1/22

$

438,398

438,398

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,191,989)

2,191,989

Total

Investments

(total

cost

$

89,576,341

)

-

102

.9

%

78,070,463

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.9%)

(2,186,271)

Net

Assets

-

100.0%

$75,884,192

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

77,834,814

99

.7

%

Canada

235,649

0

.3

Total

$

78,070,463

100

.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.9%

Investment

Companies

-

2.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

∞

$

28,180

Δ

$

–

$

–

$

1,753,591

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

10/31/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.9%

Investment

Companies

-

2.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

∞

$

11,773,593

$

60,485,990

$

(

70,505,992

)

$

1,753,591

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

October

31,

2022

12

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,119,354

$

—

$

(

2,119,354

)

$

—

(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

Schedule

of

Investments

and

Other

Information

October

31,

2022

Janus

Detroit

Street

Trust

13

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

LP

Limited

Partnership

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

October

31,

2022.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

October

31,

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

$

75,878,474

$

—

$

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,191,989

—

Total

Assets

$

75,878,474

$

2,191,989

$

—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

14

October

31,

2022

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$87,822,750)

(1)

$

76,316,872

Affiliated

investments,

at

value

(cost

$1,753,591)

1,753,591

Receivables:

Dividends

163,986

Interest

1,500

Affiliated

securities

lending

income,

net

1,433

Total

Assets

78,237,382

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,191,989

Payables:

—

Due

to

custodian

71,206

Investments

purchased

71,149

Management

fees

18,846

Total

Liabilities

2,353,190

Net

Assets

$

75,884,192

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

123,493,669

Total

distributable

earnings

(loss)

(

47,609,477

)

Total

Net

Assets

$

75,884,192

Net

Assets

$

75,884,192

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,602,000

Net

Asset

Value

Per

Share

$

47

.37

(1)

Includes

$2,119,354

of

securites

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

815,348

Affiliated

securities

lending

income,

net    

28,180

Unaffiliated

securities

lending

income,

net

7,251

Total

Investment

Income

850,779

Expenses:

Management

Fees

312,951

Total

Expenses

312,951

Net

Investment

Income/(Loss)

537,828

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

25,808,275

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

25,808,275

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

16,065,773

)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

16,065,773

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

41,336,220

)

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

16

October

31,

2022

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

537,828

$

594,071

Net

realized

gain/(loss)

on

investments

(

25,808,275

)

20,865,399

Change

in

unrealized

net

appreciation/depreciation

(

16,065,773

)

505,442

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

41,336,220

)

21,964,912

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

392,153

)

(

565,566

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

392,153

)

(

565,566

)

Capital

Share

Transactions

(

30,093,810

)

73,349,448

Net

Increase/(Decrease)

in

Net

Assets

(

71,822,183

)

94,748,794

Net

Assets:

—

—

Beginning

of

Year  

147,706,375

52,957,581

End

of

Year

$

75,884,192

$

147,706,375

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2022

2021

2020

2019

2018

Net

Asset

Value,

Beginning

of

Period

$67.08

$48.06

$43.10

$39.59

$36.05

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.28

0.32

0.10

0.20

0.20

Net

realized

and

unrealized

gain/(loss)

(19.79)

19.03

4.97

3.51

3.57

Total

from

Investment

Operations

(19.51)

19.35

5.07

3.71

3.77

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.20)

(0.33)

(0.11)

(0.20)

(0.23)

Total

Dividends

and

Distributions

(0.20)

(0.33)

(0.11)

(0.20)

(0.23)

Net

Asset

Value,

End

of

Period

$47.37

$67.08

$48.06

$43.10

$39.59

Total

Return

(29.11)%

40.30%

11.79%

9.43%

10.49%

(2)

Net

assets,

End

of

Period

(in

thousands)

$75,884

$147,706

$52,958

$34,563

$25,816

Average

Net

Assets

for

the

Period

(in

thousands)

$103,942

$123,640

$45,900

$30,102

$17,444

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.30%

0.30%

0.32%

0.35%

0.50%

Ratio

of

Net

Investment

Income/(Loss)

0.52%

0.48%

0.23%

0.49%

0.50%

Portfolio

Turnover

Rate

(3)

107%

135%

78%

104%

84%

(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

18

October

31,

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

20

October

31,

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

Janus

Detroit

Street

Trust

21

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. 

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.

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.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

22

October

31,

2022

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,

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. 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. 

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

October

31,

2022,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

maturity

are

$2,119,354

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

October

31,

2022

is

$2,191,989,

resulting

in

the

net

amount

due

to

the

counterparty

of

$72,635.

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.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments

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).

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 year

ended

October

31,

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. 

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

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

24

October

31,

2022

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

October

31,

2022, the

Adviser

owned 2,000

shares

or 0.12%

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

and

amended

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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$5,261,117

in

purchases

and

$5,716,281

in

sales,

resulting

in

a

net

realized

loss

of

$54,238.

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

year

ended

October

31,

2022

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$176,222

$—

$(36,170,462)

$—

$—

$—

$(11,615,237)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(34,714,173)

$(1,456,289)

$(36,170,462)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$89,685,700

$6,716,116

$(18,331,353)

$(11,615,237)

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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

October

31,

2022, the

Adviser

owned 2,000

shares

or 0.12%

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

and

amended

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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$5,261,117

in

purchases

and

$5,716,281

in

sales,

resulting

in

a

net

realized

loss

of

$54,238.

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

year

ended

October

31,

2022

can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$176,222

$—

$(36,170,462)

$—

$—

$—

$(11,615,237)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(34,714,173)

$(1,456,289)

$(36,170,462)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$89,685,700

$6,716,116

$(18,331,353)

$(11,615,237)

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the year ended

October

31,

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 year

ended

October

31,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2022,

the

Fund

had

net

realized

loss

of

$602,249

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$392,153

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$565,566

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$591,483

$2,040

$(593,523)

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

275,000

$

15,992,523

2,100,000

$

139,741,007

Shares

repurchased

(875,000)

(46,086,333

)

(1,000,000)

(66,391,559

)

Net

Increase/(Decrease)

(600,000)

$

(30,093,810

)

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

$111,538,099

$111,446,319

$—

$—

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

$15,984,169

$45,962,415

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

26

October

31,

2022

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

27

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2022.

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

Dividends

Received

Deduction

Percentage

100%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

28

October

31,

2022

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

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

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

29

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

30

October

31,

2022

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93061

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

19

Statement

of

Operations

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

20

Statements

of

Changes

in

Net

Assets

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

21

Financial

Highlights

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

22

Notes

to

Financial

Statements

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

23

Additional

Information

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

38

Trustees

and

Officers

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

39

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

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.

PERFORMANCE

OVERVIEW

Global

bonds

lost

significant

ground

in

the

12-month

period

ended

October

31,

2022,

as

multi-decade

high

inflation

forced

central

banks

to

aggressively

tighten

monetary

policy.

Initially,

longer-dated

maturites

led

markets

down

as

investors

wondered

whether

policy

makers

had

acted

too

late.

Later,

acute

pressure

was

felt

along

the

front

end

of

the

yield

curve

as

the

rapid

increase

in

policy

rates

resulted

in

a

historic

sell-off

in

the

shorter-dated

securities

that

are

most

responsive

to

shifts

in

this

monetary

lever.

During

the

period,

Janus

Henderson

Short

Duration

Income

ETF

(the”Fund”)

returned

-1.18%

(based

on

NAV),

while

its

benchmark,

the

FTSE

3-Month

U.S.

Treasury

Bill

Index,

returned

0.88%.

Losses

were

concentrated

in

the

Fund’s

interest

rate

positioning.

During

the

most

acute

period

of

the

bond

market

sell-off,

there

was

simply

no

place

to

hide.

Any

portfolio

that

had

a

modicum

of

interest

rate

exposure

was

negatively

impacted.

While

portfolio

duration

was

aggressively

lowered

with

the

aim

of

minimizing

losses,

the

Fund

was

unable

to

fully

avoid

the

tumult

roiling

fixed

income

markets.

Once

we

believed

that

the

near-

to

mid-term

path

of

policy

tightening

was

priced

in,

we

remained

vigilant

with

respect

to

duration,

keeping

it

at

a

level

we

believed

was

aligned

with

risks

still

present

within

the

market,

but

also

positioning

the

Fund

to

capture

the

potential

for

a

higher

level

of

income

generation

and

diversification

than

had

been

available

during

the

pandemic

era.

Certain

hedges

we

deployed

to

manage

our

interest

rate

exposure

during

the

period

–

along

with

our

more

recent

extension

of

duration

–

aided

performance,

though

not

enough

to

entirely

offset

losses

elsewhere

in

the

portfolio.

Janus

Henderson

Short

Duration

Income

ETF

is

an

actively

managed,

fixed

income

ETF

with

the

potential

to

deliver

returns

above

cash.

The

Fund

seeks

to

provide

a

steady

income

stream

with

low

volatility

and

capital

preservation

across

economic

cycles.

Rather

than

tracking

a

benchmark,

the

Fund

is

designed

to

move

beyond

conventional

benchmark

constraints

and

provide

positive

absolute

returns.

The

Fund

uses

derivatives

such

as

futures,

options

and

swaps

in

connection

with

its

strategies

for

various

purposes,

including

managing

interest

rate

and

credit

risk

across

the

portfolio

and

in

certain

situations

to

construct

positions

with

the

aim

of

enhancing

returns.

During

the

period,

the

Fund

used

options,

futures,

options

on

futures,

credit

default

swaps

(CDS),

other

swaps

and

forward

exchange

contracts.

In

aggregate,

derivatives’

impact

on

Fund

performance

was

positive.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

Daniel

Siluk

Jason

England

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

43.2%

Utilities

13.0%

Consumer,

Non-cyclical

11.5%

Consumer,

Cyclical

10.1%

Energy

8.7%

Industrial

7.5%

Government

6.5%

Technology

2.8%

Communications

2.0%

Exchange

Traded

Fund

1.1%

Mortgage-Backed

Securities

0.9%

Basic

Materials

0.9%

Investment

Companies

0.2%

Purchased

Options

0.0%

Asset-Backed

Securities

0.0%

108.4%

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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.

Average

Annual

Total

Return

for

the

periods

ended

October

31,

2022

Prospectus

~

Expense

Ratio

One

Year

Five

Years

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Short

Duration

Income

ETF

-

NAV

-1.18%

1.54%

1.60%

0.23%

Janus

Henderson

Short

Duration

Income

ETF

-

Market

Price

-1.32%

1.50%

1.59%

–

FTSE

3-Month

U.S.

Treasury

Bill

Index

0.88%

1.16%

1.09%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$999.70

$1.16

$1,000.00

$1,024.05

$1.17

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Short

Duration

Income

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Short

Duration

Income

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Short

Duration

Income

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

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,

30

Day

Australian

Bank

Bill

Rate

+

1.5500%,

4.2650%,

10/16/27

‡

(cost

$106,373)

AUD

144,517

$

92,183

Corporate

Bonds

-

70.5%

Basic

Materials

-

0.9%

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

$

24,000,000

22,359,720

Communications

-

2.0%

AT&T,

Inc.,

0.9000%, 3/25/24

26,430,000

24,955,668

Optus

Finance

Pty.

Ltd.,

3.2500%, 9/6/23

AUD

750,000

474,831

Optus

Finance

Pty.

Ltd.,

1.6000%, 7/1/25

1,000,000

586,973

Spark

Finance

Ltd.,

2.6000%, 3/18/30

1,200,000

624,375

Verizon

Communications,

Inc.,

3.5000%, 2/17/23

2,170,000

1,385,477

Verizon

Communications,

Inc.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

3.5092%, 2/17/23

‡

7,640,000

4,888,600

Verizon

Communications,

Inc.,

0.7500%, 3/22/24

$

4,700,000

4,437,907

Verizon

Communications,

Inc.,

0.8500%, 11/20/25

6,770,000

5,946,908

Verizon

Communications,

Inc.,

1.4500%, 3/20/26

5,100,000

4,490,636

Walt

Disney

Co.

(The),

1.7500%, 8/30/24

3,470,000

3,274,035

51,065,410

Consumer,

Cyclical

-

6.3%

7-Eleven,

Inc.,

0.6250%, 2/10/23

(144A)

3,350,000

3,308,974

American

Honda

Finance

Corp.,

0.8750%, 7/7/23

1,665,000

1,617,731

American

Honda

Finance

Corp.,

0.5500%, 7/12/24

8,190,000

7,592,435

BMW

US

Capital

LLC,

0.7500%, 8/12/24

(144A)

4,500,000

4,155,807

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

3.8871%, 4/1/25

(144A)

‡

7,025,000

6,988,809

BMW

US

Capital

LLC,

1.2500%, 8/12/26

(144A)

300,000

255,875

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,895,000

10,216,432

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

7,903,774

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

1,250,000

1,239,401

Hyundai

Capital

America,

1.2500%, 9/18/23

(144A)

4,270,000

4,101,740

Hyundai

Capital

America,

0.8000%, 1/8/24

(144A)

9,700,000

9,155,124

Hyundai

Capital

America,

0.8750%, 6/14/24

(144A)

6,910,000

6,347,369

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

8,400,000

7,603,750

Lowe's

Cos.,

Inc.,

4.4000%, 9/8/25

4,920,000

4,822,758

McDonald's

Corp.,

3.0000%, 3/8/24

AUD

6,750,000

4,228,780

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

3.7303%, 3/8/24

‡

1,910,000

1,223,528

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

12,026,559

Mercedes-Benz

Australia,

0.7500%, 1/22/24

AUD

810,000

495,299

Mercedes-Benz

Finance

North

America

LLC,

0.7500%, 3/1/24

(144A)

$

13,060,000

12,300,430

Toyota

Motor

Corp.,

0.6810%, 3/25/24

2,700,000

2,542,439

Toyota

Motor

Credit

Corp.,

0.4500%, 1/11/24

12,250,000

11,609,603

Toyota

Motor

Credit

Corp.,

0.5000%, 6/18/24

11,500,000

10,697,097

Toyota

Motor

Credit

Corp.,

1.8000%, 2/13/25

300,000

279,573

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

3.1000%, 4/17/23

AUD

6,300,000

4,006,704

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

13,370,000

7,698,728

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

$

13,000,000

12,375,084

Warnermedia

Holdings,

Inc.,

3.4280%, 3/15/24

(144A)

6,575,000

6,341,781

161,135,584

Consumer,

Non-cyclical

-

7.7%

Avery

Dennison

Corp.,

0.8500%, 8/15/24

6,650,000

6,148,555

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,500,000

20,721,281

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,506,597

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,312,755

Centene

Corp.,

4.2500%, 12/15/27

13,679,000

12,618,877

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

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)

Consumer,

Non-cyclical

-

(continued)

Conagra

Brands,

Inc.,

0.5000%, 8/11/23

$

4,500,000

$

4,329,191

CVS

Health

Corp.,

3.3750%, 8/12/24

7,885,000

7,659,900

CVS

Health

Corp.,

2.6250%, 8/15/24

3,915,000

3,747,171

Hershey

Co.

(The),

0.9000%, 6/1/25

8,256,000

7,454,306

Hershey

Co.

(The),

2.3000%, 8/15/26

4,094,000

3,722,857

Humana,

Inc.,

0.6500%, 8/3/23

10,205,000

9,857,944

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

3,812,293

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

5,310,000

3,015,052

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

3,800,000

2,049,604

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

$

5,775,000

5,279,810

Mondelez

International

Holdings

Netherlands

BV,

4.2500%, 9/15/25

(144A)

7,400,000

7,193,250

Mondelez

International,

Inc.,

2.1250%, 3/17/24

3,275,000

3,139,410

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,650,000

3,268,687

Nestle

Holdings,

Inc.,

0.3750%, 1/15/24

(144A)

$

12,370,000

11,714,143

PerkinElmer,

Inc.,

0.5500%, 9/15/23

4,825,000

4,637,091

PerkinElmer,

Inc.,

0.8500%, 9/15/24

10,050,000

9,273,922

Roche

Holdings,

Inc.,

1.8820%, 3/8/24

(144A)

17,700,000

17,011,647

Thermo

Fisher

Scientific,

Inc.,

0.7970%, 10/18/23

14,900,000

14,297,781

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

14,250,000

13,249,340

Unilever

Capital

Corp.,

0.6260%, 8/12/24

6,775,000

6,302,636

WSO

Finance

Pty.

Ltd.,

3.5000%, 7/14/23

AUD

3,290,000

2,093,167

194,417,267

Energy

-

1.1%

Enbridge,

Inc.,

2.1500%, 2/16/24

$

6,550,000

6,297,956

Enbridge,

Inc.,

SOFRINDX

+

0.6300%,

3.6869%, 2/16/24

‡

6,800,000

6,724,821

Harvest

Operations

Corp.,

4.2000%, 6/1/23

200,000

198,996

Harvest

Operations

Corp.,

4.2000%, 6/1/23

(144A)

2,900,000

2,885,442

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

5,770,998

SA

Global

Sukuk

Ltd.,

0.9460%, 6/17/24

(144A)

6,550,000

6,090,714

27,968,927

Financial

-

42.7%

AerCap

Ireland

Capital

DAC,

1.1500%, 10/29/23

15,200,000

14,398,462

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

14,925,000

13,546,470

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

14,499,416

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,691,355

Air

Lease

Corp.,

0.8000%, 8/18/24

16,350,000

14,887,984

Air

Lease

Corp.,

1.8750%, 8/15/26

6,235,000

5,228,613

American

Express

Co.,

SOFRINDX

+

0.7200%,

3.7896%, 5/3/24

‡

6,875,000

6,846,379

American

Express

Co.,

SOFR

+

0.9300%,

3.9727%, 3/4/25

‡

12,900,000

12,861,761

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

974,560

ANZ

New

Zealand

Int'l

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

11,960,953

Athene

Global

Funding,

2.5140%, 3/8/24

(144A)

2,500,000

2,382,485

Athene

Global

Funding,

0.9140%, 8/19/24

(144A)

16,350,000

14,868,168

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

15,460,000

14,168,789

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

23,235,000

19,736,326

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

607,385

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

5.0289%, 7/26/29

‡

8,830,000

5,658,257

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)

‡

$

25,031,000

22,332,065

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

4.2573%, 2/26/31

‡

AUD

150,000

94,065

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Australian

Central

Credit

Union

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

5.2023%, 9/16/31

‡

AUD

1,000,000

$

609,412

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,940,000

10,808,411

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

12,257,045

Banco

Santander

SA,

3.4960%, 3/24/25

28,400,000

26,960,387

Bank

of

America

Corp.,

SOFR

+

1.4600%,

1.4860%, 5/19/24

‡

3,000,000

2,931,585

Bank

of

America

Corp.,

SOFR

+

0.6700%,

1.8430%, 2/4/25

‡

2,150,000

2,037,089

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

0.9700%,

3.4580%, 3/15/25

‡

2,950,000

2,844,677

Bank

of

America

Corp.,

0.6000%, 1/26/26

Ç

2,000,000

1,675,919

Bank

of

America

Corp.,

SOFR

+

1.3300%,

3.3840%, 4/2/26

‡

3,000,000

2,818,317

Bank

of

America

Corp.,

SOFR

+

1.1500%,

1.3190%, 6/19/26

‡

37,300,000

32,932,170

Bank

of

America

Corp.,

SOFR

+

0.9600%,

1.7340%, 7/22/27

‡

7,050,000

6,028,716

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

4.0315%, 5/1/28

‡

AUD

19,500,000

12,462,638

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

4.6863%, 7/29/31

‡

3,500,000

2,146,352

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

4.9175%, 11/30/28

‡

26,900,000

17,284,959

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

4.4101%, 10/14/31

‡

800,000

486,843

Charles

Schwab

Corp.

(The),

0.7500%, 3/18/24

$

14,200,000

13,393,231

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

1,681,249

Citigroup,

Inc.,

SOFR

+

0.6690%,

0.9810%, 5/1/25

‡

$

12,070,000

11,142,499

Citigroup,

Inc.,

SOFR

+

1.3720%,

4.4375%, 5/24/25

‡

5,000,000

4,994,023

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

93,341

Citigroup,

Inc.,

SOFRINDX

+

1.5460%,

5.6100%, 9/29/26

‡

35,000,000

34,536,278

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

4.0354%, 1/11/24

‡

AUD

200,000

128,671

Commonwealth

Bank

of

Australia,

3.3500%, 6/4/24

$

7,409,000

7,210,345

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

4.4729%, 9/10/30

‡

AUD

12,500,000

7,882,288

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

3.6701%, 8/20/31

‡

16,600,000

10,180,346

Computershare

US,

Inc.,

3.1470%, 11/30/27

1,070,000

610,463

Cooperatieve

Rabobank

UA,

0.3750%, 1/12/24

$

12,600,000

11,900,691

Cooperatieve

Rabobank

UA,

2.6250%, 7/22/24

(144A)

1,000,000

952,474

Cooperatieve

Rabobank

UA,

1.3750%, 1/10/25

3,880,000

3,563,413

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.0000%,

1.3390%, 6/24/26

(144A)

‡

5,650,000

4,962,713

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

2,939,837

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

(144A)

10,475,000

9,871,917

DBS

Group

Holdings

Ltd.,

1.1690%, 11/22/24

(144A)

15,000,000

13,896,514

DBS

Group

Holdings

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

4.3823%, 3/16/28

‡

AUD

27,220,000

17,398,156

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

$

3,470,000

3,418,367

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

3,600,000

3,546,433

General

Property

Trust,

3.5910%, 11/7/23

AUD

1,500,000

951,033

General

Property

Trust,

3.6725%, 9/19/24

2,200,000

1,379,458

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5380%,

0.6270%, 11/17/23

‡

$

25,000,000

24,935,799

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

0.6570%, 9/10/24

‡

19,575,000

18,634,256

Goldman

Sachs

Group,

Inc.

(The),

5.7000%, 11/1/24

15,000,000

15,001,005

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

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)

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.7300%,

1.7570%, 1/24/25

‡

$

5,200,000

$

4,914,156

Goldman

Sachs

Group,

Inc.

(The),

3.5000%, 4/1/25

6,680,000

6,329,111

Goldman

Sachs

Group,

Inc.

(The),

ICE

LIBOR

USD

3

Month

+

1.2010%,

3.2720%, 9/29/25

‡

2,575,000

2,442,392

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

AUD

5,780,000

3,629,027

HSBC

Holdings

plc,

SOFR

+

0.5340%,

0.7320%, 8/17/24

‡

$

7,035,000

6,670,728

HSBC

Holdings

plc,

SOFR

+

0.5800%,

1.1620%, 11/22/24

‡

11,300,000

10,604,563

HSBC

Holdings

plc,

SOFR

+

0.7075%,

0.9760%, 5/24/25

‡

10,000,000

9,081,387

HSBC

USA,

Inc.,

3.7500%, 5/24/24

300,000

291,096

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

5.2034%, 12/15/36

‡

AUD

8,550,000

5,357,527

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

4.8534%, 6/15/44

‡

17,350,000

11,017,473

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

5.1034%, 6/15/45

‡

6,730,000

4,250,241

Intercontinental

Exchange,

Inc.,

3.6500%, 5/23/25

$

17,425,000

16,873,502

JPMorgan

Chase

&

Co.,

SOFR

+

1.1600%,

2.3010%, 10/15/25

‡

690,000

643,576

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

23,200,000

21,493,371

JPMorgan

Chase

&

Co.,

SOFR

+

1.5600%,

4.3230%, 4/26/28

‡

31,000,000

28,835,964

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6000%,

5.1515%, 3/6/23

‡

AUD

2,600,000

1,662,223

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

4.7573%, 2/26/24

‡

9,440,000

5,956,944

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

5.2910%, 3/17/25

‡

3,280,000

2,048,002

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

4.9500%, 5/25/26

‡

11,620,000

7,147,087

Lloyds

Banking

Group

plc,

3.6500%, 3/20/23

1,500,000

955,369

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

4.1732%, 3/20/23

‡

3,710,000

2,371,581

Lloyds

Banking

Group

plc,

ICE

LIBOR

USD

3

Month

+

0.8100%,

2.9070%, 11/7/23

‡

$

5,587,000

5,584,432

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

AUD

3,850,000

2,423,330

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

4,752,527

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.5500%,

0.6950%, 5/11/24

‡

6,200,000

6,012,230

Macquarie

Bank

Ltd.,

2.3000%, 1/22/25

(144A)

12,840,000

11,993,887

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

5.3331%, 5/28/30

‡

AUD

19,800,000

12,755,864

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

4.3910%, 6/17/31

‡

11,700,000

7,229,375

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

$

9,700,000

8,785,008

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,734,744

Morgan

Stanley,

SOFR

+

0.4660%,

0.5600%, 11/10/23

‡

3,490,000

3,485,495

Morgan

Stanley,

SOFR

+

0.5090%,

0.7910%, 1/22/25

‡

17,600,000

16,428,618

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,700,000

10,602,982

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

25,250,000

25,325,948

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

4.4392%, 5/17/29

‡

AUD

14,920,000

9,591,214

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

4.0167%, 11/18/30

‡

24,275,000

15,235,432

Nordea

Bank

Abp,

1.0000%, 6/9/23

(144A)

$

6,700,000

6,524,574

Nordea

Bank

Abp,

SOFR

+

0.9600%,

4.0027%, 6/6/25

(144A)

‡

6,925,000

6,870,052

Nordea

Bank

Abp,

0.7500%, 8/28/25

(144A)

9,550,000

8,378,215

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

10

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

(144A)

$

616,000

$

604,738

Oversea-Chinese

Banking

Corp.

Ltd.,

4.2500%, 6/19/24

2,930,000

2,876,435

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

3.7500%, 12/6/23

AUD

1,000,000

633,740

Royal

Bank

of

Canada,

2.5500%, 7/16/24

$

190,000

181,223

Royal

Bank

of

Canada,

5.6600%, 10/25/24

25,900,000

25,947,819

Royal

Bank

of

Canada,

1.1500%, 6/10/25

220,000

197,581

Shopping

Centres

Australasia

Property

Retail

Trust,

3.9000%, 6/7/24

AUD

4,600,000

2,897,512

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

4.6911%, 12/5/28

‡

18,590,000

11,910,010

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.2500%,

4.7250%, 12/1/35

‡

5,000,000

3,135,391

Suncorp-Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

9,688,515

SVB

Financial

Group,

2.1000%, 5/15/28

11,920,000

9,471,284

Swedbank

AB,

SOFRINDX

+

0.9100%,

3.9570%, 4/4/25

(144A)

‡

12,250,000

12,110,962

Toronto-Dominion

Bank

(The),

0.7000%, 9/10/24

4,750,000

4,357,836

Toronto-Dominion

Bank

(The),

4.2850%, 9/13/24

2,800,000

2,743,445

Toronto-Dominion

Bank

(The),

1.1500%, 6/12/25

7,200,000

6,449,431

UBS

AG,

0.3750%, 6/1/23

(144A)

9,950,000

9,670,908

UBS

AG,

0.7000%, 8/9/24

(144A)

4,750,000

4,363,989

UBS

Group

AG,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6000%,

4.4900%, 8/5/25

(144A)

‡

12,500,000

12,075,312

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

4,098,743

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,144,126

Vicinity

Centres

Trust,

3.5000%, 4/26/24

5,700,000

3,584,120

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

4.4433%, 6/27/25

‡

610,000

392,398

Vicinity

Centres

Trust,

4.0000%, 4/26/27

150,000

90,339

Wells

Fargo

&

Co.,

1.6540%, 6/2/24

$

20,740,000

20,260,725

Wells

Fargo

&

Co.,

SOFR

+

0.5100%,

0.8050%, 5/19/25

‡

6,880,000

6,367,156

Wells

Fargo

&

Co.,

ICE

LIBOR

USD

3

Month

+

0.7500%,

2.1640%, 2/11/26

‡

9,590,000

8,808,147

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

4.3615%, 4/25/26

‡

3,500,000

3,465,945

Wells

Fargo

&

Co.,

2.1880%, 4/30/26

13,000,000

11,829,384

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

3.2535%, 11/16/23

‡

AUD

14,600,000

9,374,047

Westpac

Banking

Corp.,

1.0190%, 11/18/24

$

6,000,000

5,530,937

Westpac

Banking

Corp.,

2.3500%, 2/19/25

1,800,000

1,692,630

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.4000%,

3.7035%, 2/16/28

‡

AUD

6,100,000

3,897,701

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

2.6500%,

4.8000%, 6/14/28

‡

1,240,000

791,570

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

4.7050%, 6/22/28

‡

15,800,000

10,107,974

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

14,022,000

8,800,063

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

4.4131%, 8/27/29

‡

6,700,000

4,296,974

Westpac

Banking

Corp.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.3500%,

2.8940%, 2/4/30

‡

$

5,910,000

5,395,562

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

4.6363%, 1/29/31

‡

AUD

1,800,000

1,120,859

1,083,887,591

Industrial

-

3.4%

Canadian

Pacific

Railway

Co.,

1.3500%, 12/2/24

$

10,175,000

9,390,287

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Industrial

-

(continued)

Caterpillar

Financial

Services

Corp.,

0.4500%, 5/17/24

$

8,820,000

$

8,234,176

Caterpillar

Financial

Services

Corp.,

0.6000%, 9/13/24

2,650,000

2,447,093

Caterpillar

Financial

Services

Corp.,

2.1500%, 11/8/24

2,200,000

2,084,282

Caterpillar

Financial

Services

Corp.,

1.4500%, 5/15/25

4,600,000

4,231,689

DAE

Funding

LLC,

1.5500%, 8/1/24

(144A)

3,450,000

3,129,551

John

Deere

Capital

Corp.,

0.4500%, 1/17/24

3,590,000

3,407,125

John

Deere

Capital

Corp.,

0.4500%, 6/7/24

12,750,000

11,905,680

John

Deere

Capital

Corp.,

0.6250%, 9/10/24

6,300,000

5,839,951

John

Deere

Capital

Corp.,

0.7000%, 1/15/26

6,080,000

5,310,332

Martin

Marietta

Materials,

Inc.,

0.6500%, 7/15/23

6,525,000

6,311,288

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

4.3565%, 7/12/24

‡

AUD

8,980,000

5,692,972

Stanley

Black

&

Decker,

Inc.,

2.3000%, 2/24/25

$

16,675,000

15,666,829

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

1,230,000

1,221,616

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

(144A)

1,000,000

993,184

85,866,055

Technology

-

2.8%

Fidelity

National

Information

Services,

Inc.,

4.5000%, 7/15/25

6,860,000

6,672,907

Fiserv,

Inc.,

3.8000%, 10/1/23

22,245,000

21,913,594

Intuit,

Inc.,

0.6500%, 7/15/23

14,710,000

14,273,209

NVIDIA

Corp.,

0.5840%, 6/14/24

16,725,000

15,603,281

VMware,

Inc.,

1.0000%, 8/15/24

6,975,000

6,431,152

VMware,

Inc.,

1.4000%, 8/15/26

6,550,000

5,587,861

70,482,004

Utilities

-

3.6%

Ausgrid

Finance

Pty.

Ltd.,

3.8500%, 5/1/23

(144A)

7,940,000

7,871,531

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

3.2911%, 2/5/24

‡

AUD

1,570,000

1,002,526

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

10,829,759

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

4.3063%, 10/30/24

‡

22,900,000

14,613,364

AusNet

Services

Holdings

Pty.

