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:
Cara Owen 151 Detroit Street Denver, Colorado 80206-4805	Eric S. Purple Stradley Ronon Stevens & Young, LLP 2000 K Street, N.W., Suite 700 Washington, D.C. 20006

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

Item 1. Report to Shareholders.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

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

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

27

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

28

Liquidity

Risk

Management

Program

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

32

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Neurocrine

Biosciences,

Inc.

Biotechnology

3.3%

Bentley

Systems,

Inc.

Software

3.2%

Shockwave

Medical,

Inc.

Health

Care

Equipment

&

Supplies

3.1%

Medpace

Holdings,

Inc.

Life

Sciences

Tools

&

Services

3.0%

Charles

River

Laboratories

International,

Inc.

Life

Sciences

Tools

&

Services

2.8%

15.4%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

33.6%

Industrial

25.2%

Technology

16.0%

Financial

9.0%

Consumer,

Cyclical

8.9%

Energy

2.7%

Communications

2.2%

Basic

Materials

1.8%

Utilities

0.6%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

0.5%

Investment

Company

0.0%

100.5%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.30%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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

if

applied,

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.

High

absolute

short-term

performance

is

not

typical

and

may

not

be

achieved

in

the

future.

Such

results

should

not

be

the

sole

basis

for

evaluating

material

facts

in

making

an

investment

decision.

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.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

Russell

2500

TM

Growth

Index

to

the

Russell

3000

®

Index

due

to

regulatory

requirements.

The

Fund

retained

the

Russell

2500

TM

Growth

Index

as

a

performance

benchmark

because

the

Russell

2500

TM

Growth

Index

is

more

closely

aligned

with

the

Fund’s

investment

strategies

and

investment

restrictions.

The

Underlying

Index

remains

the

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

NAV

19.89%

18.03%

8.09%

13.09%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

-

Market

Price

19.83%

18.21%

8.06%

13.09%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

Index

20.05%

18.39%

8.41%

13.49%

Russell

3000

TM

Growth

Index

21.09%

22.30%

12.42%

14.13%

Russell

2500

TM

Growth

Index

21.50%

13.53%

6.97%

11.63%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,198.90

$1.64

$1,000.00

$1,023.37

$1.51

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

2.4%

AerSale

Corp.*

17,409

$

124,126

HEICO

Corp.

39,870

8,269,038

8,393,164

Automobile

Components

-

0.0%

XPEL,

Inc.*

2,559

134,475

Banks

-

4.1%

Amalgamated

Financial

Corp.

7,837

192,320

Axos

Financial,

Inc.*

14,628

740,323

Bancorp,

Inc.

(The)*

13,804

413,292

Bank

First

Corp.

2,684

207,178

Bankwell

Financial

Group,

Inc.

2,054

47,098

Banner

Corp.

8,841

385,733

Bridgewater

Bancshares,

Inc.*

7,251

78,891

Business

First

Bancshares,

Inc.

6,545

132,144

Byline

Bancorp,

Inc.

11,263

244,069

California

Bancorp*

2,189

47,501

Capital

City

Bank

Group,

Inc.

4,391

116,449

Chemung

Financial

Corp.

#

1,240

52,285

Coastal

Financial

Corp.*

3,434

132,827

CrossFirst

Bankshares,

Inc.*

12,718

153,633

Customers

Bancorp,

Inc.*

8,091

369,516

Dime

Community

Bancshares,

Inc.

10,012

182,218

East

West

Bancorp,

Inc.

36,206

2,696,985

Enterprise

Financial

Services

Corp.

9,641

366,454

Esquire

Financial

Holdings,

Inc.

2,144

100,897

First

Bancshares,

Inc.

(The)

8,014

191,855

First

Business

Financial

Services,

Inc.

2,153

71,200

Five

Star

Bancorp

4,488

97,031

Franklin

Financial

Services

Corp.

1,146

34,689

Greene

County

Bancorp,

Inc.

4,400

129,448

HomeTrust

Bancshares,

Inc.

4,492

115,444

Independent

Bank

Corp.

5,383

133,552

MainStreet

Bancshares,

Inc.

1,972

30,113

Metropolitan

Bank

Holding

Corp.*

2,869

113,899

National

Bank

Holdings

Corp.

-

Class

A

9,723

318,234

NB

Bancorp,

Inc.*

10,580

154,680

Northeast

Bank

2,018

104,371

Northeast

Community

Bancorp,

Inc.

3,717

58,654

Oak

Valley

Bancorp

2,158

52,116

Old

Second

Bancorp,

Inc.

11,532

157,988

OP

Bancorp

3,923

35,817

Orange

County

Bancorp,

Inc.

1,466

63,346

Origin

Bancorp,

Inc.

7,982

237,065

Orrstown

Financial

Services,

Inc.

2,752

72,157

Parke

Bancorp,

Inc.

3,143

51,734

Pathward

Financial,

Inc.

6,559

330,377

Plumas

Bancorp

1,526

53,654

Preferred

Bank

3,871

292,996

QCR

Holdings,

Inc.

4,311

236,933

ServisFirst

Bancshares,

Inc.

14,055

828,683

SmartFinancial,

Inc.

4,397

90,358

Southern

States

Bancshares,

Inc.

2,299

55,567

Summit

Financial

Group,

Inc.

3,795

100,454

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Banks

-

(continued)

Third

Coast

Bancshares,

Inc.*

3,531

$

68,572

UMB

Financial

Corp.

12,527

997,901

Unity

Bancorp,

Inc.

2,607

70,180

Westamerica

Bancorp

6,860

319,333

Western

Alliance

Bancorp

28,309

1,608,801

13,937,015

Beverages

-

1.0%

Coca-Cola

Consolidated,

Inc.

2,532

2,091,432

Duckhorn

Portfolio,

Inc.

(The)*

34,987

296,340

MGP

Ingredients,

Inc.

6,685

524,372

Vita

Coco

Co.,

Inc.

(The)*

17,214

417,267

3,329,411

Biotechnology

-

4.9%

Catalyst

Pharmaceuticals,

Inc.*

101,880

1,533,294

Halozyme

Therapeutics,

Inc.*

109,593

4,175,493

Neurocrine

Biosciences,

Inc.*

81,507

11,210,474

16,919,261

Broadline

Retail

-

0.2%

Etsy,

Inc.*

10,937

751,044

Building

Products

-

5.4%

AAON,

Inc.

26,699

2,512,109

Advanced

Drainage

Systems,

Inc.

25,371

3,983,247

CSW

Industrials,

Inc.

5,079

1,206,872

Owens

Corning

28,440

4,783,892

Quanex

Building

Products

Corp.

10,838

360,038

Simpson

Manufacturing

Co.,

Inc.

13,904

2,417,767

Tecnoglass,

Inc.

15,627

868,080

UFP

Industries,

Inc.

20,145

2,270,342

18,402,347

Capital

Markets

-

2.3%

Hamilton

Lane,

Inc.

-

Class

A

9,918

1,108,039

Heritage

Global,

Inc.*

9,808

24,128

Interactive

Brokers

Group,

Inc.

-

Class

A

27,507

3,166,606

MarketAxess

Holdings,

Inc.

9,731

1,947,076

P10,

Inc.

-

Class

A

13,725

97,447

PJT

Partners,

Inc.

-

Class

A

6,148

580,924

Silvercrest

Asset

Management

Group,

Inc.

-

Class

A

2,443

35,790

Victory

Capital

Holdings,

Inc.

-

Class

A

16,964

862,789

7,822,799

Chemicals

-

0.3%

Hawkins,

Inc.

12,934

980,009

Origin

Materials,

Inc.

#

,*

89,923

72,793

1,052,802

Commercial

Services

&

Supplies

-

3.3%

Driven

Brands

Holdings,

Inc.*

53,637

768,618

Rollins,

Inc.

158,167

7,047,922

Tetra

Tech,

Inc.

17,479

3,403,511

11,220,051

Communications

Equipment

-

0.1%

Clearfield,

Inc.

#

,*

12,986

391,138

Construction

&

Engineering

-

4.1%

Comfort

Systems

USA,

Inc.

11,665

3,609,268

EMCOR

Group,

Inc.

15,386

5,495,418

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Construction

&

Engineering

-

(continued)

IES

Holdings,

Inc.*

6,616

$

893,954

MYR

Group,

Inc.*

5,474

910,052

Sterling

Infrastructure,

Inc.*

10,112

1,027,379

WillScot

Mobile

Mini

Holdings

Corp.*

62,103

2,295,327

14,231,398

Construction

Materials

-

1.9%

Eagle

Materials,

Inc.

21,260

5,330,095

United

States

Lime

&

Minerals,

Inc.

3,519

1,090,890

6,420,985

Consumer

Finance

-

0.4%

SLM

Corp.

56,629

1,199,968

Consumer

Staples

Distribution

&

Retail

-

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.*

40,370

3,014,832

Casey's

General

Stores,

Inc.

11,233

3,589,842

6,604,674

Containers

&

Packaging

-

1.4%

Graphic

Packaging

Holding

Co.

188,860

4,882,031

Diversified

REITs

-

0.1%

Essential

Properties

Realty

Trust,

Inc.

15,971

420,676

Electric

Utilities

-

0.3%

Otter

Tail

Corp.

12,142

1,036,441

Electrical

Equipment

-

1.4%

Array

Technologies,

Inc.*

49,498

610,805

Atkore,

Inc.

12,019

2,106,931

Encore

Wire

Corp.

5,157

1,440,660

Preformed

Line

Products

Co.

1,608

194,616

Shoals

Technologies

Group,

Inc.

-

Class

A*

55,609

469,896

4,822,908

Electronic

Equipment,

Instruments

&

Components

-

5.5%

Badger

Meter,

Inc.

25,877

4,733,421

ePlus,

Inc.*

23,769

1,827,361

Fabrinet*

32,006

5,539,279

Napco

Security

Technologies,

Inc.

32,436

1,320,145

Plexus

Corp.*

24,342

2,458,785

Sanmina

Corp.*

49,172

2,983,265

18,862,256

Energy

Equipment

&

Services

-

0.2%

Atlas

Energy

Solutions,

Inc.

16,758

372,195

ProFrac

Holding

Corp.

-

Class

A

#

,*

26,734

194,356

566,551

Entertainment

-

0.2%

Madison

Square

Garden

Entertainment

Corp.*

13,344

522,417

Vivid

Seats,

Inc.

-

Class

A*

43,507

228,847

751,264

Financial

Services

-

0.5%

International

Money

Express,

Inc.*

8,693

175,859

Merchants

Bancorp

11,123

448,591

NMI

Holdings,

Inc.

-

Class

A*

20,794

641,703

Payoneer

Global,

Inc.*

94,638

467,512

1,733,665

Food

Products

-

0.8%

Cal-Maine

Foods,

Inc.

13,382

740,426

Darling

Ingredients,

Inc.*

48,313

2,047,022

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Food

Products

-

(continued)

Mama's

Creations,

Inc.*

11,478

$

68,179

2,855,627

Ground

Transportation

-

1.0%

Saia,

Inc.*

8,688

3,447,659

Health

Care

Equipment

&

Supplies

-

4.9%

QuidelOrtho

Corp.*

57,747

2,341,641

Semler

Scientific,

Inc.*

5,961

152,184

Shockwave

Medical,

Inc.*

32,317

10,670,750

STAAR

Surgical

Co.*

42,234

1,941,075

UFP

Technologies,

Inc.*

6,604

1,360,028

Zynex,

Inc.*

29,348

321,947

16,787,625

Health

Care

Providers

&

Services

-

5.5%

Addus

HomeCare

Corp.*

14,028

1,348,792

CorVel

Corp.*

14,774

3,528,770

Cross

Country

Healthcare,

Inc.*

30,045

528,792

DocGo,

Inc.*

90,189

304,839

Ensign

Group,

Inc.

(The)

48,987

5,798,101

Joint

Corp.

(The)*

12,803

152,868

Option

Care

Health,

Inc.*

149,924

4,481,229

Progyny,

Inc.*

82,821

2,655,241

18,798,632

Health

Care

Technology

-

0.7%

Doximity,

Inc.

-

Class

A*

105,576

2,564,441

Hotels,

Restaurants

&

Leisure

-

0.3%

Bowlero

Corp.

-

Class

A

#

8,462

99,428

ONE

Group

Hospitality,

Inc.

(The)*

3,006

16,112

Wingstop,

Inc.

2,707

1,041,627

1,157,167

Household

Durables

-

1.7%

Cavco

Industries,

Inc.*

773

281,534

Century

Communities,

Inc.

2,938

233,042

Dream

Finders

Homes,

Inc.

-

Class

A*

3,051

108,311

Green

Brick

Partners,

Inc.*

4,197

227,184

Installed

Building

Products,

Inc.

2,621

617,848

Legacy

Housing

Corp.*

2,284

46,525

Lovesac

Co.

(The)*

1,459

32,361

M/I

Homes,

Inc.*

2,569

298,569

Meritage

Homes

Corp.

3,340

553,572

Skyline

Champion

Corp.*

5,332

399,847

Taylor

Morrison

Home

Corp.

-

Class

A*

9,826

550,354

Toll

Brothers,

Inc.

9,640

1,148,220

TopBuild

Corp.*

2,931

1,186,088

5,683,455

Household

Products

-

0.0%

Oil-Dri

Corp.

of

America

1,561

108,099

Independent

Power

and

Renewable

Electricity

Producers

-

0.1%

Altus

Power,

Inc.

-

Class

A*

46,405

170,306

Montauk

Renewables,

Inc.*

41,955

151,038

321,344

Industrial

REITs

-

0.7%

Innovative

Industrial

Properties,

Inc.

2,733

282,592

Plymouth

Industrial

REIT,

Inc.

4,389

91,642

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Industrial

REITs

-

(continued)

Rexford

Industrial

Realty,

Inc.

20,613

$

882,443

STAG

Industrial,

Inc.

17,335

596,151

Terreno

Realty

Corp.

8,424

457,844

2,310,672

Insurance

-

1.4%

Hagerty,

Inc.

-

Class

A

#

,*

21,805

195,155

Kinsale

Capital

Group,

Inc.

5,956

2,163,517

Palomar

Holdings,

Inc.*

6,397

503,252

RLI

Corp.

11,731

1,658,177

Skyward

Specialty

Insurance

Group,

Inc.*

9,694

338,514

4,858,615

Interactive

Media

&

Services

-

0.7%

Shutterstock,

Inc.

11,533

492,574

ZoomInfo

Technologies,

Inc.

-

Class

A*

123,089

1,952,192

2,444,766

IT

Services

-

1.2%

DigitalOcean

Holdings,

Inc.*

80,048

2,630,377

Perficient,

Inc.*

30,826

1,456,837

4,087,214

Leisure

Products

-

0.2%

Acushnet

Holdings

Corp.

6,041

368,380

Malibu

Boats,

Inc.

-

Class

A*

1,901

64,672

YETI

Holdings,

Inc.*

8,033

286,939

719,991

Life

Sciences

Tools

&

Services

-

8.5%

Bruker

Corp.

119,604

9,330,308

Charles

River

Laboratories

International,

Inc.*

41,814

9,575,406

Medpace

Holdings,

Inc.*

26,579

10,321,955

29,227,669

Machinery

-

2.0%

AGCO

Corp.

24,395

2,785,665

Alamo

Group,

Inc.

3,931

764,108

Kadant,

Inc.

3,832

1,049,163

Mueller

Industries,

Inc.

37,153

2,073,881

Velo3D,

Inc.*

71,116

18,817

6,691,634

Media

-

0.7%

New

York

Times

Co.

(The)

-

Class

A

53,099

2,284,850

Metals

&

Mining

-

2.0%

Alpha

Metallurgical

Resources,

Inc.

8,019

2,623,175

Commercial

Metals

Co.

72,047

3,871,806

Ramaco

Resources,

Inc.

-

Class

A

#

30,874

484,104

6,979,085

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

AFC

Gamma,

Inc.

5,514

66,168

Chicago

Atlantic

Real

Estate

Finance,

Inc.

4,855

76,418

Ready

Capital

Corp.

45,920

391,238

Sachem

Capital

Corp.

12,206

37,839

571,663

Oil,

Gas

&

Consumable

Fuels

-

1.4%

Ardmore

Shipping

Corp.

6,949

116,396

Civitas

Resources,

Inc.

16,904

1,216,412

CONSOL

Energy,

Inc.

4,961

410,572

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Oil,

Gas

&

Consumable

Fuels

-

(continued)

Crescent

Energy

Co.

-

Class

A

14,877

$

158,291

Empire

Petroleum

Corp.*

3,948

20,451

Granite

Ridge

Resources,

Inc.

22,345

145,690

HighPeak

Energy,

Inc.

#

21,521

305,814

Matador

Resources

Co.

19,998

1,245,875

New

Fortress

Energy,

Inc.

-

Class

A

#

34,311

898,948

VAALCO

Energy,

Inc.

17,681

113,158

4,631,607

Personal

Care

Products

-

0.7%

Beauty

Health

Co.

(The)*

39,909

128,906

BellRing

Brands,

Inc.*

39,648

2,187,380

2,316,286

Pharmaceuticals

-

0.9%

Amphastar

Pharmaceuticals,

Inc.*

41,409

1,708,121

Harmony

Biosciences

Holdings,

Inc.*

49,073

1,516,847

3,224,968

Professional

Services

-

3.3%

CBIZ,

Inc.*

16,358

1,164,362

Concentrix

Corp.

21,684

1,185,464

CRA

International,

Inc.

2,294

332,837

ExlService

Holdings,

Inc.*

53,926

1,563,854

FTI

Consulting,

Inc.*

11,619

2,484,491

Paylocity

Holding

Corp.*

18,414

2,857,116

RCM

Technologies,

Inc.*

2,593

49,137

TriNet

Group,

Inc.

16,562

1,662,328

11,299,589

Semiconductors

&

Semiconductor

Equipment

-

3.2%

ACM

Research,

Inc.

-

Class

A*

49,444

1,261,811

Allegro

MicroSystems,

Inc.*

170,247

5,054,633

Axcelis

Technologies,

Inc.*

28,765

2,977,753

Photronics,

Inc.*

55,204

1,513,142

10,807,339

Software

-

9.9%

Bentley

Systems,

Inc.

-

Class

B

207,155

10,881,852

Clear

Secure,

Inc.

-

Class

A

83,549

1,459,601

Digital

Turbine,

Inc.*

90,243

172,364

DoubleVerify

Holdings,

Inc.*

150,965

4,423,275

Dropbox,

Inc.

-

Class

A*

232,132

5,376,177

Qualys,

Inc.*

32,596

5,342,810

SoundHound

AI,

Inc.*

184,733

783,268

SPS

Commerce,

Inc.*

32,592

5,666,771

34,106,118

Specialized

REITs

-

0.1%

National

Storage

Affiliates

Trust

7,610

266,654

Specialty

Retail

-

2.6%

Academy

Sports

&

Outdoors,

Inc.

6,862

400,055

Arhaus,

Inc.

-

Class

A

5,118

64,794

Asbury

Automotive

Group,

Inc.*

1,901

399,666

AutoNation,

Inc.*

3,845

619,622

Boot

Barn

Holdings,

Inc.*

2,800

298,116

Dick's

Sporting

Goods,

Inc.

5,396

1,084,272

Five

Below,

Inc.*

5,093

745,310

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

9,852

1,086,971

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Specialty

Retail

-

(continued)

Group

1

Automotive,

Inc.

1,265

$

371,935

Hibbett,

Inc.

1,099

94,778

Lazydays

Holdings,

Inc.

#

,*

1,475

5,221

Lithia

Motors,

Inc.

-

Class

A

2,541

646,380

MarineMax,

Inc.*

2,080

51,314

Penske

Automotive

Group,

Inc.

6,184

945,595

RH*

1,682

415,538

Shoe

Carnival,

Inc.

2,531

84,637

Williams-Sonoma,

Inc.

5,916

1,696,590

9,010,794

Textiles,

Apparel

&

Luxury

Goods

-

0.2%

Crocs,

Inc.*

5,586

694,731

Figs,

Inc.

-

Class

A*

15,045

76,880

771,611

Trading

Companies

&

Distributors

-

3.0%

Alta

Equipment

Group,

Inc.

10,635

118,155

Applied

Industrial

Technologies,

Inc.

12,641

2,316,463

Core

&

Main,

Inc.

-

Class

A*

62,655

3,538,128

Custom

Truck

One

Source,

Inc.*

79,502

396,715

GMS,

Inc.*

13,020

1,204,610

Hudson

Technologies,

Inc.*

14,937

148,175

Karat

Packaging,

Inc.

6,549

177,478

SiteOne

Landscape

Supply,

Inc.*

14,758

2,315,383

10,215,107

Water

Utilities

-

0.2%

American

States

Water

Co.

10,770

762,947

Pure

Cycle

Corp.*

7,080

67,543

830,490

Total

Common

Stocks

(cost

$314,193,019)

343,267,095

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

Institutional

Class,

5.3559%

∞

(cost

$45,741)

45,725

45,739

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.5%

Investment

Companies

-

0.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2676%

£,∞

1,263,671

1,263,671

Time

Deposits

-

0.1%

Royal

Bank

of

Canada,

5.3100%,

5/1/24

$

315,917

315,917

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$1,579,589)

1,579,588

Total

Investments

(total

cost

$315,818,349

)

-

100.5%

344,892,422

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(0.5%)

(1,621,550)

Net

Assets

-

100.0%

$343,270,872

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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

$

339,236,747

98.4

%

Thailand

5,539,279

1.6

Ireland

116,396

0.0

Total

$

344,892,422

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

Shares

Held

at

4/30/24

Dividend

Income

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

0.5%

Investment

Companies

-

0.4%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2676%

∞

$

668,992

$

24,695,554

$

(24,100,875)

$

–

$

–

$

1,263,671

1,263,671

$

21,480

Δ

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

1,536,431

$

—

$

(1,536,431)

$

—

(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

(unaudited)

April

30,

2024

14

April

30,

2024

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

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2024.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

343,267,095

$

—

$

—

Investment

Companies

45,739

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

1,579,588

—

Total

Assets

$

343,312,834

$

1,579,588

$

—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$314,554,678)

(1)

$

343,628,751

Affiliated

investments,

at

value

(cost

$1,263,671)

1,263,671

Receivables:

Fund

units

sold

6,666,919

Dividends

42,157

Interest

343

Affiliated

securities

lending

income,

net

643

Total

Assets

351,602,484

Liabilities:

Collateral

on

securities

loaned

(Note

2)

1,579,588

Due

to

custodian

683

Payables:

Investments

purchased

6,666,886

Management

fees

84,455

Total

Liabilities

8,331,612

Commitments

and

contingent

liabilities

Net

Assets

$

343,270,872

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

338,053,653

Total

distributable

earnings

(loss)

5,217,219

Total

Net

Assets

$

343,270,872

Net

Assets

$

343,270,872

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

5,227,000

Net

Asset

Value

Per

Share

$

65.67

(1)

Includes

$1,536,431

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

16

April

30,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

1,197,804

Affiliated

securities

lending

income,

net    

21,480

Unaffiliated

securities

lending

income,

net

14,089

Total

Investment

Income

1,233,373

Expenses:

Management

Fees

470,440

Total

Expenses

470,440

Net

Investment

Income/(Loss)

762,933

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

11,050,856

Total

Net

Realized

Gain/(Loss)

on

Investments

$

11,050,856

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

38,641,393

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

38,641,393

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

50,455,182

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

762,933

$

1,062,733

Net

realized

gain/(loss)

on

investments

11,050,856

582,903

Change

in

unrealized

net

appreciation/depreciation

38,641,393

(

2,698,339

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

50,455,182

(

1,052,703

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

808,322

)

(

990,579

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

808,322

)

(

990,579

)

Capital

Share

Transactions

47,789,871

75,779,586

Net

Increase/(Decrease)

in

Net

Assets

97,436,731

73,736,304

Net

Assets:

—

—

Beginning

of

Period  

245,834,141

172,097,837

End

of

Period

$

343,270,872

$

245,834,141

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Financial

Highlights

18

April

30,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$54.91

$52.92

$67.73

$52.35

$44.11

$40.81

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.16

0.30

0.21

0.21

0.11

0.19

Net

realized

and

unrealized

gain/(loss)

10.76

1.97

(2)

(14.83)

15.38

8.26

3.30

Total

from

Investment

Operations

10.92

2.27

(2)

(14.62)

15.59

8.37

3.49

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.16)

(0.28)

(0.19)

(0.21)

(0.13)

(0.19)

Total

Dividends

and

Distributions

(0.16)

(0.28)

(0.19)

(0.21)

(0.13)

(0.19)

Net

Asset

Value,

End

of

Period

$65.67

$54.91

$52.92

$67.73

$52.35

$44.11

Total

Return

*

19.89%

4.27%

(21.60)%

29.81%

19.01%

8.60%

Net

assets,

End

of

Period

(in

thousands)

$343,271

$245,834

$172,098

$201,635

$115,268

$97,121

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.30%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

0.49%

0.51%

0.36%

0.33%

0.23%

0.43%

Portfolio

Turnover

Rate

(3)

66%

91%

89%

102%

83%

80%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

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 eleven

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

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

(unaudited)

20

April

30,

2024

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

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.  

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 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2024

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

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

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

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

April

30,

2024,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$1,536,431

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2024 is $1,579,588,

resulting

in

the

net

amount

due

to

the

counterparty

of

$43,157.

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: 

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2024

For

the period

ended

April

30,

2024,

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. 

As

of

April

30,

2024, the

Adviser

owned 2,000

shares

or 0.04%

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

period

ended

April

30,

2024,

the

Fund

engaged

in

cross

trades

amounting

to

$10,602,273 in

purchases

and

$5,397,554 in

sales,

resulting

in

a

net

realized

loss

of

$1,421,682.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(29,226,586)

$(5,496,652)

$(34,723,238)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$315,818,349

$45,897,403

$(16,823,330)

$29,074,073

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

850,000

$

54,410,353

1,550,000

$

93,679,373

Shares

repurchased

(100,000)

(6,620,482

)

(325,000)

(17,899,787

)

Net

Increase/(Decrease)

750,000

$

47,789,871

1,225,000

$

75,779,586

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

$207,949,074

$207,966,548

$—

$—

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

$54,381,892

$6,602,170

$—

$—

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2024

During

the

period ended

April

30,

2024,

the

Fund

had

net

realized

gain of $4,248,165 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

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)

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

The

Adviser

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

the

Adviser.

This

affiliation

may

create

potential

conflicts

for

JH

Indices

as

it

may

have

an

interest

in

the

performance

of

the

Fund,

which

could

motivate

it

to

alter

the

Underlying

Index

methodology

for

the

Underlying

Index.

JH

Indices

has

adopted

procedures

that

it

believes

are

reasonably

designed

to

mitigate

these

and

other

potential

conflicts.

JH

Indices

is

the

licensor

of

certain

trademarks,

service

marks,

and

trade

names.

Neither

JH

Indices

nor

any

of

its

affiliates

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the

Fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the

Fund

particularly

or

the

ability

of

the

Underlying

Index

to

track

general

market

performance.

The

Underlying

Index

is

determined,

composed,

and

calculated

by

JH

Indices

without

regard

to

the

Adviser

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

the

Adviser

or

the

owners

of

the

Fund

into

consideration

in

determining,

composing,

or

calculating

the

Underlying

Index.

JH

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

timing

of,

prices

at,

or

quantities

of

the

Fund

to

be

issued

or

in

the

determination

or

calculation

of

the

equation

by

which

the

Fund

is

to

be

converted

into

cash.

ALTHOUGH

JH

INDICES

SHALL

OBTAIN

INFORMATION

FOR

INCLUSION

IN

OR

FOR

USE

IN

THE

CALCULATION

OF

THE

UNDERLYING

INDEX

FROM

SOURCES

WHICH

IT

CONSIDERS

RELIABLE,

IT

DOES

NOT

GUARANTEE

THE

QUALITY,

ACCURACY

AND/OR

THE

COMPLETENESS

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

AND

SHALL

HAVE

NO

LIABILITY

FOR

ERRORS

OR

OMISSIONS

OF

ANY

KIND

RELATED

TO

THE

UNDERLYING

INDEX

OR

DATA.

JH

INDICES

MAKES

NO

WARRANTY,

EXPRESS

OR

IMPLIED,

AS

TO

RESULTS

TO

BE

OBTAINED

BY

THE

ADVISER,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

IN

CONNECTION

WITH

THE

RIGHTS

LICENSED

TO

THE

ADVISER

FOR

ANY

OTHER

USE.

JH

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

HEREBY

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

WITH

RESPECT

TO

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN.

WITHOUT

LIMITING

ANY

OF

THE

FOREGOING,

IN

NO

EVENT

SHALL

IT

HAVE

ANY

LIABILITY

FOR

ANY

SPECIAL,

PUNITIVE,

INDIRECT,

OR

CONSEQUENTIAL

DAMAGES

(INCLUDING

LOST

PROFITS),

EVEN

IF

NOTIFIED

OF

THE

POSSIBILITY

OF

SUCH

DAMAGES.

The

Adviser

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

the

Adviser

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

The

Adviser

makes

no

warranty,

express

or

implied,

as

to

results

to

be

obtained

by

the

Fund,

owners

of

the

shares

of

the

Fund

or

any

other

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

The

Adviser

makes

no

express

or

implied

warranties,

and

expressly

disclaims

all

warranties

of

merchantability

or

fitness

for

a

particular

purpose

or

use

with

respect

to

the

Underlying

Index

or

any

data

included

therein.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

the

Adviser

have

any

liability

for

any

special,

punitive,

direct,

indirect

or

consequential

damages

(including

lost

profits)

arising

out

of

matters

relating

to

the

use

of

the

Underlying

Index

even

if

notified

of

the

possibility

of

such

damages.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2024

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

30

April

30,

2024

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

31

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

32

April

30,

2024

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

33

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93062

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

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

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

26

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

27

Liquidity

Risk

Management

Program

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

31

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

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

generally

correspond,

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,

2023,

as

soaring

inflation,

rising

interest

rates,

and

fears

of

a

recession

led

to

market

turbulence.

Stocks

rallied

in

the

fourth

quarter

of

2022

on

hopes

that

moderating

inflation

might

allow

the

Federal

Reserve

(Fed)

to

slow

interest

rate

hikes.

This

rally

extended

into

the

first

half

of

2023

despite

periods

of

market

volatility.

Economic

growth

appeared

resilient,

as

a

strong

job

market

supported

consumer

spending.

However,

there

were

signs

of

slowing

in

other

areas

of

the

economy,

especially

manufacturing

and

housing.

Corporations

also

reduced

earnings

outlooks

as

they

faced

weaker

demand

as

well

as

higher

input,

labor,

and

funding

costs.

The

Fed

continued

to

raise

rates

through

the

first

seven

months

of

2023,

though

the

pace

of

rate

hikes

moderated.

The

Fed

left

rates

unchanged

in

September,

but

policymakers

indicated

that

an

extended

period

of

higher

rates

might

be

needed

to

bring

inflation

under

control.

These

signals

put

upward

pressure

on

long-term

bond

yields

while

adding

to

fears

of

a

more

pronounced

economic

slowdown.

As

a

result,

stocks

suffered

downward

volatility

in

the

third

quarter,

with

declines

extending

through

October.

Against

this

backdrop,

small-cap

stocks

in

the

index

had

negative

returns

for

the

twelve-month

period

while

underperforming

the

broader

U.S.

equity

market.

During

the

period,

the

Janus

Henderson

Small-Cap

Growth

Alpha

ETF

(JSML)

returned

2.21%

(based

on

NAV).

Its

primary

benchmark,

the

Janus

Small-Cap

Growth

Alpha

Index,

returned

2.51%.

Its

secondary

benchmark,

the

Russell

2000®

Growth

Index,

returned

-7.63%.

JSML

seeks

investment

results

that

generally

correspond,

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.

The

Fund

uses

a

proprietary

methodology

that

evaluates

small-cap

stocks

from

a

universe

of

2,000,

in

three

key

areas:

growth,

profitability,

and

capital

efficiency.

The

process

systematically

identifies

companies

that

may

be

poised

for

long-run

sustainable

growth.

Each

stock

is

evaluated

on

fundamental

factors

to

identify

companies

that

can

exhibit

durable

growth:

Growth

measures

include

revenue

growth

rate;

profitability

measures

include

operating

profit

and

earnings

per-share;

and

capital

efficiency

measures

include

return

on

invested

capital.

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Core

&

Main,

Inc.

Trading

Companies

&

Distributors

3.7%

CorVel

Corp.

Health

Care

Providers

&

Services

3.1%

Allegro

MicroSystems,

Inc.

Semiconductors

&

Semiconductor

Equipment

2.8%

Progyny,

Inc.

Health

Care

Providers

&

Services

2.7%

Doximity,

Inc.

Health

Care

Technology

2.7%

15.0%

Sector

Allocation

–

(%

of

Net

Assets)

Consumer,

Non-cyclical

30.0%

Industrial

20.0%

Financial

14.0%

Technology

13.3%

Consumer,

Cyclical

12.6%

Energy

4.7%

Communications

3.7%

Basic

Materials

1.7%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

1.1%

Investment

Company

0.0%

101.1%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.30%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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

if

applied,

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.

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.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

Russell

2000

TM

Growth

Index

to

the

Russell

3000

®

Index

due

to

regulatory

requirements.

The

Fund

retained

the

Russell

2000

TM

Growth

Index

as

a

performance

benchmark

because

the

Russell

2000

TM

Growth

Index

is

more

closely

aligned

with

the

Fund’s

investment

strategies

and

investment

restrictions.

The

Underlying

Index

remains

the

Janus

Henderson

Small

Cap

Growth

Alpha

Index.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

NAV

18.89%

18.54%

6.11%

11.23%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

-

Market

Price

18.89%

18.58%

6.12%

11.24%

Janus

Henderson

Small

Cap

Growth

Alpha

Index

19.03%

18.88%

6.43%

11.56%

Russell

3000

®

Growth

Index

21.09%

22.30%

12.42%

14.13%

Russell

2000®

Growth

Index

21.31%

12.39%

5.04%

10.10%

*

The

Fund

commenced

operations

on

February

23,

2016.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,188.90

$1.63

$1,000.00

$1,023.37

$1.51

0.30%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

1

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,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(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,

2023,

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,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

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,

2023

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

15,

2023

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

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.1%

AerSale

Corp.*

38,990

$

277,999

Automobile

Components

-

0.1%

XPEL,

Inc.*

5,701

299,588

Banks

-

5.1%

Amalgamated

Financial

Corp.

8,596

210,946

Axos

Financial,

Inc.*

15,947

807,078

BancFirst

Corp.

9,278

827,319

Bancorp,

Inc.

(The)*

15,066

451,076

Bank

First

Corp.

2,937

226,707

Bankwell

Financial

Group,

Inc.

2,294

52,601

Business

First

Bancshares,

Inc.

7,195

145,267

Byline

Bancorp,

Inc.

12,328

267,148

Capital

Bancorp,

Inc.

4,003

77,658

Civista

Bancshares,

Inc.

4,540

64,831

Coastal

Financial

Corp.*

3,778

146,133

CrossFirst

Bankshares,

Inc.*

13,955

168,576

Customers

Bancorp,

Inc.*

8,832

403,358

Esquire

Financial

Holdings,

Inc.

2,366

111,344

Five

Star

Bancorp

4,955

107,127

Franklin

Financial

Services

Corp.

1,211

36,657

Greene

County

Bancorp,

Inc.

#

4,846

142,569

HomeTrust

Bancshares,

Inc.

4,949

127,189

International

Bancshares

Corp.

17,415

969,145

MainStreet

Bancshares,

Inc.

2,232

34,083

Metropolitan

Bank

Holding

Corp.*

3,164

125,611

NB

Bancorp,

Inc.*

11,627

169,987

Northeast

Bank

2,222

114,922

Northeast

Community

Bancorp,

Inc.

4,142

65,361

Oak

Valley

Bancorp

2,415

58,322

Old

Second

Bancorp,

Inc.

12,660

173,442

Orange

County

Bancorp,

Inc.

1,628

70,346

Orrstown

Financial

Services,

Inc.

3,055

80,102

Pathward

Financial,

Inc.

7,169

361,103

Plumas

Bancorp

1,703

59,878

Preferred

Bank

4,234

320,472

QCR

Holdings,

Inc.

4,716

259,191

ServisFirst

Bancshares,

Inc.

15,318

903,149

Southern

California

Bancorp

#

,*

5,277

73,825

Southern

States

Bancshares,

Inc.

2,562

61,924

Stock

Yards

Bancorp,

Inc.

8,304

369,943

Summit

Financial

Group,

Inc.

4,189

110,883

Third

Coast

Bancshares,

Inc.*

3,921

76,146

UMB

Financial

Corp.

13,649

1,087,279

Union

Bankshares,

Inc.

1,256

32,907

Unity

Bancorp,

Inc.

2,897

77,987

Westamerica

Bancorp

7,495

348,892

10,378,484

Beverages

-

1.5%

Coca-Cola

Consolidated,

Inc.

2,635

2,176,510

Duckhorn

Portfolio,

Inc.

(The)*

36,542

309,511

MGP

Ingredients,

Inc.

6,969

546,648

3,032,669

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Biotechnology

-

1.7%

Catalyst

Pharmaceuticals,

Inc.*

231,782

$

3,488,319

Building

Products

-

2.7%

CSW

Industrials,

Inc.

11,351

2,697,225

Quanex

Building

Products

Corp.

24,229

804,887

Tecnoglass,

Inc.

34,923

1,939,973

5,442,085

Capital

Markets

-

1.8%

Hamilton

Lane,

Inc.

-

Class

A

10,807

1,207,358

Heritage

Global,

Inc.*

11,249

27,672

P10,

Inc.

-

Class

A

15,117

107,331

PJT

Partners,

Inc.

-

Class

A

6,707

633,744

Silvercrest

Asset

Management

Group,

Inc.

-

Class

A

2,763

40,478

StoneX

Group,

Inc.*

8,851

642,583

Victory

Capital

Holdings,

Inc.

-

Class

A

18,494

940,605

3,599,771

Chemicals

-

0.8%

Hawkins,

Inc.

20,640

1,563,893

Origin

Materials,

Inc.

#

,*

144,932

117,322

1,681,215

Commercial

Services

&

Supplies

-

0.2%

Aris

Water

Solutions,

Inc.

-

Class

A

22,166

310,989

Communications

Equipment

-

0.2%

Clearfield,

Inc.

#

,*

14,984

451,318

Construction

&

Engineering

-

5.4%

Dycom

Industries,

Inc.*

21,438

3,001,749

IES

Holdings,

Inc.*

14,783

1,997,479

MYR

Group,

Inc.*

12,234

2,033,902

Primoris

Services

Corp.

39,122

1,823,085

Sterling

Infrastructure,

Inc.*

22,601

2,296,262

11,152,477

Construction

Materials

-

0.9%

United

States

Lime

&

Minerals,

Inc.

5,616

1,740,960

Consumer

Finance

-

0.9%

Atlanticus

Holdings

Corp.*

4,156

109,926

Enova

International,

Inc.*

7,911

478,853

SLM

Corp.

61,687

1,307,148

1,895,927

Consumer

Staples

Distribution

&

Retail

-

0.2%

Ingles

Markets,

Inc.

-

Class

A

4,604

330,337

Containers

&

Packaging

-

0.4%

Myers

Industries,

Inc.

36,351

796,087

Diversified

Consumer

Services

-

0.0%

Allurion

Technologies,

Inc.

#

,*

10,665

21,437

Lincoln

Educational

Services

Corp.*

6,653

70,921

92,358

Diversified

REITs

-

0.2%

Essential

Properties

Realty

Trust,

Inc.

13,565

357,302

Electrical

Equipment

-

3.0%

Array

Technologies,

Inc.*

110,629

1,365,162

Encore

Wire

Corp.

11,520

3,218,227

Preformed

Line

Products

Co.

3,596

435,224

Shoals

Technologies

Group,

Inc.

-

Class

A*

124,301

1,050,343

6,068,956

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Electronic

Equipment,

Instruments

&

Components

-

5.1%

ePlus,

Inc.*

27,352

$

2,102,822

Kimball

Electronics,

Inc.*

25,315

529,843

Napco

Security

Technologies,

Inc.

37,337

1,519,616

Plexus

Corp.*

28,011

2,829,391

Sanmina

Corp.*

56,572

3,432,223

10,413,895

Energy

Equipment

&

Services

-

0.2%

Atlas

Energy

Solutions,

Inc.

11,056

245,554

ProFrac

Holding

Corp.

-

Class

A

#

,*

17,716

128,795

374,349

Entertainment

-

0.9%

Madison

Square

Garden

Entertainment

Corp.*

34,193

1,338,656

Vivid

Seats,

Inc.

-

Class

A*

111,537

586,685

1,925,341

Financial

Services

-

0.9%

International

Money

Express,

Inc.*

9,529

192,772

Merchants

Bancorp

12,140

489,606

NMI

Holdings,

Inc.

-

Class

A*

22,676

699,781

Payoneer

Global,

Inc.*

103,067

509,151

1,891,310

Food

Products

-

0.4%

Cal-Maine

Foods,

Inc.

13,935

771,024

Mama's

Creations,

Inc.*

12,262

72,836

843,860

Health

Care

Equipment

&

Supplies

-

5.5%

LeMaitre

Vascular,

Inc.

43,788

2,837,462

Semler

Scientific,

Inc.*

13,587

346,876

STAAR

Surgical

Co.*

96,081

4,415,883

Tactile

Systems

Technology,

Inc.*

46,526

640,663

UFP

Technologies,

Inc.*

15,020

3,093,219

11,334,103

Health

Care

Providers

&

Services

-

8.4%

Addus

HomeCare

Corp.*

31,914

3,068,531

CorVel

Corp.*

26,169

6,250,466

Cross

Country

Healthcare,

Inc.*

68,374

1,203,382

DocGo,

Inc.*

205,322

693,988

Joint

Corp.

(The)*

29,175

348,350

Progyny,

Inc.*

174,844

5,605,499

17,170,216

Health

Care

Technology

-

2.7%

Doximity,

Inc.

-

Class

A*

226,189

5,494,131

Hotels,

Restaurants

&

Leisure

-

0.3%

Bowlero

Corp.

-

Class

A

#

18,863

221,640

ONE

Group

Hospitality,

Inc.

(The)*

6,810

36,502

Papa

John's

International,

Inc.

6,749

416,346

674,488

Household

Durables

-

2.5%

Cavco

Industries,

Inc.*

1,717

625,348

Dream

Finders

Homes,

Inc.

-

Class

A*

6,793

241,151

Green

Brick

Partners,

Inc.*

9,341

505,628

Installed

Building

Products,

Inc.

5,823

1,372,656

KB

Home

15,583

1,009,155

Legacy

Housing

Corp.*

5,107

104,030

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Household

Durables

-

(continued)

Lovesac

Co.

(The)*

3,270

$

72,529

M/I

Homes,

Inc.*

5,717

664,430

Worthington

Enterprises,

Inc.

10,283

587,776

5,182,703

Household

Products

-

0.1%

Oil-Dri

Corp.

of

America

1,646

113,985

Industrial

REITs

-

0.2%

Innovative

Industrial

Properties,

Inc.

2,327

240,612

Plymouth

Industrial

REIT,

Inc.

3,788

79,093

319,705

Insurance

-

1.4%

Enstar

Group

Ltd.*

4,256

1,235,815

Goosehead

Insurance,

Inc.

-

Class

A*

7,051

401,272

Hagerty,

Inc.

-

Class

A

#

,*

23,897

213,878

Palomar

Holdings,

Inc.*

6,977

548,881

Skyward

Specialty

Insurance

Group,

Inc.*

10,588

369,733

2,769,579

Interactive

Media

&

Services

-

1.2%

Bumble,

Inc.