Ltd.,

5.3750%, 7/2/24

4,400,000

2,843,426

Australian

Gas

Networks

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.4200%,

3.4831%, 7/1/26

‡

3,000,000

1,855,232

DTE

Energy

Co.,

4.2200%, 11/1/24

Ç

$

10,570,000

10,320,428

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,002,554

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

3.7225%, 12/13/23

‡

1,630,000

1,043,983

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

3,426,341

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

$

200,000

198,248

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

(144A)

4,000,000

3,964,960

Korea

East-West

Power

Co.

Ltd.,

1.7500%, 5/6/25

6,454,000

5,881,449

Korea

Southern

Power

Co.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.9700%,

4.0563%, 10/30/24

‡

AUD

2,090,000

1,332,151

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

1,300,000

809,975

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

4.3226%, 12/6/24

‡

14,620,000

9,353,286

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

570,000

322,106

SGSP

Australia

Assets

Pty.

Ltd.,

3.3000%, 4/9/23

Ç

$

14,970,000

14,829,895

SGSP

Australia

Assets

Pty.

Ltd.,

3.7500%, 6/28/23

AUD

300,000

191,225

SGSP

Australia

Assets

Pty.

Ltd.,

3.2500%, 7/29/26

$

200,000

180,854

91,873,293

Total

Corporate

Bonds

(cost

$1,925,224,600)

1,789,055,851

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

12

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Foreign

Government

Bonds

-

7.5%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

3.6050%, 9/23/25

‡

AUD

17,230,000

$

10,948,491

Korea

Hydro

&

Nuclear

Power

Co.

Ltd.,

3.7500%, 7/25/23

(144A)

$

8,050,000

7,972,318

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

7,100,000

6,186,229

New

South

Wales

Treasury

Corp.,

5.0000%, 8/20/24

AUD

23,000,000

15,031,479

New

Zealand

Government

Bond,

0.5000%, 5/15/24

NZD

204,355,000

112,047,971

Queensland

Treasury

Corp.,

4.2500%, 7/21/23

(144A)

AUD

10,000,000

6,431,895

Queensland

Treasury

Corp.,

4.7500%, 7/21/25

(144A)

20,000,000

13,101,738

South

Australian

Government

Financing

Authority,

2.7500%, 4/16/25

13,000,000

8,111,977

Treasury

Corp.

of

Victoria,

5.5000%, 12/17/24

6,825,000

4,517,494

Western

Australian

Treasury

Corp.,

5.0000%, 7/23/25

8,000,000

5,273,079

Total

Foreign

Government

Bonds

(cost

$206,497,403)

189,622,671

Mortgage-Backed

Securities

-

0.9%

Connecticut

Avenue

Securities

Trust

SOFR30A

+

2.5500%,

5.5468%, 7/25/42

(144A)

‡

$

3,277,391

3,261,331

SOFR30A

+

2.5000%,

5.5245%, 9/25/42

(144A)

‡

6,561,709

6,515,726

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.3000%,

5.2968%, 8/25/42

(144A)

‡

5,315,778

5,271,564

SOFR30A

+

2.1500%,

5.1468%, 9/25/42

(144A)

‡

2,296,137

2,270,930

Firstmac

Mortgage

Funding

Trust

No.

4

,

30

Day

Australian

Bank

Bill

Rate

+

1.3000%

,

3.9738

%

,

3/8/49

‡

AUD

3,500,000

2,239,344

La

Trobe

Financial

Capital

Markets

Trust

30

Day

Australian

Bank

Bill

Rate

+

2.0000%,

4.6716%, 3/12/50

‡

824,683

527,354

30

Day

Australian

Bank

Bill

Rate

+

2.3500%,

5.0216%, 3/12/50

‡

1,371,153

876,763

30

Day

Australian

Bank

Bill

Rate

+

1.3500%,

4.0238%, 2/11/51

‡

303,829

194,479

30

Day

Australian

Bank

Bill

Rate

+

1.8500%,

4.5238%, 2/11/51

‡

1,334,799

855,084

Pepper

Residential

Securities

Trust

No.

22

,

ICE

LIBOR

USD

1

Month

+

1.0000%

,

4.4891

%

,

6/20/60

(144A)

‡

$

379,377

379,465

Pepper

Residential

Securities

Trust

No.

23

,

30

Day

Australian

Bank

Bill

Rate

+

2.2500%

,

4.9739

%

,

8/18/60

‡

AUD

847,783

544,412

Pepper

Residential

Securities

Trust

No.

24

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

4.3430

%

,

11/18/60

(144A)

‡

$

184,800

185,036

RESIMAC

Premier

,

ICE

LIBOR

USD

1

Month

+

0.8000%

,

4.1003

%

,

11/10/49

(144A)

‡

43,840

43,837

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

4.2716

%

,

1/12/46

‡

AUD

837,526

535,105

Total

Mortgage-Backed

Securities

(cost

$24,616,119)

23,700,430

Exchange

Traded

Fund

-

1.1%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

26,862,000

Investment

Companies

-

0.2%

Money

Market

Funds

-

0.2%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

2.9400%

∞

(cost

$4,504,169)

4,504,169

4,504,169

Commercial

Paper

-

28.2%

AutoNation,

Inc.,

3.6504%, 11/1/22

(Section

4(2))

$

95,000,000

94,990,323

Aviation

Capital

Group

LLC,

3.8504%, 11/1/22

(Section

4(2))

2,700,000

2,699,760

Conagra

Brands,

Inc.,

3.7004%, 11/1/22

(Section

4(2))

72,000,000

71,992,506

Energy

Transfer

LP,

3.7004%, 11/1/22

(Section

4(2))

45,000,000

44,995,416

Jabil,

Inc.,

3.8704%, 11/2/22

(Section

4(2))

105,000,000

104,976,982

Smithfield

Foods,

Inc.,

3.6504%, 11/1/22

(Section

4(2))

26,300,000

26,297,305

Southern

California

Edison

Co.,

3.8004%, 11/1/22

(Section

4(2))

105,000,000

104,990,130

Southern

California

Edison

Co.,

3.8504%, 11/2/22

(Section

4(2))

100,000,000

99,980,800

Targa

Resources

Corp.,

3.8004%, 11/1/22

(Section

4(2))

71,000,000

70,993,952

Targa

Resources

Corp.,

3.8004%, 11/2/22

(Section

4(2))

71,000,000

70,987,638

WGL

Holdings,

Inc.,

4.0036%, 11/1/22

(Section

4(2))

25,000,000

24,997,789

Total

Commercial

Paper

(cost

$717,970,524)

717,902,601

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

OTC

Purchased

Options

-

Puts

-

0%

Counterparty/Reference

Asset

Morgan

Stanley

&

Co.

USD/JPY

Currency,

Notional

amount

48,120,000,

premiums

paid

$486,012,

unrealized

depreciation

$(225,640),

exercise

price

$125,

expires

6/29/23*

48,120,000

$

260,372

Total

OTC

Purchased

Options

(premiums

paid

$486,012)

260,372

Total

Investments

(total

cost

$2,907,072,978

)

-

108.4%

2,752,000,277

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(8.4%)

(212,203,891)

Net

Assets

-

100.0%

$2,539,796,386

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,772,494,758

64.4%

Australia

429,221,140

15.6 

New

Zealand

136,556,350

5.0 

Canada

62,290,399

2.3 

United

Kingdom

54,758,783

2.0 

Germany

48,276,736

1.8 

Singapore

45,839,386

1.7 

Ireland

45,135,703

1.6 

South

Korea

34,390,791

1.2 

Spain

26,960,387

1.0 

Switzerland

26,110,209

0.9 

Netherlands

24,319,128

0.9 

Finland

21,772,841

0.8 

Sweden

12,110,962

0.4 

Saudi

Arabia

6,090,714

0.2 

United

Arab

Emirates

3,129,551

0.1 

Japan

2,542,439

0.1 

Total

$

2,752,000,277

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/22

Investment

Company

-

1.1%

Exchange

Traded

Fund

-

1.1%

Janus

Henderson

AAA

CLO

ETF

∞

$

383,588

$

–

$

(805,778)

$

26,862,000

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

10/31/22

Investment

Company

-

1.1%

Exchange

Traded

Fund

-

1.1%

Janus

Henderson

AAA

CLO

ETF

∞

$

–

$

27,667,778

$

–

$

26,862,000

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

14

October

31,

2022

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

October

31,

2022.

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.

New

Zealand

Dollar

1/27/23

193,000,000

$

(112,530,194)

$

253,152

–

J.P.

Morgan

Chase

Bank

Canadian

Dollar

1/27/23

37,350,000

(27,595,368)

180,506

–

Morgan

Stanley

&

Co.

Australian

Dollar

1/27/23

633,700,000

(412,271,912)

5,813,690

–

Total

$6,247,348

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

Futures

Short:

U.S.

Treasury

2

Year

Notes

2,265

12/30/22

$

(462,927,069)

$

9,722,535

U.S.

Treasury

5

Year

Notes

2,710

12/30/22

(288,869,063)

12,255,162

Total

$21,977,697

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

$

(447,481)

$

453,364

$

5,883

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

130,000,000

(1,129,564)

1,495,769

366,205

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

58,250,000

(506,132)

265,419

(240,713)

Total

(2,083,177)

2,214,552

$131,375

Schedule

of

OTC

Written

Options

Counterparty/

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

Written

Put

Options:

Morgan

Stanley

&

Co.

USD/JPY

Currency

48,120,000

120.00

USD

06/29/2023

$

48,120,000

$

288,720

$

134,597

$

(154,123)

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

15

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 year

ended

October

31,

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

October

31,

2022

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$—

$6,247,348

$6,247,348

Swaps

-

centrally

cleared

372,088

—

—

372,088

Futures

contracts

—

21,977,697

—

21,977,697

Purchased

options,

at

value

—

—

260,372

260,372

Total

Asset

Derivatives

$372,088

$21,977,697

$6,507,720

$28,857,505

Liability

Derivatives:

Swaps

-

centrally

cleared

240,713

—

—

240,713

Options

written,

at

value

—

—

154,123

154,123

Total

Liability

Derivatives

$240,713

$—

$154,123

$394,836

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

October

31,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$82,485,786

$82,485,786

Futures

contracts

—

92,665,741

—

92,665,741

Swap

contracts

(626,890)

856,110

—

229,220

Total

$(626,890)

$93,521,851

$82,485,786

$175,380,747

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$17,456,105

$17,456,105

Futures

contracts

—

9,439,117

—

9,439,117

Swap

contracts

131,375

—

—

131,375

Purchased

options

contracts

—

—

(225,640)

(225,640)

Written

options

contracts

—

134,597

134,597

Total

$131,375

$9,439,117

$17,365,062

$26,935,554

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$117,879,767

Average

notional

amount

of

contracts

-

short

1,289,317,458

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

8,733,578

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

October

31,

2022

16

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2022

Average

amounts

sold

-

in

USD

635,474,771

Credit

default

swaps:

Average

notional

amount

-

buy

protection

125,291,667

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

14,448,750

Options:

Average

value

of

option

contracts

purchased

57,348

Average

value

of

option

contracts

written

34,232

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.

$

253,152

$

—

$

—

$

253,152

J.P.

Morgan

Chase

Bank

180,506

—

—

180,506

Morgan

Stanley

&

Co.

6,074,062

(154,123

)

—

5,919,939

Total

$

6,507,720

$

(154,123

)

$

—

$

6,353,597

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Morgan

Stanley

&

Co.

154,123

(154,123

)

—

—

Total

$

154,123

$

(154,123

)

$

—

$

—

Bank

of

America

N.A.

Liabilities

less

than

Assets?

0.00

Citigroup,

Inc

Liabilities

less

than

Assets?

0.00

J.P.

Morgan

Chase

Bank

Liabilities

less

than

Assets?

0.00

Morgan

Stanley

&

Co.

Liabilities

less

than

Assets?

0.00

(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

Schedule

of

Investments

and

Other

Information

October

31,

2022

Janus

Detroit

Street

Trust

17

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

FHLMC

Federal

Home

Loan

Mortgage

Corp.

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

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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.

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

year

ended

October

31,

2022

is

$717,902,601

which

represents

28.2

%

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

year

ended

October

31,

2022

is

$473,197,451

which

represents

18.6%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

October

31,

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

October

31,

2022

18

October

31,

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

October

31,

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

$

—

$

92,183

$

—

Corporate

Bonds

—

1,789,055,851

—

Foreign

Government

Bonds

—

189,622,671

—

Mortgage-Backed

Securities

—

23,700,430

—

Exchange

Traded

Fund

26,862,000

—

—

Investment

Companies

4,504,169

—

—

Commercial

Paper

—

717,902,601

—

OTC

Purchased

Options

-

Puts

—

260,372

—

Total

Investments

in

Securities

$

31,366,169

$

2,720,634,108

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

372,088

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

6,247,348

—

Futures

Contracts

21,977,697

—

—

Total

Other

Financial

Instruments

$

21,977,697

$

6,619,436

$

—

Total

Assets

$

53,343,866

$

2,727,253,544

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

240,713

$

—

Options

Written,

at

Value

—

154,123

—

Total

Liabilities

$

—

$

394,836

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange,

futures,

written

options

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.

Written

options

are

reported

at

their

market

value

at

measurement

date.  

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,878,919,188)

$

2,724,877,905

Affiliated

investments,

at

value

(cost

$27,667,778)

26,862,000

Purchased

options,

at

value

(premiums

paid

$486,012)

260,372

Cash

denominated

in

foreign

currency

(cost

$7,494,681)

7,494,690

Forward

foreign

currency

exchange

contracts

6,247,348

Due

from

broker

for

centrally

cleared

swaps

3,504,779

Due

from

broker

for

futures

7,780,000

Receivable

for

variation

margin

on

swaps

1,200,360

Receivable

for

variation

margin

on

futures

contracts

1,470,186

Receivables:

Investments

sold

73,246,262

Interest

9,112,905

Due

from

adviser

4,909

Total

Assets

2,862,061,716

Liabilities:

Options

written,

at

value

(premiums

received

$288,720)

154,123

Payables:

—

Due

to

custodian

6,792,073

Investments

purchased

314,819,977

Management

fees

499,157

Total

Liabilities

322,265,330

Net

Assets

$

2,539,796,386

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,634,142,866

Total

distributable

earnings

(loss)

(94,346,480)

Total

Net

Assets

$

2,539,796,386

Net

Assets

$

2,539,796,386

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

52,400,000

Net

Asset

Value

Per

Share

$

48.47

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

20

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

42,107,711

Dividends

from

affiliates

383,588

Dividends

37,041

Foreign

tax

withheld

(53)

Total

Investment

Income

42,528,287

Expenses:

Management

Fees

5,950,111

Total

Expenses

5,950,111

Less:

Excess

Expense

Reimbursement

and

Waivers

(42,316)

Net

Expenses

5,907,795

Net

Investment

Income/(Loss)

36,620,492

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(105,285,205)

Forward

foreign

currency

exchange

contracts

82,485,786

Futures

contracts

92,665,741

Swap

contracts

229,220

Total

Net

Realized

Gain/(Loss)

on

Investments

$

70,095,542

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(163,646,629)

Investments

in

affiliates

(805,778)

Forward

foreign

currency

exchange

contracts

17,456,105

Futures

contracts

9,439,117

Purchased

options

contracts

(225,640)

Swap

contracts

131,375

Written

options

contracts

134,597

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(137,516,853)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(30,800,819)

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

36,620,492

$

28,223,248

Net

realized

gain/(loss)

on

investments

70,095,542

(5,523,306)

Change

in

unrealized

net

appreciation/depreciation

(137,516,853)

(18,802,770)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(30,800,819)

3,897,172

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(50,154,283)

(27,444,008)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(50,154,283)

(27,444,008)

Capital

Share

Transactions

(156,749,220)

74,521,876

Net

Increase/(Decrease)

in

Net

Assets

(237,704,322)

50,975,040

Net

Assets:

—

—

Beginning

of

Year  

2,777,500,708

2,726,525,668

End

of

Year

$

2,539,796,386

$

2,777,500,708

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

22

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

each

year

or

period

ended

October

31

2022

2021

2020

2019

2018

Net

Asset

Value,

Beginning

of

Period

$50.00

$50.40

$49.89

$50.04

$50.35

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.69

0.49

0.77

1.39

1.25

Net

realized

and

unrealized

gain/(loss)

(1.27)

(0.41)

0.70

0.53

(0.33)

Total

from

Investment

Operations

(0.58)

0.08

1.47

1.92

0.92

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.95)

(0.48)

(0.96)

(1.43)

(1.23)

Distributions

(from

capital

gains)

—

—

—

(0.64)

—

Total

Dividends

and

Distributions

(0.95)

(0.48)

(0.96)

(2.07)

(1.23)

Net

Asset

Value,

End

of

Period

$48.47

$50.00

$50.40

$49.89

$50.04

Total

Return

(1.18)%

0.15%

2.99%

3.95%

1.86%

Net

assets,

End

of

Period

(in

thousands)

$2,539,796

$2,777,501

$2,726,526

$1,037,735

$730,545

Average

Net

Assets

for

the

Period

(in

thousands)

$2,600,154

$2,893,718

$1,601,333

$925,572

$406,711

Ratios

to

Average

Net

Assets

Ratio

of

Gross

Expenses

0.23%

0.23%

0.26%

0.32%

0.35%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.26%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

1.41%

0.98%

1.54%

2.80%

2.51%

Portfolio

Turnover

Rate

(2)

46%

74%

14%

23%

22%

(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

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

24

October

31,

2022

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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.  

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

year

ended

October

31,

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

26

October

31,

2022

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.

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

Janus

Detroit

Street

Trust

27

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

year,

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

year,

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

year,

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

year,

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

28

October

31,

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

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Options

Contracts

An

options

contract

provides

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

(call

option)

or

sell

(put

option)

a

financial

instrument

at

an

agreed

upon

price

on

or

before

a

specified

date.

The

purchaser

pays

a

premium

to

the

seller

for

this

right.

The

seller

has

the

corresponding

obligation

to

sell

or

buy

a

financial

instrument

if

the

purchaser

(owner)

“exercises”

the

option.

When

an

option

is

exercised,

the

proceeds

on

sales

for

a

written

call

option,

the

purchase

cost

for

a

written

put

option,

or

the

cost

of

the

security

for

a

purchased

put

or

call

option

are

adjusted

by

the

amount

of

premium

received

or

paid.

Upon

expiration,

or

closing

of

the

option

transaction,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable).

The

difference

between

the

premium

paid/received

and

the

market

value

of

the

option

is

recorded

as

unrealized

appreciation

or

depreciation.

The

net

change

in

unrealized

appreciation

or

depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

Option

contracts

are

typically

valued

using

an

approved

vendor’s

option

valuation

model.

To

the

extent

reliable

market

quotations

are

available,

option

contracts

are

valued

using

market

quotations.

In

cases

when

an

approved

vendor

cannot

provide

coverage

for

an

option

and

there

is

no

reliable

market

quotation,

a

broker

quotation

or

an

internal

valuation

using

the

Black-Scholes

model,

the

Cox-Rubenstein

Binomial

Option

Pricing

Model,

or

other

appropriate

option

pricing

model

is

used.

Certain

options

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

as

“Variation

margin

receivable”

or

“Variation

margin

payable”

(if

applicable).

The

Fund

may

use

options

contracts

to

hedge

against

changes

in

interest

rates,

the

values

of

securities,

or

foreign

currencies.

The

use

of

such

instruments

may

involve

certain

additional

risks

as

a

result

of

unanticipated

movements

in

the

market.

A

lack

of

correlation

between

the

value

of

an

instrument

underlying

an

option

and

the

asset

being

hedged,

or

unexpected

adverse

price

movements,

could

render

the

Fund’s

hedging

strategy

unsuccessful.

In

addition,

there

can

be

no

assurance

that

a

liquid

secondary

market

will

exist

for

any

option

purchased

or

sold.

The

Fund

may

be

subject

to

counterparty

risk,

interest

rate

risk,

liquidity

risk,

equity

risk,

commodity

risk,

and

currency

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

options

contracts.

Options

traded

on

an

exchange

are

regulated

and

the

terms

of

the

options

are

standardized.

Options

traded

OTC

expose

the

Fund

to

counterparty

risk

in

the

event

that

the

counterparty

does

not

perform.

This

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

having

the

counterparty

post

collateral

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

purchase

put

options

to

hedge

against

a

decline

in

the

value

of

its

portfolio.

By

using

put

options

in

this

way,

the

Fund

will

reduce

any

profit

it

might

otherwise

have

realized

in

the

underlying

security

by

the

amount

of

the

premium

paid

for

the

put

option

and

by

transaction

costs.

The

Fund

may

purchase

call

options

to

hedge

against

an

increase

in

the

price

of

securities

that

it

may

buy

in

the

future.

The

premium

paid

for

the

call

option

plus

any

transaction

costs

will

reduce

the

benefit,

if

any,

realized

by

the

Fund

upon

exercise

of

the

option,

and,

unless

the

price

of

the

underlying

security

rises

sufficiently,

the

option

may

expire

worthless

to

the

Fund.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Options

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

During

the

year,

the

Fund

purchased

put

options

on

foreign

exchange

rates

vs.

the

U.S.

dollar

in

order

to

decrease

foreign

currency

exposure

and

increase

U.S.

dollar

exposure

where

decreasing

this

exposure

via

the

options

market

was

most

attractive. 

In

writing

an

option,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

security

underlying

the

written

option.

When

an

option

is

written,

the

Fund

receives

a

premium

and

becomes

obligated

to

sell

or

purchase

the

underlying

security

at

a

fixed

price,

upon

exercise

of

the

option.

Options

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Options

written,

at

value”

(if

applicable).

The

risk

in

writing

call

options

is

that

the

Fund

gives

up

the

opportunity

for

profit

if

the

market

price

of

the

security

increases

and

the

options

are

exercised.

The

risk

in

writing

put

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

options

is

that

the

Fund

may

incur

a

loss

if

the

market

price

of

the

security

decreases

and

the

options

are

exercised.

The

risk

in

buying

options

is

that

the

Fund

pays

a

premium

whether

or

not

the

options

are

exercised.

Exercise

of

an

option

written

by

the

Fund

could

result

in

the

Fund

buying

or

selling

a

security

at

a

price

different

from

the

current

market

value.

During

the

year,

the

Fund

wrote

put

options

on

foreign

exchange

rates

vs.

the

U.S.

dollar

in

order

to

decrease

foreign

currency

exposure

and

increase

U.S.

dollar

exposure

where

decreasing

this

exposure

via

the

options

market

was

most

attractive.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

30

October

31,

2022

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.

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

year,

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

year,

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

Janus

Detroit

Street

Trust

31

During

the

year,

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. 

There

were

no

interest

rate

swaps

held

as

of

October

31,

2022.

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

32

October

31,

2022

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. 

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

33

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. 

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,

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

34

October

31,

2022

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

Offsetting

Assets

and

Liabilities

tables

located

in

the

Schedule

of

Investments 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

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

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: 

For

the

year

ended

October

31,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.23% of

the

Fund’s

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent 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

0.23%

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

year

ended October

31,

2022,

the

Adviser

waived

$42,316

of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

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

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

35

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

October

31,

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

transaction

is

consistent

with

the

investment

objectives

and

policies

of

the

Fund

and

in

accordance

with

the

Internal

Cross

Trade

Procedures

adopted

and

amended 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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$97,979,852 in

purchases.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the year

ended

October

31,

2022 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

Other

book

to

tax

differences

primarily

consist

of

derivatives

and

foreign

currency

contract

adjustments.

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. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$63,998,469

$—

$—

$—

$—

$(23,920)

$(158,321,029)

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

36

October

31,

2022

During

the

year ended

October

31,

2022,

capital

loss

carryovers

of

$34,347,631

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2022

is

as

follows: 

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

6.

Capital

Share

Transactions 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,909,811,545

$1,862,261

$(159,673,529)

$(157,811,268)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$30,926,610

$30,224,958

$(30,734,719)

$(509,761)

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$50,154,283

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$27,444,008

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$5,265,278

$50,128,125

$(55,393,403)

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

12,000,000

$

587,516,679

9,150,000

$

460,894,564

Shares

repurchased

(15,150,000)

(744,265,899

)

(7,700,001)

(386,372,688

)

Net

Increase/(Decrease)

(3,150,000)

$

(156,749,220

)

1,449,999

$

74,521,876

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

37

7.

Purchases

and

Sales

of

Investment

Securities 

For

the year ended

October

31,

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 October

31,

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

$1,048,301,363

$1,263,601,396

$—

$—

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

38

October

31,

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

39

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

40

October

31,

2022

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

Short

Duration

Income

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

41

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93073

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

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

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

34

Trustees

and

Officers

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

35

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Mortgage-Backed

Securities

ETF

(JMBS)

seeks

a

high

level

of

total

return

consisting

of

income

and

capital

appreciation.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

Mortgage-Backed

Securities

ETF

(the

“Fund”)

returned

-14.89%

net

of

fees

(based

on

NAV),

outperforming

its

benchmark,

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

which

returned

-15.04%.

The

period

was

characterized

by

numerous

headwinds

affecting

U.S.

agency

mortgage-backed

securities

(MBS).

In

its

fight

against

inflation,

the

Federal

Reserve

(Fed)

hiked

rates

by

3.00%

over

the

period,

while

the

yield

on

10-year

U.S.

Treasuries

increased

from

1.56%

to

4.05%.

Higher

yields

resulted

in

negative

price

returns

on

MBS.

Persistently

high

interest-rate

volatility

(resulting

from

uncertainty

regarding

the

extent

and

magnitude

of

Fed

rate

hikes)

further

pressured

MBS

valuations,

as

higher

rate

volatility

increases

the

value

of

the

borrower’s

prepay

option,

thereby

reducing

the

value

of

the

bonds.

The

Fed’s

pivot

in

2022

from

quantitative

easing

(QE)

to

quantitative

tightening

(QT)

resulted

in

spread

widening

in

MBS,

as

investor

concern

grew

over

excess

supply

if

the

Fed

decided

to

start

actively

selling

its

MBS

holdings.

Demand

for

housing

was

strong

early

in

the

period,

supported

by

mortgage

rates

still

near

historical

lows.

But

mortgage

rates

began

to

rise

quickly

in

2022

along

with

a

rise

in

the

yield

curve.

The

rate

on

a

30-year

fixed-rate

agency

mortgage

more

than

doubled

during

the

period,

from

3.17%

to

7.22%.

The

sharp

rise

in

mortgage

rates

led

to

a

significant

slowdown

in

housing

transactions,

home

price

growth,

and

mortgage

refinancing.

Active

security

selection

within

the

agency

MBS

market

helped

the

Fund’s

relative

returns.

Lower-coupon

bonds

generally

were

more

adversely

affected

during

the

period

due

to

their

relatively

higher

sensitivity

to

changes

in

interest

rates.

The

Fund

held

a

greater

proportion

of

higher-coupon

bonds

(which

were

less

impacted

by

rate

volatility)

compared

to

its

benchmark,

and

this

contributed

to

relative

returns.

Our

overall

spread

risk

positioning

remained

slightly

above

that

of

the

benchmark,

and

as

spreads

widened,

this

somewhat

offset

relative

outperformance.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

Janus

Henderson

Mortgage-Backed

Securities

ETF

is

an

actively

managed,

high-quality

MBS

ETF

that

offers

potential

for

broad

portfolio

diversification

benefits

with

little

to

no

corporate

credit

risk.

The

Fund

seeks

to

provide

total

returns

in

excess

of

the

Bloomberg

U.S.

MBS

Index

without

taking

additional

risk

and

differentiates

itself

by

employing

fundamental

loan-level

analysis

and

quantitative

modeling

in

an

effort

to

identify

mispriced

assets

with

attractive

borrower

behavior.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

193.0%^

Asset-Backed

Securities

6.6%

Investment

Companies

1.0%

Financial

0.1%

200.7%

^

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

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

~

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

NAV

-14.89%

-0.49%

0.29%

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

Market

Price

-14.81%

-0.46%

–

Bloomberg

U.S.

Mortgage

Backed

Securities

(MBS)

Index

-15.04%

-1.29%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$927.80

$1.36

$1,000.00

$1,023.79

$1.43

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Mortgage-Backed

Securities

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2022

and

for

the

period

September

12,

2018

(commencement

of

operations)

through

October

31,

2018

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2022

and

for

the

period

September

12,

2018

(commencement

of

operations)

through

October

31,

2018

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

6.6%

American

Credit

Acceptance

Receivables

Trust,

4.1200%,

2/13/26

(144A)

$

3,486,532

$

3,448,360

Consumer

Loan

Underlying

Bond

Club

Certificate

Issuer

Trust

I,

4.7000%,

12/15/26

(144A)

2,287,321

2,279,732

Consumer

Loan

Underlying

Bond

CLUB

Credit

Trust,

4.4100%,

10/15/26

(144A)

2,326,617

2,314,430

FREED

ABS

Trust,

6.9600%,

9/20/27

(144A)

2,522,684

2,526,778

FREED

ABS

Trust,

1.0300%,

6/19/28

(144A)

610,507

606,869

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

2,021,225

1,953,888

Lendingpoint

Asset

Securitization

Trust,

1.6800%,

6/15/29

(144A)

966,850

948,258

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

1,713,092

1,572,252

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

4,974,950

4,297,154

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

1,644,208

1,573,706

Pawneee

Equipment

Receivables

LLC,

3.8090%,

8/15/23

(144A)

2,812,328

2,804,626

Point

Securitization

Trust,

3.2282%,

2/25/52

(144A)

‡

2,154,196

2,051,064

Santander

Bank

Auto

Credit-Linked

Notes,

5.7210%,

8/16/32

(144A)

12,795,064

12,745,295

Sunnova

Helios

II

Issuer

LLC,

2.0100%,

7/20/48

(144A)

1,960,568

1,417,552

Tesla

Auto

Lease

Trust,

2.3300%,

2/20/24

(144A)

2,000,000

1,955,153

Upstart

Securitization

Trust,

3.0140%,

11/20/30

(144A)

1,500,000

1,483,782

Upstart

Securitization

Trust,

0.8700%,

3/20/31

(144A)

565,820

561,397

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

7,000,000

6,667,578

Total

Asset-Backed

Securities

(cost

$52,942,270)

51,207,874

Mortgage-Backed

Securities

-

193.0%

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.3500%,

4.3468%, 2/25/50

(144A)

‡

2,079,693

1,708,362

SOFR30A

+

1.5500%,

4.5468%, 2/25/50

(144A)

‡

2,466,012

1,953,402

CIM

Trust

,

2.5690

%

,

7/25/55

(144A)

Ç

1,437,076

1,345,639

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

2.4000%,

5.9856%, 4/25/31

(144A)

‡

179,427

178,828

ICE

LIBOR

USD

1

Month

+

2.4500%,

6.0356%, 7/25/31

(144A)

‡

102,339

101,980

ICE

LIBOR

USD

1

Month

+

2.1500%,

5.7356%, 9/25/31

(144A)

‡

1,887,195

1,882,449

SOFR30A

+

1.0000%,

3.9968%, 12/25/41

(144A)

‡

1,477,660

1,437,964

SOFR30A

+

1.2000%,

4.1968%, 1/25/42

(144A)

‡

10,728,124

10,419,907

SOFR30A

+

2.0000%,

4.9968%, 3/25/42

(144A)

‡

1,463,387

1,437,475

SOFR30A

+

2.1000%,

5.0968%, 3/25/42

(144A)

‡

3,629,997

3,580,981

Extended

Stay

America

Trust

,

ICE

LIBOR

USD

1

Month

+

2.2500%

,

5.6630

%

,

7/15/38

(144A)

‡

2,928,577

2,771,112

FHLMC

Gold

Pools,

Other

3.5000%, 8/1/42

64,583

58,560

3.5000%, 8/1/42

58,874

53,384

3.0000%, 3/1/43

3,179

2,782

3.0000%, 6/1/43

68,034

58,974

3.0000%, 11/1/43

1,113,209

975,481

FHLMC

Multifamily

Structured

Credit

Risk

,

SOFR30A

+

2.0000%

,

4.9968

%

,

1/25/51

(144A)

‡

1,383,888

1,279,047

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.3000%,

4.2968%, 2/25/42

(144A)

‡

2,284,391

2,227,425

SOFR30A

+

2.1500%,

5.1468%, 9/25/42

(144A)

‡

2,407,431

2,381,003

ICE

LIBOR

USD

1

Month

+

5.1000%,

8.6856%, 6/25/50

(144A)

‡

1,855,507

1,904,174

FHLMC

STACR

Trust

,

ICE

LIBOR

USD

1

Month

+

1.9500%

,

5.5356

%

,

10/25/49

(144A)

‡

2,403,425

2,381,604

FHLMC

UMBS

3.0000%, 5/1/31

107,547

100,799

2.5000%, 12/1/31

13,724

12,723

3.0000%, 9/1/32

97,140

90,987

3.0000%, 1/1/33

58,117

54,436

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

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)

2.5000%, 12/1/33

$

459,808

$

426,299

2.5000%, 11/1/34

972,394

882,573

3.0000%, 3/1/43

2,802,419

2,452,855

3.5000%, 12/1/44

562,739

509,469

3.0000%, 10/1/46

2,539,117

2,199,926

3.0000%, 12/1/46

16,744

14,507

4.0000%, 3/1/47

156,665

146,144

3.0000%, 4/1/47

1,329,717

1,152,085

4.0000%, 11/1/47

431,904

399,949

3.0000%, 12/1/47

23,705

20,539

4.5000%, 8/1/48

132,817

126,805

4.0000%, 9/1/48

1,320,939

1,222,742

5.0000%, 9/1/48

83,251

81,368

4.0000%, 11/1/48

221,230

204,784

4.0000%, 12/1/48

2,730,390

2,527,417

4.5000%, 12/1/48

31,880

30,439

4.5000%, 12/1/48

385,369

368,657

4.5000%, 12/1/48

4,832,765

4,614,017

4.0000%, 5/1/49

482,593

444,416

4.0000%, 6/1/49

1,651,341

1,526,157

4.0000%, 7/1/49

1,729,631

1,598,512

3.0000%, 8/1/49

125,537

107,755

3.0000%, 8/1/49

2,553,397

2,194,549

3.5000%, 8/1/49

364,849

325,440

3.5000%, 3/1/50

414,383

366,031

4.0000%, 3/1/50

2,570,133

2,379,073

4.0000%, 6/1/50

4,306,148

3,986,035

2.5000%, 8/1/50

21,596

17,972

2.5000%, 8/1/50

57,639

47,985

2.5000%, 9/1/50

104,327

86,780

4.5000%, 9/1/50

15,935,043

15,213,769

4.0000%, 10/1/50

768,610

710,344

2.0000%, 9/1/51

6,008,573

4,746,150

2.0000%, 9/1/51

5,241,184

4,139,993

2.5000%, 11/1/51

5,807,991

4,807,751

2.5000%, 1/1/52

213,998

176,970

2.5000%, 1/1/52

130,217

107,564

3.0000%, 2/1/52

1,093,520

937,131

3.0000%, 2/1/52

1,431,371

1,223,866

3.0000%, 3/1/52

1,890,468

1,619,516

4.5000%, 3/1/52

114,019

107,019

3.5000%, 4/1/52

3,236,796

2,863,180

3.5000%, 4/1/52

3,032,947

2,682,860

3.5000%, 4/1/52

1,060,636

937,432

3.5000%, 4/1/52

931,205

822,921

3.5000%, 6/1/52

13,528,915

11,992,061

3.5000%, 7/1/52

5,029,016

4,454,608

4.0000%, 7/1/52

4,484,038

4,081,307

5.5000%, 7/1/52

4,773,443

4,740,636

4.0000%, 8/1/52

5,119,165

4,659,792

4.5000%, 8/1/52

10,750,879

10,099,543

4.5000%, 8/1/52

25,524,069

23,983,827

4.5000%, 8/1/52

5,497,799

5,166,036

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

2022

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)

5.0000%, 8/1/52

$

44,206,812

$

43,175,616

5.0000%, 8/1/52

8,976,724

8,716,337

5.5000%, 8/1/52

4,054,497

4,026,632

5.5000%, 9/1/52

3,790,964

3,764,910

FHLMC,

REMIC

ICE

LIBOR

USD

1

Month

+

0.3500%,

3.7621%, 2/15/32

‡

24,262

24,230

ICE

LIBOR

USD

1

Month

+

0.6500%,

4.0621%, 3/15/32

‡

35,300

35,410

ICE

LIBOR

USD

1

Month

+

0.5000%,

3.9121%, 7/15/32

‡

20,152

20,269

ICE

LIBOR

USD

1

Month

+

0.4000%,

3.8121%, 1/15/33

‡

23,234

23,127

ICE

LIBOR

USD

1

Month

+

0.2500%,

3.6621%, 9/15/35

‡

20,713

20,683

ICE

LIBOR

USD

1

Month

+

0.5900%,

4.0021%, 10/15/37

‡

68,888

68,571

ICE

LIBOR

USD

1

Month

+

0.3000%,

3.7121%, 8/15/40

‡

29,610

29,698

ICE

LIBOR

USD

1

Month

+

0.5000%,

3.9121%, 9/15/40

‡

68,144

67,674

ICE

LIBOR

USD

1

Month

+

0.5500%,

3.9621%, 4/15/41

‡

224,895

222,087

FNMA

ICE

LIBOR

USD

1

Month

+

2.6000%,

6.1856%, 5/25/24

‡

1,823,426

1,823,982

ICE

LIBOR

USD

1

Month

+

4.9000%,

8.4856%, 11/25/24

‡

574,107

589,632

ICE

LIBOR

USD

1

Month

+

4.0000%,

7.5856%, 5/25/25

‡

5,987,348

6,045,988

ICE

LIBOR

USD

1

Month

+

5.0000%,

8.5856%, 7/25/25

‡

2,254,004

2,281,485

ICE

LIBOR

USD

1

Month

+

5.7000%,

9.2856%, 4/25/28

‡

983,755

1,035,665

ICE

LIBOR

USD

1

Month

+

2.5000%,

6.0856%, 5/25/30

‡

4,765,278

4,730,335

ICE

LIBOR

USD

1

Month

+

2.0000%,

5.5856%, 3/25/31

‡

2,544,121

2,514,418

SOFR30A

+

2.0000%,

4.9968%, 11/25/41

(144A)

‡

2,386,000

2,124,304

FNMA

UMBS

2.5000%, 8/1/31

15,528

14,395

2.5000%, 10/1/31

17,952

16,643

2.5000%, 2/1/32

16,391

15,195

3.0000%, 11/1/34

68,244

63,343

3.0000%, 12/1/34

74,435

69,090

3.0000%, 1/1/43

209,440

183,509

3.0000%, 5/1/43

1,217,863

1,065,850

3.0000%, 5/1/43

1,586,964

1,388,880

3.0000%, 10/1/44

975,094

854,364

3.5000%, 12/1/45

533,418

478,618

3.0000%, 1/1/46

18,141

15,717

3.5000%, 1/1/46

49,190

44,136

3.0000%, 3/1/46

1,933,878

1,675,464

3.0000%, 9/1/46

45,427

39,757

3.0000%, 1/1/47

91,842

79,569

3.0000%, 1/1/47

347,780

304,370

3.0000%, 1/1/47

401,075

347,482

3.5000%, 3/1/47

466,265

418,364

4.0000%, 5/1/47

333,832

310,437

3.5000%, 7/1/47

413,514

371,031

3.5000%, 8/1/47

154,878

138,940

4.0000%, 10/1/47

1,710,374

1,583,919

3.5000%, 12/1/47

164,502

147,574

3.0000%, 2/1/48

565,209

489,700

3.0000%, 4/1/48

27,788,773

24,320,197

5.0000%, 5/1/48

1,631,572

1,594,621

3.5000%, 7/1/48

10,583,857

9,488,460

4.0000%, 7/1/48

2,097,918

1,941,940

4.0000%, 10/1/48

805,823

745,911

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

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)

FNMA

UMBS

-

(continued)

4.0000%, 11/1/48

$

2,439,305

$

2,257,945

4.0000%, 12/1/48

390,770

361,717

4.0000%, 2/1/49

1,395,352

1,291,609

4.0000%, 2/1/49

1,219,894

1,129,196

4.0000%, 6/1/49

326,183

301,468

3.0000%, 8/1/49

126,723

108,768

3.0000%, 8/1/49

130,907

112,359

3.0000%, 9/1/49

239,647

206,350

4.0000%, 11/1/49

5,266,411

4,874,859

4.0000%, 11/1/49

465,212

429,963

4.5000%, 1/1/50

8,542,012

8,155,587

4.0000%, 3/1/50

7,695,420

7,123,273

4.0000%, 3/1/50

4,210,437

3,897,395

4.0000%, 3/1/50

1,582,086

1,464,459

3.0000%, 5/1/50

2,934,389

2,532,588

2.5000%, 8/1/50

113,210

94,207

4.0000%, 9/1/50

8,914,816

8,239,350

4.0000%, 10/1/50

8,416,388

7,778,687

4.5000%, 10/1/50

5,259,778

5,021,835

4.5000%, 12/1/50

1,751,639

1,648,188

4.0000%, 3/1/51

202,911

187,824

4.0000%, 3/1/51

416,189

384,655

4.0000%, 3/1/51

21,428,901

19,805,256

2.5000%, 6/1/51

28,209,523

23,424,695

2.0000%, 9/1/51

5,554,813

4,387,920

4.0000%, 10/1/51

2,997,261

2,770,162

2.5000%, 3/1/52

6,215,112

5,134,407

2.5000%, 3/1/52

380,652

314,354

3.0000%, 3/1/52

5,423,650

4,635,762

3.5000%, 3/1/52

5,774,527

5,120,138

3.0000%, 4/1/52

4,599,389

3,938,633

3.0000%, 4/1/52

4,041,509

3,453,300

3.5000%, 4/1/52

3,962,266

3,504,764

3.5000%, 4/1/52

4,389,358

3,878,784

3.5000%, 4/1/52

1,602,967

1,416,706

3.5000%, 4/1/52

5,644,505

5,023,361

3.5000%, 4/1/52

1,283,730

1,134,406

3.5000%, 4/1/52

1,334,637

1,180,533

4.0000%, 4/1/52

2,994,477

2,740,059

4.5000%, 4/1/52

135,476

127,152

4.5000%, 4/1/52

265,050

248,767

4.5000%, 4/1/52

240,519

225,743

4.5000%, 4/1/52

210,402

197,476

4.5000%, 4/1/52

462,101

433,713

4.5000%, 4/1/52

600,489

563,600

3.5000%, 5/1/52

3,291,972

2,916,869

3.5000%, 5/1/52

25,266,656

22,478,365

3.5000%, 5/1/52

4,445,090

3,931,151

4.5000%, 5/1/52

733,052

688,019

3.5000%, 6/1/52

2,400,877

2,126,564

3.5000%, 6/1/52

13,631,381

12,122,861

3.5000%, 6/1/52

23,571,327

20,955,479

4.0000%, 6/1/52

4,665,177

4,246,192

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2022

10

October

31,

2022

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)

4.0000%, 6/1/52

$

1,249,575

$

1,137,350

3.5000%, 7/1/52

600,331

533,709

3.5000%, 7/1/52

11,945,670

10,580,814

3.5000%, 7/1/52

3,410,967

3,032,432

4.0000%, 7/1/52

1,993,710

1,814,653

4.5000%, 7/1/52

3,320,129

3,116,211

4.5000%, 7/1/52

2,364,537

2,221,743

5.0000%, 7/1/52

45,136,394

43,604,893

3.5000%, 8/1/52

2,926,107

2,590,875

3.5000%, 8/1/52

1,091,279

969,834

4.5000%, 8/1/52

23,004,896

21,615,633

5.0000%, 8/1/52

20,593,292

19,995,523

5.5000%, 8/1/52

7,647,428

7,594,845

5.5000%, 9/1/52

15,233,824

15,067,762

5.5000%, 10/1/52

23,651,226

23,355,658

FNMA,

Other

3.0000%, 4/1/38

220,115

192,641

3.0000%, 9/1/42

262,455

229,960

3.0000%, 10/1/42

201,496

176,548

3.0000%, 1/1/43

353,367

309,616

3.0000%, 3/1/43

439,801

384,905

3.0000%, 5/1/43

102,799

89,968

3.0000%, 6/1/46

388,250

334,020

3.0000%, 11/1/46

78,787

68,465

3.0000%, 2/1/57

1,767,035

1,518,903

FNMA,

REMIC

ICE

LIBOR

USD

1

Month

+

0.4000%,

3.9856%, 4/25/32

‡

32,192

32,109

ICE

LIBOR

USD

1

Month

+

0.5500%,

4.1356%, 4/25/32

‡

21,886

21,955

ICE

LIBOR

USD

1

Month

+

0.5000%,

4.0856%, 9/25/33

‡

31,117

31,148

ICE

LIBOR

USD

1

Month

+

0.3000%,

3.8856%, 10/25/35

‡

25,712

25,360

ICE

LIBOR

USD

1

Month

+

0.3500%,

3.9356%, 4/25/36

‡

86,662

85,432

ICE

LIBOR

USD

1

Month

+

0.5200%,

4.1056%, 9/25/37

‡

26,720

26,611

ICE

LIBOR

USD

1

Month

+

0.4000%,

3.9856%, 9/25/40

‡

15,968

15,976

ICE

LIBOR

USD

1

Month

+

55.0000%,

20.5935%, 10/25/40

‡

41,248

60,970

ICE

LIBOR

USD

1

Month

+

0.4300%,

4.0156%, 11/25/40

‡

16,898

16,673

ICE

LIBOR

USD

1

Month

+

0.4000%,

3.9856%, 9/25/42

‡

10,886

10,688

ICE

LIBOR

USD

1

Month

+

0.3500%,

3.9356%, 10/25/42

‡

145,669

143,782

ICE

LIBOR

USD

1

Month

+

4.0000%,

0.4144%, 11/25/42

‡

473,554

262,306

ICE

LIBOR

USD

1

Month

+

0.5000%,

4.0856%, 2/25/43

‡

45,398

44,856

3.5000%, 1/25/61

(a)

24,755,804

4,328,745

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

3.0000%,

TBA, 15

Year

Maturity

(b)

62,427,503

57,419,818

3.5000%,

TBA, 15

Year

Maturity

(b)

75,895,329

71,269,964

4.0000%,

TBA, 15

Year

Maturity

(b)

70,917,500

67,746,069

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

292,137,700

239,117,921

5.5000%,

TBA, 30

Year

Maturity

(b)

85,559,459

84,362,225

6.0000%,

TBA, 30

Year

Maturity

(b)

39,000,000

39,047,190

FREMF

Mortgage

Trust

,

ICE

LIBOR

USD

1

Month

+

6.0000%

,

9.1427

%

,

9/25/29

(144A)

‡

1,110,249

1,069,601

GNMA

ICE

LIBOR

USD

1

Month

+

0.4000%,

3.8121%, 8/16/29

‡

19,004

19,023

ICE

LIBOR

USD

1

Month

+

0.4000%,

3.8891%, 7/20/34

‡

44,173

43,732

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

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)

GNMA

-

(continued)

ICE

LIBOR

USD

1

Month

+

0.3000%,

3.7121%, 8/16/34

‡

$

33,821

$

33,471

ICE

LIBOR

USD

1

Month

+

0.2000%,

3.6891%, 6/20/35

‡

25,412

24,909

ICE

LIBOR

USD

1

Month

+

0.1500%,

3.6391%, 8/20/35

‡

31,795

31,038

ICE

LIBOR

USD

1

Month

+

0.3000%,

3.7891%, 4/20/37

‡

10,690

10,482

ICE

LIBOR

USD

1

Month

+

0.3100%,

3.7991%, 6/20/37

‡

29,501

28,982

ICE

LIBOR

USD

1

Month

+

0.3200%,

3.8091%, 7/20/37

‡

46,921

46,206

ICE

LIBOR

USD

1

Month

+

0.5000%,

3.9891%, 10/20/37

‡

14,947

14,826

ICE

LIBOR

USD

1

Month

+

0.5000%,

3.9891%, 10/20/37

‡

35,920

35,629

ICE

LIBOR

USD

1

Month

+

0.5000%,

3.9891%, 2/20/38

‡

59,808

59,241

ICE

LIBOR

USD

1

Month

+

0.5000%,

3.9891%, 2/20/38

‡

29,533

29,263

ICE

LIBOR

USD

1

Month

+

0.6000%,

4.0121%, 1/16/40

‡

9,924

9,876

ICE

LIBOR

USD

1

Month

+

0.3500%,

3.8391%, 6/20/40

‡

675

668

ICE

LIBOR

USD

1

Month

+

0.4300%,

3.8421%, 10/16/40

‡

46,783

46,274

0.0000%, 5/16/41

¤

4,661,406

3,525,145

ICE

LIBOR

USD

1

Month

+

0.3000%,

3.7891%, 7/20/41

‡

21,240

20,987

GNMA

II,

30

Year

4.5000%, 2/20/48

1,334,455

1,283,855

4.0000%, 5/20/48

304,109

283,121

4.0000%, 6/20/48

1,015,176

945,116

4.5000%, 7/20/48

312,718

296,967

4.5000%, 11/20/48

173,042

166,433

5.0000%, 1/20/49

10,315

10,201

GNMA

II,

Other

4.0000%, 2/20/49

215,381

199,421

4.0000%, 4/20/49

165,370

153,116

GNMA

II,

Single

Family,

30

Year

2.5000%,

TBA, 30

Year

Maturity

(b)

21,077,414

17,837,204

3.0000%,

TBA, 30

Year

Maturity

(b)

54,920,876

47,696,859

3.5000%,

TBA, 30

Year

Maturity

(b)

28,311,337

25,298,869

4.0000%,

TBA, 30

Year

Maturity

(b)

18,017,249

16,575,311

4.5000%,

TBA, 30

Year

Maturity

(b)

122,000,000

115,510,576

JPMorgan

Mortgage

Trust

,

3.0000

%

,

6/25/45

(144A)

‡

623,686

535,591

PRPM

LLC

2.2370%, 10/25/51

(144A)

‡

2,000,000

1,695,526

2.4850%, 10/25/51

(144A)

‡

2,600,000

2,213,601

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

852,941

726,072

4.0000%, 9/25/49

(144A)

‡

126,096

117,569

TPI

RE-REMIC

Trust

0.0000%, 7/25/46

(144A)

¤

5,274,000

5,009,846

0.0000%, 8/25/46

(144A)

¤

3,230,000

3,047,877

Total

Mortgage-Backed

Securities

(cost

$1,565,148,552)

1,498,670,279

Preferred

Stock

-

0.1%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

Rithm

Capital

Corp.,

7.0000%, 11/15/26

(cost

$991,600)

40,000

702,000

Investment

Companies

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

£,∞

(cost

$7,789,044)

7,788,322

7,789,100

Total

Investments

(total

cost

$1,626,871,466

)

-

200.7%

1,558,369,253

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(100.7%)

(781,766,252)

Net

Assets

-

100.0%

$776,603,001

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2022

12

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,558,369,253

100.0

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(71.6)%

Mortgage-Backed

Securities

-

(71.6)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.0000%,

TBA,

30

Year

Maturity

(b)

$

(99,655,086)

$

(84,598,398)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.5000%,

TBA,

30

Year

Maturity

(b)

(177,886,662)

(156,409,516)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

(96,050,449)

(87,358,075)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(164,968,896)

(154,723,668)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

(b)

(76,000,000)

(73,261,036)

Total

Securities

Sold

Short

(proceeds

$568,600,121)

$

(556,350,693)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(556,350,693)

100.0%

$–

–

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/22

Investment

Company

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

673,771

$

18,173

$

(5,454)

$

7,789,100

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

∞

267

Δ

–

–

–

Total

Affiliated

Investments

-

1.0%

$

674,038

$

18,173

$

(5,454)

$

7,789,100

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

10/31/22

Investment

Company

-

1.0%

Money

Market

Funds

-

1.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

484,064,930

$

1,365,482,880

$

(1,841,771,429)

$

7,789,100

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

3.0191%

∞

22,880

150,640

(173,520)

–

Total

Affiliated

Investments

-

1.0%

$

484,087,810

$

1,365,633,520

$

(1,841,944,949)

$

7,789,100

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

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

October

31,

2022.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2022.

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

671

12/20/22

$

74,208,406

$

(1,164,503)

U.S.

Treasury

10

Year

Ultra

Notes

160

12/20/22

18,557,500

(265,192)

U.S.

Treasury

Ultra

Bonds

53

12/20/22

6,765,781

(959,434)

Total

-

Futures

Long

(2,389,129)

Futures

Short:

U.S.

Treasury

2

Year

Notes

468

12/30/22

(95,651,156)

599,142

U.S.

Treasury

5

Year

Notes

1,066

12/30/22

(113,628,938)

1,034,621

Total

-

Futures

Short

1,633,763

Total

$(755,366)

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.39-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/27

$

50,950,000

$

(287,331)

$

(208,844)

$

(496,175)

CDX.NA.IG.39-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/27

20,850,000

(117,583)

23,562

(94,021)

Total

(404,914)

(185,282)

$(590,196)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2022

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

Futures

contracts

$—

$1,633,763

$1,633,763

Liability

Derivatives:

Swaps

-

centrally

cleared

590,196

—

590,196

Futures

contracts

—

2,389,129

2,389,129

Total

Liability

Derivatives

$590,196

$2,389,129

$2,979,325

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

October

31,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(1,820,545)

$(1,820,545)

Swap

contracts

1,397,717

—

1,397,717

Total

$1,397,717

$(1,820,545)

$(422,828)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

October

31,

2022

14

October

31,

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.

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(1,100,597)

$(1,100,597)

Swap

contracts

(580,164)

—

(580,164)

Total

$(580,164)

$(1,100,597)

$(1,680,761)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$41,524,022

Average

notional

amount

of

contracts

-

short

100,200,839

Credit

default

swaps:

Average

notional

amount

-

buy

protection

57,254,167

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

Janus

Detroit

Street

Trust

15

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

October

31,

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

October

31,

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

year

ended

October

31,

2022

is

$104,739,213

which

represents

13.5%

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

October

31,

2022

16

October

31,

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

October

31,

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

$

—

$

51,207,874

$

—

Mortgage-Backed

Securities

—

1,498,670,279

—

Preferred

Stock

702,000

—

—

Investment

Companies

—

7,789,100

—

Total

Investments

in

Securities

$

702,000

$

1,557,667,253

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

1,633,763

$

—

$

—

Total

Assets

$

2,335,763

$

1,557,667,253

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

556,350,693

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

590,196

$

—

Futures

Contracts

2,389,129

—

—

Total

Liabilities

$

2,389,129

$

556,940,889

$

—

(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

October

31,

2022

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,619,082,422)

$

1,550,580,153

Affiliated

investments,

at

value

(cost

$7,789,044)

7,789,100

Due

from

broker

for

centrally

cleared

swaps

1,160,262

Due

from

broker

for

futures

1,540,000

Receivables:

Investments

sold

12,308

TBA

investments

sold

734,131,946

Dividends

17,500

Interest

2,453,506

Total

Assets

2,297,684,775

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$568,600,121)

556,350,693

Payable

for

variation

margin

on

futures

contracts

12,372

Payable

for

variation

margin

on

swaps

345,835

Payables:

—

Due

to

custodian

5,918

Investments

purchased

9,578,115

TBA

investments

purchased

954,603,202

Management

fees

185,639

Total

Liabilities

1,521,081,774

Net

Assets

$

776,603,001

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

924,319,989

Total

distributable

earnings

(loss)

(147,716,988)

Total

Net

Assets

$

776,603,001

Net

Assets

$

776,603,001

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

17,550,000

Net

Asset

Value

Per

Share

$

44.25

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

18

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

17,130,337

Dividends

from

affiliates

673,771

Dividends

42,875

Affiliated

securities

lending

income,

net    

267

Unaffiliated

securities

lending

income,

net

2

Total

Investment

Income

17,847,252

Expenses:

Management

Fees

2,338,312

Total

Expenses

2,338,312

Net

Investment

Income/(Loss)

15,508,940

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(47,921,379)

Investments

in

affiliates

18,173

TBA

sales

commitments

(42,764,064)

Futures

contracts

(1,820,545)

Swap

contracts

1,397,717

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(91,090,098)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(69,895,152)

Investments

in

affiliates

(5,454)

TBA

sales

commitments

12,231,090

Futures

contracts

(1,100,597)

Swap

contracts

(580,164)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(59,350,277)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(134,931,435)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

15,508,940

$

8,838,954

Net

realized

gain/(loss)

on

investments

(91,090,098)

(3,754)

Change

in

unrealized

net

appreciation/depreciation

(59,350,277)

(3,716,678)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(134,931,435)

5,118,522

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(14,943,831)

(13,788,144)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(14,943,831)

(13,788,144)

Capital

Share

Transactions

78,104,500

278,398,450

Net

Increase/(Decrease)

in

Net

Assets

(71,770,766)

269,728,828

Net

Assets:

—

—

Beginning

of

Year  

848,373,767

578,644,939

End

of

Year

$

776,603,001

$

848,373,767

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

20

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.92

0.66

1.22

1.56

0.17

Net

realized

and

unrealized

gain/(loss)

(8.73)

(0.19)

1.51

3.03

(0.64)

Total

from

Investment

Operations

(7.81)

0.47

2.73

4.59

(0.47)

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.88)

(1.00)

(1.77)

(1.50)

—

Distributions

(from

capital

gains)

—

(0.11)

—

—

—

Total

Dividends

and

Distributions

(0.88)

(1.11)

(1.77)

(1.50)

—

Net

Asset

Value,

End

of

Period

$44.25

$52.94

$53.58

$52.62

$49.53

Total

Return

*

(14.89)%

0.88%

5.30%

(3)

9.40%

(3)

(0.94)%

Net

assets,

End

of

Period

(in

thousands)

$776,603

$848,374

$578,645

$168,381

$32,193

Average

Net

Assets

for

the

Period

(in

thousands)

$835,074

$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)

1.86%

1.24%

2.31%

3.05%

2.67%

Portfolio

Turnover

Rate

(4)(5)

143%

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

Janus

Detroit

Street

Trust

21

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

22

October

31,

2022

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

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. 

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 year

ended

October

31,

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

24

October

31,

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

25

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.

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. 

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. 

During

the

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

26

October

31,

2022

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

year,

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

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.

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

28

October

31,

2022

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.

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. 

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.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

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,

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. 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. 

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

October

31,

2022.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

30

October

31,

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: 

For

the year

ended

October

31,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.28% of

the

Fund’s

average

daily

net

assets.

Additionally, the

Adviser has

contractually

agreed

to

waive

and/or

reimburse

the

management

fee

to

the

extent

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. 

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

t

he

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

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

Janus

Detroit

Street

Trust

31

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”).

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 year

ended

October

31,

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

and

amended 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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$40,751,855

in

purchases

and

$25,403,419

in

sales,

resulting

in

a

net

realized

loss

of

$935,597.

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

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$2,439,287

$—

$(93,756,080)

$—

$—

$—

$(56,400,195)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(82,296,117)

$(11,459,963)

$(93,756,080)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

32

October

31,

2022

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of October

31,

2022

is

as

follows: 

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

6.

Capital

Share

Transactions 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,627,018,876

$1,195,747

$(69,845,370)

$(68,649,623)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(570,130,965)

$12,272,169

$(22,741)

$12,249,428

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$14,943,831

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$12,444,742

$1,343,402

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$—

$1,444,427

$(1,444,427)

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

7,625,000

$

377,266,247

6,050,000

$

322,380,877

Shares

repurchased

(6,100,000)

(299,161,747

)

(825,001)

(43,982,427

)

Net

Increase/(Decrease)

1,525,000

$

78,104,500

5,224,999

$

278,398,450

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

33

7.

Purchases

and

Sales

of

Investment

Securities 

For

the

year ended

October

31,

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.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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

$1,401,403,014

$879,482,994

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

34

October

31,

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

35

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

36

October

31,

2022

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

Mortgage-Backed

Securities

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

37

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93085

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

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

Trustees

and

Officers

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

25

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

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).

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

AAA

CLO

ETF

(the

“Fund”)

returned

-1.46%

net

of

fees

(based

on

NAV),

underperforming

its

benchmark,

the

J.P.

Morgan

CLO

AAA

Index,

which

returned

-0.90%.

The

period

was

characterized

by

rising

interest

rates

and

widening

spreads,

which

pressured

returns

on

risk

assets.

In

its

fight

against

inflation,

the

Federal

Reserve

hiked

rates

by

3.00%

over

the

period,

while

the

yield

on

2-year

U.S.

Treasuries

increased

from

0.50%

to

4.48%.

Spreads

on

AAA

CLOs,

calculated

using

the

J.P.

Morgan

CLO

AAA

Index

Discount

Margin,

widened

from

1.11%

to

2.24%

during

the

period,

as

investors

turned

to

their

most

liquid

holdings

to

raise

cash.

While

higher

yields

and

spreads

pressured

returns

in

the

CLO

market,

their

magnitude

was

more

muted

relative

to

corporate

bonds

and

other

securitized

products.

This

was

largely

attributable

to

CLOs’

floating-rate

coupons,

but

also

to

their

comparatively

higher

credit

ratings.

Security

selection

within

the

CLO

market

drove

relative

underperformance

over

the

period.

Relative

to

the

benchmark,

the

Fund’s

modestly

higher

allocation

to

AA

and

junior

(versus

senior)

AAA

rated

securities

detracted

as

spreads

widened.

Relative

underperformance

was

also

witnessed

within

the

Fund’s

senior

AAA

holdings,

as

a

significant

portion

of

those

holdings

were

purchased

in

2021

at

record

low

coupon

rates,

which

are

more

sensitive

to

changes

in

interest

rates.

Janus

Henderson

AAA

CLO

ETF

is

an

actively

managed

ETF

seeking

to

invest

in

high-quality

CLOs.

The

ETF

seeks

to

deliver

investors

risk-managed

access

to

an

asset

class

that

may

provide

consistent

risk-adjusted

returns

and

low

correlation

to

traditional

fixed

income

asset

classes

while

exhibiting

low

volatility

with

low

downgrade

risk.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligations

93.2%

Investment

Companies

7.0%

100.2%

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

AAA

CLO

ETF

-

NAV

-1.46

%

0.30%

0.26%

Janus

Henderson

AAA

CLO

ETF

-

Market

Price

-1.47%

0.30%

–

J.P.