-

Class

A*

113,739

1,148,764

Shutterstock,

Inc.

29,558

1,262,422

2,411,186

IT

Services

-

2.3%

DigitalOcean

Holdings,

Inc.*

92,093

3,026,176

Perficient,

Inc.*

35,479

1,676,738

4,702,914

Leisure

Products

-

0.8%

Acushnet

Holdings

Corp.

13,436

819,327

Malibu

Boats,

Inc.

-

Class

A*

4,240

144,245

MasterCraft

Boat

Holdings,

Inc.*

3,591

72,646

YETI

Holdings,

Inc.*

17,877

638,566

1,674,784

Machinery

-

5.3%

Alamo

Group,

Inc.

8,784

1,707,434

Federal

Signal

Corp.

44,563

3,622,972

Franklin

Electric

Co.,

Inc.

33,642

3,238,715

Kadant,

Inc.

8,564

2,344,738

Velo3D,

Inc.*

160,448

42,454

10,956,313

Marine

Transportation

-

0.1%

Pangaea

Logistics

Solutions

Ltd.

34,257

246,650

Media

-

0.6%

Integral

Ad

Science

Holding

Corp.*

132,647

1,272,085

Metals

&

Mining

-

2.4%

Alpha

Metallurgical

Resources,

Inc.

12,793

4,184,846

Ramaco

Resources,

Inc.

-

Class

A

#

49,309

773,165

4,958,011

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

1.0%

AFC

Gamma,

Inc.

6,127

73,524

Arbor

Realty

Trust,

Inc.

#

52,857

678,155

Chicago

Atlantic

Real

Estate

Finance,

Inc.

5,380

84,681

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

31,991

800,095

Ready

Capital

Corp.

50,139

427,184

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

(continued)

Sachem

Capital

Corp.

13,707

$

42,492

2,106,131

Office

REITs

-

0.0%

Postal

Realty

Trust,

Inc.

-

Class

A

1,905

26,384

Oil,

Gas

&

Consumable

Fuels

-

1.0%

Ardmore

Shipping

Corp.

4,662

78,088

CONSOL

Energy,

Inc.

3,272

270,791

Crescent

Energy

Co.

-

Class

A

9,899

105,325

Empire

Petroleum

Corp.

#

,*

2,902

15,032

Granite

Ridge

Resources,

Inc.

14,912

97,226

HighPeak

Energy,

Inc.

#

14,212

201,953

International

Seaways,

Inc.

5,400

298,566

New

Fortress

Energy,

Inc.

-

Class

A

#

22,538

590,496

Par

Pacific

Holdings,

Inc.*

6,685

205,898

Ring

Energy,

Inc.

#

,*

22,552

42,849

VAALCO

Energy,

Inc.

11,833

75,731

1,981,955

Personal

Care

Products

-

0.6%

Beauty

Health

Co.

(The)*

41,908

135,363

Inter

Parfums,

Inc.

10,090

1,174,274

1,309,637

Pharmaceuticals

-

5.9%

Amphastar

Pharmaceuticals,

Inc.*

94,206

3,885,998

Corcept

Therapeutics,

Inc.*

203,539

4,746,529

Harmony

Biosciences

Holdings,

Inc.*

111,641

3,450,823

12,083,350

Professional

Services

-

2.8%

CBIZ,

Inc.*

36,555

2,601,985

CRA

International,

Inc.

5,129

744,167

Korn

Ferry

38,596

2,343,549

RCM

Technologies,

Inc.*

5,831

110,497

5,800,198

Real

Estate

Management

&

Development

-

0.1%

St

Joe

Co.

(The)

4,724

270,213

Residential

REITs

-

0.0%

NexPoint

Residential

Trust,

Inc.

2,140

73,274

Semiconductors

&

Semiconductor

Equipment

-

4.4%

ACM

Research,

Inc.

-

Class

A*

56,908

1,452,292

Allegro

MicroSystems,

Inc.*

195,849

5,814,757

Photronics,

Inc.*

63,536

1,741,522

9,008,571

Software

-

4.1%

Digital

Turbine,

Inc.*

104,459

199,517

DoubleVerify

Holdings,

Inc.*

173,668

5,088,472

N-able,

Inc.*

185,592

2,275,358

SoundHound

AI,

Inc.*

212,729

901,971

8,465,318

Specialized

REITs

-

0.1%

National

Storage

Affiliates

Trust

6,478

226,989

Specialty

Retail

-

2.1%

Arhaus,

Inc.

-

Class

A

11,422

144,603

Boot

Barn

Holdings,

Inc.*

6,233

663,628

Group

1

Automotive,

Inc.

2,813

827,078

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Specialty

Retail

-

(continued)

Hibbett,

Inc.

2,454

$

211,633

Lazydays

Holdings,

Inc.

#

,*

3,471

12,287

MarineMax,

Inc.*

4,647

114,641

Penske

Automotive

Group,

Inc.

13,745

2,101,748

Shoe

Carnival,

Inc.

5,648

188,869

4,264,487

Trading

Companies

&

Distributors

-

11.4%

Alta

Equipment

Group,

Inc.

23,811

264,540

Core

&

Main,

Inc.

-

Class

A*

133,778

7,554,444

Custom

Truck

One

Source,

Inc.*

177,734

886,893

FTAI

Aviation

Ltd.

73,229

5,141,408

GMS,

Inc.*

29,096

2,691,962

Herc

Holdings,

Inc.

20,692

2,959,577

Hudson

Technologies,

Inc.*

33,440

331,725

Karat

Packaging,

Inc.

14,655

397,150

Rush

Enterprises,

Inc.

-

Class

A

57,332

2,518,021

Transcat,

Inc.*

6,468

694,469

23,440,189

Total

Common

Stocks

(cost

$195,939,702)

205,183,145

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

Institutional

Class,

5.3559%

∞

(cost

$51,273)

51,255

51,270

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.1%

Investment

Companies

-

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2676%

£,∞

1,713,337

1,713,337

Time

Deposits

-

0.2%

Royal

Bank

of

Canada,

5.3100%,

5/1/24

$

428,334

428,334

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,141,671)

2,141,671

Total

Investments

(total

cost

$198,132,646

)

-

101.1%

207,376,086

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.1%)

(2,168,251)

Net

Assets

-

100.0%

$205,207,835

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

206,062,183

99.4

%

Bermuda

1,235,815

0.6

Ireland

78,088

0.0

Total

$

207,376,086

100.0

%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Offsetting

of

Financial

Assets

and

Derivative

Assets

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

Shares

Held

at

4/30/24

Dividend

Income

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.1%

Investment

Companies

-

0.9%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2676%

∞

$

1,240,127

$

27,798,317

$

(27,325,107)

$

–

$

–

$

1,713,337

1,713,337

$

17,469

Δ

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

JPMorgan

Chase

Bank

NA

$

2,072,859

$

—

$

(

2,072,859)

$

—

(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

(unaudited)

April

30,

2024

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

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2024.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

205,183,145

$

—

$

—

Investment

Companies

51,270

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,141,671

—

Total

Assets

$

205,234,415

$

2,141,671

$

—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

14

April

30,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$196,419,309)

(1)

$

205,662,749

Affiliated

investments,

at

value

(cost

$1,713,337)

1,713,337

Receivables:

Dividends

22,255

Interest

137

Affiliated

securities

lending

income,

net

3,099

Total

Assets

207,401,577

Liabilities:

Collateral

on

securities

loaned

(Note

2)

2,141,671

Due

to

custodian

902

Payables:

Management

fees

51,169

Total

Liabilities

2,193,742

Commitments

and

contingent

liabilities

Net

Assets

$

205,207,835

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

232,339,259

Total

distributable

earnings

(loss)

(27,131,424)

Total

Net

Assets

$

205,207,835

Net

Assets

$

205,207,835

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

3,602,000

Net

Asset

Value

Per

Share

$

56.97

(1)

Includes

$2,072,859

of

securities

on

loan.

See

Note

2

in

Notes

to

Financial

Statements.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

883,331

Affiliated

securities

lending

income,

net    

17,469

Unaffiliated

securities

lending

income,

net

16,853

Total

Investment

Income

917,653

Expenses:

Management

Fees

281,424

Total

Expenses

281,424

Net

Investment

Income/(Loss)

636,229

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(731,145)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(731,145)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

27,304,554

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

27,304,554

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

27,209,638

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Statements

of

Changes

in

Net

Assets

16

April

30,

2024

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

636,229

$

516,571

Net

realized

gain/(loss)

on

investments

(

731,145

)

2,520,923

Change

in

unrealized

net

appreciation/depreciation

27,304,554

(

6,555,236

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

27,209,638

(

3,517,742

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

599,431

)

(

668,752

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

599,431

)

(

668,752

)

Capital

Share

Transactions

40,306,335

66,593,595

Net

Increase/(Decrease)

in

Net

Assets

66,916,542

62,407,101

Net

Assets:

—

—

Beginning

of

Period  

138,291,293

75,884,192

End

of

Period

$

205,207,835

$

138,291,293

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$48.07

$47.37

$67.08

$48.06

$43.10

$39.59

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

0.19

0.25

0.28

0.32

0.10

0.20

Net

realized

and

unrealized

gain/(loss)

8.90

0.80

(2)

(19.79)

19.03

4.97

3.51

Total

from

Investment

Operations

9.09

1.05

(2)

(19.51)

19.35

5.07

3.71

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(0.19)

(0.35)

(0.20)

(0.33)

(0.11)

(0.20)

Total

Dividends

and

Distributions

(0.19)

(0.35)

(0.20)

(0.33)

(0.11)

(0.20)

Net

Asset

Value,

End

of

Period

$56.97

$48.07

$47.37

$67.08

$48.06

$43.10

Total

Return

*

18.89%

2.21%

(29.11)%

40.30%

11.79%

9.43%

Net

assets,

End

of

Period

(in

thousands)

$205,208

$138,291

$75,884

$147,706

$52,958

$34,563

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.30%

0.30%

0.30%

0.30%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

0.68%

0.48%

0.52%

0.48%

0.23%

0.49%

Portfolio

Turnover

Rate

(3)

65%

105%

107%

135%

78%

104%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2024

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 eleven

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

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

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2024

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.  

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 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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.

Counterparties 

Fund

transactions

involving

a

counterparty

are

subject

to

the

risk

that

the

counterparty

or

a

third

party

will

not

fulfill

its

obligation

to

the

Fund

("counterparty

risk").

Counterparty

risk

may

arise

because

of

the

counterparty's

financial

condition

(i.e.,

financial

difficulties,

bankruptcy,

or

insolvency),

market

activities

and

developments,

or

other

reasons,

whether

foreseen

or

not.

A

counterparty's

inability

to

fulfill

its

obligation

may

result

in

significant

financial

loss

to

the

Fund.

The

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Securities

Lending 

Under

procedures

adopted

by

the

Trustees,

the

Fund

may

seek

to

earn

additional

income

by

lending

securities

to

certain

qualified

broker-dealers

and

institutions.

JP

Morgan

Chase

Bank,

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

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2024

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

April

30,

2024,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$2,072,859

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2024 is $2,141,671,

resulting

in

the

net

amount

due

to

the

counterparty

of

$68,812.

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: 

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

For

the period

ended

April

30,

2024,

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. 

As

of

April

30,

2024, 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

period

ended

April

30,

2024,

the

Fund

engaged

in

cross

trades

amounting

to

$5,397,597 in

purchases

and

$10,602,215 in

sales,

resulting

in

a

net

realized

gain

of

$1,781,925.

The

net

realized

gain/loss

is

included

within

the

“Net

Realized

Gain/(Loss)

on

Investments”

section

of

the

Fund’s

Statement

of

Operations.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2024

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

investments

in

partnerships.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(29,689,736)

$(5,765,890)

$(35,455,626)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$198,132,646

$23,038,430

$(13,794,990)

$9,243,440

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

750,000

$

41,790,866

1,650,000

$

84,829,645

Shares

repurchased

(25,000)

(1,484,531

)

(375,000)

(18,236,050

)

Net

Increase/(Decrease)

725,000

$

40,306,335

1,275,000

$

66,593,595

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

$121,654,580

$121,639,217

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

During

the

period ended

April

30,

2024,

the

Fund

had

net

realized

gain of $435,240 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

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

$41,785,985

$1,484,459

$—

$—

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Additional

Information

(unaudited)

26

April

30,

2024

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Licensing

Agreements

Janus

Henderson

Indices

LLC

(“JH

Indices”)

is

the

Index

Provider

for

the

Underlying

Index.

The

Adviser

has

entered

into

a

license

agreement

with

JH

Indices

to

use

the

Underlying

Index.

JH

Indices

is

affiliated

with

the

Fund

and

the

Adviser.

This

affiliation

may

create

potential

conflicts

for

JH

Indices

as

it

may

have

an

interest

in

the

performance

of

the

Fund,

which

could

motivate

it

to

alter

the

Underlying

Index

methodology

for

the

Underlying

Index.

JH

Indices

has

adopted

procedures

that

it

believes

are

reasonably

designed

to

mitigate

these

and

other

potential

conflicts.

JH

Indices

is

the

licensor

of

certain

trademarks,

service

marks,

and

trade

names.

Neither

JH

Indices

nor

any

of

its

affiliates

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the

Fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the

Fund

particularly

or

the

ability

of

the

Underlying

Index

to

track

general

market

performance.

The

Underlying

Index

is

determined,

composed,

and

calculated

by

JH

Indices

without

regard

to

the

Adviser

or

the

Fund.

JH

Indices

has

no

obligation

to

take

the

needs

of

the

Adviser

or

the

owners

of

the

Fund

into

consideration

in

determining,

composing,

or

calculating

the

Underlying

Index.

JH

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

timing

of,

prices

at,

or

quantities

of

the

Fund

to

be

issued

or

in

the

determination

or

calculation

of

the

equation

by

which

the

Fund

is

to

be

converted

into

cash.

ALTHOUGH

JH

INDICES

SHALL

OBTAIN

INFORMATION

FOR

INCLUSION

IN

OR

FOR

USE

IN

THE

CALCULATION

OF

THE

UNDERLYING

INDEX

FROM

SOURCES

WHICH

IT

CONSIDERS

RELIABLE,

IT

DOES

NOT

GUARANTEE

THE

QUALITY,

ACCURACY

AND/OR

THE

COMPLETENESS

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

AND

SHALL

HAVE

NO

LIABILITY

FOR

ERRORS

OR

OMISSIONS

OF

ANY

KIND

RELATED

TO

THE

UNDERLYING

INDEX

OR

DATA.

JH

INDICES

MAKES

NO

WARRANTY,

EXPRESS

OR

IMPLIED,

AS

TO

RESULTS

TO

BE

OBTAINED

BY

THE

ADVISER,

OWNERS

OF

THE

FUND,

OR

ANY

OTHER

PERSON

OR

ENTITY

FROM

THE

USE

OF

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN

IN

CONNECTION

WITH

THE

RIGHTS

LICENSED

TO

THE

ADVISER

FOR

ANY

OTHER

USE.

JH

INDICES

MAKES

NO

EXPRESS

OR

IMPLIED

WARRANTIES,

AND

HEREBY

EXPRESSLY

DISCLAIMS

ALL

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE

WITH

RESPECT

TO

THE

UNDERLYING

INDEX

OR

ANY

DATA

INCLUDED

THEREIN.

WITHOUT

LIMITING

ANY

OF

THE

FOREGOING,

IN

NO

EVENT

SHALL

IT

HAVE

ANY

LIABILITY

FOR

ANY

SPECIAL,

PUNITIVE,

INDIRECT,

OR

CONSEQUENTIAL

DAMAGES

(INCLUDING

LOST

PROFITS),

EVEN

IF

NOTIFIED

OF

THE

POSSIBILITY

OF

SUCH

DAMAGES.

The

Adviser

does

not

guarantee

the

accuracy

and/or

the

completeness

of

the

Underlying

Index

or

any

data

included

therein,

and

the

Adviser

shall

have

no

liability

for

any

errors,

omissions

or

interruptions

therein.

The

Adviser

makes

no

warranty,

express

or

implied,

as

to

results

to

be

obtained

by

the

Fund,

owners

of

the

shares

of

the

Fund

or

any

other

person

or

entity

from

the

use

of

the

Underlying

Index

or

any

data

included

therein.

The

Adviser

makes

no

express

or

implied

warranties,

and

expressly

disclaims

all

warranties

of

merchantability

or

fitness

for

a

particular

purpose

or

use

with

respect

to

the

Underlying

Index

or

any

data

included

therein.

Without

limiting

any

of

the

foregoing,

in

no

event

shall

the

Adviser

have

any

liability

for

any

special,

punitive,

direct,

indirect

or

consequential

damages

(including

lost

profits)

arising

out

of

matters

relating

to

the

use

of

the

Underlying

Index

even

if

notified

of

the

possibility

of

such

damages.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

27

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2024

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

30

April

30,

2024

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

31

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Liquidity

Risk

Management

Program

(unaudited)

32

April

30,

2024

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

1

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

Janus

Capital:

Clayton

Street

Trust.

As

of

the

date

of

this

report,

collectively,

the

two

registered

investment

companies

consist

of

14

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

Janus

Capital.

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).

14

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,

Clough

Funds

Trust

(investment

company)

(2015-2023),

and

Chairman,

Elevation

ETF

Trust

(investment

company)

(2016-

2018).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

2

April

30,

2024

*

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

multinational

companies

(since

2017).

14

Independent

Director,

Cascadia

Minerals

Ltd.

(mineral

exploration

company);

Independent

Director,

ATAC

Resources

Ltd.

(mineral

exploration

company)

(2022-

2023).

Jeffrey

B.

Weeden

151

Detroit

Street

Denver,

CO

80206

DOB:

1956

Trustee

2/16-Present

Senior

Advisor,

Bay

Boston

Capital

LP

(investment

fund

in

banks

and

bank

holdings

companies)

(since

2015).

14

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

Investment

COO

(since

2023).

Formerly,

Global

Head

of

Investment

Services,

Janus

Henderson

Investors

(2017-

2023).

14

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Trustees

and

Officers

(unaudited)

Janus

Detroit

Street

Trust

3

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

Innovation

at

Janus

Henderson

(since

2023),

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

and

Chief

Compliance

Officer

7/20-Present

Head

of

Compliance,

North

America

at

Janus

Henderson

Investors

(since

September

2020)

and

Chief

Compliance

Officer

at

Janus

Henderson

Investors

US

LLC

(since

September

2017).

Formerly,

Anti-Money

Laundering

Officer

for

the

Trust

(July

2020-December

2022),

and

Global

Head

of

Investment

Management

Compliance

at

Janus

Henderson

Investors

(February

2019-August

2020).

Jesper

Nergaard

151

Detroit

Street

Denver,

CO

80206

DOB:

1962

Vice

President,

Chief

Financial

Officer,

Treasurer,

and

Principal

Accounting

Officer

2/16-Present

Head

of

U.S.

Fund

Administration,

Janus

Henderson

Investors

and

Janus

Henderson

Services

LLC.

Cara

Owen

151

Detroit

Street

Denver,

CO

80206

DOB:

1981

Vice

President,

Secretary,

and

Chief

Legal

Officer

1/23-Present

Senior

Legal

Counsel

of

Janus

Henderson

Investors

US

LLC

(since

2021).

Formerly,

Assistant

Secretary

of

the

Trust

and

Clayton

Street

Trust

(2021-2023);

Vice

President

and

Principal

Legal

Counsel,

ALPS

Fund

Services,

Inc.

(fund

administrator)

(2019-2021);

and

Senior

Counsel,

Corporate

&

Investments,

Great-West

Life

&

Annuity

Insurance

Company

(insurance

company)

(2014-2019).

Ciaran

Askin

151

Detroit

Street

Denver,

CO

80206

DOB:

1978

Anti-Money

Laundering

Officer

1/23-Present

Global

Head

of

Financial

Crime,

Janus

Henderson

Investors

(since

2022).

Formerly,

Global

Head

of

Financial

Crime

at

Invesco

Ltd.

(2017-2022).

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

Janus

Detroit

Street

Trust

1

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

2

April

30,

2024

125-24-93061

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

Short

Duration

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Short

Duration

Income

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

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

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

37

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

38

Liquidity

Risk

Management

Program

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

42

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Daniel

Siluk

Maier

Addison

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

49.9%

Commercial

Paper

12.2%

Consumer,

Non-cyclical

10.6%

Consumer,

Cyclical

6.8%

Utilities

6.7%

Mortgage-Backed

Security

4.8%

Industrial

3.4%

Energy

2.4%

Asset-Backed

Security

2.4%

Technology

2.0%

Exchange

Traded

Fund

1.2%

Investment

Company

0.0%

Purchased

Options

0.0%

102.5%

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.23%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Net

expense

ratios

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

February

28,

2025.

This

contractual

waiver

may

be

terminated

or

modified

only

at

the

discretion

of

the

Board

of

Trustees.

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

if

applied,

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.

VNLA

is

not

a

money

market

fund

and

does

not

attempt

to

maintain

a

stable

net

asset

value.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

FTSE

3-Month

U.S.

Treasury

Bill

Index

to

the

Bloomberg

U.S.

Aggregate

Bond

Index

due

to

regulatory

requirements.

The

Fund

retained

the

FTSE

3-Month

U.S.

Treasury

Bill

Index

as

a

performance

benchmark

because

the

FTSE

3-Month

U.S.

Treasury

Bill

Index

is

more

closely

aligned

with

the

Fund’s

investment

strategies

and

investment

restrictions.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Short

Duration

Income

ETF

-

NAV

3.22%

5.65%

2.44%

2.41%

Janus

Henderson

Short

Duration

Income

ETF

-

Market

Price

3.09%

5.56%

2.42%

2.41%

Bloomberg

U.S.

Aggregate

Bond

Index

4.97%

-1.47%

-0.16%

0.70%

FTSE

3-Month

U.S.

Treasury

Bill

Index

2.77%

5.57%

2.12%

1.90%

*

The

Fund

commenced

operations

on

November

16,

2016.