Morgan

CLO

AAA

Index

-0.90%

0.64%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$988.70

$1.15

$1,000.00

$1,024.05

$1.17

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

AAA

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

AAA

CLO

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

AAA

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

for

the

period

October

16,

2020

(commencement

of

operations)

through

October

31,

2020

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

93.2%

AB

BSL

CLO

2

Ltd.

2021-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.1791%,

4/15/34

(144A)

‡

$

15,000,000

$

14,347,080

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.3126%,

4/20/33

(144A)

‡

5,500,000

5,318,770

Allegro

CLO

VIII

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.1791%,

7/15/31

(144A)

‡

16,317,000

15,868,707

Allegro

CLO

XII

Ltd.

2020-1A

A1,

ICE

LIBOR

USD

3

Month

+

1.2500%,

5.5276%,

1/21/32

(144A)

‡

30,000,000

29,240,730

AMMC

CLO

XII

Ltd.

2013-12A

AR2,

ICE

LIBOR

USD

3

Month

+

0.9500%,

3.8616%,

11/10/30

(144A)

‡

20,000,000

19,587,700

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

ICE

LIBOR

USD

3

Month

+

1.0500%,

5.4239%,

1/28/31

(144A)

‡

15,830,000

15,528,660

Apex

Credit

CLO

2021

Ltd.

2021-1A

AN,

ICE

LIBOR

USD

3

Month

+

1.2100%,

5.4037%,

7/18/34

(144A)

‡

1,476,000

1,407,965

Apidos

CLO

XX

2015-20A

A1RA,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.1791%,

7/16/31

(144A)

‡

21,330,000

20,768,232

Apidos

CLO

XXIX

2018-29A

A1B,

ICE

LIBOR

USD

3

Month

+

1.3000%,

5.6584%,

7/25/30

(144A)

‡

2,000,000

1,914,040

Atrium

XIV

LLC

14A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

5.5291%,

8/23/30

(144A)

‡

2,000,000

1,927,254

Ballyrock

CLO

Ltd.

2019-1A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0300%,

5.1091%,

7/15/32

(144A)

‡

19,000,000

18,330,877

Battalion

CLO

VIII

Ltd.

2015-8A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.2637%,

7/18/30

(144A)

‡

14,794,274

14,461,714

Benefit

Street

Partners

CLO

VIII

Ltd.

2015-8A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.3426%,

1/20/31

(144A)

‡

3,000,000

2,929,893

BlueMountain

CLO

XXXII

Ltd.

2021-32A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.2491%,

10/15/34

(144A)

‡

11,800,000

11,286,252

BlueMountain

Fuji

US

CLO

II

Ltd.

2017-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.2426%,

10/20/30

(144A)

‡

15,000,000

14,686,200

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.2291%,

1/15/30

(144A)

‡

3,500,000

3,326,123

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.5847%,

1/30/31

(144A)

‡

3,010,000

2,857,005

Carlyle

US

CLO

Ltd.

2016-4A

BR,

ICE

LIBOR

USD

3

Month

+

2.1000%,

6.3426%,

10/20/27

(144A)

‡

1,000,000

932,664

Carlyle

US

CLO

Ltd.

2017-5A

A1B,

ICE

LIBOR

USD

3

Month

+

1.2500%,

5.4926%,

1/20/30

(144A)

‡

4,527,000

4,302,402

Carlyle

US

CLO

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1600%,

5.2391%,

10/15/35

(144A)

‡

22,000,000

21,064,098

CARLYLE

US

CLO

Ltd.

2021-1A

A1,

ICE

LIBOR

USD

3

Month

+

1.1400%,

5.2191%,

4/15/34

(144A)

‡

19,150,000

18,401,790

CBAM

Ltd.

2018-8A

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.3626%,

10/20/29

(144A)

‡

8,917,111

8,757,325

CBAM

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

5.0991%,

4/17/31

(144A)

‡

5,900,000

5,748,458

CBAM

Ltd.

2019-11RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.4226%,

1/20/35

(144A)

‡

16,897,000

16,183,811

CBAM

Ltd.

2019-11RA

A2,

ICE

LIBOR

USD

3

Month

+

1.5000%,

5.7426%,

1/20/35

(144A)

‡

13,889,000

12,943,242

CIFC

Funding

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0100%,

5.2876%,

4/23/29

(144A)

‡

9,280,228

9,103,681

CIFC

Funding

Ltd.

2017-3A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

5.4626%,

7/20/30

(144A)

‡

9,953,906

9,782,848

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

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)

CIFC

Funding

Ltd.

2013-2A

A3LR,

ICE

LIBOR

USD

3

Month

+

1.9500%,

6.1437%,

10/18/30

(144A)

‡

$

1,000,000

$

931,230

CIFC

Funding

Ltd.

2018-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.2937%,

7/18/31

(144A)

‡

17,500,000

17,053,155

CIFC

Funding

Ltd.

2019-6A

C,

ICE

LIBOR

USD

3

Month

+

2.7000%,

6.7791%,

1/16/33

(144A)

‡

1,500,000

1,415,250

CIFC

Funding

Ltd.

2014-4RA

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.2491%,

1/17/35

(144A)

‡

42,500,000

40,586,183

CIFC

Funding

Ltd.

2021-7A

A1,

ICE

LIBOR

USD

3

Month

+

1.1300%,

5.4546%,

1/23/35

(144A)

‡

34,576,000

33,042,866

Deer

Creek

CLO

Ltd.

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.4226%,

10/20/30

(144A)

‡

3,000,000

2,939,988

Dryden

41

Senior

Loan

Fund

2015-41A

AR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

5.0491%,

4/15/31

(144A)

‡

50,875,000

49,494,100

Dryden

53

CLO

Ltd.

2017-53A

A,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.1991%,

1/15/31

(144A)

‡

31,552,000

30,864,703

Dryden

64

CLO

Ltd.

2018-64A

A,

ICE

LIBOR

USD

3

Month

+

0.9700%,

5.1637%,

4/18/31

(144A)

‡

36,046,000

34,872,198

Dryden

75

CLO

Ltd.

2019-75A

AR2,

ICE

LIBOR

USD

3

Month

+

1.0400%,

5.1191%,

4/15/34

(144A)

‡

27,500,000

26,198,398

Dryden

85

CLO

Ltd.

2020-85A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.2291%,

10/15/35

(144A)

‡

30,000,000

28,603,980

Eaton

Vance

CLO

Ltd.

2020-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.2491%,

10/15/34

(144A)

‡

25,000,000

23,942,700

Galaxy

XX

CLO

Ltd.

2015-20A

AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.2426%,

4/20/31

(144A)

‡

4,000,000

3,903,908

Generate

CLO

2

Ltd.

2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.4746%,

1/22/31

(144A)

‡

2,000,000

1,956,848

Greywolf

CLO

VII

Ltd.

2018-2A

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.4226%,

10/20/31

(144A)

‡

2,000,000

1,948,776

Hayfin

US

XIV

Ltd.

2021-14A

A1,

ICE

LIBOR

USD

3

Month

+

1.2300%,

5.4726%,

7/20/34

(144A)

‡

16,800,000

16,122,876

Highbridge

Loan

Management

Ltd.

7A-2015

A2R,

ICE

LIBOR

USD

3

Month

+

0.9000%,

3.8051%,

3/15/27

(144A)

‡

3,000,000

2,971,662

Jay

Park

CLO

Ltd.

2016-1A

A2R,

ICE

LIBOR

USD

3

Month

+

1.4500%,

5.6926%,

10/20/27

(144A)

‡

22,000,000

21,228,856

JMP

Credit

Advisors

CLO

IV

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2800%,

5.3591%,

7/17/29

(144A)

‡

16,360,872

16,116,752

KKR

CLO

23

Ltd.

23

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.3926%,

10/20/31

(144A)

‡

1,000,000

973,874

KKR

CLO

24

Ltd.

24

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.3226%,

4/20/32

(144A)

‡

6,670,000

6,440,765

KKR

CLO

25

Ltd.

25

CR,

ICE

LIBOR

USD

3

Month

+

2.3000%,

6.3791%,

7/15/34

(144A)

‡

1,300,000

1,186,602

KKR

CLO

Ltd.

22

22A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.3926%,

7/20/31

(144A)

‡

3,000,000

2,920,221

LCM

XVIII

LP

19A

AR,

ICE

LIBOR

USD

3

Month

+

1.2400%,

5.3191%,

7/15/27

(144A)

‡

4,743,139

4,706,607

LCM

XXIII

Ltd.

23A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.3126%,

10/20/29

(144A)

‡

22,772,421

22,265,598

LCM

XXIV

Ltd.

24A

AR,

ICE

LIBOR

USD

3

Month

+

0.9800%,

5.2226%,

3/20/30

(144A)

‡

24,957,084

24,394,351

Logan

CLO

II

Ltd.

2021-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.3926%,

1/20/35

(144A)

‡

24,196,521

23,066,834

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Madison

Park

Funding

XVIII

Ltd.

2015-18A

ARR,

ICE

LIBOR

USD

3

Month

+

0.9400%,

5.2176%,

10/21/30

(144A)

‡

$

50,000,000

$

48,809,000

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

ICE

LIBOR

USD

3

Month

+

1.3000%,

5.6580%,

7/27/30

(144A)

‡

4,750,000

4,556,347

Madison

Park

Funding

XXVI

Ltd.

2017-26A

AR,

ICE

LIBOR

USD

3

Month

+

1.2000%,

5.6147%,

7/29/30

(144A)

‡

3,000,000

2,947,566

Magnetite

XIV-R

Ltd.

2015-14RA

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.3137%,

10/18/31

(144A)

‡

10,250,000

9,960,294

Magnetite

XV

Ltd.

2015-15A

CR,

ICE

LIBOR

USD

3

Month

+

1.8000%,

6.1584%,

7/25/31

(144A)

‡

2,700,000

2,474,885

Magnetite

XVII

Ltd.

2016-17A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.3426%,

7/20/31

(144A)

‡

25,400,000

24,728,068

Magnetite

Xxix

Ltd.

2021-29A

A,

ICE

LIBOR

USD

3

Month

+

0.9900%,

5.0691%,

1/15/34

(144A)

‡

18,306,000

17,710,286

Magnetite

XXVI

Ltd.

2020-26A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.4784%,

7/25/34

(144A)

‡

6,000,000

5,763,744

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.3737%,

12/18/30

(144A)

‡

3,000,000

2,920,464

MidOcean

Credit

CLO

VIII

2018-8A

A2,

ICE

LIBOR

USD

3

Month

+

1.3000%,

4.2840%,

2/20/31

(144A)

‡

8,037,000

7,746,012

MP

CLO

III

Ltd.

2013-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

5.4926%,

10/20/30

(144A)

‡

18,105,000

17,699,647

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.1591%,

10/16/33

(144A)

‡

23,000,000

22,316,026

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.

2021-40A

A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

5.1391%,

4/16/33

(144A)

‡

4,500,000

4,356,549

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.1791%,

7/16/35

(144A)

‡

6,000,000

5,743,104

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

5.2091%,

7/17/35

(144A)

‡

15,060,000

14,473,353

Northwoods

Capital

XII-B

Ltd.

2018-12BA

A2,

ICE

LIBOR

USD

3

Month

+

1.6000%,

4.8926%,

6/15/31

(144A)

‡

25,890,000

25,313,663

Oaktree

CLO

Ltd.

2019-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1200%,

5.1991%,

4/15/31

(144A)

‡

3,000,000

2,916,150

OCP

CLO

Ltd.

2014-5A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

5.4069%,

4/26/31

(144A)

‡

1,250,000

1,221,141

Octagon

Investment

Partners

34

Ltd.

2017-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

5.4926%,

1/20/30

(144A)

‡

2,000,000

1,898,458

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.3926%,

10/20/34

(144A)

‡

25,268,000

24,109,235

Octagon

Investment

Partners

49

Ltd.

2020-5A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

5.2991%,

1/15/33

(144A)

‡

35,000,000

34,010,515

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.2291%,

1/15/35

(144A)

‡

10,000,000

9,593,030

Octagon

Investment

Partners

XIV

Ltd.

2012-1A

ABRR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

5.3291%,

7/15/29

(144A)

‡

20,000,000

19,092,720

Octagon

Investment

Partners

XV

Ltd.

2013-1A

A1RR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

5.1966%,

7/19/30

(144A)

‡

24,000,000

23,485,320

Octagon

Investment

Partners

XVII

Ltd.

2013-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.3584%,

1/25/31

(144A)

‡

5,900,000

5,771,734

Octagon

Loan

Funding

Ltd.

2014-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1800%,

4.1406%,

11/18/31

(144A)

‡

6,000,000

5,833,860

OHA

Credit

Funding

3

Ltd.

2019-3A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

5.3826%,

7/2/35

(144A)

‡

60,000,000

57,517,620

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

OHA

Credit

Funding

5

Ltd.

2020-5A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

5.6437%,

4/18/33

(144A)

‡

$

1,350,000

$

1,304,084

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

5.3837%,

1/18/34

(144A)

‡

13,000,000

12,525,292

OHA

Credit

Partners

XIV

Ltd.

2017-14A

C,

ICE

LIBOR

USD

3

Month

+

1.8000%,

6.0776%,

1/21/30

(144A)

‡

1,000,000

920,127

Palmer

Square

CLO

Ltd.

2018-2A

A1A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.1791%,

7/16/31

(144A)

‡

59,000,000

57,543,939

Palmer

Square

CLO

Ltd.

2021-4A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.2491%,

10/15/34

(144A)

‡

25,000,000

23,886,775

Pikes

Peak

CLO

1

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

5.5046%,

7/24/31

(144A)

‡

1,500,000

1,463,991

Rad

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.4946%,

4/23/34

(144A)

‡

5,000,000

4,795,230

Regatta

Funding

LP

2013-2A

A1R3,

ICE

LIBOR

USD

3

Month

+

0.8500%,

3.3620%,

1/15/29

(144A)

‡

13,345,224

13,120,971

Regatta

XI

Funding

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.1491%,

7/17/31

(144A)

‡

15,000,000

14,600,565

Rockford

Tower

CLO

Ltd.

2017-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

5.4326%,

10/20/30

(144A)

‡

25,470,000

24,939,536

Shackleton

CLO

Ltd.

2017-11A

AR,

ICE

LIBOR

USD

3

Month

+

1.0900%,

3.9951%,

8/15/30

(144A)

‡

34,250,000

33,535,614

Shackleton

CLO

Ltd.

2019-14A

A1R,

ICE

LIBOR

USD

3

Month

+

1.2000%,

5.4426%,

7/20/34

(144A)

‡

3,825,000

3,661,986

Signal

Peak

CLO

5

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.1100%,

5.4684%,

4/25/31

(144A)

‡

15,750,000

15,382,442

Signal

Peak

CLO

8

Ltd.

2020-8A

C,

ICE

LIBOR

USD

3

Month

+

2.0000%,

6.2426%,

4/20/33

(144A)

‡

2,000,000

1,816,000

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

ICE

LIBOR

USD

3

Month

+

1.2500%,

5.4926%,

10/20/31

(144A)

‡

4,000,000

3,870,156

Sound

Point

CLO

XIX

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0000%,

5.0791%,

4/15/31

(144A)

‡

19,431,000

18,852,500

Sound

Point

CLO

XVII

2017-3A

A1R,

ICE

LIBOR

USD

3

Month

+

0.9800%,

5.2226%,

10/20/30

(144A)

‡

50,000,000

48,642,700

Sounds

Point

CLO

IV-R

Ltd.

2013-3RA

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

5.3437%,

4/18/31

(144A)

‡

5,000,000

4,837,750

Steele

Creek

CLO

Ltd.

2014-1RA

A,

ICE

LIBOR

USD

3

Month

+

1.0700%,

5.3476%,

4/21/31

(144A)

‡

11,116,956

10,811,395

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

ICE

LIBOR

USD

3

Month

+

1.2900%,

5.4837%,

4/18/33

(144A)

‡

2,650,000

2,571,030

THL

Credit

Wind

River

CLO

Ltd.

2014-2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1400%,

5.2191%,

1/15/31

(144A)

‡

13,548,600

13,178,141

TICP

CLO

XII

Ltd.

2018-12A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

5.2491%,

7/15/34

(144A)

‡

8,580,000

8,221,631

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.4500%,

5.6437%,

1/18/35

(144A)

‡

8,000,000

7,548,144

Venture

32

CLO

Ltd.

2018-32A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

5.2937%,

7/18/31

(144A)

‡

3,766,000

3,701,718

Venture

XVIII

CLO

Ltd.

2014-18A

AR,

ICE

LIBOR

USD

3

Month

+

1.2200%,

5.2991%,

10/15/29

(144A)

‡

24,280,294

23,831,206

Voya

CLO

Ltd.

2014-2A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

5.0991%,

4/17/30

(144A)

‡

23,140,270

22,644,721

Voya

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

5.1391%,

4/15/31

(144A)

‡

1,000,000

974,991

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

October

31,

2022

10

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Voya

CLO

Ltd.

2014-1A

AAR2,

CME

Term

SOFR

3

Month

+

1.2516%,

5.1802%,

4/18/31

(144A)

‡

$

19,278,784

$

18,689,894

Voya

CLO

Ltd.

2018-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9500%,

5.1766%,

4/19/31

(144A)

‡

5,566,000

5,422,403

Wind

River

CLO

Ltd.

2021-2A

C,

ICE

LIBOR

USD

3

Month

+

1.9500%,

6.1926%,

7/20/34

(144A)

‡

2,000,000

1,793,436

Total

Collateralized

Loan

Obligations

(cost

$1,585,989,208)

1,549,213,961

Investment

Companies

-

7.0%

Money

Market

Funds

-

7.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

£,∞

(cost

$117,092,198)

117,087,282

117,098,991

Total

Investments

(total

cost

$1,703,081,406

)

-

100.2%

1,666,312,952

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.2%)

(3,943,427)

Net

Assets

-

100.0%

$1,662,369,525

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,666,312,952

100.0

%

–

–

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/22

Investment

Company

-

7.1%

Money

Market

Funds

-

7.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

384,305

$

(6,793)

$

6,793

$

117,098,991

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

10/31/22

Investment

Company

-

7.1%

Money

Market

Funds

-

7.1%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

–

$

485,639,560

$

(368,540,569)

$

117,098,991

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

Janus

Detroit

Street

Trust

11

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

October

31,

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

October

31,

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

year

ended

October

31,

2022

is

$1,549,213,961

which

represents

93.2%

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

October

31,

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

$

—

$

1,549,213,961

$

—

Investment

Companies

—

117,098,991

—

Total

Assets

$

—

$

1,666,312,952

$

—

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

12

October

31,

2022

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$1,585,989,208)

$

1,549,213,961

Affiliated

investments,

at

value

(cost

$117,092,198)

117,098,991

Receivables:

Investments

sold

46,094

Interest

4,000,059

Total

Assets

1,670,359,105

Liabilities:

Payables:

—

Investments

purchased

7,669,090

Management

fees

320,490

Total

Liabilities

7,989,580

Net

Assets

$

1,662,369,525

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

1,706,372,842

Total

distributable

earnings

(loss)

(44,003,317)

Total

Net

Assets

$

1,662,369,525

Net

Assets

$

1,662,369,525

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

34,050,000

Net

Asset

Value

Per

Share

$

48.82

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

29,268,135

Dividends

795,214

Dividends

from

affiliates

384,305

Total

Investment

Income

30,447,654

Expenses:

Management

Fees

2,592,245

Total

Expenses

2,592,245

Net

Investment

Income/(Loss)

27,855,409

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(13,204,164)

Investments

in

affiliates

(6,793)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(13,210,957)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(37,479,619)

Investments

in

affiliates

6,793

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(37,472,826)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(22,828,374)

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

14

October

31,

2022

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Operations:

Net

investment

income/(loss)

$

27,855,409

$

1,694,271

Net

realized

gain/(loss)

on

investments

(13,210,957)

326,356

Change

in

unrealized

net

appreciation/depreciation

(37,472,826)

1,269,540

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(22,828,374)

3,290,167

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(22,387,705)

(1,562,707)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(22,387,705)

(1,562,707)

Capital

Share

Transactions

1,447,583,838

138,788,004

Net

Increase/(Decrease)

in

Net

Assets

1,402,367,759

140,515,464

Net

Assets:

—

—

Beginning

of

Year  

260,001,766

119,486,302

End

of

Year

$

1,662,369,525

$

260,001,766

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

1.26

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

(2.00)

0.69

(0.23)

Total

from

Investment

Operations

(0.74)

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(0.93)

(0.57)

—

Total

Dividends

and

Distributions

(0.93)

(0.57)

—

Net

Asset

Value,

End

of

Period

$48.82

$50.49

$49.79

Total

Return

*

(1.48)%

(3)

2.55%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$1,662,371

$260,002

$119,486

Average

Net

Assets

for

the

Period

(in

thousands)

$1,097,168

$146,235

$95,755

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.24%

0.25%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

2.54%

1.16%

1.29%

Portfolio

Turnover

Rate

(4)

55%

42%

0%

(5)

*

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,

2020

(commencement

of

operations)

through

October

31,

2020.

(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)

Amount

is

less

than

0.5%.

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

16

October

31,

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

AAA

CLO

ETF

Notes

to

Financial

Statements

18

October

31,

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

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

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

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

20

October

31,

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

Janus

Detroit

Street

Trust

21

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the year

ended

October

31,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.24% 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. 

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”).

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 year

ended

October

31,

2022 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.25%

Over

$1

billion

0.20%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

22

October

31,

2022

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

and

amended 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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$205,605,069 in

purchases.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$6,205,725

$—

$(13,278,337)

$—

$—

$—

$(36,930,705)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(13,247,295)

$(31,042)

$(13,278,337)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$1,703,243,657

$190,993

$(37,121,698)

$(36,930,705)

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions

6.

Purchases

and

Sales

of

Investment

Securities

For

the year ended

October

31,

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.

The

FASB

has

proposed

extending

the

sunset

date

to

December,

31

2024. 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 October

31,

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. 

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$22,387,705

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,562,707

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$—

$494,019

$(494,019)

Year

Ended

October

31,

2022

Year

Ended

October

31,

2021

Shares

Amount

Shares

Amount

Shares

sold

29,300,000

$

1,467,286,269

2,750,000

$

138,789,012

Shares

repurchased

(400,000)

(19,702,431

)

(20)

(1,008

)

Net

Increase/(Decrease)

28,900,000

$

1,447,583,838

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

$1,921,461,436

$581,174,459

$—

$—

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

24

October

31,

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

25

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

26

October

31,

2022

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

AAA

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

27

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93087

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

8

Statement

of

Operations

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

9

Statement

of

Changes

in

Net

Assets

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

10

Financial

Highlights

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

11

Notes

to

Financial

Statements

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

12

Additional

Information

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

19

Trustees

and

Officers

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

20

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Real

Estate

ETF

(JRE)

seeks

total

return

through

a

combination

of

capital

appreciation

and

current

income.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

U.S.

Real

Estate

ETF

(JRE)

launched

on

June

22,

2021.

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

U.S.

Real

Estate

ETF

(the

“Fund”)

returned

-18.85%

(based

on

NAV),

while

its

benchmark,

the

FTSE

Nareit

Equity

REITs

Index,

returned

-18.51%.

U.S.

property

stocks

declined

over

the

period,

with

the

net

lease,

hotel,

storage,

and

shopping

center

sectors

proving

more

defensive,

and

stocks

in

the

industrial,

office,

and

residential

sectors

lagging.

Real

estate

shares

reacted

to

a

combination

of

rising

interest

rates,

sharply

increasing

funding

costs,

and

a

slowing

global

economy

that

made

future

rental

income

streams

harder

to

underwrite.

Exposure

to

sectors

perceived

to

have

more

resilient

cash

flow

streams

in

a

worsening

economic

climate

contributed

positively

to

performance.

Here,

gaming

owner

VICI

Properties

and

retail

net

lease

landlords

Agree

Realty

and

National

Retail

Properties

added

value.

Industrial

owner

STAG

Industrial

and

two

storage

real

estate

investment

trusts

(REITs)

also

contributed

to

performance

after

delivering

strong

results

over

the

period.

These

gains

were

offset

by

positions

in

hotel

owner

Park

Hotels,

manufactured

housing

landlord

Sun

Communities,

West

Coast-focused

apartment

owner

Essex

Property

Trust,

and

a

life

science

office

specialist.

The

Janus

Henderson

U.S.

Real

Estate

ETF

is

an

actively

managed

equity

ETF

that

seeks

compelling

outperformance

by

investing

in

REITs

and

real

estate-related

businesses.

The

Fund’s

emphasis

on

local

property

market

knowledge

combined

with

a

repeatable,

disciplined

investment

process

seeks

to

provide

defensive

growth,

diversification

relative

to

broad

equities

and

fixed

income,

and

dividends

for

investors.

Greg

Kuhl

Danny

Greenberger

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Prologis,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

13.3%

Alexandria

Real

Estate

Equities,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

7.6%

Digital

Realty

Trust,

Inc.

Equity

Real

Estate

Investm

ent

Trusts

(REITs)

6.5%

VICI

Properties,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

6.4%

Rexford

Industrial

Realty,

Inc.

Equity

Real

Estate

Investment

Trusts

(REITs)

6.1%

39.9%

Sector

Allocation

–

(%

of

Net

Assets)

Financial

97.6%

Investment

Companies

2.3%

99.9%

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

~

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

U.S.

Real

Estate

ETF

-

NAV

-18.85%

-9.30%

0.65%

Janus

Henderson

U.S.

Real

Estate

ETF

-

Market

Price

-19.37%

-9.45%

–

FTSE

Nareit

Equity

REITs

Index

-18.51%

-9.34%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$811.20

$2.97

$1,000.00

$1,021.93

$3.31

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Real

Estate

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Real

Estate

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Real

Estate

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

the

results

of

its

operations

for

the

year

ended

October

31,

2022,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

June

22,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97.6%

Equity

Real

Estate

Investment

Trusts

(REITs)

-

94.5%

Agree

Realty

Corp.

1,425

$

97,897

Alexandria

Real

Estate

Equities,

Inc.

1,678

243,813

CubeSmart

3,750

157,013

Digital

Realty

Trust,

Inc.

2,083

208,821

Essex

Property

Trust,

Inc.

598

132,900

Healthpeak

Properties,

Inc.

5,221

123,894

Invitation

Homes,

Inc.

5,235

165,897

Life

Storage,

Inc.

838

92,691

National

Retail

Properties,

Inc.

3,559

149,585

Prologis,

Inc.

3,867

428,270

Rexford

Industrial

Realty,

Inc.

3,514

194,254

SBA

Communications

Corp.

276

74,492

SITE

Centers

Corp.

6,486

80,297

Spirit

Realty

Capital,

Inc.

4,031

156,524

STAG

Industrial,

Inc.

3,464

109,428

Sun

Communities,

Inc.

1,109

149,549

UDR,

Inc.

3,021

120,115

VICI

Properties,

Inc.

6,368

203,903

Welltower,

Inc.

2,332

142,345

3,031,688

Real

Estate

Management

&

Development

-

3.1%

Tricon

Residential,

Inc.

11,682

98,317

Total

Common

Stocks

(cost

$3,721,897)

3,130,005

Investment

Companies

-

2.3%

Money

Market

Funds

-

2.3%

Invesco

Government

&

Agency

Portfolio,

3.0700%

∞

(cost

$73,219)

73,219

73,219

Total

Investments

(total

cost

$3,795,116

)

-

99.9%

3,203,224

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.1%

4,707

Net

Assets

-

100.0%

$3,207,931

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

3,104,907

96.9

%

Canada

98,317

3.1

Total

$

3,203,224

100.0

%

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

Janus

Detroit

Street

Trust

7

FTSE

Nareit

Equity

REITs

Index

FTSE

Nareit

Equit

y

REITs

Index

reflects

performance

of

the

U.S.

equity

real

estate

investment

trust

market,

excluding

timber

and

infrastructure.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

October

31,

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

$

3,130,005

$

—

$

—

Investment

Companies

73,219

—

—

Total

Assets

$

3,203,224

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

8

October

31,

2022

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$3,795,116)

$

3,203,224

Receivables:

Investments

sold

3,558

Dividends

2,848

Total

Assets

3,209,630

Liabilities:

Payables:

—

Management

fees

1,699

Total

Liabilities

1,699

Net

Assets

$

3,207,931

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

3,899,218

Total

distributable

earnings

(loss)

(691,287)

Total

Net

Assets

$

3,207,931

Net

Assets

$

3,207,931

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

150,001

Net

Asset

Value

Per

Share

$

21.39

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

175,787

Foreign

tax

withheld

(282)

Total

Investment

Income

175,505

Expenses:

Management

Fees

54,217

Total

Expenses

54,217

Net

Investment

Income/(Loss)

121,288

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

13,213

Total

Net

Realized

Gain/(Loss)

on

Investments

$

13,213

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(1,518,526)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(1,518,526)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(1,384,025)

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Changes

in

Net

Assets

10

October

31,

2022

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

121,288

$

71,184

Net

realized

gain/(loss)

on

investments

13,213

(187,876)

Change

in

unrealized

net

appreciation/depreciation

(1,518,526)

926,634

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(1,384,025)

809,942

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(135,131)

(29,881)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(135,131)

(29,881)

Capital

Share

Transactions

(6,707,563)

10,654,589

Net

Increase/(Decrease)

in

Net

Assets

(8,226,719)

11,434,650

Net

Assets:

—

—

Beginning

of

Year  

11,434,650

—

End

of

Year

$

3,207,931

$

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

11

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.38

0.17

Net

realized

and

unrealized

gain/(loss)

(5.41)

1.80

Total

from

Investment

Operations

(5.03)

1.97

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.48)

(0.07)

Total

Dividends

and

Distributi

ons

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$21.39

$26.90

Total

Return

*

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$3,208

$11,435

Average

Net

Assets

for

the

Period

(in

thousands)

$8,325

$10,790

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.65%

0.65%

Ratio

of

Net

Investment

Income/(Loss)

1.46%

1.84%

Portfolio

Turnover

Rate

(3)

76%

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)

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

12

October

31,

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.

(the

"Exchange"),

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the  oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

13

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

14

October

31,

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. 

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. 

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

2.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

16

October

31,

2022

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.

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

year ended

October

31,

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

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

Janus

Detroit

Street

Trust

17

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

October

31,

2022, the

Adviser

owned 1

shares

or 0.00%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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. 

During

the

year ended

October

31,

2022,

capital

loss

carryovers

of

$63,848

were

utilized

by

the

Fund. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of

October

31,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$28,606

$—

$(113,761)

$—

$—

$—

$(606,132)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(81,201)

$(32,560)

$(113,761)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$3,809,356

$21,459

$(627,591)

$(606,132)

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$135,131

$—

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

18

October

31,

2022

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities  

For

the year ended

October

31,

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 year

ended

October

31,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2022,

the

Fund

had

net

realized

loss

of

$60,367

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 October

31,

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. 

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$29,881

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$(47,808)

$1,146

$46,662

Year

Ended

October

31,

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

(325,000)

(8,064,992

)

—

—

Net

Increase/(Decrease)

(275,000)

$

(6,707,563

)

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

$6,411,160

$7,194,743

$—

$—

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

$7,204,095

$—

$—

Janus

Henderson

U.S.

Real

Estate

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2022.

Qualified

Dividend

Income

Percentage

1%

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

20

October

31,

2022

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

21

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

U.S.

Real

Estate

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2022

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93088

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

International

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

International

Sustainable

Equity

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

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

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

20

Trustees

and

Officers

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

21

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

International

Sustainable

Equity

ETF

(SXUS)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

International

Sustainable

Equity

ETF

(SXUS)

launched

on

September

8,

2021.

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

International

Sustainable

Equity

ETF

(the

“Fund”)

returned

-35.31%

(based

on

NAV).

Its

benchmark,

the

MSCI

All

Country

World

ex-U.S.

Index

SM

,

returned

-24.73%.

This

was

a

period

in

which

equity

market

returns

largely

were

characterized

by

significant

strength

in

fossil

fuels,

defense,

and

the

parts

of

the

consumer

staples

and

healthcare

sectors

in

which

the

Fund

does

not

invest.

The

Fund’s

investible

universe

excludes

many

of

these

industries

and

invests

instead

in

companies

that

have

a

positive

impact

on

the

environment

and

society,

that

align

with

the

Fund’s

sustainable

development

themes,

and

that

do

not

breach

its

“do

no

harm”

avoidance

criteria.

The

period

also

was

characterized

by

significant

weakness

in

sectors

and

stocks

with

longer-term

growth

characteristics

that

often

was

driven

by

rising

discount

rates

and

valuation

contraction

rather

than

by

operational

weakness.

Among

these

sectors

was

information

technology

(IT).

Many

of

the

companies

that

the

Fund

invests

in,

that

we

believe

are

creating

a

more

efficient

global

economy,

and

that

are

developing

and

implementing

more

sustainable

technologes

and

practices,

reside

within

this

sector.

As

a

result

of

these

dynamics,

returns

during

the

period

were

negatively

impacted

by

the

Fund’s

overweight

in

IT.

Stock

selection

within

IT

and

industrials

also

detracted

from

relative

performance.

The

rotation

into

more

cyclical

areas

of

the

equity

market,

such

as

energy,

also

weighed

on

results.

These

tend

to

be

areas

that

the

Fund

is

not

invested

in

given

its

sustainability

focus

and

avoidance

criteria.

The

Fund’s

significant

exposure

to

Japanese

and

pan-Asian

companies

dragged

on

performance

as

China’s

economic

problems

lowered

investor

sentiment

in

the

wider

Asian

region.

At

the

same

time,

the

Fund’s

lack

of

exposure

to

Chinese

technology

companies

was

a

positive.

Stock

selection

in

the

communication

services

and

financial

sectors

also

proved

beneficial,

as

did

the

Fund’s

underweight

in

consumer

discretionary,

where

the

sector

underperformed

the

broader

market.

The

Janus

Henderson

International

Sustainable

Equity

ETF

is

a

high-conviction,

low-carbon

oriented

portfolio

of

international

companies

selected

for

their

sustainable

characteristics,

compounding

growth

potential

and

positive

impact

on

the

environment

and

society.

The

portfolio

managers

believe

there

is

a

strong

link

between

sustainable

development,

innovation

and

long-term

compounding

growth.

Our

investment

framework

seeks

to

invest

in

international

companies

that

have

a

positive

impact

on

the

environment

and

society,

while

at

the

same

time

helping

us

stay

on

the

right

side

of

disruption.

We

believe

this

approach

will

provide

clients

with

a

persistent

return

source,

deliver

future

compound

growth

and

help

mitigate

downside

risk.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Intact

Financial

Corp.

Insurance

6.1%

Olympus

Corp.

Health

Care

Equipment

&

Supplies

5.4%

Boralex,

Inc.

Independent

Power

and

Renewable

Electricity

Producers

4.8%

Schneider

Electric

SE

Electrical

Equipment

4.2%

AIA

Group

Ltd.

Insurance

4.0%

24.5%

Sector

Allocation

–

(%

of

Net

Assets)

Industrial

21.2%

Technology

19.4%

Consumer,

Non-cyclical

13.7%

Financial

13.4%

Utilities

12.4%

Consumer,

Cyclical

10.3%

Communications

4.7%

Investment

Companies

2.4%

Energy

1.6%

Basic

Materials

0.7%

99.8%

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

~

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

International

Sustainable

Equity

ETF

-

NAV

-35.31%

-35.52%

0.60%

Janus

Henderson

International

Sustainable

Equity

ETF

-

Market

Price

-35.25%

-35.37%

–

MSCI

All

Country

World

ex

USA

Index

SM

-24.73%

-23.15%

–

*

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

International

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$845.70

$2.79

$1,000.00

$1,022.18

$3.06

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

International

Sustainable

Equity

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

International

Sustainable

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

International

Sustainable

Equity

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

the

results

of

its

operations

for

the

year

ended

October

31,

2022,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97.3%

Chemicals

-

0.7%

Calix

Ltd.*

50,886

$

132,434

Containers

&

Packaging

-

2.2%

DS

Smith

plc

128,646

429,834

Electric

Utilities

-

4.0%

SSE

plc

43,164

773,283

Electrical

Equipment

-

11.1%

Legrand

SA

6,146

468,579

Nidec

Corp.

9,800

543,159

Schneider

Electric

SE

6,347

804,582

Vestas

Wind

Systems

A/S

15,166

298,788

2,115,108

Electronic

Equipment,

Instruments

&

Components

-

6.8%

Murata

Manufacturing

Co.

Ltd.

13,400

625,381

Shimadzu

Corp.

25,400

670,737

1,296,118

Entertainment

-

4.1%

Nintendo

Co.

Ltd.

19,000

775,928

Health

Care

Equipment

&

Supplies

-

9.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

28,586

325,166

Nanosonics

Ltd.*

64,393

169,234

Olympus

Corp.

48,600

1,026,703

Siemens

Healthineers

AG

(144A)

4,564

210,114

1,731,217

Health

Care

Providers

&

Services

-

0.6%

New

Horizon

Health

Ltd.

(144A)*

55,742

124,268

Independent

Power

and

Renewable

Electricity

Producers

-

8.3%

Boralex,

Inc.

-

Class

A

32,141

910,235

Innergex

Renewable

Energy,

Inc.

61,221

673,227

1,583,462

Insurance

-

13.4%

AIA

Group

Ltd.

103,346

782,680

Allianz

SE

3,392

610,823

Intact

Financial

Corp.

7,603

1,153,841

2,547,344

IT

Services

-

0.7%

Adyen

NV

(144A)*

87

124,904

Leisure

Products

-

4.6%

Shimano,

Inc.

3,000

465,738

Yamaha

Corp.

10,700

404,575

870,313

Machinery

-

2.6%

Alstom

SA

9,940

204,933

Knorr-Bremse

AG

6,590

296,742

501,675

Professional

Services

-

8.0%

SMS

Co.

Ltd.

13,700

315,229

TechnoPro

Holdings,

Inc.

26,400

629,650

Wolters

Kluwer

NV

5,526

587,397

1,532,276

Semiconductors

&

Semiconductor

Equipment

-

9.8%

ASML

Holding

NV

1,618

764,394

Infineon

Technologies

AG

27,997

681,809

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

6,742

414,970

1,861,173

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Software

-

9.6%

Constellation

Software,

Inc.

393

$

567,550

Kinaxis,

Inc.*

3,596

383,340

Lightspeed

Commerce,

Inc.*

16,282

311,662

Linklogis,

Inc.

-

Class

B

(144A)*

690,870

241,149

Rakus

Co.

Ltd.

24,700

276,355

Thinkific

Labs,

Inc.*

42,076

54,907

1,834,963

Textiles,

Apparel

&

Luxury

Goods

-

1.7%

adidas

AG

3,341

326,840

Total

Common

Stocks

(cost

$30,848,893)

18,561,140

Investment

Companies

-

2.5%

Money

Market

Funds

-

2.5%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

2.9400%

∞

(cost

$473,171)

473,171

473,171

Total

Investments

(total

cost

$31,322,064

)

-

99.8%

19,034,311

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.2%

40,786

Net

Assets

-

100.0%

$19,075,097

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Japan

$

5,733,455

30.1

%

Canada

4,054,762

21.3

Germany

2,126,328

11.2

Netherlands

1,476,695

7.8

United

States

1,277,753

6.7

United

Kingdom

1,203,117

6.3

Hong

Kong

782,680

4.1

France

673,512

3.5

Taiwan

414,970

2.2

China

365,417

1

.9

New

Zealand

325,166

1.7

Australia

301,668

1.6

Denmark

298,788

1.6

Total

$

19,034,311

100.0

%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

8

October

31,

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

October

31,

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

year

ended

October

31,

2022

is

$700,435

which

represents

3.7%

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

October

31,

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

Electronic

Equipment,

Instruments

&

Components

$

670,737

$

625,381

$

—

All

Other

17,265,022

—

—

Investment

Companies

473,171

—

—

Total

Assets

$

18,408,930

$

625,381

$

—

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$31,322,064)

$

19,034,311

Receivables:

Dividends

50,378

Total

Assets

19,084,689

Liabilities:

Foreign

cash

due

to

custodian

(cost

$34)

34

Payables:

—

Management

fees

9,558

Total

Liabilities

9,592

Net

Assets

$

19,075,097

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

34,155,715

Total

distributable

earnings

(loss)

(15,080,618)

Total

Net

Assets

$

19,075,097

Net

Assets

$

19,075,097

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,275,001

Net

Asset

Value

Per

Share

$

14.96

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

10

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

537,153

Foreign

tax

withheld

(61,988)

Total

Investment

Income

475,165

Expenses:

Management

Fees

185,158

Total

Expenses

185,158

Net

Investment

Income/(Loss)

290,007

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(5,299,477)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(5,299,477)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(8,829,480)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(8,829,480)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(13,838,950)

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

290,007

$

40,700

Net

realized

gain/(loss)

on

investments

(

5,299,477

)

(

93,640

)

Change

in

unrealized

net

appreciation/depreciation

(

8,829,480

)

(

3,460,463

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

13,838,950

)

(

3,513,403

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

299,692

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

299,692

)

—

Capital

Share

Transactions

(

12,384,047

)

49,111,189

Net

Increase/(Decrease)

in

Net

Assets

(

26,522,689

)

45,597,786

Net

Assets:

—

—

Beginning

of

Year  

45,597,786

—

End

of

Year

$

19,075,097

$

45,597,786

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

International

Sustainable

Equity

ETF

Financial

Highlights

12

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.18

0.02

Net

realized

and

unrealized

gain/(loss)

(8.42)

(1.64)

(3)

Total

from

Investment

Operations

(8.24)

(1.62)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.18)

—

Total

Dividends

and

Distributions

(0.18)

—

Net

Asset

Value,

End

of

Period

$14.96

$23.38

Total

Return

*

(35.31)%

(6.48)%

(4)

Net

assets,

End

of

Period

(in

thousands)

$19,075

$45,598

Average

Net

Assets

for

the

Period

(in

thousands)

$30,714

$42,044

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

0.60%

Ratio

of

Net

Investment

Income/(Loss)

0.94%

0.67%

Portfolio

Turnover

Rate

(5)

7%

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

Janus

Detroit

Street

Trust

13

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

14

October

31,

2022

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

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. 

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

16

October

31,

2022

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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. 

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

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

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

year ended

October

31,

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

Fee

Rate

$0-$250

million

0.60%

Over

$250

million

0.55%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

18

October

31,

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

October

31,

2022, the

Adviser

owned 1,200,001

shares

or 94.12%

of

the

Fund.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistrib

uted

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$26,355

$—

$(2,680,300)

$—

$—

$(2,190)

$(12,424,483)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(2,505,008)

$(175,292)

$(2,680,300)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$31,458,794

$134,683

$(12,559,166)

$(12,424,483)

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the year ended

October

31,

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 year

ended

October

31,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year

ended

October

31,

2022,

the

Fund

had

net

realized

loss

of

$2,527,472

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 October

31,

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. 

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$299,692

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$—

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$(2,534,519)

$(2,147)

$2,536,666

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

2,000,001

$

50,284,289

Shares

repurchased

(675,000)

(12,384,047

)

(50,000)

(1,173,100

)

Net

Increase/(Decrease)

(675,000)

$

(12,384,047

)

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

$2,031,833

$6,478,073

$—

$—

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

$—

$7,544,063

$—

$—

Janus

Henderson

International

Sustainable

Equity

ETF

Additional

Information

(unaudited)

20

October

31,

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2022.

Foreign

Taxes

Paid

$61,988

Foreign

Source

Income

$537,241

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

21

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2022

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

International

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

23

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93089

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

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

Trustees

and

Officers

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

22

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(JZRO)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(the

“Fund”)

returned

-14.22%

net

of

fees

(based

on

NAV),

while

its

benchmark,

the

S&P

Global

Natural

Resources

Index,

returned

5.39%.

Equity

markets

were

led

by

the

outperformance

of

energy

companies

for

most

of

the

period

after

oil

and

gas

prices

soared,

with

the

Russian

invasion

of

Ukraine

putting

pressure

on

supply,

particularly

in

Europe.

Under

the

MSCI

environmental,

social,

and

governance

(ESG)

rating

system,

which

measures

companies’

exposure

to

ESG

risks

on

a

scale

ranging

from

best

(AAA)

to

worst

(CCC),

the

Fund

carries

the

highest

rating

of

AAA.

The

Fund’s

net

zero

mandate

strictly

excludes

fossil

fuel

companies,

whereas

the

Fund’s

benchmark

contains

them.

During

the

period,

the

benchmark’s

holdings

in

fossil

fuels

outperformed,

and

our

lack

of

exposure

to

these

companies

weighed

on

relative

returns.

Relative

underperformance

was

driven

by

the

Fund’s

out-of-benchmark

exposure

to

the

industrials

sector,

notably

capital

goods

companies,

and

its

underweight

to

the

energy

sector,

following

higher

energy

prices.

Stock

selection

within

consumer

staples

and

energy

also

detracted.

Additionally,

the

Fund’s

stock

selection

in

U.S.

and

Canadian

companies

weighed

on

performance,

although

this

was

partially

offset

by

our

lack

of

exposure

to

Russian

companies,

which

performed

poorly.

On

an

individual

issuer

basis,

exposure

to

wind

turbine

company

Vestas

Inc.,

Canadian

copper

company

Solaris

Resources

Inc.,

and

U.S.

sustainable

aluminum

packaging

manufacturer

Ball

Corporation

all

detracted

from

relative

performance.

Conversely,

Allkem,

a

global

lithium

chemicals

company;

Archer

Daniels

Midland

Co.,

a

U.S.

food

processing

and

commodities

trading

company;

and

The

Mosaic

Company,

which

mines

phosphate,

potash,

and

collects

urea

for

fertilizer,

were

among

the

top

individual

contributors.

The

Janus

Henderson

Net

Zero

Transition

Resources

ETF

is

a

global

equities

portfolio

comprised

of

resources

companies

across

the

supply

chain

that

are

positioned

for

the

transition

to

a

low-carbon

future.

Global

commitments

to

net

zero

greenhouse

gas

emissions

by

2050

create

investment

opportunity

driven

by

urgency

and

innovation.

Seeking

to

capitalize

on

the

breadth

of

these

opportunities,

our

process

incorporates

sectors

and

companies

across

the

natural

resources

supply

chain.

We

believe

high-quality

natural

resources

companies

that

are

contributing

to

this

transition

can

generate

attractive

long-term

returns.

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

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Archer-Daniels-Midland

Co.

Food

Products

5.1%

Deere

&

Co.

Machinery

4.8%

Allkem

Ltd.

Metals

&

Mining

4.5%

Air

Products

and

Chemicals,

Inc.

Chemicals

4.2%

Nexans

SA

Electrical

Equipment

4.1%

22.7%

Sector

Allocation

–

(%

of

Net

Assets)

Basic

Materials

58.9%

Industrial

16.5%

Consumer,

Non-cyclical

11.3%

Energy

5.2%

Investment

Companies

3.4%

Utilities

2.4%

Financial

2.2%

99.9%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

NAV

-14.22%

-10.88%

0.60%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

-

Market

Price

-14.07%

-10.63%

–

S&P

Global

Natural

Resources

Index

5.39%

8.29%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$802.40

$2.73

$1,000.00

$1,022.18

$3.06

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Net

Zero

Transition

Resources

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

the

results

of

its

operations

for

the

year

ended

October

31,

2022,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

96.5%

Building

Products

-

2.8%

Johnson

Controls

International

plc

22,419

$

1,296,715

Chemicals

-

14.2%

Air

Products

and

Chemicals,

Inc.

7,653

1,916,311

Calix

Ltd.*

129,923

338,133

FMC

Corp.

7,552

897,933

Koninklijke

DSM

NV

4,059

478,597

Linde

plc

4,163

1,237,868

Nutrien

Ltd.

19,230

1,622,789

6,491,631

Commercial

Services

&

Supplies

-

0.6%

Aker

Carbon

Capture

ASA*

250,111

280,979

Containers

&

Packaging

-

4.8%

Ball

Corp.

10,480

517,607

Smurfit

Kappa

Group

plc

49,867

1,652,561

2,170,168

Electric

Utilities

-

2.4%

NextEra

Energy,

Inc.

14,093

1,092,208

Electrical

Equipment

-

9.8%

Ballard

Power

Systems,

Inc.*

44,433

251,474

Bloom

Energy

Corp.

-

Class

A*

26,659

498,790

Nexans

SA

19,977

1,867,808

Vestas

Wind

Systems

A/S

93,324

1,838,591

4,456,663

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.2%

Weyerhaeuser

Co.

31,610

977,697

Food

Products

-

11.4%

Archer-Daniels-Midland

Co.

24,438

2,369,997

Costa

Group

Holdings

Ltd.

404,317

656,693

Darling

Ingredients,

Inc.*

15,750

1,236,060

Salmar

ASA

8,456

286,452

Synlait

Milk

Ltd.*

344,813

624,996

5,174,198

Machinery

-

5.9%

AGCO

Corp.

4,352

540,388

Deere

&

Co.

5,480

2,169,093

2,709,481

Metals

&

Mining

-

31.8%

Alcoa

Corp.

5,839

227,896

Allkem

Ltd.*

219,734

2,028,949

AVZ

Minerals

Ltd.*

,¢

472,878

226,786

Champion

Iron

Ltd.

418,210

1,251,546

Filo

Mining

Corp.*

51,332

614,155

Foran

Mining

Corp.*

270,723

430,680

Freeport-McMoRan,

Inc.

29,548

936,376

IGO

Ltd.

132,561

1,296,074

Ivanhoe

Mines

Ltd.

-

Class

A*

198,373

1,374,308

Lynas

Rare

Earths

Ltd.*

172,020

916,285

NGEx

Minerals

Ltd.*

175,308

308,449

Norsk

Hydro

ASA

58,195

369,314

Nucor

Corp.

5,423

712,474

Solaris

Resources,

Inc.*

109,936

390,887

SSAB

AB

-

Class

A

72,066

346,555

Talon

Metals

Corp.*

1,140,093

442,982

Teck

Resources

Ltd.

-

Class

B

25,998

791,379

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Metals

&

Mining

-

(continued)

Wheaton

Precious

Metals

Corp.

56,425

$

1,844,533

14,509,628

Oil,

Gas

&

Consumable

Fuels

-

5.6%

Cameco

Corp.

38,623

914,856

NexGen

Energy

Ltd.*

392,889

1,647,539

2,562,395

Paper

&

Forest

Products

-

3.7%

Stora

Enso

OYJ

-

Class

R

43,913

572,465

UPM-Kymmene

OYJ

18,879

632,729

West

Fraser

Timber

Co.

Ltd.

6,092

456,838

1,662,032

Professional

Services

-

1.3%

Jacobs

Solutions,

Inc.

5,297

610,320

Total

Common

Stocks

(cost

$48,445,916)

43,994,115

Investment

Companies

-

3.4%

Money

Market

Funds

-

3.4%

JPMorgan

Prime

Money

Market

Fund,

3.0960%

∞

(cost

$1,568,705)

1,567,659

1,568,443

Total

Investments

(total

cost

$50,014,621

)

-

99.9%

45,562,558

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.1%

50,571

Net

Assets

-

100.0%

$45,613,129

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

17,568,308

38.4

%

Canada

9,246,336

20.3

Australia

6,714,466

14.7

France

1,867,808

4.1

Brazil

1,844,533

4.1

Denmark

1,838,591

4.0

Ireland

1,652,561

3.6

United

Kingdom

1,237,868

2.7

Finland

1,205,194

2.7

Norway

936,745

2.1

New

Zealand

624,996

1.4

Netherlands

478,597

1.1

Sweden

346,555

0.8

Total

$

45,562,558

100.0

%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

8

October

31,

2022

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.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

year

ended

October

31,

2022

is

$226,786,

which

represents

0.5%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

October

31,

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

Metals

&

Mining

$

14,282,842

$

—

$

226,786

All

Other

29,484,487

—

—

Investment

Companies

1,568,443

—

—

Total

Assets

$

45,335,772

$

—

$

226,786

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$50,014,621)

$

45,562,558

Receivables:

Dividends

73,845

Total

Assets

45,636,403

Liabilities:

Foreign

cash

due

to

custodian

(cost

$608)

608

Payables:

—

Management

fees

22,666

Total

Liabilities

23,274

Net

Assets

$

45,613,129

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

53,843,506

Total

distributable

earnings

(loss)

(8,230,377)

Total

Net

Assets

$

45,613,129

Net

Assets

$

45,613,129

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

2,125,001

Net

Asset

Value

Per

Share

$

21.46

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

10

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

833,220

Foreign

tax

withheld

(50,143)

Total

Investment

Income

783,077

Expenses:

Management

Fees

299,353

Total

Expenses

299,353

Net

Investment

Income/(Loss)

483,724

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(3,168,543)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(3,168,543)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

(5,278,644)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(5,278,644)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(7,963,463)

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

483,724

$

102,396

Net

realized

gain/(loss)

on

investments

(3,168,543)

34,072

Change

in

unrealized

net

appreciation/depreciation

(5,278,644)

823,330

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(7,963,463)

959,798

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(1,005,664)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,005,664)

—

Capital

Share

Transactions

3,495,253

50,127,205

Net

Increase/(Decrease)

in

Net

Assets

(5,473,874)

51,087,003

Net

Assets:

—

—

Beginning

of

Year  

51,087,003

—

End

of

Year

$

45,613,129

$

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

12

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.24

0.06

Net

realized

and

unrealized

gain/(loss)

(3.82)

0.48

Total

from

Investment

Operations

(3.58)

0.54

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.50)

—

Total

Dividends

and

Distributions

(0.50)

—

Net

Asset

Value,

End

of

Period

$21.46

$25.54

Total

Return

*

(14.22)%

2.16%

Net

assets,

End

of

Period

(in

thousands)

$45,613

$51,087

Average

Net

Assets

for

the

Period

(in

thousands)

$49,868

$44,399

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

0.60%

Ratio

of

Net

Investment

Income/(Loss)

0.97%

1.59%

Portfolio

Turnover

Rate

(3)

74%

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

Janus

Detroit

Street

Trust

13

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

14

October

31,

2022

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

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. 

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

16

October

31,

2022

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

17

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. 

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: 

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

18

October

31,

2022

For

the

year

ended

October

31,

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

October

31,

2022, the

Adviser

owned 1,800,001

shares

or 84.71%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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%

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$133,217

$—

$(3,647,008)

$—

$—

$(3,251)

$(4,713,335)

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of October

31,

2022

are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in passive

foreign

investment

companies.

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,192,812)

$(454,196)

$(3,647,008)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$50,275,893

$2,972,233

$(7,685,568)

$(4,713,335)

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$1,005,664

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$—

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$221,048

$443,206

$(664,254)

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

250,000

$

6,732,068

2,000,001

$

50,127,205

Shares

repurchased

(125,000)

(3,236,815

)

—

—

Net

Increase/(Decrease)

125,000

$

3,495,253

2,000,001

$

50,127,205

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Notes

to

Financial

Statements

20

October

31,

2022

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

year ended

October

31,

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 year

ended

October

31,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2022,

the

Fund

had

net

realized

gain

of

$252,219

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 October

31,

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

$36,237,715

$37,610,586

$—

$—

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

$6,483,880

$3,192,954

$—

$—

Janus

Henderson

Net

Zero

Transition

Resources

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2022.

Foreign

Taxes

Paid

$49,962

Foreign

Source

Income

$638,517

Dividends

Received

Deduction

Percentage

19%

Qualified

Dividend

Income

Percentage

78%

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2022

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

23

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

Net

Zero

Transition

Resources

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2022

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93090

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

15

Statement

of

Operations

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

16

Statement

of

Changes

in

Net

Assets

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

17

Financial

Highlights

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

18

Notes

to

Financial

Statements

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

19

Additional

Information

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

30

Trustees

and

Officers

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

31

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

The

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.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(the

“Fund”)

returned

-19.08%

net

of

fees

(based

on

NAV),

outperforming

its

benchmark,

the

Bloomberg

U.S.

Corporate

Investment

Grade

Bond

Index,

which

returned

-19.57%.

The

period

was

characterized

by

rising

interest

rates

and

widening

spreads,

which

pressured

returns

on

risk

assets.

In

its

fight

against

inflation,

the

Federal

Reserve

hiked

rates

by

3.00%

over

the

period,

while

the

yield

on

10-year

U.S.

Treasuries

increased

from

1.56%

to

4.05%.

The

Fund’s

duration

positioning

remained

below

that

of

the

benchmark

for

the

majority

of

the

period,

and

this

was

the

key

contributor

to

relative

outperformance

as

rates

rose.

Dynamic

management

of

interest

rate

risk

exposure

(by

actively

adding

and

reducing

duration

as

market

volatility

provided

opportunities

to

do

so)

further

contributed

to

relative

returns.

The

Fund’s

overweight

position

to

credit

risk

early

in

the

period,

as

well

as

a

strategic

overweight

to

the

banking

sector,

detracted

somewhat

from

relative

performance.

Despite

corporate

credit

fundamentals

continuing

to

exhibit

strength,

we

believe

the

risk

of

further

widening

in

corporate

credit

spreads

remains

high.

Therefore,

the

Fund

maintains

a

cautious

stance

within

spread

products

and

has

repositioned

into

higher-quality

credit.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

The

Janus

Henderson

Sustainable

Corporate

Bond

ETF

is

an

actively

managed,

investment

grade-focused

corporate

credit

ETF

seeking

to

generate

risk-adjusted

excess

returns,

while

aligning

with

positive

environmental

and

societal

outcomes.

Through

our

investment

framework,

we

aim

to

invest

in

issuers

with

strong

or

improving

ESG

characteristics

and

identify

opportunities

on

the

right

side

of

disruption.

Michael

Keough

Brad

Smith

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financials

35.4%

Health

Care

18.6%

Information

Technology

12.1%

Industrials

9.2%

Consumer

Discretionary

5.3%

Consumer

Staples

5.3%

Real

Estate

4.3%

Investment

Companies

3.8%

Utilities

2.5%

Materials

2.3%

Communication

Services

2.0%

Energy

0.6%

101.4%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus~

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

NAV

-19.08%

-17.52%

0.35%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

Market

Price

-18.96%

-17.37%

–

Bloomberg

U.S.

Corporate

Bond

Index

-19.57%

-17.74%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$924.50

$1.70

$1,000.00

$1,023.44

$1.79

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

the

results

of

its

operations

for

the

year

ended

October

31,

2022,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

97.5%

Basic

Materials

-

1.3%

Ecolab,

Inc.,

2.7000%, 11/1/26

$

410,000

$

375,460

Communications

-

2.3%

Amazon.com,

Inc.,

3.0000%, 4/13/25

230,000

221,329

Comcast

Corp.,

4.1500%, 10/15/28

87,000

81,619

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

73,000

65,288

FactSet

Research

Systems,

Inc.,

3.4500%, 3/1/32

132,000

105,936

Netflix,

Inc.,

4.8750%, 6/15/30

(144A)

206,000

190,753

664,925

Consumer,

Cyclical

-

4.6%

Aptiv

plc,

4.3500%, 3/15/29

78,000

69,697

Hasbro,

Inc.,

3.5000%, 9/15/27

209,000

187,633

Home

Depot,

Inc.

(The),

2.7000%, 4/1/23

368,000

365,039

Home

Depot,

Inc.

(The),

2.8750%, 4/15/27

27,000

24,809

Home

Depot,

Inc.

(The),

3.2500%, 4/15/32

46,000

39,695

Lowe's

Cos.,

Inc.,

3.7500%, 4/1/32

34,000

29,349

Marriott

International,

Inc.,

4.1500%, 12/1/23

95,000

93,875

Marriott

International,

Inc.,

4.0000%, 4/15/28

93,000

83,863

Whirlpool

Corp.,

4.0000%, 3/1/24

300,000

295,092

Whirlpool

Corp.,

4.6000%, 5/15/50

213,000

154,015

1,343,067

Consumer,

Non-cyclical

-

28.4%

Abbott

Laboratories,

2.9500%, 3/15/25

261,000

250,184

Abbott

Laboratories,

6.1500%, 11/30/37

93,000

99,845

AbbVie,

Inc.,

2.9000%, 11/6/22

27,000

26,990

AbbVie,

Inc.,

2.9500%, 11/21/26

114,000

104,108

AbbVie,

Inc.,

3.2000%, 11/21/29

113,000

98,769

AbbVie,

Inc.,

4.2500%, 11/21/49

120,000

93,097

Amgen,

Inc.,

2.3000%, 2/25/31

100,000

80,048

Amgen,

Inc.,

2.7700%, 9/1/53

151,000

86,331

Boston

Scientific

Corp.,

1.9000%, 6/1/25

110,000

101,508

Boston

Scientific

Corp.,

2.6500%, 6/1/30

150,000

123,884

Bristol-Myers

Squibb

Co.,

4.5500%, 2/20/48

183,000

156,337

Centene

Corp.,

4.2500%, 12/15/27

81,000

74,723

Centene

Corp.,

2.6250%, 8/1/31

162,000

123,967

Cigna

Corp.,

3.0000%, 7/15/23

301,000

296,773

Cigna

Corp.,

2.3750%, 3/15/31

141,000

111,786

Cigna

Corp.,

3.4000%, 3/15/50

297,000

197,233

Coca-Cola

Co.

(The),

2.9000%, 5/25/27

131,000

120,848

Coca-Cola

Co.