Janus

Henderson

Short

Duration

Income

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,032.20

$1.16

$1,000.00

$1,023.72

$1.16

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

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

2.4%

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.1000%,

6.4300%,

12/26/31

(144A)

‡

$

7,500,000

$

7,521,092

Bayview

Opportunity

Master

Fund

VII

Trust,

5.6700%,

4/15/27

(144A)

2,151,000

2,146,704

Exeter

Automobile

Receivables

Trust,

6.1100%,

9/15/25

888,702

888,719

Exeter

Automobile

Receivables

Trust,

6.2000%,

4/15/26

8,312,009

8,316,321

Exeter

Automobile

Receivables

Trust,

1.4600%,

10/15/27

11,357,362

11,215,047

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

2,746,977

2,749,547

Santander

Drive

Auto

Receivables

Trust,

6.3100%,

7/15/27

7,875,241

7,893,938

United

Auto

Credit

Securitization

Trust,

6.1700%,

8/10/26

(144A)

4,467,000

4,467,087

Westlake

Automobile

Receivables

Trust,

5.9600%,

10/15/26

(144A)

9,465,030

9,464,982

Total

Asset-Backed

Securities

(cost

$54,512,631)

54,663,437

Corporate

Bonds

-

80.1%

Consumer,

Cyclical

-

6.8%

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

6.1730%, 4/1/25

(144A)

‡

7,025,000

7,059,282

BMW

US

Capital

LLC,

5.3000%, 8/11/25

(144A)

6,250,000

6,231,978

Daimler

Truck

Finance

Canada,

Inc.,

2.4600%, 12/15/26

CAD

8,960,000

6,103,183

Daimler

Truck

Finance

North

America

LLC,

5.0000%, 1/15/27

(144A)

$

3,240,000

3,195,641

General

Motors

Financial

Co.,

Inc.,

1.5500%, 9/2/25

AUD

1,590,000

976,373

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

$

1,250,000

1,252,912

General

Motors

Financial

Co.,

Inc.,

5.4000%, 4/6/26

3,230,000

3,209,764

General

Motors

Financial

Co.,

Inc.,

5.1500%, 8/15/26

GBP

4,690,000

5,795,430

General

Motors

Financial

Co.,

Inc.,

5.4000%, 5/8/27

$

7,000,000

6,951,253

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

3,225,000

3,165,063

Hyundai

Capital

America,

5.5000%, 3/30/26

(144A)

10,125,000

10,061,816

Hyundai

Capital

America,

5.6500%, 6/26/26

(144A)

7,645,000

7,611,950

Hyundai

Capital

America,

5.9500%, 9/21/26

(144A)

12,525,000

12,567,005

Marriott

International,

Inc.,

5.4500%, 9/15/26

16,885,000

16,861,177

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

12,225,468

McDonald's

Corp.,

3.4500%, 9/8/26

AUD

1,000,000

627,300

Mercedes-Benz

Finance

North

America

LLC,

5.2000%, 8/3/26

(144A)

$

12,100,000

12,052,787

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

AUD

13,370,000

8,228,272

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

4.9500%, 4/13/26

AUD

3,110,000

1,995,507

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

5.3000%, 2/9/27

AUD

1,670,000

1,073,150

Volkswagen

Group

of

America

Finance

LLC,

5.7000%, 9/12/26

(144A)

$

14,575,000

14,558,263

Volkswagen

Group

of

America

Finance

LLC,

6.0000%, 11/16/26

(144A)

13,200,000

13,313,289

155,116,863

Consumer,

Non-cyclical

-

10.6%

Amgen,

Inc.,

5.2500%, 3/2/25

4,650,000

4,631,869

Amgen,

Inc.,

5.5070%, 3/2/26

20,025,000

19,968,218

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,589,059

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,319,722

Cargill,

Inc.,

4.5000%, 6/24/26

(144A)

5,750,000

5,659,913

GE

HealthCare

Technologies,

Inc.,

5.5500%, 11/15/24

24,975,000

24,935,561

Humana,

Inc.,

5.7000%, 3/13/26

20,000,000

19,960,215

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

4,062,784

Humana,

Inc.,

5.7500%, 3/1/28

3,550,000

3,568,294

Icon

Investments

Six

Designated

Activity

Co.,

5.8090%, 5/8/27

11,520,000

11,525,645

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

22,836,145

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

29,300,000

17,711,950

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

AUD

3,800,000

2,202,432

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.4500%, 5/19/26

$

26,550,000

26,096,401

Smith

&

Nephew

plc,

5.1500%, 3/20/27

6,270,000

6,200,196

Solventum

Corp.,

5.4500%, 2/25/27

(144A)

22,400,000

22,211,240

Solventum

Corp.,

5.4000%, 3/1/29

(144A)

5,790,000

5,680,468

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Thermo

Fisher

Scientific,

Inc.,

5.0000%, 12/5/26

$

10,400,000

$

10,358,512

Universal

Health

Services,

Inc.,

1.6500%, 9/1/26

23,425,000

21,284,590

240,803,214

Energy

-

2.4%

Columbia

Pipelines

Holding

Co.

LLC,

6.0550%, 8/15/26

(144A)

5,236,000

5,253,837

Enbridge,

Inc.,

5.9000%, 11/15/26

5,000,000

5,032,276

Enbridge,

Inc.,

3.2000%, 6/8/27

CAD

14,500,000

10,031,212

Energy

Transfer

LP,

6.0500%, 12/1/26

$

13,440,000

13,598,081

ONEOK,

Inc.,

5.5500%, 11/1/26

6,600,000

6,593,168

Williams

Cos.,

Inc.

(The),

5.4000%, 3/2/26

15,050,000

14,987,732

55,496,306

Financial

-

48.2%

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

1,951,000

1,910,196

AerCap

Ireland

Capital

DAC,

6.1000%, 1/15/27

8,375,000

8,440,316

AerCap

Ireland

Capital

DAC,

6.4500%, 4/15/27

19,617,000

19,998,343

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,901,533

Air

Lease

Corp.,

0.8000%, 8/18/24

16,350,000

16,104,674

Air

Lease

Corp.,

1.8750%, 8/15/26

6,235,000

5,714,276

American

Express

Co.,

SOFRINDX

+

0.7200%,

6.1072%, 5/3/24

‡

6,875,000

6,875,102

American

Express

Co.,

SOFRINDX

+

0.9300%,

6.2950%, 3/4/25

‡

12,900,000

12,996,115

American

Express

Co.,

SOFR

+

0.9990%,

4.9900%, 5/1/26

‡

9,450,000

9,374,082

American

Express

Co.,

SOFR

+

1.3300%,

6.3380%, 10/30/26

‡

4,000,000

4,031,922

American

Express

Co.,

SOFR

+

0.7500%,

5.6450%, 4/23/27

‡

5,375,000

5,376,259

American

Express

Co.,

SOFR

+

1.0000%,

5.0980%, 2/16/28

‡

1,950,000

1,928,050

American

Tower

Corp.,

3.5500%, 7/15/27

12,000,000

11,274,791

ANZ

New

Zealand

International

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

12,694,152

Aon

North

America,

Inc.,

5.1250%, 3/1/27

12,795,000

12,707,527

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

5,156,000

5,009,139

Athene

Global

Funding,

5.6840%, 2/23/26

(144A)

9,660,000

9,637,381

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

20,235,000

18,504,328

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

609,491

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.8300%,

5.1742%, 3/31/26

‡

AUD

15,500,000

10,115,053

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

6.4122%, 7/26/29

‡

AUD

24,510,000

15,953,732

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

6.1856%, 2/26/31

‡

AUD

150,000

98,356

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

5.9060%, 8/12/32

‡

AUD

10,000,000

6,535,253

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,940,000

12,046,467

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

13,856,434

Banco

Santander

SA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6500%,

6.5270%, 11/7/27

‡

9,600,000

9,754,849

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

5.9356%, 11/24/25

‡

AUD

8,150,000

5,317,043

Bank

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

6.0326%, 2/21/28

‡

AUD

38,220,000

24,947,025

Bank

of

America

Corp.,

SOFR

+

1.1500%,

1.3190%, 6/19/26

‡

$

25,135,000

23,885,691

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2500%,

5.5976%, 5/15/26

‡

AUD

13,600,000

8,890,157

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

5.8354%, 10/14/31

‡

AUD

800,000

514,810

Blackstone

Holdings

Finance

Co.

LLC,

5.9000%, 11/3/27

(144A)

$

12,525,000

12,674,595

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

1,837,526

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Citigroup,

Inc.,

SOFR

+

1.3720%,

6.7425%, 5/24/25

‡

$

5,000,000

$

5,003,300

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

97,442

Citigroup,

Inc.,

SOFR

+

1.5460%,

5.6100%, 9/29/26

‡

35,000,000

34,923,021

Commonwealth

Bank

of

Australia,

4.2000%, 8/18/25

AUD

600,000

386,335

Commonwealth

Bank

of

Australia,

5.3160%, 3/13/26

$

14,875,000

14,882,982

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

6.1456%, 9/10/30

‡

AUD

12,500,000

8,154,710

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

5.6529%, 8/20/31

‡

AUD

16,600,000

10,725,961

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

2.7000%,

7.0436%, 11/9/32

‡

AUD

10,000,000

6,729,928

Commonwealth

Bank

of

Australia,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.0500%,

3.6100%, 9/12/34

‡

$

6,000,000

5,292,750

Computershare

US,

Inc.,

3.1470%, 11/30/27

AUD

1,070,000

628,492

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

$

11,975,000

11,723,336

Corebridge

Financial,

Inc.,

3.6500%, 4/5/27

6,000,000

5,681,789

Credit

Agricole

SA,

5.1340%, 3/11/27

(144A)

33,160,000

32,862,343

Credit

Union

Australia

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

5.9175%, 12/1/25

‡

AUD

2,350,000

1,535,558

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.9500%,

5.4270%, 3/1/28

(144A)

‡

$

13,400,000

13,276,490

DBS

Group

Holdings

Ltd.,

5.4790%, 9/12/25

(144A)

15,800,000

15,807,403

Goldman

Sachs

Bank

USA,

SOFR

+

0.7770%,

5.2830%, 3/18/27

‡

33,575,000

33,353,625

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

5.8644%, 9/10/24

‡

17,625,000

17,633,197

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

AUD

5,780,000

3,736,879

Heritage

and

People's

Choice

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

6.7539%, 9/16/31

‡

AUD

1,000,000

629,857

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.7948%, 12/15/36

‡

AUD

8,550,000

5,643,439

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

6.4448%, 6/15/44

‡

AUD

17,350,000

11,275,348

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

6.6948%, 6/15/45

‡

AUD

6,730,000

4,402,246

JPMorgan

Chase

&

Co.,

CME

Term

SOFR

3

Month

+

4.0416%,

9.3480%, 5/1/24

‡,μ

$

22,745,000

22,745,000

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

7,300,000

7,107,564

JPMorgan

Chase

&

Co.,

SOFR

+

1.3300%,

6.0700%, 10/22/27

‡

19,050,000

19,273,983

JPMorgan

Chase

&

Co.,

SOFR

+

0.9300%,

5.5710%, 4/22/28

‡

15,500,000

15,487,782

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

6.8039%, 3/17/25

‡

AUD

3,280,000

2,131,146

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

6.8856%, 5/25/26

‡

AUD

19,100,000

12,390,147

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

3.8000%,

8.1539%, 3/16/28

‡

AUD

5,010,000

3,335,898

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.4800%,

5.9850%, 8/7/27

‡

$

3,600,000

3,605,283

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.6800%,

6.0233%, 3/6/30

‡

AUD

5,240,000

3,406,655

Logicor

UK

plc,

1.8750%, 11/17/26

GBP

656,000

748,728

LPL

Holdings,

Inc.,

4.6250%, 11/15/27

(144A)

$

18,606,000

17,729,604

Lseg

US

Fin

Corp.,

4.8750%, 3/28/27

(144A)

7,725,000

7,607,015

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

7.2398%, 5/28/30

‡

AUD

19,800,000

13,060,059

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.9039%, 6/17/31

‡

AUD

6,980,000

4,528,792

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.9500%,

6.2875%, 3/1/34

‡

AUD

12,190,000

$

7,937,982

Macquarie

Group

Ltd.,

6.2070%, 11/22/24

(144A)

$

28,900,000

28,957,337

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

6,725,000

6,571,676

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,901,907

Morgan

Stanley,

SOFR

+

1.9900%,

2.1880%, 4/28/26

‡

1,400,000

1,350,277

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

16,250,000

16,339,700

Morgan

Stanley

Bank

NA,

SOFR

+

0.7800%,

6.1102%, 7/16/25

‡

9,000,000

9,045,246

Morgan

Stanley

Bank

NA,

SOFR

+

1.0800%,

4.9520%, 1/14/28

‡

31,050,000

30,585,086

Nasdaq,

Inc.,

5.6500%, 6/28/25

4,940,000

4,934,109

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7800%,

5.1272%, 5/12/26

‡

AUD

10,000,000

6,518,250

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

6.4900%, 5/17/29

‡

AUD

14,920,000

9,692,371

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

6.0400%, 11/18/30

‡

AUD

24,275,000

15,864,642

Newcastle

Greater

Mutual

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

6.1959%, 2/14/29

‡

AUD

20,400,000

13,388,586

Nordea

Bank

Abp

,

SOFR

+

0.9600%,

6.3234%, 6/6/25

(144A)

‡

$

6,925,000

6,972,990

Royal

Bank

of

Canada,

5.2000%, 7/20/26

22,100,000

22,006,619

Royal

Bank

of

Canada,

4.8750%, 1/19/27

8,325,000

8,221,356

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26

‡

14,190,000

14,343,657

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3000%,

6.6375%, 6/1/37

‡

AUD

17,200,000

11,354,222

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6500%,

6.9875%, 12/1/38

‡

AUD

4,500,000

3,012,484

Toronto-Dominion

Bank

(The),

4.2850%, 9/13/24

$

2,800,000

2,786,812

Toronto-Dominion

Bank

(The),

2.6670%, 9/9/25

CAD

18,500,000

13,029,246

Toronto-Dominion

Bank

(The),

5.5320%, 7/17/26

$

6,650,000

6,654,795

Toronto-Dominion

Bank

(The),

4.2100%, 6/1/27

CAD

18,375,000

13,110,804

Trinity

Acquisition

plc,

4.4000%, 3/15/26

$

11,260,000

10,978,598

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

1,261,603

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

5.7636%, 6/27/25

‡

AUD

610,000

397,217

Vicinity

Centres

Trust,

4.0000%, 4/26/27

AUD

150,000

93,332

Wells

Fargo

&

Co.,

CME

Term

SOFR

3

Month

+

1.0116%,

2.1640%, 2/11/26

‡

$

9,590,000

9,317,728

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

6.6439%, 4/25/26

‡

3,500,000

3,532,754

Wells

Fargo

&

Co.,

CDOR

USD

3

Month

+

1.0650%,

4.1680%, 4/28/26

‡

CAD

22,600,000

16,267,855

Wells

Fargo

&

Co.,

SOFR

+

2.0000%,

2.1880%, 4/30/26

‡

$

13,000,000

12,533,801

Wells

Fargo

&

Co.,

SOFR

+

1.0700%,

5.7070%, 4/22/28

‡

7,870,000

7,875,472

Wells

Fargo

Bank

NA,

5.4500%, 8/7/26

7,000,000

6,996,352

Westpac

Banking

Corp.,

5.3500%, 10/18/24

8,000,000

7,989,416

Westpac

Banking

Corp.,

4.6000%, 2/16/26

AUD

3,100,000

2,000,459

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.7500%,

5.0972%, 8/10/26

‡

AUD

20,000,000

13,022,799

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.5772%, 11/11/27

‡

AUD

3,300,000

2,173,760

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

AUD

14,022,000

9,068,310

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

6.3149%, 8/27/29

‡

AUD

6,700,000

4,364,828

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

5.9611%, 1/29/31

‡

AUD

11,800,000

7,689,568

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8800%,

6.2255%, 4/3/34

‡

AUD

9,500,000

$

6,191,527

Westpac

New

Zealand

Ltd.,

5.1320%, 2/26/27

(144A)

$

5,725,000

5,664,110

Willis

North

America,

Inc.,

3.6000%, 5/15/24

23,144,000

23,123,630

1,095,182,028

Industrial

-

3.4%

BAE

Systems

plc,

5.0000%, 3/26/27

(144A)

13,915,000

13,714,614

Boeing

Co.

(The),

6.2590%, 5/1/27

(144A)

9,150,000

9,178,969

Boeing

Co.

(The),

6.2980%, 5/1/29

(144A)

3,200,000

3,212,711

Carrier

Global

Corp.,

5.8000%, 11/30/25

14,300,000

14,326,408

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

1.7500%, 7/8/24

AUD

4,300,000

2,774,553

CNH

Industrial

Capital

Australia

Pty.

Ltd.,

5.8000%, 7/13/26

AUD

29,790,000

19,499,703

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

5.7903%, 7/12/24

‡

AUD

8,980,000

5,831,221

Penske

Truck

Leasing

Co.

LP,

5.3500%, 1/12/27

(144A)

$

7,900,000

7,822,078

76,360,257

Technology

-

2.0%

Fiserv,

Inc.,

5.1500%, 3/15/27

11,838,000

11,722,615

SK

Hynix,

Inc.,

5.5000%, 1/16/27

(144A)

10,045,000

9,919,677

VMware

LLC,

1.0000%, 8/15/24

11,867,000

11,698,594

VMware

LLC,

1.4000%, 8/15/26

13,690,000

12,449,400

45,790,286

Utilities

-

6.7%

Algonquin

Power

&

Utilities

Corp.,

5.3650%, 6/15/26

Ç

5,110,000

5,056,628

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

AUD

17,320,000

11,166,215

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

5.6286%, 10/30/24

‡

AUD

22,900,000

14,884,932

DTE

Energy

Co.,

4.2200%, 11/1/24

Ç

$

18,735,000

18,570,145

Duke

Energy

Corp.,

4.8500%, 1/5/27

12,800,000

12,604,064

Duke

Energy

Corp.,

3.1500%, 8/15/27

13,250,000

12,330,291

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,087,780

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

AUD

5,480,000

3,541,037

Georgia

Power

Co.,

5.0040%, 2/23/27

$

6,520,000

6,459,744

Georgia

Power

Co.,

3.2500%, 3/30/27

5,866,000

5,510,617

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

AUD

1,300,000

835,999

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

5.5755%, 12/6/24

‡

AUD

14,620,000

9,498,434

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

AUD

570,000

342,149

NRG

Energy,

Inc.,

2.0000%, 12/2/25

(144A)

$

5,600,000

5,239,702

NRG

Energy,

Inc.,

2.4500%, 12/2/27

(144A)

10,933,000

9,752,505

Vistra

Operations

Co.

LLC,

4.8750%, 5/13/24

(144A)

13,118,000

13,111,736

Vistra

Operations

Co.

LLC,

5.1250%, 5/13/25

(144A)

23,711,000

23,355,408

153,347,386

Total

Corporate

Bonds

(cost

$1,853,236,893)

1,822,096,340

Foreign

Government

Bonds

-

1.8%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

5.0537%, 9/23/25

‡

AUD

17,230,000

11,189,028

Korea

Electric

Power

Corp.,

4.8750%, 1/31/27

(144A)

$

23,450,000

23,089,351

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

7,100,000

6,636,295

Total

Foreign

Government

Bonds

(cost

$42,786,429)

40,914,674

Mortgage-Backed

Securities

-

4.8%

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

6.8800%, 10/25/41

(144A)

‡

9,510,716

9,522,415

SOFR30A

+

1.0000%,

6.3300%, 12/25/41

(144A)

‡

3,051,340

3,047,537

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

1.2000%,

6.5300%, 1/25/42

(144A)

‡

$

1,467,222

$

1,466,630

SOFR30A

+

1.9000%,

7.2300%, 4/25/42

(144A)

‡

2,719,320

2,735,174

SOFR30A

+

2.5000%,

7.8300%, 9/25/42

(144A)

‡

4,648,555

4,734,529

SOFR30A

+

2.4000%,

7.7300%, 12/25/42

(144A)

‡

5,268,063

5,405,797

SOFR30A

+

2.5000%,

7.8300%, 4/25/43

(144A)

‡

2,890,820

2,938,412

SOFR30A

+

1.7000%,

7.0300%, 7/25/43

(144A)

‡

2,969,323

2,982,948

SOFR30A

+

1.0500%,

6.3800%, 1/25/44

(144A)

‡

14,254,536

14,244,140

SOFR30A

+

1.1000%,

6.4300%, 2/25/44

(144A)

‡

4,278,610

4,273,553

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.3000%,

7.6300%, 8/25/33

(144A)

‡

2,413,020

2,457,102

SOFR30A

+

0.8500%,

6.1800%, 11/25/41

(144A)

‡

2,307,251

2,302,337

SOFR30A

+

2.3000%,

7.6300%, 8/25/42

(144A)

‡

4,280,288

4,367,018

SOFR30A

+

2.1000%,

7.4300%, 3/25/43

(144A)

‡

3,784,970

3,850,403

SOFR30A

+

2.0000%,

7.3300%, 5/25/43

(144A)

‡

2,121,929

2,146,247

SOFR30A

+

2.0000%,

7.3300%, 6/25/43

(144A)

‡

7,184,565

7,223,537

SOFR30A

+

1.8500%,

7.1800%, 11/25/43

(144A)

‡

2,561,406

2,579,799

SOFR30A

+

1.3500%,

6.6800%, 2/25/44

(144A)

‡

5,847,904

5,859,476

SOFR30A

+

1.2500%,

6.5800%, 3/25/44

(144A)

‡

2,895,621

2,896,237

NRTH

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.6413%

,

6.9666

%

,

3/15/41

(144A)

‡

11,400,000

11,411,282

Resimac

Bastille

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.3500%

,

5.6514

%

,

9/13/55

‡

AUD

17,235,000

11,192,428

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

5.8982

%

,

1/12/46

‡

AUD

614,041

399,009

Total

Mortgage-Backed

Securities

(cost

$107,494,710)

108,036,010

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

27,934,500

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

5.1700%

∞

(cost

$750,020)

750,020

750,020

Commercial

Paper

-

12.2%

AutoNation,

Inc.,

5.8009%, 5/1/24

(Section

4(2))

$

55,000,000

54,990,953

Global

Payments,

Inc.,

5.9610%, 5/1/24

(Section

4(2))

103,176,000

103,158,882

Jabil,

Inc.,

5.9010%, 5/1/24

(Section

4(2))

43,724,000

43,716,626

Jabil,

Inc.,

5.9010%, 5/2/24

(Section

4(2))

75,500,000

75,474,528

Total

Commercial

Paper

(cost

$277,387,626)

277,340,989

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

0.0%

Counterparty/Reference

Asset

Goldman

Sachs

Group,

Inc.