(The),

2.8750%, 5/5/41

200,000

143,573

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

223,000

161,683

CoStar

Group,

Inc.,

2.8000%, 7/15/30

(144A)

475,000

374,434

CSL

Finance

plc,

3.8500%, 4/27/27

(144A)

45,000

42,403

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

112,000

101,264

CSL

Finance

plc,

4.6250%, 4/27/42

(144A)

210,000

177,082

CVS

Health

Corp.,

3.3750%, 8/12/24

154,000

149,604

CVS

Health

Corp.,

3.7500%, 4/1/30

203,000

179,253

Elevance

Health,

Inc.,

1.5000%, 3/15/26

80,000

70,650

Elevance

Health,

Inc.,

2.5500%, 3/15/31

140,000

113,173

Elevance

Health,

Inc.,

5.5000%, 10/15/32

145,000

144,426

Elevance

Health,

Inc.,

3.6000%, 3/15/51

90,000

63,315

Elevance

Health,

Inc.,

6.1000%, 10/15/52

100,000

101,933

General

Mills,

Inc.,

2.2500%, 10/14/31

206,000

159,437

GSK

Consumer

Healthcare

Capital

US

LLC,

3.3750%, 3/24/29

(144A)

250,000

218,027

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

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)

Consumer,

Non-cyclical

-

(continued)

HCA,

Inc.,

5.2500%, 6/15/26

$

87,000

$

84,314

HCA,

Inc.,

3.5000%, 9/1/30

172,000

142,485

Humana,

Inc.,

3.1500%, 12/1/22

199,000

198,770

Humana,

Inc.,

3.1250%, 8/15/29

95,000

81,138

Humana,

Inc.,

3.9500%, 8/15/49

85,000

62,654

Illumina,

Inc.,

0.5500%, 3/23/23

102,000

100,110

Illumina,

Inc.,

2.5500%, 3/23/31

162,000

123,628

JBS

USA

LUX

SA,

3.6250%, 1/15/32

(144A)

200,000

155,000

Laboratory

Corp.

of

America

Holdings,

2.7000%, 6/1/31

201,000

160,051

Medtronic,

Inc.,

4.0000%, 4/1/43

71,000

56,331

Moody's

Corp.,

4.2500%, 8/8/32

320,000

288,204

Novartis

Capital

Corp.,

2.2000%, 8/14/30

106,000

87,691

Novartis

Capital

Corp.,

2.7500%, 8/14/50

139,000

91,123

PayPal

Holdings,

Inc.,

2.6500%, 10/1/26

194,000

176,815

PayPal

Holdings,

Inc.,

3.2500%, 6/1/50

91,000

59,114

PepsiCo,

Inc.,

3.9000%, 7/18/32

160,000

148,162

Pfizer,

Inc.,

2.9500%, 3/15/24

305,000

297,766

Pfizer,

Inc.,

3.6000%, 9/15/28

89,000

83,095

Pilgrim's

Pride

Corp.,

5.8750%, 9/30/27

(144A)

194,000

189,623

Pilgrim's

Pride

Corp.,

4.2500%, 4/15/31

(144A)

295,000

245,679

S&P

Global,

Inc.,

2.7000%, 3/1/29

(144A)

112,000

96,243

S&P

Global,

Inc.,

3.7000%, 3/1/52

(144A)

83,000

60,410

S&P

Global,

Inc.,

2.3000%, 8/15/60

181,000

90,855

Tenet

Healthcare

Corp.,

6.1250%, 6/15/30

(144A)

156,000

144,010

UnitedHealth

Group,

Inc.,

5.0000%, 10/15/24

217,000

217,095

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

79,000

74,660

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

79,000

72,720

UnitedHealth

Group,

Inc.,

5.3500%, 2/15/33

144,000

144,461

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

79,000

69,104

Verisk

Analytics,

Inc.,

3.6250%, 5/15/50

248,000

162,868

8,310,867

Energy

-

0.5%

Cheniere

Corpus

Christi

Holdings

LLC,

3.7000%, 11/15/29

23,000

20,032

Enbridge,

Inc.,

2.5000%, 8/1/33

193,000

144,319

164,351

Financial

-

39.0%

AerCap

Ireland

Capital

DAC,

1.7500%, 1/30/26

310,000

263,976

Alexandria

Real

Estate

Equities,

Inc.,

3.8000%, 4/15/26

187,000

177,070

Alexandria

Real

Estate

Equities,

Inc.,

2.9500%, 3/15/34

197,000

148,259

American

Express

Co.,

3.3750%, 5/3/24

208,000

201,739

American

Express

Co.,

5.8500%, 11/5/27

207,000

206,851

American

Express

Co.,

4.0500%, 5/3/29

208,000

188,937

American

Homes

4

Rent

LP,

3.3750%, 7/15/51

205,000

120,246

American

Tower

Corp.,

2.4000%, 3/15/25

79,000

73,057

American

Tower

Corp.,

3.1000%, 6/15/50

168,000

98,907

Aon

Corp.,

5.0000%, 9/12/32

390,000

367,719

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.0000%,

4.1750%, 3/24/28

‡

375,000

330,558

Bank

of

America

Corp.,

5.2000%, 6/1/23

μ

228,000

221,730

Bank

of

America

Corp.,

SOFR

+

1.0600%,

2.0870%, 6/14/29

‡

145,000

117,335

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

315,000

233,264

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

203,000

153,152

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

197,000

152,667

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

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

$

98,000

$

71,881

BlackRock,

Inc.,

3.2000%, 3/15/27

284,000

265,188

BNP

Paribas

SA,

SOFR

+

1.5610%,

3.1320%, 1/20/33

(144A)

‡

200,000

148,147

Boston

Properties

LP,

4.5000%, 12/1/28

85,000

76,463

Brown

&

Brown,

Inc.,

4.9500%, 3/17/52

95,000

72,191

Charles

Schwab

Corp.

(The),

3.2000%, 3/2/27

92,000

84,515

Charles

Schwab

Corp.

(The),

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.0790%,

4.0000%, 12/1/30

‡,μ

163,000

121,068

Citigroup,

Inc.,

SOFR

+

2.1070%,

2.5720%, 6/3/31

‡

202,000

157,961

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

71,000

55,312

Citigroup,

Inc.,

ICE

LIBOR

USD

3

Month

+

1.1680%,

3.8780%, 1/24/39

‡

87,000

66,857

CME

Group,

Inc.,

3.7500%, 6/15/28

272,000

254,667

Commonwealth

Bank

of

Australia,

3.7840%, 3/14/32

(144A)

205,000

159,006

Cooperatieve

Rabobank

UA,

3.7500%, 7/21/26

481,000

437,445

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

(144A)

34,000

29,702

Corebridge

Financial,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.8460%,

6.8750%, 12/15/52

(144A)

‡

158,000

142,407

Crown

Castle,

Inc.,

2.9000%, 4/1/41

126,000

79,923

Digital

Realty

Trust

LP,

4.4500%, 7/15/28

124,000

114,367

Equinix,

Inc.,

1.5500%, 3/15/28

105,000

83,743

Equinix,

Inc.,

3.4000%, 2/15/52

138,000

86,891

Goldman

Sachs

Group,

Inc.

(The),

5.7000%, 11/1/24

500,000

500,034

Goldman

Sachs

Group,

Inc.

(The),

2.6400%, 2/24/28

156,000

134,835

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4100%,

3.1020%, 2/24/33

‡

172,000

134,709

Healthpeak

Properties,

Inc.,

2.8750%, 1/15/31

2,000

1,598

HSBC

Holdings

plc,

SOFR

+

2.8700%,

5.4020%, 8/11/33

‡

480,000

416,155

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

205,000

182,942

JPMorgan

Chase

&

Co.,

SOFR

+

1.8900%,

2.1820%, 6/1/28

‡

228,000

192,868

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

312,000

245,461

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

231,000

180,466

Lloyds

Banking

Group

plc,

4.6500%, 3/24/26

483,000

443,900

Mastercard,

Inc.,

3.3750%, 4/1/24

260,000

255,109

Mastercard,

Inc.,

3.5000%, 2/26/28

89,000

82,880

Mitsubishi

UFJ

Financial

Group,

Inc.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.7000%,

4.7880%, 7/18/25

‡

234,000

229,536

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

313,000

243,794

Nasdaq,

Inc.,

1.6500%, 1/15/31

222,000

163,590

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

299,000

224,409

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

449,000

311,615

Nordea

Bank

Abp,

5.3750%, 9/22/27

(144A)

200,000

192,718

PNC

Financial

Services

Group,

Inc.

(The),

2.6000%, 7/23/26

135,000

121,817

PNC

Financial

Services

Group,

Inc.

(The),

2.5500%, 1/22/30

98,000

79,347

Raymond

James

Financial,

Inc.,

3.7500%, 4/1/51

182,000

123,700

State

Street

Corp.,

ICE

LIBOR

USD

3

Month

+

0.7700%,

3.7760%, 12/3/24

‡

234,000

230,186

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

266,000

195,811

SVB

Financial

Group,

1.8000%, 2/2/31

216,000

147,800

Toronto-Dominion

Bank

(The),

3.5000%, 7/19/23

312,000

308,792

Truist

Bank,

2.2500%, 3/11/30

418,000

325,100

Visa,

Inc.,

2.8000%, 12/14/22

156,000

155,740

Visa,

Inc.,

2.0000%, 8/15/50

92,000

51,066

11,439,179

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

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)

Industrial

-

9.2%

Ball

Corp.,

4.0000%, 11/15/23

$

299,000

$

292,791

Canadian

Pacific

Railway

Co.,

1.7500%, 12/2/26

207,000

179,929

FedEx

Corp.,

3.2500%, 4/1/26

132,000

124,029

FedEx

Corp.,

3.2500%, 5/15/41

200,000

132,645

General

Electric

Co.,

6.7500%, 3/15/32

204,000

221,636

Johnson

Controls

International

plc,

1.7500%, 9/15/30

323,000

247,857

Norfolk

Southern

Corp.,

3.1500%, 6/1/27

94,000

85,707

Norfolk

Southern

Corp.,

2.3000%, 5/15/31

23,000

18,275

Otis

Worldwide

Corp.,

2.0560%, 4/5/25

201,000

185,960

Otis

Worldwide

Corp.,

2.5650%, 2/15/30

2,000

1,630

Trane

Technologies

Luxembourg

Finance

SA,

3.5500%, 11/1/24

251,000

242,091

Trimble,

Inc.,

4.9000%, 6/15/28

263,000

247,312

Waste

Management,

Inc.,

2.4000%, 5/15/23

301,000

297,341

Waste

Management,

Inc.,

2.5000%, 11/15/50

96,000

55,855

Westinghouse

Air

Brake

Technologies

Corp.,

3.4500%, 11/15/26

194,000

174,510

Xylem,

Inc.,

1.9500%, 1/30/28

125,000

104,912

Xylem,

Inc.,

4.3750%, 11/1/46

121,000

94,962

2,707,442

Technology

-

9.7%

Adobe,

Inc.,

3.2500%, 2/1/25

358,000

346,194

Apple,

Inc.,

3.0000%, 11/13/27

83,000

76,730

Apple,

Inc.,

2.7000%, 8/5/51

254,000

159,606

Apple,

Inc.,

2.8500%, 8/5/61

226,000

135,405

Autodesk,

Inc.,

2.8500%, 1/15/30

96,000

80,276

Broadcom

Corp.,

3.8750%, 1/15/27

92,000

84,545

Marvell

Technology,

Inc.,

2.9500%, 4/15/31

408,000

316,612

Micron

Technology,

Inc.,

4.1850%, 2/15/27

145,000

134,514

Micron

Technology,

Inc.,

6.7500%, 11/1/29

147,000

147,085

NXP

BV,

2.7000%, 5/1/25

138,000

127,708

Oracle

Corp.,

2.8750%, 3/25/31

38,000

29,948

Salesforce,

Inc.,

2.9000%, 7/15/51

161,000

103,678

Salesforce,

Inc.,

3.0500%, 7/15/61

98,000

59,714

Take-Two

Interactive

Software,

Inc.,

3.3000%, 3/28/24

335,000

325,223

TSMC

Arizona

Corp.,

3.8750%, 4/22/27

200,000

187,295

TSMC

Arizona

Corp.,

4.1250%, 4/22/29

200,000

184,812

VMware,

Inc.,

4.5000%, 5/15/25

167,000

162,972

VMware,

Inc.,

4.7000%, 5/15/30

84,000

75,850

Workday,

Inc.,

3.5000%, 4/1/27

37,000

34,129

Workday,

Inc.,

3.7000%, 4/1/29

28,000

24,932

Workday,

Inc.,

3.8000%, 4/1/32

43,000

36,736

2,833,964

Utilities

-

2.5%

AES

Corp.

(The),

1.3750%, 1/15/26

102,000

88,093

American

Water

Capital

Corp.,

3.8500%, 3/1/24

301,000

295,607

American

Water

Capital

Corp.,

2.3000%, 6/1/31

8,000

6,264

American

Water

Capital

Corp.,

3.2500%, 6/1/51

135,000

88,819

Dominion

Energy,

Inc.,

2.2500%, 8/15/31

213,000

164,495

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

85,000

78,286

721,564

Total

Corporate

Bonds

(cost

$34,198,300)

28,560,819

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2022

10

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investment

Companies

-

3.9%

Money

Market

Funds

-

3.9%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

£,∞

(cost

$1,125,370)

1,125,320

$

1,125,433

Total

Investments

(total

cost

$35,323,670

)

-

101.4%

29,686,252

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.4%)

(401,783)

Net

Assets

-

100.0%

$29,284,469

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

24,734,686

83.2

%

United

Kingdom

1,171,670

4.0

Australia

704,164

2.4

Canada

633,040

2.1

Netherlands

437,445

1.5

Taiwan

372,107

1.3

Spain

330,558

1.1

Ireland

263,976

0.9

Japan

229,536

0.7

Finland

192,718

0.7

Switzerland

178,814

0.6

Mexico

161,683

0.6

France

148,147

0.5

China

127,708

0.4

Total

$

29,686,252

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/22

Investment

Company

-

3.8%

Money

Market

Funds

-

3.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

2,326

$

(63)

$

63

$

1,125,433

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

10/31/22

Investment

Company

-

3.8%

Money

Market

Funds

-

3.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

–

$

6,407,999

$

(5,282,566)

$

1,125,433

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

Long

Bonds

32

12/20/22

$

3,856,000

$

(505,483)

U.S.

Treasury

Ultra

Bonds

16

12/20/22

2,042,500

(249,037)

Total

-

Futures

Long

(754,520)

Futures

Short:

U.S.

Treasury

10

Year

Notes

5

12/20/22

(552,969)

12,745

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

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

October

31,

2022.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2022.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Schedule

of

Futures

Contracts

(continued)

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10

Year

Ultra

Notes

33

12/20/22

(3,827,484)

280,656

U.S.

Treasury

2

Year

Notes

28

12/30/22

(5,722,719)

37,809

U.S.

Treasury

5

Year

Notes

29

12/30/22

(3,091,219)

116,057

Total

-

Futures

Short

447,267

Total

$(307,253)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2022

Interest

Rate

Contracts

Asset

Derivatives:

Futures

contracts

$447,267

Liability

Derivatives:

Futures

contracts

754,520

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

October

31,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$347,191

$347,191

Swap

contracts

(4,598)

—

(4,598)

Total

$(4,598)

$347,191

$342,593

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$(412,047)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2022

Futures

contracts:

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

October

31,

2022

12

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2022

Average

notional

amount

of

contracts

-

long

$6,966,881

Average

notional

amount

of

contracts

-

short

10,348,747

Credit

default

swaps:

Average

notional

amount

-

buy

protection

260,417

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

Janus

Detroit

Street

Trust

13

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

October

31,

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

October

31,

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

year

ended

October

31,

2022

is

$2,891,317

which

represents

9.9%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

October

31,

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

$

—

$

28,560,819

$

—

Investment

Companies

—

1,125,433

—

Total

Investments

in

Securities

$

—

$

29,686,252

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

447,267

$

—

$

—

Total

Assets

$

447,267

$

29,686,252

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

754,520

$

—

$

—

Total

Liabilities

$

754,520

$

—

$

—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

14

October

31,

2022

(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

October

31,

2022

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$34,198,300)

$

28,560,819

Affiliated

investments,

at

value

(cost

$1,125,370)

1,125,433

Due

from

broker

for

futures

180,000

Receivables:

Investments

sold

408,232

Interest

270,302

Total

Assets

30,544,786

Liabilities:

Payable

for

variation

margin

on

futures

contracts

11,836

Payables:

—

Investments

purchased

1,239,726

Management

fees

8,755

Total

Liabilities

1,260,317

Net

Assets

$

29,284,469

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

38,805,619

Total

distributable

earnings

(loss)

(9,521,150)

Total

Net

Assets

$

29,284,469

Net

Assets

$

29,284,469

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

750,001

Net

Asset

Value

Per

Share

$

39.05

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

16

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

981,398

Dividends

10,173

Dividends

from

affiliates

2,326

Total

Investment

Income

993,897

Expenses:

Management

Fees

132,440

Total

Expenses

132,440

Net

Investment

Income/(Loss)

861,457

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(3,850,051)

Investments

in

affiliates

(63)

Futures

contracts

347,191

Swap

contracts

(4,598)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(3,507,521)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(4,851,259)

Investments

in

affiliates

63

Futures

contracts

(412,047)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(5,263,243)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(7,909,307)

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

861,457

$

123,790

Net

realized

gain/(loss)

on

investments

(

3,507,521

)

(

10,390

)

Change

in

unrealized

net

appreciation/depreciation

(

5,263,243

)

(

681,428

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(

7,909,307

)

(

568,028

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

1,043,815

)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

1,043,815

)

—

Capital

Share

Transactions

(

11,323,875

)

50,129,494

Net

Increase/(Decrease)

in

Net

Assets

(

20,276,997

)

49,561,466

Net

Assets:

—

—

Beginning

of

Year  

49,561,466

—

End

of

Year

$

29,284,469

$

49,561,466

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Financial

Highlights

18

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

1.02

0.13

Net

realized

and

unrealized

gain/(loss)

(10.33)

(0.57)

Total

from

Investment

Operations

(9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(1.09)

—

Distributions

(from

capital

gains)

(0.11)

—

Total

Dividends

and

Distributions

(1.20)

—

Net

Asset

Value,

End

of

Period

$39.05

$49.56

Total

Return

*

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$29,284

$49,561

Average

Net

Assets

for

the

Period

(in

thousands)

$37,765

$47,019

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

2.28%

1.81%

Portfolio

Turnover

Rate

(3)

92%

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

Janus

Detroit

Street

Trust

19

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

20

October

31,

2022

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

Janus

Detroit

Street

Trust

21

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 year

ended

October

31,

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

22

October

31,

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

Janus

Detroit

Street

Trust

23

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

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

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

24

October

31,

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

year,

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

October

31,

2022.

3.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

Janus

Detroit

Street

Trust

25

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

26

October

31,

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

year ended

October

31,

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

Janus

Detroit

Street

Trust

27

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

October

31,

2022, the

Adviser

owned 550,001

shares

or 73.33%

of

the

Fund.

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”).

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

year

ended

October

31,

2022 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$75,354

$—

$(3,934,256)

$—

$—

$—

$(5,662,248)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,382,566)

$(551,690)

$(3,934,256)

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

28

October

31,

2022

Information

on

the

tax

components

of

derivatives

as

of October

31,

2022

is

as

follows: 

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

6.

Capital

Share

Transactions 

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$35,348,500

$10,225

$(5,672,473)

$(5,662,248)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(307,253)

$—

$—

$—

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$979,337

$64,478

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$—

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$—

$25,849

$(25,849)

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

100,000

$

4,194,847

1,000,001

$

50,129,494

Shares

repurchased

(350,000)

(15,518,722

)

—

—

Net

Increase/(Decrease)

(250,000)

$

(11,323,875

)

1,000,001

$

50,129,494

(1)

Period

from

September

8,

2021

(commencement

of

operations)

through

October

31,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

7.

Purchases

and

Sales

of

Investment

Securities 

For

the year ended

October

31,

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 October

31,

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

$33,404,349

$45,544,881

$—

$—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Additional

Information

(unaudited)

30

October

31,

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2022.

Capital

Gain

Distributions

$64,478

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

31

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

32

October

31,

2022

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

33

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93092

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

16

Statement

of

Operations

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

17

Statement

of

Changes

in

Net

Assets

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

18

Financial

Highlights

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

19

Notes

to

Financial

Statements

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

20

Additional

Information

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

33

Trustees

and

Officers

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

34

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

The

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.

PERFORMANCE

OVERVIEW

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(the

“Fund”)

returned

-16.76%

net

of

fees

(based

on

NAV),

underperforming

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

which

returned

-15.68%.

The

period

was

characterized

by

rising

interest

rates

and

widening

spreads,

which

pressured

returns

on

risk

assets.

In

its

fight

against

inflation,

the

Federal

Reserve

hiked

rates

by

3.00%

over

the

period,

while

the

yield

on

10-year

U.S.

Treasuries

increased

from

1.56%

to

4.05%.

The

Fund’s

duration

positioning

for

the

period

was

on

average

below

that

of

the

benchmark,

and

this

contributed

to

relative

returns

as

rates

rose.

Dynamic

management

of

interest

rate

risk

exposure

(by

actively

adding

and

reducing

duration

as

market

volatility

provided

opportunities

to

do

so)

further

contributed

to

relative

returns.

Security

selection

within

corporate

investment-grade

bonds

and

asset-backed

securities

(ABS)

was

the

major

detractor

for

the

period.

While

the

Fund’s

overweight

to

securitized

sectors

did

not

aid

relative

performance,

this

positioning

is

in

line

with

where

we

believe

the

Fund

will

be

best

placed

for

the

growing

likelihood

of

an

economic

slowdown.

The

Fund

has

repositioned

into

higher-quality

credit

and

securitized

sectors

where

prices,

in

our

view,

better

reflect

the

possibility

of

recession,

and

in

those

sectors

that

we

believe

will

fare

better

in

an

economic

downturn.

During

the

period,

the

Fund

invested

in

derivatives,

namely

futures,

to

facilitate

risk,

duration,

and

yield-curve

management

and

in

an

attempt

to

enhance

expected

returns.

The

Fund’s

exposure

to

derivatives

aided

results

over

the

period.

Please

see

the

Derivative

Instruments

section

in

the

“Notes

to

Financial

Statements”

for

a

discussion

of

derivatives

used

by

the

Fund.

The

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

actively

invests

in

U.S.

fixed

income

securities

and

aims

to

capitalize

on

sustainable

opportunities.

Through

our

forward-looking

investment

framework

we

seek

to

generate

risk-adjusted

excess

returns,

while

still

providing

positive

environmental

and

societal

impact.

Nick

Childs

Greg

Wilensky

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Securities

47.7%^

Government

21.4%

Asset-Backed

Securities

16.8%

Financial

9.9%

Investment

Companies

8.6%

Consumer,

Non-cyclical

3.1%

Consumer,

Cyclical

1.6%

Technology

1.4%

Basic

Materials

0.7%

Utilities

0.7%

Industrial

0.4%

Communications

0.2%

112.5%

^

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

Inv

estments

–

75.02%

of

Net

Assets

Environmental

and

Social

Impact

Investments

by

Themes*

–

(%

of

Net

Assets)

Transition

to

the

Green

Economy

22.73%

Economic

&

Community

Development

and

Inclusion

5.89%

Knowledge

&

Technology,

and

Innovation

0.95%

Health

&

Well-Being

0.95%

Affordable

Housing

9.40%

39.92%

*

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

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

NAV

-16.76%

-15.37%

0.40%

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

-

Market

Price

-16.50%

-15.15%

–

Bloomberg

U.S.

Aggregate

Bond

Index

-15.68%

-14.42%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$920.70

$1.89

$1,000.00

$1,023.24

$1.99

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

the

results

of

its

operations

for

the

year

ended

October

31,

2022,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers

;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures

.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

16.8%

ACM

Auto

Trust,

3.2300%,

4/20/29

(144A)

$

65,848

$

65,625

Affirm

Asset

Securitization

Trust,

3.4600%,

10/15/24

(144A)

129,520

127,929

Aligned

Data

Centers

Issuer

LLC,

1.9370%,

8/15/46

(144A)

500,000

420,177

Aqua

Finance

Trust,

1.5400%,

7/17/46

(144A)

235,345

211,953

Carvana

Auto

Receivables

Trust,

0.8200%,

4/10/25

29,591

29,167

FREED

ABS

Trust,

1.0100%,

11/20/28

(144A)

194,120

190,868

FREED

ABS

Trust,

3.0300%,

5/18/29

(144A)

88,822

87,719

GoodLeap

Sustainable

Home

Solutions

Trust,

2.1000%,

5/20/48

(144A)

854,574

616,395

GoodLeap

Sustainable

Home

Solutions

Trust,

2.3100%,

10/20/48

(144A)

219,552

153,456

Jersey

Mike's

Funding,

4.4330%,

2/15/50

(144A)

124,063

111,882

JPMorgan

Chase

Bank

NA-CACLN,

0.8600%,

2/26/29

(144A)

273,272

259,614

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

80,849

78,156

Lendingpoint

Asset

Securitization

Trust,

1.1100%,

2/15/29

(144A)

27,483

27,011

Lendingpoint

Asset

Securitization

Trust,

1.6800%,

6/15/29

(144A)

100,588

98,654

LL

ABS

Trust,

3.7600%,

11/15/29

(144A)

137,752

133,592

Mosaic

Solar

Loan

Trust,

1.4400%,

6/20/52

(144A)

418,598

323,993

Mosaic

Solar

Loan

Trust,

1.9200%,

6/20/52

(144A)

418,598

310,068

Oasis

Securitization

Funding

LLC,

2.1430%,

10/15/33

(144A)

130,819

126,984

PACEWell

5

Trust,

2.6280%,

10/10/59

(144A)

246,435

201,024

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

79,609

76,196

Sunnova

Helios

II

Issuer

LLC,

2.0100%,

7/20/48

(144A)

894,202

646,536

Sunrun

Demeter

Issuer

LLC,

2.2700%,

1/30/57

(144A)

237,871

160,456

Tesla

Auto

Lease

Trust,

0.3600%,

9/22/25

(144A)

1,053,202

1,025,003

Tricolor

Auto

Securitization

Trust,

3.3000%,

2/18/25

(144A)

126,653

125,130

Upstart

Securitization

Trust,

0.8400%,

9/20/31

(144A)

197,625

189,874

Total

Asset-Backed

Securities

(cost

$6,860,662)

5,797,462

Corporate

Bonds

-

17.8%

Basic

Materials

-

0.7%

RPM

International,

Inc.,

2.9500%, 1/15/32

314,000

240,485

Communications

-

0.2%

FactSet

Research

Systems,

Inc.,

2.9000%, 3/1/27

60,000

53,662

Consumer,

Cyclical

-

1.6%

Hasbro,

Inc.,

3.9000%, 11/19/29

178,000

153,550

Hasbro,

Inc.,

5.1000%, 5/15/44

128,000

100,132

Lithia

Motors,

Inc.,

4.3750%, 1/15/31

(144A)

217,000

176,189

Marriott

International,

Inc.,

4.0000%, 4/15/28

50,000

45,088

Marriott

International,

Inc.,

3.5000%, 10/15/32

85,000

67,888

542,847

Consumer,

Non-cyclical

-

3.1%

AbbVie,

Inc.,

3.2000%, 11/21/29

59,000

51,569

Coca-Cola

Femsa

SAB

de

CV,

1.8500%, 9/1/32

150,000

108,755

CSL

Finance

plc,

4.2500%, 4/27/32

(144A)

89,000

80,469

HCA,

Inc.,

4.1250%, 6/15/29

80,000

70,593

HCA,

Inc.,

3.5000%, 9/1/30

264,000

218,697

Humana,

Inc.,

3.1250%, 8/15/29

51,000

43,558

Illumina,

Inc.,

2.5500%, 3/23/31

87,000

66,393

JBS

USA

LUX

SA,

3.0000%, 5/15/32

(144A)

113,000

82,949

JBS

USA

LUX

SA,

4.3750%, 2/2/52

(144A)

96,000

62,381

S&P

Global,

Inc.,

2.7000%, 3/1/29

(144A)

82,000

70,464

S&P

Global,

Inc.,

3.7000%, 3/1/52

(144A)

60,000

43,670

UnitedHealth

Group,

Inc.,

3.7000%, 5/15/27

88,000

83,165

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

88,000

81,004

1,063,667

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

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

-

9.7%

Alexandria

Real

Estate

Equities,

Inc.,

2.0000%, 5/18/32

$

146,000

$

105,177

American

Express

Co.,

5.8500%, 11/5/27

259,000

258,814

American

Express

Co.,

4.0500%, 5/3/29

225,000

204,379

Bank

of

America

Corp.,

5.2000%, 6/1/23

μ

185,000

179,913

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

164,000

121,446

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

80,000

60,355

Bank

of

America

Corp.,

SOFR

+

1.3300%,

2.9720%, 2/4/33

‡

250,000

193,740

BNP

Paribas

SA,

SOFR

+

1.5610%,

3.1320%, 1/20/33

(144A)

‡

250,000

185,183

Boston

Properties

LP,

4.5000%, 12/1/28

168,000

151,126

Boston

Properties

LP,

2.5500%, 4/1/32

163,000

117,211

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

139,000

108,287

Equinix,

Inc.,

1.5500%, 3/15/28

122,000

97,301

Equinix,

Inc.,

2.5000%, 5/15/31

108,000

82,240

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.4100%,

3.1020%, 2/24/33

‡

522,000

408,825

JPMorgan

Chase

&

Co.,

SOFR

+

3.1250%,

4.6000%, 2/1/25

‡,μ

114,000

101,734

JPMorgan

Chase

&

Co.,

SOFR

+

2.5150%,

2.9560%, 5/13/31

‡

171,000

134,531

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

192,000

149,998

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.8500%,

1.6270%, 5/11/27

‡

201,000

168,195

Morgan

Stanley,

3.9500%, 4/23/27

145,000

133,792

Morgan

Stanley,

SOFR

+

1.2900%,

2.9430%, 1/21/33

‡

214,000

166,683

NatWest

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.3500%,

3.0320%, 11/28/35

‡

239,000

165,871

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

94,000

69,197

3,363,998

Industrial

-

0.4%

Trimble,

Inc.,

4.9000%, 6/15/28

117,000

110,021

Xylem,

Inc.,

4.3750%, 11/1/46

50,000

39,241

149,262

Technology

-

1.4%

Broadcom

Corp.,

3.8750%, 1/15/27

86,000

79,032

Micron

Technology,

Inc.,

5.3270%, 2/6/29

70,000

64,894

Micron

Technology,

Inc.,

6.7500%, 11/1/29

260,000

260,149

Oracle

Corp.,

3.9500%, 3/25/51

64,000

41,870

VMware,

Inc.,

4.7000%, 5/15/30

46,000

41,537

487,482

Utilities

-

0.7%

AES

Corp.

(The),

1.3750%, 1/15/26

120,000

103,638

AES

Corp.

(The),

2.4500%, 1/15/31

80,000

60,328

Xcel

Energy,

Inc.,

4.6000%, 6/1/32

74,000

68,155

232,121

Total

Corporate

Bonds

(cost

$7,614,419)

6,133,524

Mortgage-Backed

Securities

-

47.7%

Ajax

Mortgage

Loan

Trust

2.2500%, 6/25/60

(144A)

Ç

80,893

76,572

2.2500%, 9/27/60

(144A)

Ç

20,864

20,219

Angel

Oak

Mortgage

Trust

,

3.8600

%

,

1/26/65

(144A)

‡

25,632

24,600

Angel

Oak

Mortgage

Trust

I

LLC

,

3.6490

%

,

9/25/48

(144A)

‡

1,122

1,115

BX

Commercial

Mortgage

Trust

ICE

LIBOR

USD

1

Month

+

0.7000%,

4.1121%, 9/15/36

(144A)

‡

1,000,000

951,365

ICE

LIBOR

USD

1

Month

+

1.6500%,

5.0621%, 9/15/36

(144A)

‡

250,000

231,367

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

CALI

Mortgage

Trust

,

3.9570

%

,

3/10/39

(144A)

$

250,000

$

214,730

COLT

Mortgage

Loan

Trust

,

1.8530

%

,

3/25/65

(144A)

‡

4,001

3,895

Connecticut

Avenue

Securities

Trust

ICE

LIBOR

USD

1

Month

+

4.1500%,

7.7356%, 8/25/31

(144A)

‡

500,000

488,901

SOFR30A

+

1.0000%,

3.9968%, 12/25/41

(144A)

‡

446,734

434,733

SOFR30A

+

1.2000%,

4.1968%, 1/25/42

(144A)

‡

505,893

491,359

SOFR30A

+

2.0000%,

4.9968%, 3/25/42

(144A)

‡

128,411

126,137

SOFR30A

+

2.1000%,

5.0968%, 3/25/42

(144A)

‡

153,439

151,367

FHLMC

Gold

Pools,

Other

3.5000%, 7/1/42

58,577

53,114

3.0000%, 2/1/43

1,055

923

3.5000%, 2/1/44

298,817

270,531

3.5000%, 1/1/47

323,666

293,747

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.3000%,

4.2968%, 2/25/42

(144A)

‡

214,015

208,678

SOFR30A

+

2.1000%,

5.0968%, 3/25/42

(144A)

‡

177,349

175,203

ICE

LIBOR

USD

1

Month

+

2.9500%,

6.5356%, 11/25/49

(144A)

‡

250,000

238,764

ICE

LIBOR

USD

1

Month

+

3.1500%,

6.7356%, 9/25/50

(144A)

‡

3,255

3,257

FHLMC

UMBS

3.5000%, 3/1/43

224

203

3.5000%, 6/1/43

22,568

20,432

4.0000%, 11/1/48

2,008

1,859

4.0000%, 12/1/48

24,249

22,446

4.0000%, 3/1/50

23,178

21,455

4.0000%, 6/1/50

38,243

35,400

4.5000%, 9/1/50

71,417

68,184

4.0000%, 10/1/50

6,821

6,304

3.0000%, 2/1/52

9,320

7,988

3.0000%, 2/1/52

12,200

10,431

3.0000%, 3/1/52

17,749

15,205

4.5000%, 3/1/52

1,015

953

3.5000%, 4/1/52

4,612

4,076

3.5000%, 4/1/52

4,049

3,579

3.5000%, 6/1/52

17,703

15,692

3.5000%, 7/1/52

223,226

197,729

4.0000%, 7/1/52

20,806

18,938

4.0000%, 8/1/52

23,754

21,622

4.5000%, 8/1/52

235,677

221,455

4.5000%, 8/1/52

50,764

47,700

4.5000%, 8/1/52

99,269

93,255

5.5000%, 9/1/52

35,791

35,545

FNMA

,

ICE

LIBOR

USD

1

Month

+

6.0000%

,

9.5856

%

,

9/25/28

‡

151,184

157,300

FNMA

UMBS

4.0000%, 10/1/47

15,522

14,374

4.0000%, 7/1/48

19,039

17,623

4.0000%, 10/1/48

7,156

6,624

4.0000%, 11/1/48

22,137

20,491

4.0000%, 12/1/48

3,546

3,283

4.0000%, 6/1/49

2,894

2,675

4.0000%, 11/1/49

46,732

43,258

4.0000%, 11/1/49

4,131

3,818

3.5000%, 12/1/49

120,261

107,785

4.5000%, 1/1/50

38,282

36,550

4.0000%, 3/1/50

37,393

34,613

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

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)

FNMA

UMBS

-

(continued)

4.0000%, 3/1/50

$

68,343

$

63,261

4.0000%, 3/1/50

14,051

13,006

4.0000%, 9/1/50

80,320

74,235

4.0000%, 10/1/50

74,746

69,082

4.5000%, 10/1/50

46,738

44,624

4.0000%, 3/1/51

1,801

1,667

4.0000%, 3/1/51

3,693

3,414

4.0000%, 3/1/51

192,646

178,049

4.0000%, 10/1/51

27,155

25,098

2.5000%, 3/1/52

602,386

496,850

2.5000%, 3/1/52

222,242

183,598

2.5000%, 3/1/52

130,590

107,617

3.0000%, 3/1/52

46,110

39,412

3.5000%, 3/1/52

66,984

59,394

3.0000%, 4/1/52

39,134

33,512

3.0000%, 4/1/52

34,388

29,383

3.5000%, 4/1/52

34,419

30,444

3.5000%, 4/1/52

6,970

6,160

3.5000%, 4/1/52

11,593

10,255

3.5000%, 4/1/52

5,582

4,933

3.5000%, 4/1/52

19,086

16,866

3.5000%, 4/1/52

24,049

21,403

4.0000%, 4/1/52

27,811

25,448

4.5000%, 4/1/52

1,206

1,132

4.5000%, 4/1/52

2,358

2,213

4.5000%, 4/1/52

4,112

3,860

4.5000%, 4/1/52

5,343

5,015

4.5000%, 4/1/52

1,872

1,757

4.5000%, 4/1/52

2,141

2,009

3.5000%, 5/1/52

30,506

27,030

3.5000%, 5/1/52

19,166

16,949

4.5000%, 5/1/52

6,523

6,122

3.5000%, 6/1/52

58,077

51,650

4.0000%, 6/1/52

5,798

5,278

4.0000%, 6/1/52

21,646

19,702

3.5000%, 7/1/52

5,543

4,928

3.5000%, 7/1/52

138,570

122,738

4.0000%, 7/1/52

9,251

8,420

4.5000%, 7/1/52

27,405

25,750

4.5000%, 7/1/52

31,006

29,102

3.5000%, 8/1/52

27,018

23,923

3.5000%, 8/1/52

10,077

8,955

4.5000%, 8/1/52

106,745

100,299

5.5000%, 9/1/52

135,368

133,893

FNMA,

Other

3.0000%, 2/1/43

8,948

7,831

3.0000%, 2/1/43

503,125

440,831

3.0000%, 3/1/43

124,528

108,985

4.0000%, 6/1/43

49,954

46,653

4.5000%, 6/1/45

5,681

5,494

3.0000%, 7/1/45

564,423

493,972

3.0000%, 9/1/46

253,320

221,955

3.0000%, 1/1/47

13,472

11,707

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2022

10

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA,

Other

-

(continued)

3.5000%, 8/1/56

$

43,892

$

39,358

3.0000%, 6/1/57

102,847

88,347

3.0000%, 9/1/57

179,812

154,460

3.0000%, 5/1/58

576,861

495,530

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

2.0000%,

TBA, 15

Year

Maturity

(b)

356,690

312,570

2.5000%,

TBA, 15

Year

Maturity

(b)

420,646

379,154

3.0000%,

TBA, 15

Year

Maturity

(b)

547,502

503,584

3.5000%,

TBA, 15

Year

Maturity

(b)

455,414

427,659

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

3.5000%,

TBA, 30

Year

Maturity

(b)

517,083

454,653

4.0000%,

TBA, 30

Year

Maturity

(b)

873,434

794,390

GNMA

II,

30

Year

3.0000%, 7/20/51

83,155

72,716

3.0000%, 8/20/51

353,969

309,433

GNMA

II,

Single

Family,

30

Year

2.5000%,

TBA, 30

Year

Maturity

(b)

183,400

155,206

3.0000%,

TBA, 30

Year

Maturity

(b)

32,516

28,239

3.5000%,

TBA, 30

Year

Maturity

(b)

230,577

206,043

4.0000%,

TBA, 30

Year

Maturity

(b)

193,300

177,830

4.5000%,

TBA, 30

Year

Maturity

(b)

1,500,000

1,420,212

GS

Mortgage-Backed

Securities

Trust

,

2.3520

%

,

9/27/60

(144A)

‡

34,352

30,853

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

,

ICE

LIBOR

USD

1

Month

+

0.7600%

,

4.1720

%

,

6/15/38

(144A)

‡

500,000

478,418

JPMorgan

Mortgage

Trust

,

SOFR30A

+

0.9000%

,

3.1807

%

,

3/25/51

(144A)

‡

216,657

197,527

MKT

Mortgage

Trust

,

2.6940

%

,

2/12/40

(144A)

100,000

78,835

New

Residential

Mortgage

Loan

Trust

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

4.4856

%

,

1/25/48

(144A)

‡

124,938

121,451

SREIT

Trust

,

ICE

LIBOR

USD

1

Month

+

0.7308%

,

4.1429

%

,

11/15/38

(144A)

‡

179,000

170,406

TPI

RE-REMIC

Trust

0.0000%, 7/25/46

(144A)

¤

66,000

62,694

0.0000%, 8/25/46

(144A)

¤

41,000

38,688

Total

Mortgage-Backed

Securities

(cost

$17,780,739)

16,453,542

U.S.

Treasury

Notes/Bonds

-

21.4%

3.0000%,

7/31/24

1,697,000

1,651,725

0.3750%,

9/15/24

2,129,000

1,971,238

4.1250%,

9/30/27

431,000

428,643

4.1250%,

10/31/27

775,000

770,943

2.6250%,

7/31/29

277,000

251,486

2.7500%,

8/15/32

1,418,000

1,268,888

2.0000%,

11/15/41

25,000

17,043

2.3750%,

2/15/42

135,000

98,571

3.3750%,

8/15/42

592,000

510,692

2.8750%,

5/15/52

544,000

422,195

Total

U.S.

Treasury

Notes/Bonds

(cost

$7,883,651)

7,391,424

Preferred

Stock

-

0.2%

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Rithm

Capital

Corp.,

7.0000%, 11/15/26

(cost

$75,000)

3,000

52,650

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investment

Companies

-

8.6%

Money

Market

Funds

-

8.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

£,∞

(cost

$2,983,368)

2,983,310

$

2,983,609

Total

Investments

(total

cost

$43,197,839

)

-

112.5%

38,812,211

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(12.5%)

(4,312,566)

Net

Assets

-

100.0%

$34,499,645

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

38,103,738

98.2

%

United

Kingdom

334,066

0.9

France

185,183

0.5

Mexico

108,755

0.3

Australia

80,469

0.1

Total

$

38,812,211

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

10/31/22

Investment

Company

-

8.7%

Money

Market

Funds

-

8.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

11,174

$

(241)

$

241

$

2,983,609

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

10/31/22

Investment

Company

-

8.7%

Money

Market

Funds

-

8.7%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

$

–

$

11,801,695

$

(8,818,086)

$

2,983,609

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(7.7)%

Mortgage-Backed

Securities

-

(7.7)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.0000%,

TBA,

30

Year

Maturity

(b)

$

(1,871,468)

$

(1,588,711)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(1,146,470)

(1,075,270)

Total

Securities

Sold

Short

(proceeds

$2,729,983)

$

(2,663,981)

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

20

12/30/22

$

2,131,875

$

(90,095)

U.S.

Treasury

Long

Bonds

15

12/20/22

1,807,500

(200,708)

U.S.

Treasury

Ultra

Bonds

19

12/20/22

2,425,469

(416,730)

Total

-

Futures

Long

(707,533)

Futures

Short:

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2022

12

October

31,

2022

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

October

31,

2022.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the year

ended

October

31,

2022.

Schedule

of

Futures

Contracts

(continued)

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10

Year

Notes

1

12/20/22

(110,594)

390

U.S.

Treasury

10

Year

Ultra

Notes

10

12/20/22

(1,159,844)

86,471

U.S.

Treasury

2

Year

Notes

7

12/30/22

(1,430,680)

17,331

Total

-

Futures

Short

104,192

Total

$(603,341)

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.39-V1,

Fixed

Rate

of

5.00%

Paid

Quarterly

12/20/27

$

2,000,000

$

3,373

$

(98,219)

$

(94,846)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

October

31,

2022

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

Futures

contracts

$—

$104,192

$104,192

Liability

Derivatives:

Swaps

-

centrally

cleared

94,846

—

94,846

Futures

contracts

—

707,533

707,533

Total

Liability

Derivatives

$94,846

$707,533

$802,379

The

effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

year

ended

October

31,

2022

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(1,307,451)

$(1,307,451)

Swap

contracts

94,614

—

94,614

Total

$94,614

$(1,307,451)

$(1,212,837)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

13

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.

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(516,804)

$(516,804)

Swap

contracts

(94,846)

—

(94,846)

Total

$(94,846)

$(516,804)

$(611,650)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Year

Ended

October

31,

2022

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$10,115,544

Average

notional

amount

of

contracts

-

short

4,328,590

Credit

default

swaps:

Average

notional

amount

-

buy

protection

5,645,833

Average

notional

amount

-

sell

protection

79,167

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

14

October

31,

2022

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

October

31,

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.

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

October

31,

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

year

ended

October

31,

2022

is

$11,490,734

which

represents

33.3%

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

October

31,

2022

Janus

Detroit

Street

Trust

15

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

October

31,

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

$

—

$

5,797,462

$

—

Corporate

Bonds

—

6,133,524

—

Mortgage-Backed

Securities

—

16,453,542

—

U.S.

Treasury

Notes/Bonds

—

7,391,424

—

Preferred

Stock

52,650

—

—

Investment

Companies

—

2,983,609

—

Total

Investments

in

Securities

$

52,650

$

38,759,561

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

104,192

$

—

$

—

Total

Assets

$

156,842

$

38,759,561

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

2,663,981

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

94,846

$

—

Futures

Contracts

707,533

—

—

Total

Liabilities

$

707,533

$

2,758,827

$

—

(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

October

31,

2022

16

October

31,

2022

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$40,214,471)

$

35,828,602

Affiliated

investments,

at

value

(cost

$2,983,368)

2,983,609

Due

from

broker

for

centrally

cleared

swaps

133,979

Due

from

broker

for

futures

280,000

Receivable

for

variation

margin

on

swaps

30,219

Receivables:

Investments

sold

247,424

TBA

investments

sold

4,186,389

Dividends

1,313

Interest

139,386

Total

Assets

43,830,921

Liabilities:

TBA

sales

commitments,

at

value

(p

roceeds

$2,729,983)

2,663,981

Payable

for

variation

margin

on

futures

contracts

39,766

Payables:

—

Due

to

custodian

5,770

Investments

purchased

280,130

TBA

investments

purchased

6,330,054

Management

fees

11,570

Interest

5

Total

Liabilities

9,331,276

Net

Assets

$

34,499,645

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

42,783,975

Total

distributable

earnings

(loss)

(8,284,330)

Total

Net

Assets

$

34,499,645

Net

Assets

$

34,499,645

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

850,001

Net

Asset

Value

Per

Share

$

40.59

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

797,492

Dividends

27,775

Dividends

from

affiliates

11,174

Total

Investment

Income

836,441

Expenses:

Management

Fees

156,646

Total

Expenses

156,646

Net

Investment

Income/(Loss)

679,795

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(1,789,534)

Investments

in

affiliates

(241)

TBA

sales

commitments

(240,488)

Futures

contracts

(1,307,451)

Swap

contracts

94,614

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(3,243,100)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(4,058,431)

Investments

in

affiliates

241

TBA

sales

commitments

66,002

Futures

contracts

(516,804)

Swap

contracts

(94,846)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(4,603,838)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(7,167,143)

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Statement

of

Changes

in

Net

Assets

18

October

31,

2022

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

679,795

$

69,968

Net

realized

gain/(loss)

on

investments

(3,243,100)

(75,791)

Change

in

unrealized

net

appreciation/depreciation

(4,603,838)

(413,975)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(7,167,143)

(419,798)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(702,056)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(702,056)

—

Capital

Share

Transactions

(7,247,214)

50,035,856

Net

Increase/(Decrease)

in

Net

Assets

(15,116,413)

49,616,058

Net

Assets:

—

—

Beginning

of

Year  

49,616,058

—

End

of

Year

$

34,499,645

$

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

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.77

0.07

Net

realized

and

unrealized

gain/(loss)

(9.00)

(0.45)

Total

from

Investment

Operations

(8.23)

(0.38)

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.80)

—

Total

Dividends

and

Distributions

(0.80)

—

Net

Asset

Value,

End

of

Period

$40.59

$49.62

Total

Return

*

(16.76)%

(0.76)%

Net

assets,

End

of

Period

(in

thousands)

$34,499

$49,616

Average

Net

Assets

for

the

Period

(in

thousands)

$40,153

$48,400

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.39%

0.39%

Ratio

of

Net

Investment

Income/(Loss)

1.69%

1.00%

Portfolio

Turnover

Rate

(3)(4)

138%

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

20

October

31,

2022

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

21

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

22

October

31,

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

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 year

ended

October

31,

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

Janus

Detroit

Street

Trust

23

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

24

October

31,

2022

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

year,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

year,

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

Janus

Detroit

Street

Trust

25

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

year,

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. 

During

the

year,

the

Fund

sold

protection

via

the

credit

default

swap

market

in

order

to

gain

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

26

October

31,

2022

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

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

27

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. 

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.

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

28

October

31,

2022

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. 

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

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

29

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. 

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

year ended

October

31,

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. 

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

30

October

31,

2022

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

October

31,

2022, the

Adviser

owned 600,001

shares

or 70.59%

of

the

Fund.

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”).

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 year

ended

October

31,

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

and

amended 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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$3,527,578 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

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

31

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2022,

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 October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

Information

on

the

tax

components

of

derivatives

as

of

October

31,

2022

is

as

follows: 

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$—

$—

$(3,905,425)

$—

$—

$—

$(4,378,905)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(392,922)

$(3,512,503)

$(3,905,425)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$43,257,119

$5,403

$(4,450,311)

$(4,444,908)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$(3,526,390)

$66,872

$(869)

$66,003

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$702,056

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$—

$—

$—

$—

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Notes

to

Financial

Statements

32

October

31,

2022

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the

year ended

October

31,

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.

The

FASB

has

proposed

extending

the

sunset

date

to

December,

31

2024. 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 October

31,

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. 

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$(4,667)

$28,406

$(23,739)

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

350,000

$

15,363,756

1,000,001

$

50,035,856

Shares

repurchased

(500,000)

(22,610,970

)

—

—

Net

Increase/(Decrease)

(150,000)

$

(7,247,214

)

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

$34,782,274

$41,914,020

$17,071,249

$16,572,789

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

33

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

34

October

31,

2022

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

35

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

Sustainable

&

Impact

Core

Bond

ETF

Trustees

and

Officers

(unaudited)

36

October

31,

2022

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93091

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

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

Trustees

and

Officers

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

22

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

INVESTMENT

OBJECTIVE

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(SSPX)

seeks

long-term

growth

of

capital.

PERFORMANCE

OVERVIEW

The

Janus

Henderson

U.S.

Sustainable

Equity

ETF

launched

on

September

8,

2021.

For

the

12-month

period

ended

October

31,

2022,

Janus

Henderson

U.S.

Sustainable

Equity

(the

“Fund”)

returned

-24.82%

(based

on

NAV),

while

its

benchmark,

the

S&P

500®

Index,

returned

-14.61%.

This

was

a

period

in

which

equity

market

returns

largely

were

characterized

by

significant

strength

in

fossil

fuels,

defense,

and

the

parts

of

the

consumer

staples

and

healthcare

sectors

in

which

the

Fund

does

not

invest.

The

Fund’s

investible

universe

excludes

many

of

these

industries

and

invests

instead

in

companies

that

have

a

positive

impact

on

the

environment

and

society,

that

align

with

the

Fund’s

sustainable

development

themes,

and

that

do

not

breach

its

“do

no

harm”

avoidance

criteria.

The

period

also

was

characterized

by

significant

weakness

in

sectors

and

stocks

with

longer-term

growth

characteristics

that

often

was

driven

by

rising

discount

rates

and

valuation

contraction

rather

than

operational

weakness.

Among

these

sectors

was

information

technology

(IT).

Many

of

the

companies

that

the

Fund

invests

in,

that

we

believe

are

creating

a

more

efficient

global

economy,

and

that

are

developing

and

implementing

more

sustainable

technologies

and

practices,

reside

within

this

sector.

As

a

result

of

these

dynamics,

returns

during

the

period

were

negatively

impacted

by

stock

selection

in

both

the

IT

and

healthcare

sectors.

Lack

of

exposure

to

the

energy

sector,

which

saw

strong

gains,

also

was

detrimental.

Over

the

period,

there

was

a

rotation

into

some

of

the

more

cyclical

areas

of

the

equity

market,

which

tend

to

be

areas

that

the

Fund

is

not

invested

in

given

its

longer-term

sustainability

focus

and

avoidance

criteria.

Losses

were

partially

offset

by

the

Fund’s

underweight

to

the

communication

services

sector

and

strong

stock

selection

within

financials.

The

Janus

Henderson

U.S.

Sustainable

Equity

ETF

is

a

high-conviction,

low-carbon-oriented

portfolio

of

U.S.

companies

selected

for

their

sustainable

characteristics,

compounding

growth

potential,

and

positive

impact

on

the

environment

and

society.

We

believe

there

is

a

strong

link

between

sustainable

development,

innovation,

and

long-

term

compounding

growth.

Our

investment

framework

seeks

to

invest

in

U.S.

companies

that

have

a

positive

impact

on

the

environment

and

society,

while

at

the

same

time

helping

us

stay

on

the

right

side

of

disruption.

We

believe

this

approach

will

provide

clients

with

a

persistent

return

source,

deliver

future

compound

growth,

and

help

mitigate

downside

risk.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Microsoft

Corp.

Software

6.3%

Humana,

Inc.

Health

Care

Providers

&

Services

4.6%

Progressive

Corp.

(The)

Insurance

4.2%

Westinghouse

Air

Brake

Technologies

Corp.

Machinery

3.9%

Autodesk,

Inc.

Software

3.9%

22.9%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

29.0%

Industrial

21.1%

Financial

19.8%

Consumer,

Non-cyclical

18.4%

Consumer,

Cyclical

6.9%

Communications

2.9%

Investment

Companies

1.9%

100.0%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

October

31,

2022

Prospectus

~

Expense

Ratio

One

Year

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

NAV

-24.82%

-21.02%

0.55%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

Market

Price

-24.85%

-21.02%

–

S&P

500

®

Index

-14.61%

-11.22%

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$929.20

$2.67

$1,000.00

$1,022.43

$2.80

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

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

the

results

of

its

operations

for

the

year

ended

October

31,

2022,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

October

31,

2022

and

for

the

period

September

8,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

98

.1

%

Auto

Components

-

2

.1

%

Aptiv

plc*

4,643

$

422,838

Biotechnology

-

0

.2

%

Moderna,

Inc.*

310

46,602

Building

Products

-

4

.6

%

Advanced

Drainage

Systems,

Inc.

4,162

482,293

Carrier

Global

Corp.

10,983

436,684

918,977

Electronic

Equipment,

Instruments

&

Components

-

8

.7

%

IPG

Photonics

Corp.*

4,798

410,997

Keysight

Technologies,

Inc.*

4,329

753,895

TE

Connectivity

Ltd.

4,639

567,025

1,731,917

Equity

Real

Estate

Investment

Trusts

(REITs)

-

4

.7

%

Crown

Castle,

Inc.

1,934

257,725

Equinix,

Inc.

441

249,800

Prologis,

Inc.

3,852

426,609

934,134

Food

Products

-

1

.2

%

McCormick

&

Co.,

Inc.

(Non-Voting)

2,973

233,797

Health

Care

Equipment

&

Supplies

-

2

.6

%

Edwards

Lifesciences

Corp.*

4,817

348,895

STAAR

Surgical

Co.*

2,469

174,978

523,873

Health

Care

Providers

&

Services

-

6

.4

%

Encompass

Health

Corp.

6,614

360,066

Humana,

Inc.

1,633

911,345

1,271,411

Health

Care

Technology

-

0

.6

%

Certara,

Inc.*

8,945

109,397

Insurance

-

10

.2

%

Aon

plc

-

Class

A

2,119

596,477

Marsh

&

McLennan

Cos.,

Inc.

3,643

588,308

Progressive

Corp.

(The)

6,616

849,495

2,034,280

IT

Services

-

3

.0

%

Mastercard,

Inc.

-

Class

A

1,622

532,308

Twilio,

Inc.

-

Class

A*

764

56,819

589,127

Life

Sciences

Tools

&

Services

-

7

.4

%

Bruker

Corp.

5,157

318,909

ICON

plc*

2,974

588,376

Illumina,

Inc.*

881

201,590

PerkinElmer,

Inc.

2,781

371,486

1,480,361

Machinery

-

9

.8

%

Evoqua

Water

Technologies

Corp.*

19,455

762,247

Westinghouse

Air

Brake

Technologies

Corp.

8,326

776,649

Xylem,

Inc.

4,124

422,422

1,961,318

Semiconductors

&

Semiconductor

Equipment

-

10

.3

%

Lam

Research

Corp.

934

378,064

Microchip

Technology,

Inc.

9,070

559,982

NVIDIA

Corp.

4,460

601,966

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

(continued)

Semiconductors

&

Semiconductor

Equipment

-

(continued)

Texas

Instruments,

Inc.

3,230

$

518,835

2,058,847

Software

-

16

.3

%

Atlassian

Corp.

-

Class

A*

2,024

410,325

Autodesk,

Inc.*

3,608

773,194

Bill.com

Holdings,

Inc.*

1,142

152,297

Cadence

Design

Systems,

Inc.*

1,317

199,381

Microsoft

Corp.

5,397

1,252,806

Workday,

Inc.

-

Class

A*

3,008

468,707

3,256,710

Specialty

Retail

-

2

.4

%

Home

Depot,

Inc.

(The)

1,584

469,070

Textiles,

Apparel

&

Luxury

Goods

-

1

.4

%

NIKE,

Inc.

-

Class

B

3,055

283,137

Thrifts

&

Mortgage

Finance

-

2

.3

%

Walker

&

Dunlop,

Inc.

5,070

456,097

Trading

Companies

&

Distributors

-

1

.0

%

Core

&

Main,

Inc.

-

Class

A*

8,335

196,539

Wireless

Telecommunication

Services

-

2

.9

%

T-Mobile

US,

Inc.*

3,801

576,080

Total

Common

Stocks

(cost

$24,540,718)

19,554,512

Investment

Companies

-

1

.9

%

Money

Market

Funds

-

1

.9

%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

2.9400%

∞

(cost

$378,983)

378,983

378,983

Total

Investments

(total

cost

$

24,919,701

)

-

100

.0

%

19,933,495

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.0%

1,866

Net

Assets

-

100.0%

$19,935,361

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

19,366,470

97

.2

%

Switzerland

567,025

2

.8

Total

$

19,933,495

100

.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

8

October

31,

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

October

31,

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

October

31,

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

$

19,554,512

$

—

$

—

Investment

Companies

378,983

—

—

Total

Assets

$

19,933,495

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$24,919,701)

$

19,933,495

Receivables:

Dividends

10,814

Total

Assets

19,944,309

Liabilities:

Payables:

—

Management

fees

8,948

Total

Liabilities

8,948

Net

Assets

$

19,935,361

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

26,620,857

Total

distributable

earnings

(loss)

(6,685,496)

Total

Net

Assets

$

19,935,361

Net

Assets

$

19,935,361

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,050,001

Net

Asset

Value

Per

Share

$

18.99

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

For

the

year

ended

October

31,

2022

10

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

263,802

Total

Investment

Income

263,802

Expenses:

Management

Fees

197,616

Total

Expenses

197,616

Net

Investment

Income/(Loss)

66,186

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(5,799,653)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(5,799,653)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(6,157,764)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(6,157,764)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(11,891,231)

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Operations:

Net

investment

income/(loss)

$

66,186

$

(666)

Net

realized

gain/(loss)

on

investments

(5,799,653)

151,903

Change

in

unrealized

net

appreciation/depreciation

(6,157,764)

1,171,558

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(11,891,231)

1,322,795

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(207,757)

—

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(207,757)

—

Capital

Share

Transactions

(19,360,054)

50,071,608

Net

Increase/(Decrease)

in

Net

Assets

(31,459,042)

51,394,403

Net

Assets:

—

—

Beginning

of

Year  

51,394,403

—

End

of

Year

$

19,935,361

$

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

12

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

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)

0.04

—

(3)

Net

realized

and

unrealized

gain/(loss)

(6.32)

0.38

Total

from

Investment

Operations

(6.28)

0.38

Less

Dividends

and

Distributions:

—

—

Dividends

(from

net

investment

income)

(0.11)

—

Total

Dividends

and

Distributions

(0.11)

—

Net

Asset

Value,

End

of

Period

$18.99

$25.38

Total

Return

*

(24.82)%

1.52%

Net

assets,

End

of

Period

(in

thousands)

$19,935

$51,394

Average

Net

Assets

for

the

Period

(in

thousands)

$35,742

$44,389

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.55%

0.55%

Ratio

of

Net

Investment

Income/(Loss)

0.19%

(0.01)%

Portfolio

Turnover

Rate

(4)

9%

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

Janus

Detroit

Street

Trust

13

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

14

October

31,

2022

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

Janus

Detroit

Street

Trust

15

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 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

16

October

31,

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

Janus

Detroit

Street

Trust

17

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

year ended

October

31,

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

18

October

31,

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

October

31,

2022, the

Adviser

owned 975,001

shares

or 92.86%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$9,368

$—

$(1,708,658)

$—

$—

$—

$(4,986,206)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,330,022)

$(378,636)

$(1,708,658)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$24,919,701

$585,844

$(5,572,050)

$(4,986,206)

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

19

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities 

For

the year ended

October

31,

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 year

ended

October

31,

2022,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

year ended

October

31,

2022,

the

Fund

had

net

realized

loss

of

$4,093,499

from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$207,757

$—

$—

$—

For

the

year

ended

October

31,

2021

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$—

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$(4,090,697)

$150,939

$3,939,758

Year

Ended

October

31,

2022

Period

Ended

October

31,

2021

(1)

Shares

Amount

Shares

Amount

Shares

sold

75,000

$

1,486,411

2,025,001

$

50,071,608

Shares

repurchased

(1,050,000)

(20,846,465

)

—

—

Net

Increase/(Decrease)

(975,000)

$

(19,360,054

)

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

$3,103,914

$3,210,610

$—

$—

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

$1,455,159

$20,546,679

$—

$—

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

October

31,

2022, the

Adviser

owned 975,001

shares

or 92.86%

of

the

Fund.

4.

Federal

Income

Tax 

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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,

2022,

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 October

31,

2022 are

noted

below.

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$9,368

$—

$(1,708,658)

$—

$—

$—

$(4,986,206)

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,330,022)

$(378,636)

$(1,708,658)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$24,919,701

$585,844

$(5,572,050)

$(4,986,206)

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

20

October

31,

2022

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to October

31,

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)

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Designation

Requirements

(unaudited)

For

federal

income

tax

purposes,

the

Fund

designated

the

following

for

the

year

ended

October

31,

2022.

Dividends

Received

Deduction

Percentage

98%

Qualified

Dividend

Income

Percentage

100%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

22

October

31,

2022

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

23

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Trustees

and

Officers

(unaudited)

24

October

31,

2022

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93093

12-22

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.

ANNUAL

REPORT

October

31,

2022

Janus

Henderson

B-BBB

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

B-BBB

CLO

ETF

Performance

Overview

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

1

Disclosure

of

Fund

Expenses

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

4

Report

of

Independent

Registered

Public

Accounting

Firm

...

5

Schedule

of

Investments

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

6

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

Trustees

and

Officers

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

25

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Janus

Detroit

Street

Trust

1

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-.

PERFORMANCE

OVERVIEW

For

the

since-inception

period

from

January

11,

2022

to

October

31,

2022,

Janus

Henderson

B-BBB

CLO

ETF

(the

“Fund”)

returned

-9.94%

net

of

fees

(based

on

NAV),

underperforming

its

benchmark,

the

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index,

which

returned

-8.20%.

The

period

was

characterized

by

rising

interest

rates

and

widening

spreads,

which

pressured

returns

on

risk

assets.