CDX.NA.HY.41-V2,

Credit

Default

Swap,

maturing

12/20/2028,

fixed

rate

5.000%,

payment

frequency:

Quarterly,

Notional

amount

$65,150,000,

premiums

paid

$583,711,

unrealized

depreciation

$(525,913),

exercise

price

$100.00,

expires

6/20/24*

65,150,000

57,798

Counterparty/Reference

Asset

Goldman

Sachs

Group,

Inc.

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

(continued)

CDX.NA.HY.41-V2,

Credit

Default

Swap,

maturing

12/20/2028,

fixed

rate

5.000%,

payment

frequency:

Quarterly,

Notional

amount

$162,800,000,

premiums

paid

$1,208,790,

unrealized

depreciation

$(1,064,361),

exercise

price

$100.00,

expires

6/20/24*

$

162,800,000

$

144,429

Total

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

(premiums

paid

$1,792,501,

unrealized

depreciation

$(1,590,274))

202,227

Total

Investments

(total

cost

$2,365,628,588

)

-

102.5%

2,331,938,197

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.5%)

(57,125,215)

Net

Assets

-

100.0%

$2,274,812,982

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,528,283,358

65.6

%

Australia

439,885,055

18.9

Canada

92,032,931

3.9

United

Kingdom

65,691,883

2.8

Ireland

44,776,033

1.9

Singapore

41,903,804

1.8

South

Korea

39,645,323

1.7

France

32,862,343

1.4

New

Zealand

16,853,138

0.7

Denmark

13,276,490

0.6

Spain

9,754,849

0.4

Finland

6,972,990

0.3

Total

$

2,331,938,197

100.0

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

Shares

Held

at

4/30/24

Dividend

Income

Investment

Company

-

1.2%

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

$

27,637,500

$

–

$

–

$

–

$

297,000

$

27,934,500

550,000

$

900,989

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

HSBC

BANK

USA,

N.A.

New

Zealand

Dollar

7/26/24

10,800,000

$

(6,404,076)

$

13,214

–

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

J.P.

Morgan

Chase

Bank

Australian

Dollar

7/26/24

648,000,000

$

(422,089,315)

$

259,351

Great

British

Pound

7/26/24

5,500,000

(6,858,512)

(31,706)

227,645

State

Street

Bank

and

Trust

Company

Canadian

Dollar

7/26/24

109,700,000

(80,185,528)

218,959

–

UBS

AG

Canadian

Dollar

7/26/24

(10,420,000)

7,630,737

(35,006)

–

Total

$424,812

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

Canada

10

Year

Bond

3,540

6/19/24

$

264,201,987

$

(1,038,630)

Euro-Schatz

4,150

6/6/24

466,413,800

(2,442,227)

U.S.

Treasury

Ultra

Bonds

122

6/18/24

14,586,625

(106,933)

Total

-

Futures

Long

(3,587,790)

Futures

Short:

Australia

3

Year

Bond

925

6/17/24

(63,377,225)

782,454

U.S.

Treasury

2

Year

Notes

3,740

6/28/24

(757,934,375)

5,148,255

U.S.

Treasury

5

Year

Notes

436

6/28/24

(45,667,594)

850,996

Total

-

Futures

Short

6,781,705

Total

$3,193,915

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.IG.41-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

12/20/28

$

79,400,000

$

814,472

$

(1,005,058)

$

(1,819,530)

Schedule

of

Centrally

Cleared

Interest

Rate

Swaps

Payments

made

by

F

und

Payments

received

by

Fund

Payment

Frequency

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Value

3

Month

BBR

5.4400%

Fixed

Quarterly

7/27/25

63,455,000

NZD

$

–

$

517,408

$

517,408

3

Month

BBR

5.6150%

Fixed

Quarterly

7/13/25

32,632,700

NZD

–

310,193

310,193

3

Month

BBR

5.3125%

Fixed

Quarterly

11/09/25

32,950,000

NZD

–

253,181

253,181

3

Month

BBR

5.3775%

Fixed

Quarterly

7/19/25

32,632,700

NZD

–

246,254

246,254

3

Month

BBR

5.5100%

Fixed

Quarterly

8/16/25

31,965,000

NZD

–

20,457

20,457

3

Month

BBR

5.1200%

Fixed

Quarterly

4/22/26

82,265,000

NZD

–

(6,959)

(6,959)

4.5330%

Fixed

3

Month

BBR

Quarterly

11/08/25

30,962,500

AUD

–

(55,757)

(55,757)

Total

$–

$1,284,777

$1,284,777

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

14

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2024

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Asset

Derivatives:

Forward

foreign

currency

exchange

contracts

$—

$—

$491,524

$491,524

Purchased

swaption

contracts,

at

value

202,227

—

—

202,227

*

Swaps

-

centrally

cleared

—

1,347,493

—

1,347,493

*

Futures

contracts

—

6,781,705

—

6,781,705

Total

Asset

Derivatives

$202,227

$8,129,198

$491,524

$8,822,949

Liability

Derivatives:

Forward

foreign

currency

exchange

contracts

—

—

66,712

66,712

*

Swaps

-

centrally

cleared

1,005,058

62,716

—

1,067,774

*

Futures

contracts

—

3,587,790

—

3,587,790

Swaptions

written,

at

value

124,269

—

—

124,269

Total

Liability

Derivatives

$1,129,327

$3,650,506

$66,712

$4,846,545

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2024.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2024.

Schedule

of

OTC

Written

Credit

Default

Swaptions

Counterparty/

Reference

Asset

Description

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Swaptions

Written,

at

Value

Written

Put

Swaptions

-

Sell

Protection:

Goldman

Sachs

Group,

Inc.

CDX.NA.HY.41-V2

Credit

Default

Swap,

S&P

Credit

Rating:

NR,

maturing

12/20/2028,

fixed

rate

5%,

payment

frequency:

Quarterly

96.00

USD

06/20/24

$65,150,000

$(322,815)

$287,298

$(35,517)

Goldman

Sachs

Group,

Inc.

CDX.NA.HY.41-V2

Credit

Default

Swap,

S&P

Credit

Rating:

NR,

maturing

12/20/2028,

fixed

rate

5%,

payment

frequency:

Quarterly

96.00

USD

06/20/24

162,800,000

(596,336)

507,584

(88,752)

Total

Written

Put

Swaptions

-

Sell

Protection

(919,151)

794,882

(124,269)

Total

OTC

Written

Credit

Default

Swaptions

$(919,151)

$794,882

$(124,269)

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

15

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.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$(14,664,209)

$(14,664,209)

Futures

contracts

—

(2,211,248)

—

(2,211,248)

Swap

contracts

(842,248)

(595,843)

—

(1,438,091)

Total

$(842,248)

$(2,807,091)

$(14,664,209)

$(18,313,548)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Currency

Contracts

Total

Forward

foreign

currency

exchange

contracts

$—

$—

$284,381

$284,381

Futures

contracts

—

1,873,048

—

1,873,048

Purchased

swaption

contracts

(1,590,274)

(1,590,274)

Swap

contracts

(1,105,433)

316,442

—

(788,991)

Written

swaption

contracts

794,882

—

—

794,882

Total

$(1,900,825)

$2,189,490

$284,381

$573,046

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$287,395,641

Average

notional

amount

of

contracts

-

short

575,001,742

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

67,435,697

Average

amounts

sold

-

in

USD

595,364,905

Credit

default

swaps:

Average

notional

amount

-

buy

protection

105,800,000

Interest

rate

swaps:

Average

notional

amount

-

pay

fixed

rate/receive

floating

rate

202,591,377

Swaptions:

Average

value

of

swaption

contracts

purchased

554,184

Average

value

of

swaption

contracts

written

267,629

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

16

April

30,

2024

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

Goldman

Sachs

Group,

Inc.

$

202,227

$

(124,269)

$

(77,958)

$

—

HSBC

BANK

USA,

N.A.

13,214

—

—

13,214

J.P.

Morgan

Chase

Bank

259,351

(31,706)

—

227,645

State

Street

Bank

and

Trust

Company

218,959

—

—

218,959

Total

$

693,751

$

(155,975)

$

(77,958)

$

459,818

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability

(a)

Collateral

Pledged

(b)

Net

Amount

Goldman

Sachs

Group,

Inc.

$

124,269

$

(124,269)

$

—

$

—

J.P.

Morgan

Chase

Bank

31,706

(31,706)

—

—

UBS

AG

35,006

—

—

35,006

Total

$

190,982

$

(155,975)

$

—

$

35,006

(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

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

17

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.

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.

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDOR

Canadian

Dollar

Offered

Rate

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GBP

British

Pound

LLC

Limited

Liability

Company

LP

Limited

Partnership

NZD

New

Zealand

Dollar

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

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

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.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

period

ended

April

30,

2024

is

$277,340,989

which

represents

12.2%

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

period

ended

April

30,

2024

is

$607,382,168

which

represents

26.7%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

April

30,

2024.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread;

they

are

determined

by

the

issuer

or

agent

and

current

market

conditions.

Reference

rate

is

as

of

reset

date

and

may

vary

by

security,

which

may

not

indicate

a

reference

rate

and/or

spread

in

their

description.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

18

April

30,

2024

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

54,663,437

$

—

Corporate

Bonds

—

1,822,096,340

—

Foreign

Government

Bonds

—

40,914,674

—

Mortgage-Backed

Securities

—

108,036,010

—

Exchange

Traded

Fund

27,934,500

—

—

Investment

Companies

750,020

—

—

Commercial

Paper

—

277,340,989

—

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

—

202,227

—

Total

Investments

in

Securities

$

28,684,520

$

2,303,253,677

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,347,493

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

491,524

—

Futures

Contracts

6,781,705

—

—

Total

Other

Financial

Instruments

$

6,781,705

$

1,839,017

$

—

Total

Assets

$

35,466,225

$

2,305,092,694

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,067,774

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

66,712

—

Futures

Contracts

3,587,790

—

—

Swaptions

Written,

at

Value

—

124,269

—

Total

Liabilities

$

3,587,790

$

1,258,755

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange

contracts,

futures,

written

swaptions

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

swaptions

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$2,336,168,309)

$

2,303,801,470

Affiliated

investments,

at

value

(cost

$27,667,778)

27,934,500

Purchased

swaptions,

at

value

(premiums

paid

$1,792,501)

202,227

Cash

denominated

in

foreign

currency

(cost

$8,754,066)

8,719,712

Forward

foreign

currency

exchange

contracts

491,524

Due

from

broker

for

centrally

cleared

swaps

1,963,671

Due

from

broker

for

futures

11,010,000

Receivables:

Interest

21,729,725

Due

from

adviser

10,346

Total

Assets

2,375,863,175

Liabilities:

Payable

for

variation

margin

on

futures

contracts

15,239

Payable

for

variation

margin

on

swaps

810,515

Forward

foreign

currency

exchange

contracts

66,712

Swaptions

written,

at

value

(premiums

received

$919,151)

124,269

Due

to

custodian

103,389

Collateral

for

Swaptions

140,000

Payables:

Investments

purchased

99,357,626

Management

fees

431,846

Interest

597

Total

Liabilities

101,050,193

Commitments

and

contingent

liabilities

Net

Assets

$

2,274,812,982

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

2,371,931,739

Total

distributable

earnings

(loss)

(97,118,757)

Total

Net

Assets

$

2,274,812,982

Net

Assets

$

2,274,812,982

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

47,000,000

Net

Asset

Value

Per

Share

$

48.40

Janus

Henderson

Short

Duration

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

20

April

30,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

57,710,430

Dividends

from

affiliates

900,989

Dividends

78,137

Total

Investment

Income

58,689,556

Expenses:

Management

Fees

2,683,571

Total

Expenses

2,683,571

Less:

Excess

Expense

Reimbursement

and

Waivers

(53,391)

Net

Expenses

2,630,180

Net

Investment

Income/(Loss)

56,059,376

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(14,867,858)

Forward

foreign

currency

exchange

contracts

(14,664,209)

Futures

contracts

(2,211,248)

Swap

contracts

(1,438,091)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(33,181,406)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

50,583,819

Investments

in

affiliates

297,000

Purchased

swaption

contracts

(1,590,274)

Forward

foreign

currency

exchange

contracts

284,381

Futures

contracts

1,873,048

Swap

contracts

(788,991)

Written

swaption

contracts

794,882

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

51,453,865

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

74,331,835

Janus

Henderson

Short

Duration

Income

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

56,059,376

$

86,711,224

Net

realized

gain/(loss)

on

investments

(

33,181,406

)

(

14,597,826

)

Change

in

unrealized

net

appreciation/depreciation

51,453,865

45,869,478

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

74,331,835

117,982,876

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

53,686,857

)

(

141,400,131

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

53,686,857

)

(

141,400,131

)

Capital

Share

Transactions

(

118,617,452

)

(

143,593,675

)

Net

Increase/(Decrease)

in

Net

Assets

(

97,972,474

)

(

167,010,930

)

Net

Assets:

—

—

Beginning

of

Period  

2,372,785,456

2,539,796,386

End

of

Period

$

2,274,812,982

$

2,372,785,456

Janus

Henderson

Short

Duration

Income

ETF

Financial

Highlights

22

April

30,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$47.98

$48.47

$50.00

$50.40

$49.89

$50.04

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.17

1.80

0.69

0.49

0.77

1.39

Net

realized

and

unrealized

gain/(loss)

0.36

0.65

(1.27)

(0.41)

0.70

0.53

Total

from

Investment

Operations

1.53

2.45

(0.58)

0.08

1.47

1.92

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.11)

(2.94)

(0.95)

(0.48)

(0.96)

(1.43)

Distributions

(from

capital

gains)

—

—

—

—

—

(0.64)

Total

Dividends

and

Distributions

(1.11)

(2.94)

(0.95)

(0.48)

(0.96)

(2.07)

Net

Asset

Value,

End

of

Period

$48.40

$47.98

$48.47

$50.00

$50.40

$49.89

Total

Return

*

3.22%

5.24%

(1.18)%

0.15%

2.99%

3.95%

Net

assets,

End

of

Period

(in

thousands)

$2,274,813

$2,372,785

$2,539,796

$2,777,501

$2,726,526

$1,037,735

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.23%

0.23%

0.23%

0.23%

0.26%

0.32%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.23%

0.23%

0.23%

0.23%

0.26%

0.32%

Ratio

of

Net

Investment

Income/(Loss)

4.85%

3.77%

1.41%

0.98%

1.54%

2.80%

Portfolio

Turnover

Rate

(2)

37%

53%

46%

74%

14%

23%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

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 eleven

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

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.

(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

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2024

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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.  

Estimates

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amount

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. 

Indemnifications

In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

that

contain

provisions

for

indemnification

of

other

parties

against

certain

potential

liabilities.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

and

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

Currently,

the

risk

of

material

loss

from

such

claims

is

considered

remote. 

Foreign

Currency

Translations

The

Fund

does

not

isolate

that

portion

of

the

results

of

operations

resulting

from

the

effect

of

changes

in

foreign  exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held

at

the

date  of

the

financial

statements.

Net

unrealized

appreciation

or

depreciation

of

investments

and

foreign

currency

translations

arise

from

changes

in

the

value

of

assets

and

liabilities,

including

investments

in

securities

held

at

the

date

of

the

financial

statements,

resulting

from

changes

in

the

exchange

rates

and

changes

in

market

prices

of

securities

held.

Currency

gains

and

losses

are

also

calculated

on

payables

and

receivables

that

are

denominated

in

foreign

currencies.

The

payables

and

receivables

are

generally

related

to

foreign

security

transactions

and

income

translations.

Foreign

currency-denominated

assets

and

forward

currency

contracts

may

involve

more

risks

than

domestic

transactions,

including

currency

risk,

counterparty

risk,

political

and

economic

risk,

regulatory

risk

and

equity

risk.

Risks

may

arise

from

unanticipated

movements

in

the

value

of

foreign

currencies

relative

to

the

U.S.

dollar.

Dividends

and

Distributions

Dividends

from

net

investment

income

are

generally

declared

and

distributed

monthly.

Net

realized

capital

gains

(if

any)

are

distributed

annually.

The

Fund

may

treat

a

portion

of

the

amount

paid

to

redeem

shares

as

a

distribution

of

investment

company

taxable

income

and

realized

capital

gains

that

are

reflected

in

the

NAV.

This

practice,

commonly

referred

to

as

“equalization,”

has

no

effect

on

the

redeeming

shareholder

or

a

Fund’s

total

return

but

may

reduce

the

amounts

that

would

otherwise

be

required

to

be

paid

as

taxable

dividends

to

the

remaining

shareholders.

It

is

possible

that

the

Internal

Revenue

Service

(IRS)

could

challenge

the

Fund’s

equalization

methodology

or

calculations,

and

any

such

challenge

could

result

in

additional

tax,

interest,

or

penalties

to

be

paid

by

the

Fund. 

Federal

Income

Taxes

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

income

in

accordance

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code.

Management

has

analyzed

the

Fund’s

tax

positions

taken

for

all

open

federal

income

tax

years,

generally

a

three-year

period,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months. 

2.

Derivative

Instruments 

The

Fund

may

invest

in

various

types

of

derivatives.

A

derivative

is

a

financial

instrument

whose

performance

is

derived

from

the

performance

of

another

asset.

The

Fund

may

invest

in

derivative

instruments

including,

but

not

limited

to

futures,

forwards,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2024 

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.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2024

The

Fund

may

use

derivative

instruments

for

various

investment

purposes,

such

as

to

manage

or

hedge

portfolio

risk,

including

interest

rate

risk,

enhance

return

or

to

manage

duration.

The

Fund’s

use

of

derivative

instruments

involves

risks

different

from,

or

possibly

greater

than,

the

risks

associated

with

investing

directly

in

securities

and

other

traditional

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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. 

Forward

Foreign

Currency

Exchange

Contracts

A

forward

foreign

currency

exchange

contract

(“forward

currency

contract”)

is

an

obligation

to

buy

or

sell

a

specified

currency

at

a

future

date

at

a

negotiated

rate

(which

may

be

U.S.

dollars

or

a

foreign

currency).

The

Fund

may

enter

into

forward

currency

contracts

for

hedging

purposes,

including,

but

not

limited

to,

reducing

exposure

to

changes

in

foreign

currency

exchange

rates

on

foreign

portfolio

holdings

and

locking

in

the

U.S.

dollar

cost

of

firm

purchase

and

sale

commitments

for

securities

denominated

in

or

exposed

to

foreign

currencies.

The

Fund

may

also

invest

in

forward

currency

contracts

for

nonhedging

purposes

such

as

seeking

to

enhance

returns.

The

Fund

is

subject

to

currency

risk

and

counterparty

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

forward

currency

contracts.

Forward

currency

contracts

are

valued

by

converting

the

foreign

value

to

U.S.

dollars

by

using

the

current

spot

U.S.

dollar

exchange

rate

and/or

forward

rate

for

that

currency.

Exchange

and

forward

rates

as

of

the

close

of

the London

Stock

Exchange are

used

to

value

the

forward

currency

contracts.

The

unrealized

appreciation/(depreciation)

for

forward

currency

contracts

is

reported

in

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

(if

applicable)

and

in

the

Statement

of

Operations

for

the

change

in

unrealized

net

appreciation/depreciation

(if

applicable).

The

realized gain

or

loss

arising

from

the

difference

between

the

U.S.

dollar

cost

of

the

original

contract

and

the

value

of

the

foreign

currency

in

U.S.

dollars

upon

closing

a

forward

currency

contract

is

reported

on

the

Statement

of

Operations

(if

applicable).

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

positive

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

purchase

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

take

a

negative

outlook

on

the

related

currency.

These

forward

contracts

seek

to

increase

exposure

to

currency

risk. 

During

the

period,

the

Fund

entered

into

forward

currency

contracts

with

the

obligation

to

sell

foreign

currencies

in

the

future

at

an

agreed

upon

rate

in

order

to

decrease

exposure

to

currency

risk

associated

with

foreign

currency

denominated

securities

held

by

the

Fund. 

Futures

Contracts 

A

futures

contract

is

an

exchange-traded

agreement

to

take

or

make

delivery

of

an

underlying

asset

at

a

specific

time

in

the

future

for

a

specific

predetermined

negotiated

price.

The

Fund

may

enter

into

futures

contracts

for

the

purchase

or

sale

for

future

delivery

of

(i)

fixed-income

securities,

and

U.S.

government

securities

and

Treasuries,

or

(ii)

contracts

based

on

interest

rates.

The

Fund

is

subject

to

interest

rate

risk

and

equity

risk

in

the

normal

course

of

pursuing

its

investment

objective

through

its

investments

in

futures

contracts.

The

Fund

may

also

use

such

derivative

instruments

to

hedge

or

protect

from

adverse

movements

in

securities

prices

or

interest

rates.

The

use

of

futures

contracts

may

involve

risks

such

as

the

possibility

of

illiquid

markets

or

imperfect

correlation

between

the

values

of

the

contracts

and

the

underlying

securities,

or

that

the

counterparty

will

fail

to

perform

its

obligations.

Futures

contracts are

valued

at

the

settlement

price

on

valuation

date

as

reported

by

an

approved

vendor.

Mini

contracts,

as

defined

in

the

description

of

the

contract,

shall

be

valued

using

the

Actual

Settlement

Price

or

“ASET”

price

type

as

reported

by

an

approved

vendor.

Futures

contracts

are

marked-to-market

daily,

and

the

daily

variation

margin

is

recorded

as

a

receivable

or

payable

on

the

Statement

of

Assets

and

Liabilities

(if

applicable).

The

change

in

unrealized

net

appreciation/depreciation

is

reported

on

the

Statement

of

Operations

(if

applicable).

When

a

contract

is

closed,

a

realized

gain

or

loss

is

reported

on

the

Statement

of

Operations

(if

applicable),

equal

to

the

difference

between

the

opening

and

closing

value

of

the

contract.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2024

Securities

held

by

the

Fund

that

are

designated

as

collateral

for

market

value

on

futures

contracts

are

noted

on

the

Schedule

of

Investments

(if

applicable).

Such

collateral

is

in

the

possession

of

the

Fund's

futures

option

merchant. 

With

futures,

there

is

minimal

counterparty

credit

risk

to

the

Fund

since

futures

are

exchange-traded

and

the

exchange's

clearinghouse,

as

counterparty

to

all

exchange-traded

futures,

guarantees

the

futures

against

default. 

During

the

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Options

on

Swap

Contracts

(Swaptions

) 

The

Fund

may

purchase

or

write

covered

and

uncovered

put

and

call

options

on

swap

contracts,

commonly

referred

to

as

“swaptions”.

Swaption

contracts

grant

the

purchaser

the

right,

but

not

the

obligation,

to

enter

into

a

swap

transaction

at

preset

terms

detailed

in

the

underlying

agreement

within

a

specified

period

of

time.

Swaptions

can

be

used

for

a

variety

of

purposes,

including

to

manage

the

Fund’s

overall

exposure

to

changes

in

interest

or

foreign

currency

exchange

rates

and

credit

quality;

as

an

efficient

means

of

adjusting

the

Fund’s

exposure

to

certain

markets;

in

an

effort

to

enhance

income

or

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

and

to

adjust

portfolio

duration

or

credit

risk.

Because

the

use

of

swaptions

generally

does

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal,

the

risk

of

loss

with

respect

to

swaptions

generally

is

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

There

is

also

a

risk

of

a

default

by

the

other

party

to

a

swaption,

in

which

case

the

Fund

may

not

receive

the

net

amount

of

payments

that

it

contractually

is

entitled

to

receive.

Entering

into

a

swaption

contract

involves,

to

varying

degrees,

the

elements

of

credit,

market,

and

interest

rate

risk,

associated

with

both

option

contracts

and

swap

contracts.

Interest

rate

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

short

interest

rates

by

entering

into

a

pay

fixed/receive

float

interest

rate

swap.

Selling

the

interest

rate

receiver

option

reduces

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

rise

and/or

implied

interest

rate

volatility

decreases.

Interest

rate

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

take

a

long

position

on

interest

rates

by

entering

into

a

receive

fixed/pay

float

interest

rate

swap.

Selling

the

interest

rate

payer

option

increases

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

fall

and/or

implied

interest

rate

volatility

decreases.

Credit

default

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

buy

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

receiver

option

reduces

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

increases.

Credit

default

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

sell

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

payer

option

increases

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

decreases.

Swaptions

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

Swaptions

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Swaptions

written,

at

value”

(if

applicable).

During

the

period,

the

Fund

purchased

credit

default

payer

swaptions

(put)

and

bought

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices.

During

the

period,

the

Fund

sold

credit

default

payer

swaptions

(put)

in

order

to

gain

credit

market

volatility

exposure

and

to

gain

credit

exposure.

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

investment

purposes

and

to

add

leverage

to

its

portfolio,

or

to

hedge

its

credit

exposure.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-

party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2024

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

The

Fund

may

invest

in

single-name

credit

default

swaps

(“CDS”)

to

buy

or

sell

credit

protection

to

hedge

its

credit

exposure,

gain

issuer

exposure

without

owning

the

underlying

security,

or

increase

the

Fund’s

total

return.

Single-

name

CDS

enable

the

Fund

to

buy

or

sell

protection

against

a

credit

event

of

a

specific

issuer.

When

the

Fund

buys

a

single-

name

CDS,

the

Fund

will

receive

a

return

on

its

investment

only

in

the

event

of

a

credit

event,

such

as

default

by

the

issuer

of

the

underlying

obligation

(as

opposed

to

a

credit

downgrade

or

other

indication

of

financial

difficulty).

If

a

single-

name

CDS

transaction

is

particularly

large,

or

if

the

relevant

market

is

illiquid,

it

may

not

be

possible

for

the

Fund

to

initiate

a

single-name

CDS

transaction

or

to

liquidate

its

position

at

an

advantageous

time

or

price,

which

may

result

in

significant

losses.

Moreover,

the

Fund

bears

the

risk

of

loss

of

the

amount

expected

to

be

received

under

a

single-name

CDS

in

the

event

of

the

default

or

bankruptcy

of

the

counterparty.

The

risks

associated

with

cleared

single-name

CDS

may

be

lower

than

that

for

uncleared

single-name

CDS

because

for

cleared

single-name

CDS,

the

counterparty

is

a

clearinghouse

(to

the

extent

such

a

trading

market

is

available).

However,

there

can

be

no

assurance

that

a

clearinghouse

or

its

members

will

satisfy

their

obligations

to

the

Fund. 

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

The

Fund's

use

of

interest

rate

swaps

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

security

transactions.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities,

other

underlying

assets,

or

principal.

Interest

rate

swaps

involve

the

exchange

by

two

parties

of

their

respective

commitments

to

pay

or

receive

interest

(e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Interest

rate

swaps

may

result

in

potential

losses

if

interest

rates

do

not

move

as

expected

or

if

the

counterparties

are

unable

to

satisfy

their

obligations.

Interest

rate

swaps

are

generally

entered

into

on

a

net

basis.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Fund

is

contractually

obligated

to

make. 

During

the

period,

the

Fund

entered

into

interest

rate

swaps

paying

a

fixed

interest

rate

and

receiving

a

floating

interest

rate

in

order

to decrease

interest

rate

risk

(duration)

exposure.

As

interest

rates

rise,

the

Fund

benefits

by

receiving

a

higher

future

floating

rate,

while

paying

a

fixed

rate

that

has

not

increased. 

During

the

period,

the

Fund

entered

into

interest

rate

swaps

paying

a

floating

interest

rate

and

receiving

a

fixed

interest

rate

in

order

to

increase

interest

rate

risk

(duration)

exposure.

As

interest

rates

fall,

the

Fund

benefits

by

paying

a

lower

future

floating

rate,

while

receiving

a

fixed

rate

that

has

not

decreased. 

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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

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. 

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2024

power

to

cancel

any

contract

entered

into

by

Fannie

Mae

and

Freddie

Mac

prior

to

FHFA’s

appointment

as

conservator

or

receiver,

including

the

guarantee

obligations

of

Fannie

Mae

and

Freddie

Mac.

The

Fund

may

also

purchase

other

mortgage-and

asset-backed

securities

through

single-and

multi-seller

conduits,

collateralized

debt

obligations,

structured

investment

vehicles,

and

other

similar

securities.

Asset-backed

securities

may

be

backed

by

various

consumer

obligations,

including

automobile

loans,

equipment

leases,

credit

card

receivables,

or

other

collateral.

In

the

event

the

underlying

loans

are

not

paid,

the

securities’

issuer

could

be

forced

to

sell

the

assets

and

recognize

losses

on

such

assets,

which

could

impact

the

Fund's

return.

Unlike

traditional

debt

instruments,

payments

on

these

securities

include

both

interest

and

a

partial

payment

of

principal.

Mortgage-and

asset-backed

securities

are

subject

to

both

extension

risk,

where

borrowers

pay

off

their

debt

obligations

more

slowly

in

times

of

rising

interest

rates,

and

prepayment

risk,

where

borrowers

pay

off

their

debt

obligations

sooner

than

expected

in

times

of

declining

interest

rates.

These

risks

may

reduce

the

Fund’s

returns.

In

addition,

investments

in

mortgage-and

asset-backed

securities,

including

those

comprised

of

subprime

mortgages,

may

be

subject

to

a

higher

degree

of

credit

risk,

valuation

risk,

extension

risk

(if

interest

rates

rise),

and

liquidity

risk

than

various

other

types

of

fixed-income

securities.

Additionally,

although

mortgage-

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

Exchange-Traded

Funds

Risk

The

Fund

may

invest

in

exchange-traded

funds

(“ETFs”),

including

affiliated

ETFs.

ETFs

are

typically

open-end

investment

companies

that

are

traded

on

a

national

securities

exchange.

ETFs

typically

incur

fees,

such

as

investment

advisory

fees

and

other

operating

expenses

that

are

separate

from

those

of

the

Fund,

which

will

be

indirectly

paid

by

the

Fund.

As

a

result,

the

cost

of

investing

in

the

Fund

may

be

higher

than

the

cost

of

investing

directly

in

ETFs

and

may

be

higher

than

other

mutual

funds

that

invest

directly

in

stocks

and

bonds.

Since

ETFs

are

traded

on

an

exchange

at

market

prices

that

may

vary

from

the

net

asset

value

of

their

underlying

investments,

there

may

be

times

when

ETFs

trade

at

a

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

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

Fund

may

be

unable

to

recover

its

investment

from

the

counterparty

or

may

obtain

a

limited

recovery,

and/or

recovery

may

be

delayed.

The

extent

of

the

Fund's

exposure

to

counterparty

risk

with

respect

to

financial

assets

and

liabilities

approximates

its

carrying

value.

See

the

"Offsetting

Assets

and

Liabilities"

section

of

this

Note

for

further

details.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

extent

that

the

Fund

focuses

its

transactions

with

a

limited

number

of

counterparties,

it

will

have

greater

exposure

to

the

risks

associated

with

one

or

more

counterparties. 

Offsetting

Assets

and

Liabilities 

The

Fund

presents

gross

and

net

information

about

transactions

that

are

either

offset

in

the

financial

statements

or

subject

to

an

enforceable

master

netting

arrangement

or

similar

agreement

with

a

designated

counterparty,

regardless

of

whether

the

transactions

are

actually

offset

in

the

Statement

of

Assets

and

Liabilities.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

the

Fund

mitigate

its

counterparty

risk,

the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

the

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

exchange

contracts

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

in

the

event

of

a

default

and/or

termination

event,

the

Fund

may

offset

with

each

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

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

April

30,

2024"

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: 

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2024

For

the period

ended

April

30,

2024,

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 through

February

28,

2025.

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,

2025.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2024,

the

Adviser

waived

$27,033 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

Fund’s

Board

of

Trustees

(“Board”)

has

approved

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

Under

the

terms

of

the

Plan,

the

Fund

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

(i)

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so,

and

(ii)

the

imposition

of

or

increase

in

the

12b-1

fee

is

first

approved

by

the

Fund’s

shareholders.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized

by

shareholders

in

the

future,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges.

At

this

time, the

Adviser does

not

intend

to

seek

shareholder

approval

for

implementation

of

the

Plan. 

As

of

April

30,

2024,

an

affiliate

of

the

Adviser

owned 100,999

shares

or 0.21%

of

the

Fund.

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

7.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$—

$(39,190,787)

$(39,190,787)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$2,365,628,588

$7,715,955

$(41,406,346)

$(33,690,391)

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

3,400,000

$

164,007,483

8,800,000

$

421,353,536

Shares

repurchased

(5,850,000)

(282,624,935

)

(11,750,000)

(564,947,211

)

Net

Increase/(Decrease)

(2,450,000)

$

(118,617,452

)

(2,950,000)

$

(143,593,675

)

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Financial

Statements

(unaudited)

36

April

30,

2024

8.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

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

$905,995,227

$722,042,797

$—

$—

Janus

Henderson

Short

Duration

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

37

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

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

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(Unaudited)

38

April

30,

2024

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(Unaudited)

Janus

Detroit

Street

Trust

39

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(Unaudited)

40

April

30,

2024

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

Short

Duration

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(Unaudited)

Janus

Detroit

Street

Trust

41

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Short

Duration

Income

ETF

Liquidity

Risk

Management

Program

(unaudited)

42

April

30,

2024

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

Short

Duration

Income

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

43

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93073

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

Mortgage-Backed

Securities

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Mortgage-Backed

Securities

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

23

Statement

of

Operations

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

24

Statements

of

Changes

in

Net

Assets

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

25

Financial

Highlights

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

26

Notes

to

Financial

Statements

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

27

Additional

Information

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

39

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

40

Liquidity

Risk

Management

Program

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

44

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Security

163.3%^

Asset-Backed

Security

9.4%

Investment

Company

1.5%

Corporate

Bond

0.2%

174.4%

^

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

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.26%

(gross),

0.23%

(net).

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Net

expense

ratios

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

February

28,

2025.

This

contractual

waiver

may

be

terminated

or

modified

only

at

the

discretion

of

the

Board

of

Trustees.

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

if

applied,

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.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

Bloomberg

U.S.

Mortgage

Backed

Securities

Index

to

the

Bloomberg

U.S.

Aggregate

Bond

Index

due

to

regulatory

requirements.

The

Fund

retained

the

Bloomberg

U.S.

Mortgage

Backed

Securities

Index

as

a

performance

benchmark

because

the

Bloomberg

U.S.

Mortgage

Backed

Securities

Index

is

more

closely

aligned

with

the

Fund’s

investment

strategies

and

investment

restrictions.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Five

Years

Since

Inception

*

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

NAV

5.93%

-1.95%

-0.16%

0.56%

Janus

Henderson

Mortgage-Backed

Securities

ETF

-

Market

Price

5.90%

-2.01%

-0.15%

0.57%

Bloomberg

U.S.

Mortgage

Backed

Securities

(MBS)

Index

5.32%

-2.19%

-0.94%

-0.18%

Bloomberg

U.S.

Aggregate

Bond

Index

4.97%

-1.47%

-0.16%

0.64%

*

The

Fund

commenced

operations

on

September

12,

2018.

Janus

Henderson

Mortgage-Backed

Securities

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,059.30

$1.13

$1,000.00

$1,023.77

$1.11

0.22%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

9.4%

ACHM

Mortgage

Trust,

6.5500%,

5/25/39

(144A)

$

11,000,000

$

10,998,900

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

1,000,000

999,800

ACHV

ABS

TRUST,

7.1700%,

8/19/30

(144A)

5,312,629

5,332,062

ACHV

ABS

TRUST,

6.3400%,

4/25/31

(144A)

7,000,000

6,992,653

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

3,705,000

3,693,131

Affirm

Asset

Securitization

Trust,

7.1100%,

11/15/28

(144A)

928,679

932,789

Affirm

Asset

Securitization

Trust,

6.2700%,

5/15/29

(144A)

36,451,000

36,463,952

AMCR

ABS

Trust,

7.6600%,

1/21/31

(144A)

9,064,980

9,124,357

American

Credit

Acceptance

Receivables

Trust,

6.0000%,

3/12/27

(144A)

3,249,425

3,250,300

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.4600%,

4/17/28

(144A)

5,121,411

5,119,830

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.3000%,

6.6300%,

12/26/31

(144A)

‡

7,500,000

7,499,960

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

1.5000%,

6.8300%,

12/26/31

(144A)

‡

3,650,000

3,649,979

Bayview

Opportunity

Master

Fund

VII

Trust,

5.6700%,

4/15/27

(144A)

3,549,000

3,541,912

Bayview

Opportunity

Master

Fund

VII

Trust,

5.6600%,

3/15/28

(144A)

3,000,000

2,987,752

BHG

Securitization

Trust,

0.9000%,

10/17/34

(144A)

4,835,309

4,732,346

Blue

Bridge

Funding

LLC,

7.3700%,

11/15/30

(144A)

4,316,679

4,327,526

Brex

Commercial

Charge

Card

Master

Trust,

6.0500%,

7/15/27

(144A)

7,750,000

7,739,118

CIM

Trust,

5.5690%,

7/25/55

(144A)

Ç

1,614,374

1,588,044

Exeter

Automobile

Receivables

Trust,

6.1100%,

9/15/25

888,702

888,719

Exeter

Automobile

Receivables

Trust,

5.5800%,

4/15/26

2,716,602

2,716,255

Exeter

Automobile

Receivables

Trust,

5.5300%,

10/15/26

10,166,000

10,158,000

Exeter

Automobile

Receivables

Trust,

1.4600%,

10/15/27

10,726,397

10,591,989

FHF

Issuer

Trust,

5.6900%,

2/15/30

(144A)

4,500,000

4,474,936

FIGRE

Trust,

6.5060%,

3/25/54

(144A)

‡

2,924,823

2,912,534

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

3,970,263

3,693,591

Foundation

Finance

Trust,

6.5300%,

6/15/49

(144A)

3,001,199

3,029,030

FREED

ABS

Trust,

2.3700%,

11/20/28

(144A)

1,263,056

1,229,744

FREED

ABS

Trust,

4.8500%,

5/18/29

(144A)

6,850,000

6,822,866

Gracie

Point

International

Funding

LLC,

SOFR90A

+

1.7000%,

7.0576%,

3/1/28

(144A)

‡

5,000,000

5,012,269

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

7.4576%,

3/1/28

(144A)

‡

3,007,000

3,014,360

JPMorgan

Chase

Bank

NA,

0.8890%,

12/26/28

(144A)

145,999

143,378

LAD

Auto

Receivables

Trust,

5.9300%,

6/15/27

(144A)

2,893,031

2,893,367

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

866,276

852,593

Lendbuzz

Securitization

Trust,

7.0900%,

10/16/28

(144A)

2,453,908

2,471,445

Lendingpoint

Asset

Securitization

Trust,

2.7500%,

12/15/28

(144A)

3,052,340

3,009,217

Lendingpoint

Asset

Securitization

Trust,

6.5600%,

2/15/30

(144A)

1,990,810

1,991,193

LL

ABS

Trust,

6.6300%,

5/15/30

(144A)

166,660

166,684

M&T

Equipment

Notes,

6.0900%,

7/15/30

(144A)

3,511,256

3,513,108

Marlette

Funding

Trust,

3.5400%,

3/15/30

(144A)

1,231,359

1,226,500

Marlette

Funding

Trust,

5.1800%,

11/15/32

(144A)

899,290

898,333

Marlette

Funding

Trust,

6.0700%,

4/15/33

(144A)

1,500,325

1,499,734

Mission

Lane

Credit

Card

Master

Trust,

7.2300%,

7/17/28

(144A)

7,565,000

7,559,031

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

1,055,825

1,013,349

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

2,329,100

2,174,185

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

1,513,377

1,500,229

Prosper

Marketplace

Issuance

Trust,

7.0600%,

7/16/29

(144A)

1,187,615

1,192,134

Prosper

Marketplace

Issuance

Trust,

6.1200%,

8/15/29

(144A)

1,900,000

1,898,762

RAM

LLC,

6.6690%,

2/15/39

(144A)

7,261,918

7,261,918

RCKT

Mortgage

Trust,

7.4630%,

11/25/43

(144A)

‡

5,462,314

5,459,377

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

12,577,745

12,535,143

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Reach

ABS

Trust,

7.0500%,

2/18/31

(144A)

$

1,654,112

$

1,660,616

Saluda

Grade

Alternative

Mortgage

Trust,

7.0670%,

8/25/53

(144A)

‡

8,924,141

9,023,539

Saluda

Grade

Alternative

Mortgage

Trust,

7.7120%,

8/25/53

(144A)

4,462,071

4,534,407

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

9,402,981

9,436,307

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

2,876,103

2,856,444

Santander

Bank

Auto

Credit-Linked

Notes,

5.7210%,

8/16/32

(144A)

3,157,231

3,150,651

Santander

Bank

Auto

Credit-Linked

Notes,

6.9860%,

12/15/32

(144A)

1,747,178

1,752,718

Santander

Bank

Auto

Credit-Linked

Notes,

6.4930%,

6/15/33

(144A)

1,182,726

1,184,948

Santander

Bank

Auto

Credit-Linked

Notes,

5.6400%,

12/15/33

(144A)

3,500,000

3,479,408

Santander

Bank

Auto

Credit-Linked

Notes,

5.9330%,

12/15/33

(144A)

8,122,000

8,075,187

Santander

Bank

NA,

1.8330%,

12/15/31

(144A)

2,761,535

2,718,514

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

1,901,754

1,903,533

Santander

Drive

Auto

Receivables

Trust,

1.1300%,

11/16/26

3,667,608

3,598,629

Santander

Drive

Auto

Receivables

Trust,

1.2600%,

2/16/27

4,178,162

4,126,101

Santander

Drive

Auto

Receivables

Trust,

3.4400%,

9/15/27

2,500,000

2,466,075

Santander

Drive

Auto

Receivables

Trust,

5.2500%,

4/17/28

8,500,000

8,439,669

Santander

Drive

Auto

Receivables

Trust,

5.2300%,

12/15/28

15,750,000

15,548,026

Towd

Point

Mortgage

Trust,

7.2940%,

10/25/63

(144A)

‡

4,022,733

4,054,924

Towd

Point

Mortgage

Trust,

7.6000%,

10/25/63

(144A)

‡

1,059,982

1,068,479

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

1,829,981

1,816,645

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

732,373

729,790

Tricolor

Auto

Securitization

Trust,

6.6100%,

10/15/27

(144A)

3,038,833

3,043,361

United

Auto

Credit

Securitization

Trust,

6.1700%,

8/10/26

(144A)

6,873,000

6,873,134

Upstart

Securitization

Trust,

4.0600%,

3/20/31

(144A)

8,535,322

8,415,656

Upstart

Securitization

Trust,

2.4900%,

11/20/31

(144A)

1,663,745

1,642,257

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

5,087,666

4,994,443

US

Bank

NA,

6.7890%,

8/25/32

(144A)

11,323,924

11,364,534

Westlake

Automobile

Receivables

Trust,

5.8900%,

2/16/27

(144A)

8,254,401

8,263,785

Total

Asset-Backed

Securities

(cost

$369,113,960)

369,000,164

Corporate

Bond

-

0.2%

Financial

-

0.2%

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

(cost

$9,120,902)