In

its

fight

against

inflation,

the

Federal

Reserve

hiked

rates

by

3.00%

over

the

period,

while

the

yield

on

2-year

U.S.

Treasuries

increased

from

0.88%

to

4.48%.

Spreads

on

mezzanine

CLOs,

calculated

using

the

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

Discount

Margin,

widened

from

3.83%

to

6.43%

during

the

period,

as

investors

turned

to

their

most

liquid

holdings

to

raise

cash,

and

concerns

around

credit

deterioration

in

the

loan

market

spurred

further

selling.

While

higher

yields

and

spreads

pressured

returns

in

the

CLO

market,

their

magnitude

was

somewhat

muted

relative

to

corporate

bonds

and

U.S.

Treasuries.

This

was

largely

attributable

to

CLOs’

floating-rate

coupons.

Security

selection

within

the

CLO

market

drove

relative

underperformance

over

the

period.

The

Fund's

overweight

to

the

2019

vintage

detracted

as

spreads

widened.

The

2019

vintage

had

a

larger

drawdown

relative

to

other

vintages,

due

to

their

lower

coupon

rates

that

are

more

sensitive

to

changes

in

interest

rates.

Janus

Henderson

B-BBB

CLO

ETF

is

an

actively

managed

ETF

with

floating-rate

exposure

to

CLOs

rated

from

B

to

BBB

and

seeking

to

deliver

investors

access

to

securities

with

low

default

risk,

low

correlations

to

traditional

fixed

income

asset

classes,

and

yield

potential.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Fund

At

A

Glance

October

31,

2022

2

October

31,

2022

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligations

87.7%

Investment

Companies

9.6%

Exchange

Traded

Fund

4.8%

102.1%

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Performance

Janus

Detroit

Street

Trust

3

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

ratios

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

October

31,

2022

Prospectus

Expense

Ratio

~

Since

Inception

*

Total

Annual

Fund

Operating

Expenses

‡

Net

Annual

Fund

Operating

Expenses

‡

Janus

Henderson

B-BBB

CLO

ETF

-

NAV

-9.94%

0.50%

0.49%

Janus

Henderson

B-BBB

CLO

ETF

-

Market

Price

-9.49%

–

–

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

-8.20%

–

–

*

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

4

October

31,

2022

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

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Beginning

Account

Value

(5/1/22)

Ending

Account

Value

(10/31/22)

Expenses

Paid

During

Period

(5/1/22

-

10/31/22)

†

Net

Annualized

Expense

Ratio

(5/1/22

-

10/31/22)

$1,000.00

$910.40

$2.36

$1,000.00

$1,022.74

$2.50

0.49

%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Janus

Henderson

B-BBB

CLO

ETF

Report

of

Independent

Registered

Public

Accounting

Firm

Janus

Detroit

Street

Trust

5

To

the

Board

of

Trustees

of

Janus

Detroit

Street

Trust

and

Shareholders

of

Janus

Henderson

B-BBB

CLO

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Janus

Henderson

B-BBB

CLO

ETF

(one

of

the

funds

constituting

Janus

Detroit

Street

Trust

,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2022,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

January

11,

2022

(commencement

of

operations)

through

October

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022

,

and

the

results

of

its

operations,

changes

in

its

net

assets

and

the

financial

highlights

for

the

period

January

11,

2022

(commencement

of

operations)

through

October

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audit

.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

Denver,

Colorado

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Janus

Henderson

Funds

since

1990.

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2022

6

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

87.7%

AGL

CLO

10

Ltd.

2021-10A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

6.9791%,

4/15/34

(144A)

‡

$

2,000,000

$

1,726,348

AGL

CLO

7

Ltd.

2020-7A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.1791%,

7/15/34

(144A)

‡

250,000

217,264

Apidos

CLO

XXIII

2015-23A

DR,

ICE

LIBOR

USD

3

Month

+

2.9500%,

7.0291%,

4/15/33

(144A)

‡

950,000

833,053

Ares

XLI

CLO

Ltd.

2016-41A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.0791%,

4/15/34

(144A)

‡

1,250,000

1,057,376

BlueMountain

CLO

Ltd.

2015-4A

DR,

ICE

LIBOR

USD

3

Month

+

2.9500%,

7.1926%,

4/20/30

(144A)

‡

415,000

347,901

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

ICE

LIBOR

USD

3

Month

+

4.3700%,

8.6126%,

10/20/34

(144A)

‡

1,250,000

1,074,531

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

7.1636%,

4/15/35

(144A)

‡

1,500,000

1,255,850

BlueMountain

CLO

XXXI

Ltd.

2021-31A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.2266%,

4/19/34

(144A)

‡

1,250,000

1,057,928

Boyce

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

7.0877%,

4/21/35

(144A)

‡

1,500,000

1,253,189

Carlyle

Global

Market

Strategies

CLO

Ltd.

2014-5A

DRR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

7.2291%,

7/15/31

(144A)

‡

1,000,000

837,192

CBAM

Ltd.

2021-14A

D,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.3426%,

4/20/34

(144A)

‡

1,400,000

1,141,204

Cedar

Funding

VI

CLO

Ltd.

2016-6A

DRR,

ICE

LIBOR

USD

3

Month

+

3.3100%,

7.5526%,

4/20/34

(144A)

‡

1,000,000

859,643

Cedar

Funding

X

CLO

Ltd.

2019-10A

DR,

ICE

LIBOR

USD

3

Month

+

3.2000%,

7.4426%,

10/20/32

(144A)

‡

2,000,000

1,733,382

CIFC

Funding

2017-IV

Ltd.

2017-4A

CR,

ICE

LIBOR

USD

3

Month

+

3.1500%,

7.4746%,

10/24/30

(144A)

‡

1,500,000

1,310,763

CIFC

Funding

Ltd.

2015-3A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

6.7266%,

4/19/29

(144A)

‡

1,500,000

1,304,178

CIFC

Funding

Ltd.

2017-5A

C,

ICE

LIBOR

USD

3

Month

+

2.8500%,

6.9291%,

11/16/30

(144A)

‡

2,000,000

1,738,554

CIFC

Funding

Ltd.

2014-5A

DR2,

ICE

LIBOR

USD

3

Month

+

3.4000%,

7.4791%,

10/17/31

(144A)

‡

2,000,000

1,713,304

CIFC

Funding

Ltd.

2019-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.3426%,

4/20/32

(144A)

‡

1,000,000

888,643

Dryden

37

Senior

Loan

Fund

2015-37A

DR,

ICE

LIBOR

USD

3

Month

+

2.5000%,

6.5791%,

1/15/31

(144A)

‡

1,500,000

1,286,434

Dryden

54

Senior

Loan

Fund

2017-54A

C,

ICE

LIBOR

USD

3

Month

+

2.1500%,

6.3766%,

10/19/29

(144A)

‡

1,000,000

930,471

Dryden

60

CLO

Ltd.

2018-60A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.0791%,

7/15/31

(144A)

‡

1,000,000

866,493

Dryden

80

CLO

Ltd.

2019-80A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

6.9636%,

1/17/33

(144A)

‡

1,000,000

858,401

Elevation

CLO

Ltd.

2017-8A

D,

ICE

LIBOR

USD

3

Month

+

2.8700%,

7.2284%,

10/25/30

(144A)

‡

853,000

720,860

Gilbert

Park

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

7.0291%,

10/15/30

(144A)

‡

1,000,000

879,655

Greywolf

CLO

V

Ltd.

2015-1A

CR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.3584%,

1/27/31

(144A)

‡

1,000,000

856,403

Highbridge

Loan

Management

3A-2014

CR,

ICE

LIBOR

USD

3

Month

+

3.6000%,

7.7937%,

7/18/29

(144A)

‡

2,500,000

2,231,638

Jamestown

CLO

XI

Ltd.

2018-11A

C,

ICE

LIBOR

USD

3

Month

+

3.2500%,

7.2609%,

7/14/31

(144A)

‡

1,000,000

864,188

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

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)

KKR

CLO

27

Ltd.

27A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

7.1136%,

10/15/32

(144A)

‡

$

1,250,000

$

1,058,851

LCM

29

Ltd.

29A

DR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

7.4791%,

4/15/31

(144A)

‡

1,000,000

841,433

LCM

30

Ltd.

30A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.2426%,

4/20/31

(144A)

‡

435,000

364,390

LCM

31

Ltd.

31A

D,

ICE

LIBOR

USD

3

Month

+

3.6000%,

7.8426%,

1/20/32

(144A)

‡

3,000,000

2,576,616

LCM

36

Ltd.

36A

D,

ICE

LIBOR

USD

3

Month

+

3.4000%,

7.4791%,

1/15/34

(144A)

‡

2,000,000

1,652,174

Madison

Park

Funding

XVII

Ltd.

2015-17A

DR,

ICE

LIBOR

USD

3

Month

+

3.6000%,

7.8776%,

7/21/30

(144A)

‡

2,000,000

1,797,556

Madison

Park

Funding

XXI

Ltd.

2016-21A

C2RR,

ICE

LIBOR

USD

3

Month

+

5.1500%,

9.2291%,

10/15/32

(144A)

‡

1,000,000

930,298

Madison

Park

Funding

XXX

Ltd.

2018-30A

D,

ICE

LIBOR

USD

3

Month

+

2.5000%,

6.5791%,

4/15/29

(144A)

‡

622,900

548,940

Myers

Park

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

3.0500%,

7.2926%,

10/20/30

(144A)

‡

1,000,000

852,481

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.

2019-34A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

7.0633%,

1/20/35

(144A)

‡

2,000,000

1,737,552

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

2019-33A

DR,

ICE

LIBOR

USD

3

Month

+

2.9000%,

6.9791%,

10/16/33

(144A)

‡

2,500,000

2,173,528

Oaktree

CLO

Ltd.

2019-3A

D1R,

ICE

LIBOR

USD

3

Month

+

3.2100%,

7.4526%,

10/20/34

(144A)

‡

2,500,000

2,191,225

Octagon

54

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.0500%,

7.1291%,

7/15/34

(144A)

‡

250,000

215,147

Octagon

Investment

Partners

XVI

Ltd.

2013-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.0791%,

7/17/30

(144A)

‡

1,000,000

844,881

Park

Avenue

Institutional

Advisers

CLO

Ltd.

2019-2A

CR,

ICE

LIBOR

USD

3

Month

+

3.5000%,

7.5791%,

10/15/34

(144A)

‡

1,250,000

1,087,470

Race

Point

VIII

CLO

Ltd.

2013-8A

DR2,

ICE

LIBOR

USD

3

Month

+

3.5000%,

6.4840%,

2/20/30

(144A)

‡

750,000

665,120

Regatta

XV

Funding

Ltd.

2018-4A

C,

ICE

LIBOR

USD

3

Month

+

3.3000%,

7.6584%,

10/25/31

(144A)

‡

2,000,000

1,776,366

Regatta

XX

Funding

Ltd.

2021-2A

D,

ICE

LIBOR

USD

3

Month

+

3.1000%,

7.1791%,

10/15/34

(144A)

‡

250,000

219,820

RR

3

Ltd.

2018-3A

CR2,

ICE

LIBOR

USD

3

Month

+

2.5000%,

6.5791%,

1/15/30

(144A)

‡

1,000,000

826,149

Sandstone

Peak

Ltd.

2021-1A

D,

ICE

LIBOR

USD

3

Month

+

3.5500%,

7.6291%,

10/15/34

(144A)

‡

2,000,000

1,701,894

Sixth

Street

CLO

XIX

Ltd.

2021-19A

D,

ICE

LIBOR

USD

3

Month

+

3.0000%,

7.2426%,

7/20/34

(144A)

‡

2,500,000

2,172,542

Sound

Point

CLO

XXI

Ltd.

2018-3A

C,

ICE

LIBOR

USD

3

Month

+

3.3000%,

7.6269%,

10/26/31

(144A)

‡

800,000

662,058

Symphony

CLO

XV

Ltd.

2014-15A

DR2,

ICE

LIBOR

USD

3

Month

+

4.0000%,

8.0791%,

1/17/32

(144A)

‡

500,000

432,842

TCI-Flatiron

CLO

Ltd.

2017-1A

D,

ICE

LIBOR

USD

3

Month

+

2.7500%,

5.6919%,

11/18/30

(144A)

‡

1,000,000

873,915

TCW

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9100%,

7.2684%,

4/25/31

(144A)

‡

1,210,000

1,029,015

TCW

CLO

Ltd.

2020-1A

DRR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

7.6426%,

4/20/34

(144A)

‡

1,500,000

1,331,793

THL

Credit

Wind

River

CLO

Ltd.

2018-1A

D,

ICE

LIBOR

USD

3

Month

+

2.9000%,

6.9791%,

7/15/30

(144A)

‡

1,000,000

830,105

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2022

8

October

31,

2022

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

THL

Credit

Wind

River

CLO

Ltd.

2018-3A

D,

ICE

LIBOR

USD

3

Month

+

2.9500%,

7.1926%,

1/20/31

(144A)

‡

$

500,000

$

420,048

THL

Credit

Wind

River

CLO

Ltd.

2019-1A

DR,

ICE

LIBOR

USD

3

Month

+

3.4500%,

7.6926%,

7/20/34

(144A)

‡

2,000,000

1,657,258

TICP

CLO

VIII

Ltd.

2017-8A

CR,

ICE

LIBOR

USD

3

Month

+

3.4000%,

7.6426%,

10/20/34

(144A)

‡

2,000,000

1,756,358

Upland

CLO

Ltd.

2016-1A

BR,

ICE

LIBOR

USD

3

Month

+

1.8500%,

6.0926%,

4/20/31

(144A)

‡

1,000,000

902,296

Venture

31

CLO

Ltd.

2018-31A

D,

ICE

LIBOR

USD

3

Month

+

2.8200%,

7.0626%,

4/20/31

(144A)

‡

1,250,000

1,020,271

Venture

44

CLO

Ltd.

2021-44A

D1,

ICE

LIBOR

USD

3

Month

+

3.2300%,

7.4726%,

10/20/34

(144A)

‡

2,000,000

1,684,774

Whitebox

CLO

II

Ltd.

2020-2A

DR,

ICE

LIBOR

USD

3

Month

+

3.3500%,

7.6746%,

10/24/34

(144A)

‡

250,000

223,621

Total

Collateralized

Loan

Obligations

(cost

$78,978,192)

68,903,633

Exchange

Traded

Fund

-

4.8%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$3,778,890)

77,466

3,783,439

Investment

Companies

-

9.6%

Money

Market

Funds

-

9.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

£,∞

(cost

$7,585,668)

7,585,033

7,585,792

Total

Investments

(total

cost

$90,342,750

)

-

102.1%

80,272,864

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.1%)

(1,662,982)

Net

Assets

-

100.0%

$78,609,882

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

80,272,864

100.0

%

–

–

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

October

31,

2022

Janus

Detroit

Street

Trust

9

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

10/31/22

Exchange

Traded

Fund

-

4.8%

Janus

Henderson

AAA

CLO

ETF

∞

$

20,739

$

(114,824)

$

4,549

$

3,783,439

Investment

Company

-

9.6%

Money

Market

Funds

-

9.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

12,747

(124)

124

7,585,792

Total

Affiliated

Investments

-

14.4%

$

33,486

$

(114,948)

$

4,673

$

11,369,231

Market

Value

at

1/11/22

Purchases

Sales

Market

Value

at

10/31/22

Exchange

Traded

Fund

-

4.8%

Janus

Henderson

AAA

CLO

ETF

∞

$

–

$

8,498,910

$

(4,605,195)

$

3,783,439

Investment

Company

-

9.6%

Money

Market

Funds

-

9.6%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

3.1496%

∞

–

27,711,283

(20,125,492)

7,585,792

Total

Affiliated

Investments

-

14.4%

$

–

$

36,210,193

$

(24,730,687)

$

11,369,231

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

October

31,

2022

10

October

31,

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

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

October

31,

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

October

31,

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

year

ended

October

31,

2022

is

$68,903,633

which

represents

87.7%

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

October

31,

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

$

—

$

68,903,633

$

—

Exchange

Traded

Fund

3,783,439

—

—

Investment

Companies

—

7,585,792

—

Total

Assets

$

3,783,439

$

76,489,425

$

—

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

October

31,

2022

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$78,978,192)

$

68,903,633

Affiliated

investments,

at

value

(cost

$11,364,558)

11,369,231

Receivables:

Interest

233,717

Due

from

adviser

226

Total

Assets

80,506,807

Liabilities:

Payables:

—

Due

to

custodian

6,830

Investments

purchased

1,857,500

Management

fees

32,595

Total

Liabilities

1,896,925

Net

Assets

$

78,609,882

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

90,229,001

Total

distributable

earnings

(loss)

(11,619,119)

Total

Net

Assets

$

78,609,882

Net

Assets

$

78,609,882

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

1,800,000

Net

Asset

Value

Per

Share

$

43.67

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

For

the

period

ended

October

31,

2022

(1)

12

October

31,

2022

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

3,179,283

Dividends

from

affiliates

33,486

Dividends

24,622

Total

Investment

Income

3,237,391

Expenses:

Management

Fees

302,267

Total

Expenses

302,267

Less:

Excess

Expense

Reimbursement

and

Waivers

(

3,522

)

Net

Expenses

298,745

Net

Investment

Income/(Loss)

2,938,646

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

1,879,875

)

Investments

in

affiliates

(

114,948

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

1,994,823

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(

10,074,559

)

Investments

in

affiliates

4,673

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(

10,069,886

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(

9,126,063

)

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

13

See

Notes

to

Financial

Statements.

Period

Ended

October

31,

2022

(1)

Operations:

Net

investment

income/(loss)

$

2,938,646

Net

realized

gain/(loss)

on

investments

(1,994,823)

Change

in

unrealized

net

appreciation/depreciation

(10,069,886)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

(9,126,063)

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(2,493,056)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(2,493,056)

Capital

Share

Transactions

90,229,001

Net

Increase/(Decrease)

in

Net

Assets

78,609,882

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

78,609,882

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

14

October

31,

2022

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

period

ended

October

31

2022

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

1.80

Net

realized

and

unrealized

gain/(loss)

(6.71)

Total

from

Investment

Operations

(4.91)

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(1.42)

Total

Dividends

and

Distributions

(1.42)

Net

Asset

Value,

End

of

Period

$43.67

Total

Return

*

(9.9

6)%

(3)

Net

assets,

End

of

Period

(in

thousands)

$78,610

Average

Net

Assets

for

the

Period

(in

thousands)

$77,145

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)

4.75%

Portfolio

Turnover

Rate

(4)

25%

*

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

October

31,

2022.

(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.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

15

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

October,

31,

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 

Fund

holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

16

October

31,

2022

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

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

October

31,

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

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.

Other

Investments

and

Strategies 

Additional

Investment

Risk 

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

in

response

to

the

COVID-19

pandemic.

This

and

other

government

intervention

into

the

economy

and

financial

markets

to

address

the

COVID-19

pandemic

may

not

work

as

intended,

particularly

if

the

efforts

are

perceived

by

investors

as

being

unlikely

to

achieve

the

desired

results.

Government

actions

to

mitigate

the

economic

impact

of

the

pandemic

have

resulted

in

a

large

expansion

of

government

deficits

and

debt,

the

long

term

consequences

of

which

are

not

known.

The

COVID-19

pandemic

could

adversely

affect

the

value

and

liquidity

of

a

fund’s

investments,

impair

a

fund’s

ability

to

satisfy

redemption

requests,

and

negatively

impact

a

fund’s

performance.

In

addition,

the

outbreak

of

COVID-19,

and

measures

taken

to

mitigate

its

effects,

could

result

in

disruptions

to

the

services

provided

to

a

fund

by

its

service

providers. 

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

18

October

31,

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

Janus

Detroit

Street

Trust

19

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

20

October

31,

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: 

For

the

period

ended

October

31,

2022,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.49% of

the

Fund’s

average

daily

net

assets.

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 October

31,

2022,

the

Adviser

waived

$3,522

of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF.

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

Janus

Detroit

Street

Trust

21

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”).

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

October

31,

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

and

amended

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

year

ended

October

31,

2022,

the

Fund

engaged

in

cross

trades

amounting

to

$15,984,531 in

purchases.

4.

Federal

Income

Tax

The

tax

components

of

capital

shown

in

the

table

below

represent:

(1)

distribution

requirements

the

Fund

must

satisfy

under

the

income

tax

regulations;

(2)

losses

or

deductions

the

Fund

may

be

able

to

offset

against

income

and

gains

realized

in

future

years;

and

(3)

unrealized

appreciation

or

depreciation

of

investments

for

federal

income

tax

purposes. 

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. 

Loss

Deferrals

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Capital

Losses

Late-Year

Ordinary

Loss

Post-October

Capital

Loss

Other

Book

to

Tax

Differences

Net

Tax

Appreciation/

(Depreciation)

$469,417

$—

$(1,995,196)

$—

$—

$—

$(10,093,340)

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

22

October

31,

2022

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2022,

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 October

31,

2022 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

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.

Certain

permanent

differences

such

as

tax

returns

of

capital

and

net

investment

losses

noted

below

have

been

reclassified

to

capital. 

Permanent

book

to

tax

basis

differences

may

result

in

reclassifications

between

the

components

of

net

assets.

These

differences

have

no

impact

on

the

results

of

operations

or

net

assets.

The

following

reclassifications

have

been

made

to

the

Fund: 

5.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2022

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,995,196)

$—

$(1,995,196)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$90,366,204

$4,662

$(10,098,002)

$(10,093,340)

For

the

year

ended

October

31,

2022

:

Distributions

From

Ordinary

Income

From

Long-Term

Capital

Gain

Tax

Return

of

Capital

Net

Investment

Loss

$2,493,056

$—

$—

$—

Increase/(Decrease)

to

Capital

Increase/(Decrease)

to

Undistributed

Net

Investment

Income/Loss

Increase/(Decrease)

to

Undistributed

Net

realized

Gain/Loss

$—

$23,827

$(23,827)

Period

Ended

October

31,

2022

(1)

Shares

Amount

Shares

sold

2,000,000

$

99,654,523

Shares

repurchased

(200,000)

(9,425,522)

Net

Increase/(Decrease)

1,800,000

$

90,229,001

(1)

Period

from

January

11,

2022

(commencement

of

operations)

through

October

31,

2022.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

Janus

Detroit

Street

Trust

23

6.

Purchases

and

Sales

of

Investment

Securities 

For

the

period

ended

October

31,

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.

The

FASB

has

proposed

extending

the

sunset

date

to

December,

31

2024. 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 October

31,

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

$102,373,674

$17,637,917

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Additional

Information

(unaudited)

24

October

31,

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

as

an

exhibit

to

Form

N-PORT

within

60

days

of

the

end

of

the

first

and

third

fiscal

quarters,

and

in

the

annual

report

and

semiannual

report

to

shareholders.

The

Fund’s

Form

N-PORT

filings

and

annual

and

semiannual

reports:

(i)

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

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

B-BBB

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

25

The

following

are

the

Trustees

and

officers

of

the

Trust

together

with

a

brief

description

of

their

principal

occupations

during

the

last

five

years

(principal

occupations

for

certain

Trustees

may

include

periods

over

five

years).

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

officers

and

is

available,

without

charge,

by

calling

1-877-335-2687.

Each

Trustee

has

served

in

that

capacity

since

he

or

she

was

originally

elected

or

appointed.

The

Trustees

do

not

serve

a

specified

term

of

office.

Each

Trustee

will

hold

office

until

the

termination

of

the

Trust

or

his

or

her

earlier

death,

resignation,

retirement,

incapacity,

or

removal.

Under

the

Fund’s

Governance

Procedures

and

Guidelines,

the

policy

is

for

Trustees

to

retire

no

later

than

the

end

of

the

calendar

year

in

which

the

Trustee

turns

75.

The

Trustees

review

the

Fund’s

Governance

Procedures

and

Guidelines

from

time

to

time

and

may

make

changes

they

deem

appropriate.

The

Fund’s

Nominating

and

Governance

Committee

will

consider

nominees

for

the

position

of

Trustee

recommended

by

shareholders.

Shareholders

may

submit

the

name

of

a

candidate

for

consideration

by

the

Committee

by

submitting

their

recommendations

to

the

Trust’s

Secretary.

Each

Trustee

is

currently

a

Trustee

of

one

other

registered

investment

company

advised

by

the

Adviser:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

15

series

or

funds.

The

Trust’s

officers

are

elected

annually

by

the

Trustees

for

a

one-year

term.

Certain

officers

also

serve

as

officers

of

Clayton

Street

Trust.

Certain

officers

of

the

Funds

may

also

be

officers

and/or

directors

of

the

Adviser.

Except

as

otherwise

disclosed,

Fund

officers

receive

no

compensation

from

the

Funds.

TRUSTEES

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Clifford

J.

Weber

151

Detroit

Street

Denver,

CO

80206

DOB:

1963

Chairman

Trustee

2/16-Present

Owner,

Financial

Products

Consulting

Group

LLC

(consulting

services

to

financial

institutions)

(since

2015).

15

Independent

Trustee,

Clough

Funds

Trust

(investment

company)

(since

2015),

Chairman,

Clough

Funds

Trust

(since

2017),

Independent

Trustee,

Clough

Global

Dividend

and

Income

Fund (closed-end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Opportunities

Fund (closed-

end fund)

(since

2017),

Independent

Trustee,

Clough

Global

Equity

Fund (closed-

end fund)

(since

2017),

and

Independent

Trustee,

Global

X

Funds

(investment

company)

(since

2018).

Formerly,

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-2018)

and

Independent

Trustee,

Elevation

ETF

Trust

(2016-2018).

Janus

Henderson

B-BBB

CLO

ETF

Trustees

and

Officers

(unaudited)

26

October

31,

2022

*

Each

Trustee

also

serves

as

a

trustee

to

the

Clayton

Street

Trust,

which

is

currently

comprised

of

three

portfolios.

**

Ms.

Benz

is

an

Interested

Trustee

because

of

her

employment

with

Janus

Henderson

Investors.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Number

of

Portfolios/Funds

in

Fund

Complex

Overseen

by

Trustee*

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Maureen

T.

Upton

151

Detroit

Street

Denver,

CO

80206

DOB:

1965

Trustee

2/16-Present

Principal,

Maureen

Upton

Ltd.

(consulting

services

to

developers

of

major

infrastructure

projects

and

investors)

(since

2017).

15

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(since

2022).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

BayBoston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

15

Director,

West

Travis

County

Municipal

Utility

District

No. 6

(municipal

utility)

(since

2020).

Formerly,

Director,

State

Farm

Bank

(banking)

(2014-2021).

Interested

Trustee

Carrie

Benz**

151

Detroit

Street

Denver,

CO

80206

DOB:

1975

Trustee

1/21-Present

Global

Investments

Chief

Operating

Officer

(since

2022).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2022).

15

Janus

Henderson

B-BBB

CLO

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

27

OFFICERS

*

Officers

are

elected

at

least

annually

by

the

Trustees

for

a

one-year

term

and

may

also

be

elected

from

time

to

time

by

the

Trustees

for

an

interim

period.

Name,

Address,

and

Age

Positions

Held

with

the

Trust

Term

of

Office*

and

Length

of

Time

Served

Principal

Occupations

During

the

Past

Five

Years

Nicholas

Cherney

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

President

and

Chief

Executive

Officer

10/22-Present

Head

of

Exchange

Traded

Products

at

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC,

Velocity

Shares

Holdings

Inc.

(since

2019).

Formerly,

Senior

Vice

President,

Janus

Henderson

Distributors

US

LLC,

Janus

Henderson

Indices

LLC

(2015-2019),

Janus

Henderson

Investors

US

LLC

(2015-2017),

and

Velocity

Shares

Holdings

Inc.

(2014-2019).

Kristin

Mariani

151

Detroit

Street

Denver,

CO

80206

DOB:

1966

Vice

President,

Chief

Compliance

Officer,

and

Anti-

Money

Laundering

Officer

7/20-Present

Head

of

Compliance,

North

America

for

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

for

Janus

Capital

Management

LLC

(since

September

2017).

Formerly,

Global

Head

of

Investment

Management

Compliance

for

Janus

Henderson

Investors

(February

2019

-

August

2020),

Vice

President,

Head

of

Global

Distribution

Compliance

and

Chief

Compliance

Officer

of

Janus

Henderson

Distributors

(May

2017

–

September

2017),

Vice

President,

Compliance

at

Janus

Capital

Group

Inc.,

Janus

Capital

Management

LLC,

and

Janus

Distributors

LLC

(2009-2017).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Chief

Financial

Officer,

Vice

President,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Services

LLC.

Byron

D.

Hittle

151

Detroit

Street

Denver,

CO

80206

DOB:

1974

Vice

President,

Secretary,

and

Chief

Legal

Officer

7/18-Present

Managing

Counsel

of

Janus

Henderson

Investors

(2017-present).

125-02-93094

12-22

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.

Item 2.  Code of Ethics.

As of the end of the period covered by this Form N-CSR, the Registrant has adopted a Code of Ethics (as defined in Item 2(b) of Form N-CSR), which is posted on the Registrant’s website: janushenderson.com. Registrant intends to post any amendments to, or waivers from (as defined in Item 2 of Form N-CSR), such code on janushenderson.com within five business days following the date of such amendment or waiver.

Item 3  Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Jeffrey B. Weeden, the Chairman of the Board’s Audit and Pricing Committee is an “audit committee financial expert,” as defined in Item 3 to Form N-CSR: Jeffrey B. Weeden is “independent” under the standards set forth in Item 3 to Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a)           Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $444,975 for 2022 and $379,065 for 2021.

(b)           Audit Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under paragraph (a) of this Item are $0 for 2022 and $34,926 for 2021.

(c)           Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2022 and $0 for 2021.  The nature of the services comprising the fees disclosed under this category includes tax compliance, tax planning, and tax advice.

(d)           All Other Fees

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2021.

(e)           Pre-Approval Policies and Procedures

(1)  The registrant’s Audit Committee Charter requires the registrant’s Audit Committee to pre-approve any engagement of the principal accountant (i) to provide audit or non-audit services to the registrant or (ii) to provide non-audit services to the registrant’s investment adviser or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X. The Chairman of the Audit Committee or, if the Chairman is unavailable, another member of the Audit Committee who is an independent Trustee, may grant the pre-approval. All such delegated pre-approvals must be presented to the Audit Committee no later than the next Audit Committee meeting.

(2)    No services described in paragraphs (b) through (d) of this Item were approved by the Registrant’s audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. 

(f)  Not applicable as less than 50%.

(g)  The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the last two fiscal years of the registrant are $0 for 2022 and $0 for 2021.

(h)  The registrant’s audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed Registrants.

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the committee are Jeffrey B Weeden, Maureen T. Upton and Clifford J. Weber.

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.

         (3) Not applicable.

         (4) Not applicable.

(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/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)

Date: December 30, 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/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)

Date: December 30, 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: December 30, 2022

EX-99.CERT

Section 302 Certification

I, Nick Cherney, 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: December 30, 2022

By: /s/ Nick Cherney

Nick Cherney

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: December 30, 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 October 31, 2022, as filed with the Securities and Exchange Commission on December 30, 2022 (the “Report”), we, Nick Cherney, 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/ Nick Cherney

                                Nick Cherney

                                President and Chief Executive Officer (Principal Executive Officer)

Date: December 30, 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: December 30, 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.