9,213,000

9,009,054

Mortgage-Backed

Securities

-

163.3%

A&D

Mortgage

Trust

,

6.1320

%

,

5/25/68

(144A)

Ç

2,374,735

2,347,381

Angel

Oak

Mortgage

Trust

,

4.8000

%

,

11/26/68

(144A)

Ç

1,565,182

1,502,374

BAMLL

Re-REMIC

Trust

,

1.2591

%

,

7/27/50

(144A)

‡

10,480,000

8,571,403

BB-UBS

Trust

,

3.4302

%

,

11/5/36

(144A)

4,563,000

4,420,678

BX

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

0.8445%

,

6.1655

%

,

10/15/36

(144A)

‡

1,957,252

1,938,430

BX

Trust

CME

Term

SOFR

1

Month

+

1.3058%,

6.6268%, 10/15/26

(144A)

‡

3,875,861

3,813,016

CME

Term

SOFR

1

Month

+

3.4640%,

8.7850%, 10/15/26

(144A)

‡

3,261,166

3,130,534

CME

Term

SOFR

1

Month

+

1.4419%,

6.7629%, 4/15/29

(144A)

‡

6,609,000

6,598,938

CME

Term

SOFR

1

Month

+

0.7035%,

6.0245%, 9/15/34

(144A)

‡

5,535,848

5,457,240

CME

Term

SOFR

1

Month

+

1.0440%,

6.3650%, 8/15/36

(144A)

‡

6,943,255

6,805,828

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

6.5300%, 2/25/50

(144A)

‡

3,369,916

3,343,452

SOFR30A

+

1.3500%,

6.6800%, 2/25/50

(144A)

‡

1,979,826

1,953,189

SOFR30A

+

1.5500%,

6.8800%, 2/25/50

(144A)

‡

2,197,747

2,106,469

Connecticut

Avenue

Securities

Trust

SOFR30A

+

2.5645%,

7.8945%, 7/25/31

(144A)

‡

19,174

19,198

SOFR30A

+

1.5500%,

6.8800%, 10/25/41

(144A)

‡

4,479,714

4,485,225

SOFR30A

+

3.1000%,

8.4300%, 10/25/41

(144A)

‡

6,100,000

6,261,168

SOFR30A

+

0.8500%,

6.1800%, 12/25/41

(144A)

‡

2,125,582

2,119,467

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

1.0000%,

6.3300%, 12/25/41

(144A)

‡

$

1,934,410

$

1,931,999

SOFR30A

+

1.6500%,

6.9800%, 12/25/41

(144A)

‡

14,835,000

14,867,379

SOFR30A

+

1.2000%,

6.5300%, 1/25/42

(144A)

‡

5,644,690

5,642,414

SOFR30A

+

3.0000%,

8.3300%, 1/25/42

(144A)

‡

14,409,226

14,778,319

SOFR30A

+

2.1000%,

7.4300%, 3/25/42

(144A)

‡

2,004,056

2,030,998

SOFR30A

+

2.5000%,

7.8300%, 4/25/43

(144A)

‡

2,277,473

2,314,967

SOFR30A

+

2.7000%,

8.0300%, 7/25/43

(144A)

‡

4,104,000

4,232,192

SOFR30A

+

1.5000%,

6.8300%, 10/25/43

(144A)

‡

3,920,289

3,931,381

SOFR30A

+

2.5000%,

7.8300%, 10/25/43

(144A)

‡

20,760,000

21,306,927

SOFR30A

+

3.5500%,

8.8800%, 10/25/43

(144A)

‡

10,982,476

11,378,697

SOFR30A

+

1.0500%,

6.3800%, 1/25/44

(144A)

‡

3,943,265

3,940,389

SOFR30A

+

1.8000%,

7.1300%, 1/25/44

(144A)

‡

3,140,000

3,148,653

SOFR30A

+

2.7000%,

8.0300%, 1/25/44

(144A)

‡

5,430,345

5,468,856

SOFR30A

+

4.0000%,

9.3300%, 1/25/44

(144A)

‡

1,640,000

1,659,856

SOFR30A

+

1.1000%,

6.4300%, 2/25/44

(144A)

‡

8,287,716

8,277,920

SOFR30A

+

1.8000%,

7.1300%, 2/25/44

(144A)

‡

3,168,862

3,170,921

SOFR30A

+

1.9500%,

7.2800%, 3/25/44

(144A)

‡

13,082,000

13,106,419

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

2.3645%

,

7.6855

%

,

7/15/38

(144A)

‡

2,742,767

2,739,895

FHLMC

Gold

Pool,

30

Year

4.0000%, 8/1/48

3,223,325

2,934,403

4.0000%, 9/1/48

1,733,003

1,577,206

FHLMC

Gold

Pools,

Other

3.0000%, 3/1/43

3,015

2,597

3.0000%, 11/1/43

954,525

824,769

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.2500%,

7.5800%, 8/25/33

(144A)

‡

11,348,695

11,583,065

SOFR30A

+

2.3000%,

7.6300%, 8/25/33

(144A)

‡

16,458,394

16,759,069

SOFR30A

+

0.7500%,

6.0800%, 10/25/33

(144A)

‡

667,567

667,150

SOFR30A

+

2.1000%,

7.4300%, 10/25/33

(144A)

‡

5,258,065

5,370,245

SOFR30A

+

1.6500%,

6.9800%, 1/25/34

(144A)

‡

1,822,318

1,823,995

SOFR30A

+

2.1000%,

7.4300%, 9/25/41

(144A)

‡

26,457,865

26,459,468

SOFR30A

+

0.8000%,

6.1300%, 10/25/41

(144A)

‡

4,178,303

4,173,375

SOFR30A

+

0.8500%,

6.1800%, 11/25/41

(144A)

‡

18,083,197

18,044,682

SOFR30A

+

1.8000%,

7.1300%, 11/25/41

(144A)

‡

14,000,000

14,110,409

SOFR30A

+

2.3500%,

7.6800%, 12/25/41

(144A)

‡

10,089,878

10,128,217

SOFR30A

+

3.7500%,

9.0800%, 12/25/41

(144A)

‡

16,776,000

17,216,370

SOFR30A

+

1.3000%,

6.6300%, 2/25/42

(144A)

‡

1,431,325

1,432,684

SOFR30A

+

2.1000%,

7.4300%, 3/25/42

(144A)

‡

6,691,096

6,742,718

SOFR30A

+

1.3500%,

6.6800%, 2/25/44

(144A)

‡

9,606,848

9,625,859

SOFR30A

+

1.9500%,

7.2800%, 2/25/44

(144A)

‡

2,617,368

2,619,610

SOFR30A

+

1.2500%,

6.5800%, 3/25/44

(144A)

‡

14,352,602

14,355,655

SOFR30A

+

2.0000%,

7.3300%, 3/25/44

(144A)

‡

7,000,000

6,997,974

SOFR30A

+

1.8000%,

7.1300%, 1/25/51

(144A)

‡

9,553,729

9,610,005

FHLMC

UMBS

3.0000%, 5/1/31

76,873

72,498

2.5000%, 12/1/31

10,142

9,351

3.0000%, 9/1/32

78,985

73,583

3.0000%, 1/1/33

42,749

39,756

2.5000%, 12/1/33

342,665

316,677

2.5000%, 11/1/34

683,059

611,241

3.0000%, 12/1/46

14,671

12,555

4.0000%, 3/1/47

138,103

126,526

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

FHLMC

UMBS

-

(continued)

4.0000%, 11/1/47

$

356,967

$

326,842

3.0000%, 12/1/47

20,271

17,373

4.5000%, 8/1/48

116,486

109,194

4.0000%, 9/1/48

1,031,096

937,164

4.0000%, 9/1/48

45,802,588

41,635,912

5.0000%, 9/1/48

80,663

77,610

4.0000%, 11/1/48

188,474

171,328

4.0000%, 12/1/48

2,329,473

2,117,261

4.5000%, 12/1/48

4,052,101

3,798,443

4.5000%, 12/1/48

26,135

24,531

4.5000%, 12/1/48

286,736

269,371

4.0000%, 5/1/49

433,869

393,189

4.0000%, 6/1/49

1,393,665

1,265,083

4.5000%, 6/1/49

166,241

155,140

4.0000%, 7/1/49

1,441,618

1,308,611

4.0000%, 7/1/49

5,491,240

4,984,799

4.5000%, 7/1/49

211,760

198,366

4.5000%, 7/1/49

1,353,880

1,263,476

3.0000%, 8/1/49

100,944

83,702

3.0000%, 8/1/49

2,095,260

1,787,742

3.5000%, 8/1/49

284,511

248,516

4.5000%, 8/1/49

1,185,149

1,106,012

4.5000%, 12/1/49

342,884

321,139

4.5000%, 1/1/50

232,016

217,372

4.5000%, 1/1/50

822,460

767,541

4.5000%, 2/1/50

716,660

671,426

3.5000%, 3/1/50

402,230

347,831

4.0000%, 3/1/50

2,221,823

2,019,703

4.0000%, 6/1/50

3,769,006

3,439,771

4.0000%, 8/1/50

1,986,816

1,803,508

4.5000%, 9/1/50

13,293,285

12,461,138

4.0000%, 10/1/50

555,879

504,592

4.5000%, 10/1/50

7,909,577

7,410,340

4.5000%, 2/1/51

12,462,607

11,589,446

4.5000%, 9/1/51

6,703,601

6,233,931

3.0000%, 2/1/52

872,688

730,581

3.0000%, 3/1/52

1,617,937

1,354,349

4.5000%, 3/1/52

111,295

102,857

3.5000%, 4/1/52

764,475

672,117

3.5000%, 4/1/52

2,606,077

2,286,041

3.5000%, 4/1/52

2,540,010

2,228,088

3.5000%, 4/1/52

2,149,848

1,892,919

3.5000%, 4/1/52

739,086

649,918

3.0000%, 6/1/52

3,081,941

2,569,125

5.5000%, 7/1/52

3,725,403

3,653,646

5.0000%, 8/1/52

7,482,146

7,163,718

5.0000%, 8/1/52

39,255,874

37,764,991

5.5000%, 8/1/52

3,322,242

3,258,251

5.5000%, 9/1/52

3,105,025

3,044,798

5.5000%, 11/1/52

1,421,963

1,392,507

6.0000%, 12/1/52

21,376,789

21,388,447

5.5000%, 1/1/53

4,529,503

4,439,747

5.5000%, 1/1/53

3,661,648

3,587,725

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

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)

6.0000%, 1/1/53

$

34,433,053

$

34,142,946

6.0000%, 1/1/53

10,558,960

10,498,850

5.0000%, 3/1/53

26,587,800

25,259,616

5.5000%, 3/1/53

2,627,187

2,571,616

5.5000%, 3/1/53

4,918,479

4,809,358

5.5000%, 3/1/53

2,625,244

2,550,131

5.5000%, 3/1/53

1,796,253

1,744,859

6.0000%, 3/1/53

1,931,929

1,920,919

6.0000%, 3/1/53

3,533,201

3,513,067

5.0000%, 4/1/53

1,064,488

1,017,523

5.0000%, 4/1/53

1,319,072

1,251,689

5.5000%, 4/1/53

2,947,408

2,862,849

5.5000%, 4/1/53

3,144,424

3,054,212

5.5000%, 4/1/53

3,135,412

3,045,458

5.5000%, 4/1/53

1,770,376

1,719,585

5.5000%, 4/1/53

2,235,493

2,171,358

5.5000%, 4/1/53

1,837,166

1,784,459

5.0000%, 5/1/53

2,818,617

2,672,307

5.0000%, 5/1/53

2,032,242

1,926,799

5.0000%, 5/1/53

4,288,988

4,066,525

5.0000%, 5/1/53

2,950,525

2,797,368

5.0000%, 5/1/53

2,406,702

2,281,774

5.5000%, 5/1/53

3,141,585

3,064,507

5.5000%, 5/1/53

1,806,335

1,754,372

5.5000%, 5/1/53

1,426,149

1,385,123

5.5000%, 5/1/53

1,322,848

1,284,793

5.5000%, 5/1/53

3,518,423

3,417,418

5.5000%, 5/1/53

3,804,876

3,718,124

5.5000%, 5/1/53

2,281,689

2,216,051

5.5000%, 5/1/53

1,257,551

1,221,353

6.0000%, 5/1/53

2,004,592

1,987,687

6.0000%, 5/1/53

1,137,006

1,127,418

6.0000%, 5/1/53

1,673,821

1,659,705

6.5000%, 5/1/53

1,624,476

1,638,332

6.5000%, 5/1/53

3,967,345

4,018,160

6.5000%, 5/1/53

2,301,825

2,328,974

5.0000%, 6/1/53

7,066,331

6,699,813

5.0000%, 6/1/53

1,753,757

1,662,844

5.0000%, 6/1/53

2,083,347

1,979,906

5.0000%, 6/1/53

1,332,397

1,266,242

5.5000%, 6/1/53

29,459,607

28,831,896

5.5000%, 6/1/53

12,848,019

12,572,263

5.5000%, 6/1/53

2,002,330

1,944,729

5.5000%, 6/1/53

7,202,500

7,025,790

5.5000%, 6/1/53

2,756,457

2,676,947

5.5000%, 6/1/53

2,958,601

2,873,208

5.5000%, 6/1/53

1,836,785

1,783,946

5.5000%, 6/1/53

6,799,399

6,603,272

6.0000%, 6/1/53

2,401,169

2,380,920

6.5000%, 6/1/53

1,073,899

1,083,060

6.5000%, 6/1/53

1,572,418

1,592,558

6.5000%, 6/1/53

2,241,387

2,270,096

5.0000%, 7/1/53

17,666,703

16,985,088

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

FHLMC

UMBS

-

(continued)

5.0000%, 7/1/53

$

5,403,245

$

5,192,927

5.5000%, 7/1/53

1,121,983

1,097,902

5.5000%, 7/1/53

1,334,078

1,305,342

5.5000%, 8/1/53

23,626,934

22,994,261

6.5000%, 8/1/53

38,692,243

39,022,288

5.0000%, 9/1/53

50,129,208

47,625,021

5.0000%, 9/1/53

5,133,851

4,924,138

5.5000%, 9/1/53

3,945,549

3,859,946

5.5000%, 9/1/53

4,296,651

4,203,764

5.5000%, 9/1/53

6,733,575

6,555,300

6.0000%, 9/1/53

71,008,294

70,409,471

6.0000%, 9/1/53

11,804,286

11,767,116

6.0000%, 9/1/53

28,630,543

28,646,575

6.0000%, 9/1/53

5,792,259

5,774,020

5.0000%, 10/1/53

50,042,231

47,514,441

5.0000%, 10/1/53

47,440,017

45,573,675

5.5000%, 10/1/53

1,799,181

1,751,546

6.0000%, 10/1/53

33,960,141

33,979,158

6.0000%, 10/1/53

12,901,807

12,861,181

6.0000%, 10/1/53

18,767,823

18,708,727

6.0000%, 11/1/53

5,930,721

5,912,046

6.0000%, 11/1/53

10,870,106

10,835,878

6.0000%, 11/1/53

5,950,706

5,931,969

6.5000%, 11/1/53

5,444,498

5,505,036

5.5000%, 12/1/53

3,504,181

3,417,073

6.0000%, 12/1/53

7,065,323

7,021,501

6.0000%, 12/1/53

5,180,450

5,148,318

6.5000%, 12/1/53

3,281,606

3,318,094

FHLMC,

REMIC

SOFR30A

+

0.4645%,

5.7945%, 2/15/32

‡

15,031

14,924

SOFR30A

+

0.7645%,

6.0945%, 3/15/32

‡

26,696

26,695

SOFR30A

+

0.6145%,

5.9445%, 7/15/32

‡

8,114

8,147

SOFR30A

+

0.5145%,

5.8445%, 1/15/33

‡

17,380

17,257

SOFR30A

+

0.3645%,

5.6945%, 9/15/35

‡

13,557

13,498

SOFR30A

+

0.7045%,

6.0345%, 10/15/37

‡

53,137

52,519

SOFR30A

+

0.4145%,

5.7445%, 8/15/40

‡

17,026

17,082

SOFR30A

+

0.6145%,

5.9445%, 9/15/40

‡

55,727

55,165

SOFR30A

+

0.6645%,

5.9945%, 4/15/41

‡

190,515

189,047

FHLMC,

STRIPS

2.0000%, 1/25/51

(a)

93,131,113

11,949,397

2.5000%, 1/25/51

(a)

66,797,714

10,378,608

Finance

of

America

Structured

Securities

Trust

,

3.5000

%

,

4/25/74

(144A)

Ç

16,100,000

14,941,283

FNMA

SOFR30A

+

0.9000%,

6.2300%, 11/25/41

(144A)

‡

4,974,807

4,971,924

SOFR30A

+

3.3000%,

8.6300%, 11/25/41

(144A)

‡

1,150,000

1,175,931

FNMA

Connecticut

Avenue

Securities

,

SOFR30A

+

2.0000%

,

7.3300

%

,

11/25/41

(144A)

‡

18,684,461

18,723,995

FNMA

UMBS

2.5000%, 8/1/31

11,724

10,843

2.5000%, 10/1/31

13,580

12,565

2.5000%, 2/1/32

12,130

11,222

3.0000%, 11/1/34

55,675

51,108

3.0000%, 12/1/34

55,168

50,650

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

3.0000%, 1/1/43

$

188,928

$

163,931

3.0000%, 5/1/43

1,045,817

904,902

4.0000%, 5/1/45

689,763

632,301

4.0000%, 7/1/45

584,612

535,114

3.5000%, 1/1/46

42,580

37,693

3.0000%, 3/1/46

1,636,284

1,393,305

4.0000%, 7/1/46

1,186,561

1,083,374

3.0000%, 1/1/47

79,252

67,924

3.0000%, 1/1/47

351,637

299,421

4.0000%, 5/1/47

280,015

256,670

3.5000%, 8/1/47

127,399

113,451

4.0000%, 10/1/47

1,475,607

1,342,840

4.0000%, 11/1/47

6,461,509

5,880,996

3.5000%, 12/1/47

138,587

123,415

3.0000%, 2/1/48

476,793

408,606

5.0000%, 5/1/48

1,340,572

1,291,221

4.5000%, 6/1/48

1,641,876

1,539,096

4.0000%, 7/1/48

1,788,261

1,625,582

4.0000%, 10/1/48

678,513

618,607

4.0000%, 11/1/48

2,099,477

1,908,487

4.0000%, 12/1/48

327,870

298,043

4.0000%, 2/1/49

1,056,303

960,211

4.0000%, 2/1/49

1,213,975

1,103,539

3.5000%, 4/1/49

17,540,281

15,450,105

4.0000%, 6/1/49

271,455

246,410

4.5000%, 6/1/49

135,023

126,483

4.5000%, 7/1/49

5,560

5,209

3.0000%, 8/1/49

114,238

94,726

3.0000%, 8/1/49

96,797

80,263

4.5000%, 8/1/49

50,783

47,578

4.5000%, 8/1/49

206,173

193,132

3.0000%, 9/1/49

212,452

182,148

3.5000%, 9/1/49

2,097,504

1,847,556

4.0000%, 9/1/49

4,190,111

3,803,669

4.5000%, 9/1/49

218,089

204,295

4.0000%, 11/1/49

4,732,595

4,302,069

4.0000%, 11/1/49

412,228

375,071

4.5000%, 12/1/49

287,792

269,541

4.5000%, 1/1/50

270,336

253,273

4.5000%, 1/1/50

7,088,453

6,644,722

4.0000%, 3/1/50

3,537,267

3,215,481

4.0000%, 3/1/50

6,911,369

6,301,165

4.0000%, 3/1/50

1,436,685

1,305,990

4.0000%, 4/1/50

27,918,435

25,342,624

4.0000%, 4/1/50

1,859,377

1,684,135

3.0000%, 5/1/50

2,480,861

2,098,736

4.0000%, 5/1/50

3,943,915

3,572,687

4.0000%, 6/1/50

3,793,907

3,436,799

4.5000%, 7/1/50

1,063,529

989,104

4.0000%, 8/1/50

2,129,659

1,928,944

3.0000%, 9/1/50

4,345,354

3,635,505

4.0000%, 9/1/50

7,844,243

7,120,518

4.0000%, 9/1/50

20,595,618

18,657,019

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

3.5000%, 10/1/50

$

13,858,947

$

12,207,455

4.0000%, 10/1/50

7,169,803

6,523,534

4.5000%, 10/1/50

4,335,431

4,064,037

4.5000%, 10/1/50

2,433,418

2,279,825

4.5000%, 10/1/50

13,839,277

12,965,770

4.5000%, 12/1/50

13,487,079

12,635,802

4.5000%, 12/1/50

1,491,530

1,387,030

4.0000%, 1/1/51

4,304,207

3,907,092

4.0000%, 3/1/51

354,563

321,850

4.0000%, 3/1/51

125,539,101

113,956,609

4.0000%, 3/1/51

187,041

170,026

4.0000%, 5/1/51

13,144,382

11,948,633

4.0000%, 8/1/51

24,762,701

22,510,030

4.0000%, 8/1/51

26,966,688

24,513,519

4.0000%, 10/1/51

12,365,001

11,224,181

4.0000%, 10/1/51

26,583,052

24,130,446

4.0000%, 10/1/51

24,780,168

22,493,899

4.0000%, 10/1/51

2,568,606

2,331,621

4.0000%, 10/1/51

135,924,522

123,383,849

3.0000%, 12/1/51

44,186,624

37,009,462

3.5000%, 1/1/52

2,085,027

1,835,845

3.5000%, 1/1/52

57,846,773

50,953,500

3.5000%, 2/1/52

5,313,398

4,677,572

3.0000%, 4/1/52

4,010,094

3,356,474

3.5000%, 4/1/52

1,133,444

996,510

3.5000%, 4/1/52

1,108,491

972,364

3.5000%, 4/1/52

3,431,600

3,010,187

3.5000%, 4/1/52

4,923,193

4,320,131

3.5000%, 4/1/52

1,256,635

1,105,004

3.5000%, 4/1/52

3,672,912

3,229,179

4.0000%, 4/1/52

2,590,183

2,342,909

4.5000%, 4/1/52

259,206

239,481

4.5000%, 4/1/52

235,431

217,515

4.5000%, 4/1/52

205,761

190,103

4.5000%, 4/1/52

534,274

493,766

4.5000%, 4/1/52

452,146

417,865

4.5000%, 4/1/52

132,500

122,422

3.5000%, 5/1/52

3,556,283

3,119,009

3.5000%, 5/1/52

22,804,709

20,007,740

4.5000%, 5/1/52

717,503

662,902

3.5000%, 6/1/52

21,108,418

18,512,964

3.5000%, 6/1/52

12,001,104

10,557,927

4.0000%, 6/1/52

14,682,386

13,327,759

3.5000%, 7/1/52

3,084,095

2,704,880

3.5000%, 7/1/52

538,310

473,493

4.5000%, 7/1/52

2,309,242

2,134,235

3.5000%, 8/1/52

1,000,960

877,729

5.0000%, 8/1/52

16,062,547

15,378,949

5.5000%, 8/1/52

5,861,828

5,748,127

5.0000%, 9/1/52

15,831,824

15,054,902

5.5000%, 9/1/52

13,320,722

13,000,463

5.5000%, 10/1/52

22,263,497

21,674,235

5.5000%, 11/1/52

5,950,425

5,804,099

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

14

April

30,

2024

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)

5.5000%, 11/1/52

$

1,180,901

$

1,155,030

5.5000%, 11/1/52

5,078,265

4,979,527

5.5000%, 11/1/52

12,933,099

12,676,981

6.0000%, 11/1/52

987,355

981,735

6.0000%, 12/1/52

1,383,826

1,375,948

5.5000%, 1/1/53

1,435,177

1,406,471

6.0000%, 1/1/53

8,630,234

8,581,104

6.0000%, 1/1/53

7,976,325

7,930,917

6.0000%, 1/1/53

9,952,700

9,896,042

6.0000%, 1/1/53

3,570,003

3,549,680

6.5000%, 1/1/53

6,172,436

6,275,958

5.5000%, 2/1/53

31,358,450

30,725,367

5.5000%, 2/1/53

3,852,880

3,742,872

6.0000%, 2/1/53

2,951,690

2,934,869

6.0000%, 2/1/53

2,143,100

2,130,887

5.0000%, 3/1/53

4,463,641

4,231,941

5.5000%, 3/1/53

1,584,334

1,545,683

5.5000%, 3/1/53

8,163,891

7,930,940

5.5000%, 3/1/53

4,735,209

4,610,635

5.5000%, 3/1/53

4,782,821

4,646,260

5.5000%, 3/1/53

4,801,687

4,695,157

5.5000%, 3/1/53

3,873,437

3,787,766

5.5000%, 3/1/53

2,250,176

2,200,253

5.5000%, 3/1/53

5,098,873

4,990,625

6.0000%, 3/1/53

2,750,223

2,734,550

6.0000%, 3/1/53

3,291,202

3,264,397

6.5000%, 3/1/53

1,091,174

1,100,481

5.0000%, 4/1/53

30,010,765

28,511,051

5.5000%, 4/1/53

757,676

739,122

5.5000%, 4/1/53

3,553,065

3,451,405

5.5000%, 4/1/53

2,762,794

2,683,531

6.0000%, 4/1/53

1,262,443

1,255,249

6.0000%, 4/1/53

5,523,918

5,492,439

6.0000%, 4/1/53

2,017,052

2,000,042

6.0000%, 4/1/53

2,442,507

2,421,909

6.0000%, 4/1/53

1,742,855

1,728,157

5.0000%, 5/1/53

1,541,929

1,461,890

5.0000%, 5/1/53

2,806,928

2,661,225

5.5000%, 5/1/53

4,211,936

4,091,098

5.5000%, 5/1/53

1,401,948

1,367,551

5.5000%, 5/1/53

730,109

712,196

5.5000%, 5/1/53

2,147,816

2,086,157

5.5000%, 5/1/53

2,061,646

2,002,498

6.0000%, 5/1/53

4,330,852

4,291,475

6.0000%, 5/1/53

6,242,263

6,200,466

6.0000%, 5/1/53

12,751,423

12,690,840

6.0000%, 5/1/53

5,379,856

5,334,486

6.5000%, 5/1/53

3,390,941

3,419,866

6.5000%, 5/1/53

2,514,658

2,544,317

6.5000%, 5/1/53

2,007,098

2,022,797

6.5000%, 5/1/53

7,921,373

8,022,832

5.0000%, 6/1/53

4,026,125

3,870,789

5.0000%, 6/1/53

6,042,248

5,728,848

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

15

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)

5.0000%, 6/1/53

$

28,495,457

$

27,049,266

5.5000%, 6/1/53

1,881,325

1,827,026

5.5000%, 6/1/53

4,100,937

3,982,646

6.0000%, 6/1/53

3,055,414

3,029,647

6.0000%, 6/1/53

2,723,048

2,700,084

6.0000%, 6/1/53

4,253,611

4,217,740

6.5000%, 6/1/53

1,810,932

1,825,128

5.0000%, 7/1/53

14,672,756

14,129,310

5.0000%, 7/1/53

13,723,120

13,188,956

5.5000%, 7/1/53

71,111,483

69,065,810

5.5000%, 7/1/53

12,674,380

12,339,879

5.5000%, 7/1/53

44,443,609

43,269,767

6.0000%, 7/1/53

32,426,989

32,405,673

6.0000%, 7/1/53

54,965,741

54,502,207

6.5000%, 7/1/53

53,739,561

54,195,177

5.0000%, 8/1/53

58,043,163

55,143,636

5.0000%, 8/1/53

14,519,862

13,954,685

6.5000%, 8/1/53

2,413,892

2,440,732

5.0000%, 9/1/53

19,480,180

18,507,054

5.0000%, 9/1/53

12,861,453

12,360,829

5.5000%, 9/1/53

7,538,178

7,351,839

5.5000%, 9/1/53

22,159,591

21,680,536

5.5000%, 9/1/53

2,384,259

2,332,716

6.0000%, 9/1/53

8,737,051

8,709,540

6.0000%, 9/1/53

10,856,187

10,788,852

6.5000%, 9/1/53

4,959,333

5,014,476

5.5000%, 10/1/53

2,734,342

2,666,624

5.5000%, 10/1/53

1,356,243

1,322,655

6.0000%, 10/1/53

45,394,623

45,011,803

6.0000%, 10/1/53

2,653,424

2,645,069

6.0000%, 10/1/53

23,450,059

23,304,613

6.5000%, 10/1/53

6,004,176

6,096,388

6.5000%, 11/1/53

7,232,108

7,312,522

6.5000%, 11/1/53

16,663,426

16,885,425

6.5000%, 11/1/53

8,360,019

8,452,974

5.0000%, 12/1/53

7,704,318

7,404,432

5.5000%, 1/1/54

18,032,374

17,549,510

6.5000%, 2/1/54

18,483,324

18,729,568

FNMA,

Other

3.0000%, 4/1/38

151,113

130,725

3.0000%, 9/1/42

236,049

203,961

3.0000%, 10/1/42

169,924

147,455

3.0000%, 1/1/43

301,892

260,854

3.0000%, 3/1/43

384,383

331,093

3.0000%, 5/1/43

88,093

75,880

3.0000%, 11/1/46

75,349

63,877

3.0000%, 2/1/57

1,559,846

1,289,510

2.5000%, 6/1/62

44,675,801

34,525,210

3.5000%, 12/1/62

40,237,932

34,221,315

4.0000%, 3/1/63

27,067,574

24,017,410

FNMA,

REMIC

3.0000%, 7/25/28

405,329

385,113

SOFR30A

+

0.5145%,

5.8445%, 4/25/32

‡

24,081

23,860

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

16

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA,

REMIC

-

(continued)

SOFR30A

+

0.6645%,

5.9945%, 4/25/32

‡

$

11,547

$

11,515

SOFR30A

+

0.6145%,

5.9445%, 9/25/33

‡

19,261

19,193

SOFR30A

+

0.4145%,

5.7445%, 10/25/35

‡

19,591

19,358

SOFR30A

+

0.4645%,

5.7945%, 4/25/36

‡

70,355

69,570

SOFR30A

+

0.6345%,

5.9645%, 9/25/37

‡

19,307

19,189

SOFR30A

+

0.5145%,

5.8445%, 9/25/40

‡

9,961

9,886

SOFR30A

+

53.7407%,

0.0000%, 10/25/40

‡

41,248

46,136

SOFR30A

+

0.5445%,

5.8745%, 11/25/40

‡

12,877

12,737

SOFR30A

+

0.5145%,

5.8445%, 9/25/42

‡

9,265

9,120

SOFR30A

+

0.4645%,

5.7945%, 10/25/42

‡

115,917

113,579

SOFR30A

+

3.8855%,

0.0000%, 11/25/42

‡

473,554

219,460

SOFR30A

+

0.6145%,

5.9445%, 2/25/43

‡

31,780

31,384

2.0000%, 1/25/51

(a)

13,359,436

1,714,161

2.0000%, 5/25/51

(a)

73,709,378

9,529,709

SOFR30A

+

0.8000%,

6.0000%, 9/25/52

‡

10,520,304

10,281,414

3.5000%, 1/25/61

(a)

21,695,804

4,335,284

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.0000%,

TBA, 30

Year

Maturity

(b)

376,104,255

283,985,416

2.5000%,

TBA, 30

Year

Maturity

(b)

1,396,742,096

1,104,992,004

3.0000%,

TBA, 30

Year

Maturity

(b)

293,942,411

242,737,055

3.5000%,

TBA, 30

Year

Maturity

(b)

119,142,482

102,655,188

4.5000%,

TBA, 30

Year

Maturity

(b)

33,801,410

31,150,129

6.0000%,

TBA, 30

Year

Maturity

(b)

197,770,000

195,943,001

6.5000%,

TBA, 30

Year

Maturity

(b)

76,700,000

77,292,891

FREMF

Mortgage

Trust

SOFR30A

+

6.1145%,

11.4369%, 9/25/29

(144A)

‡

920,302

903,086

0.0000%, 11/25/49

(144A)

¤

12,984,746

12,192,963

0.1000%, 11/25/49

(144A)

(a)

134,105,762

44,933

GCAT

Trust

,

6.5000

%

,

1/25/54

(144A)

‡

35,380,465

35,169,359

GNMA

CME

Term

SOFR

1

Month

+

0.5145%,

5.8338%, 8/16/29

‡

9,308

9,340

CME

Term

SOFR

1

Month

+

0.5145%,

5.8299%, 7/20/34

‡

34,491

34,113

CME

Term

SOFR

1

Month

+

0.4145%,

5.7338%, 8/16/34

‡

25,960

25,637

CME

Term

SOFR

1

Month

+

0.3145%,

5.6299%, 6/20/35

‡

20,340

19,958

CME

Term

SOFR

1

Month

+

0.2645%,

5.5799%, 8/20/35

‡

24,587

24,111

CME

Term

SOFR

1

Month

+

0.4145%,

5.7299%, 4/20/37

‡

9,004

8,862

CME

Term

SOFR

1

Month

+

0.4245%,

5.7399%, 6/20/37

‡

24,245

23,939

CME

Term

SOFR

1

Month

+

0.4345%,

5.7499%, 7/20/37

‡

37,569

36,923

CME

Term

SOFR

1

Month

+

0.6145%,

5.9299%, 10/20/37

‡

29,835

29,375

CME

Term

SOFR

1

Month

+

0.6145%,

5.9299%, 10/20/37

‡

12,179

12,052

CME

Term

SOFR

1

Month

+

0.6145%,

5.9299%, 2/20/38

‡

48,350

48,110

CME

Term

SOFR

1

Month

+

0.6145%,

5.9299%, 2/20/38

‡

24,131

24,010

CME

Term

SOFR

1

Month

+

0.7145%,

6.0338%, 1/16/40

‡

8,255

8,247

CME

Term

SOFR

1

Month

+

0.4645%,

5.7799%, 6/20/40

‡

512

507

CME

Term

SOFR

1

Month

+

0.5445%,

5.8638%, 10/16/40

‡

33,673

33,438

0.0000%, 5/16/41

¤

3,933,176

2,877,828

CME

Term

SOFR

1

Month

+

0.4145%,

5.7299%, 7/20/41

‡

15,568

15,415

SOFR30A

+

1.3000%,

6.5000%, 8/20/53

‡

9,507,924

9,498,397

GNMA

II,

30

Year

4.5000%, 2/20/48

1,110,101

1,048,757

4.0000%, 5/20/48

255,211

233,965

4.0000%, 6/20/48

862,245

790,193

4.5000%, 7/20/48

132,515

125,157

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

II,

30

Year

-

(continued)

4.5000%, 11/20/48

$

146,289

$

138,167

5.0000%, 1/20/49

9,712

9,424

6.5000%, 12/20/53

51,905,074

53,573,750

6.5000%, 1/20/54

42,665,867

44,037,515

GNMA

II,

Other

4.0000%, 2/20/49

162,447

145,963

4.0000%, 4/20/49

152,557

137,408

GNMA

II,

Single

Family,

30

Year

2.5000%,

TBA, 30

Year

Maturity

(b)

25,296,414

20,740,075

3.0000%,

TBA, 30

Year

Maturity

(b)

175,024,962

148,843,678

3.5000%,

TBA, 30

Year

Maturity

(b)

49,076,377

43,221,565

4.0000%,

TBA, 30

Year

Maturity

(b)

107,413,688

97,297,682

4.5000%,

TBA, 30

Year

Maturity

(b)

108,461,488

101,043,807

5.0000%,

TBA, 30

Year

Maturity

(b)

134,546,194

128,778,602

5.5000%,

TBA, 30

Year

Maturity

(b)

300,856,576

294,717,598

Imperial

Fund

Mortgage

Trust

,

5.9410

%

,

2/25/68

(144A)

Ç

4,067,852

4,008,552

J.P.

Morgan

Mortgage

Trust

,

6.0190

%

,

6/25/54

(144A)

‡

4,545,215

4,507,067

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

7.6813%, 10/25/57

(144A)

‡

8,816,125

8,912,937

CME

Term

SOFR

1

Month

+

2.6145%,

7.9313%, 10/25/57

(144A)

‡

2,405,038

2,432,354

JPMorgan

Mortgage

Trust

,

3.0000

%

,

6/25/45

(144A)

‡

546,083

463,989

LHOME

Mortgage

Trust

7.0170%, 1/25/29

(144A)

Ç

6,341,000

6,332,302

7.1280%, 3/25/29

(144A)

Ç

5,293,684

5,292,185

Mello

Mortgage

Capital

Acceptance

,

4.0000

%

,

4/25/54

(144A)

Ç

9,800,000

9,250,217

MHC

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

0.9154%

,

6.2364

%

,

4/15/38

(144A)

‡

3,984,664

3,959,326

MHC

Trust

,

CME

Term

SOFR

1

Month

+

0.9645%

,

6.2855

%

,

5/15/38

(144A)

‡

2,703,022

2,686,521

New

Residential

Mortgage

Loan

Trust

,

7.1010

%

,

3/25/39

(144A)

Ç

2,750,000

2,736,623

PRPM

LLC

2.2370%, 10/25/51

(144A)

‡

2,000,000

1,629,128

2.4850%, 10/25/51

(144A)

‡

2,600,000

2,071,025

3.7500%, 3/25/54

(144A)

Ç

3,116,000

2,938,024

4.2424%, 12/25/64

(144A)

‡

8,351,000

7,593,134

RCKT

Mortgage

Trust

6.5150%, 6/25/43

(144A)

‡

12,481,263

12,428,198

6.8080%, 9/25/43

(144A)

‡

1,088,568

1,090,370

7.1080%, 9/25/43

(144A)

‡

5,693,861

5,668,785

6.2910%, 4/25/44

(144A)

‡

7,343,442

7,299,429

6.6910%, 5/25/44

(144A)

‡

4,293,000

4,281,071

Reach

ABS

Trust

,

6.3000

%

,

2/18/31

(144A)

6,969,141

6,977,686

Saluda

Grade

Alternative

Mortgage

Trust

7.5000%, 2/25/30

(144A)

Ç

10,644,000

10,682,153

7.7620%, 4/25/30

(144A)

Ç

9,627,000

9,677,403

6.6030%, 4/25/54

(144A)

Ç

3,367,000

3,367,000

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

738,177

621,721

4.0000%, 9/25/49

(144A)

‡

100,074

88,856

SREIT

Trust

CME

Term

SOFR

1

Month

+

0.8453%,

6.1663%, 11/15/38

(144A)

‡

5,741,177

5,699,807

CME

Term

SOFR

1

Month

+

1.1943%,

6.5153%, 11/15/38

(144A)

‡

4,784,314

4,746,330

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

18

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Towd

Point

Mortgage

Trust

,

6.7500

%

,

7/25/63

(144A)

‡

$

1,546,940

$

1,551,041

Verus

Securitization

Trust

,

6.9677

%

,

12/25/68

(144A)

Ç

6,071,589

6,090,703

Total

Mortgage-Backed

Securities

(cost

$6,544,448,795)

6,383,256,739

Investment

Companies

-

1.5%

Money

Market

Funds

-

1.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

£,∞

(cost

$56,762,265)

56,750,914

56,762,265

Total

Investments

(total

cost

$6,979,445,922

)

-

174.4%

6,818,028,222

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(74.4%)

(2,908,015,104)

Net

Assets

-

100.0%

$3,910,013,118

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

6,818,028,222

100.0

%

$

–

–

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(47.5)%

Mortgage-Backed

Securities

-

(47.5)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.5000%,

TBA,

30

Year

Maturity

(b)

$

(40,200,000)

$

(34,637,003)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

(545,575,155)

(487,671,082)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

(b)

(299,755,448)

(284,175,059)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(421,807,193)

(409,492,954)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

(b)

(280,404,446)

(277,814,070)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.5000%,

TBA,

30

Year

Maturity

(b)

(206,029,000)

(207,621,604)

GNMA

II,

Single

Family,

30

Year,

5.5000%,

TBA,

30

Year

Maturity

(b)

(150,428,288)

(147,493,733)

GNMA

II,

Single

Family,

30

Year,

6.5000%,

TBA,

30

Year

Maturity

(b)

(9,700,000)

(9,818,146)

Total

Securities

Sold

Short

(proceeds

$1,893,386,202)

$

(1,858,723,651)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(1,858,723,651)

100.0%

$–

–

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

Shares

Held

at

4/30/24

Dividend

Income

Investment

Company

-

1.5%

Money

Market

Funds

-

1.5%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

∞

$

91,443,297

$

1,582,079,409

$

(1,616,760,442)

$

–

$

1

$

56,762,265

56,750,914

$

3,024,373

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

19

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2024.

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

1,034

6/18/24

$

111,090,375

$

(2,736,634)

U.S.

Treasury

5

Year

Notes

4,227

6/28/24

442,745,229

(8,329,710)

Total

-

Futures

Long

(11,066,344)

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

2,933

6/18/24

(323,271,594)

6,935,982

U.S.

Treasury

2

Year

Notes

1,517

6/28/24

(307,429,531)

3,154,435

U.S.

Treasury

Ultra

Bonds

544

6/18/24

(65,042,000)

3,972,250

Total

-

Futures

Short

14,062,667

Total

$2,996,323

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

Value

CDX.NA.IG.42-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/29

$

200,000,000

$

4,299,553

$

(157,062)

$

(4,456,615)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2024

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

*

Futures

contracts

$—

$14,062,667

$14,062,667

Liability

Derivatives:

*

Swaps

-

centrally

cleared

157,062

—

157,062

*

Futures

contracts

—

11,066,344

11,066,344

Total

Liability

Derivatives

$157,062

$11,066,344

$11,223,406

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

20

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(7,600,628)

$(7,600,628)

Swap

contracts

62,912

—

62,912

Total

$62,912

$(7,600,628)

$(7,537,716)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(4,946,872)

$(4,946,872)

Swap

contracts

(157,062)

—

(157,062)

Total

$(157,062)

$(4,946,872)

$(5,103,934)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$361,509,605

Average

notional

amount

of

contracts

-

short

511,266,980

Credit

default

swaps:

Average

notional

amount

-

buy

protection

33,333,333

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

21

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.

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

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2024.

¤

Zero

coupon

bond.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2024

is

$917,302,355

which

represents

23.5%

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

(unaudited)

April

30,

2024

22

April

30,

2024

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

369,000,164

$

—

Corporate

Bond

—

9,009,054

—

Mortgage-Backed

Securities

—

6,383,256,739

—

Investment

Companies

—

56,762,265

—

Total

Investments

in

Securities

$

—

$

6,818,028,222

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

14,062,667

$

—

$

—

Total

Assets

$

14,062,667

$

6,818,028,222

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

1,858,723,651

$

—

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

157,062

$

—

Futures

Contracts

11,066,344

—

—

Total

Liabilities

$

11,066,344

$

1,858,880,713

$

—

(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

April

30,

2024

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$6,922,683,657)

$

6,761,265,957

Affiliated

investments,

at

value

(cost

$56,762,265)

56,762,265

Cash

24,615,404

Due

from

broker

for

centrally

cleared

swaps

2,552,884

Due

from

broker

for

futures

7,920,000

Receivable

for

variation

margin

on

swaps

366,721

Receivable

for

variation

margin

on

futures

contracts

57,667

Receivables:

Investments

sold

78,775,916

TBA

investments

sold

1,981,744,405

Interest

15,470,068

Total

Assets

8,929,531,287

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$1,893,386,202)

1,858,723,651

Payables:

Investments

purchased

120,506,771

TBA

investments

purchased

3,039,589,336

Management

fees

698,411

Total

Liabilities

5,019,518,169

Commitments

and

contingent

liabilities

Net

Assets

$

3,910,013,118

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

4,164,805,514

Total

distributable

earnings

(loss)

(

254,792,396

)

Total

Net

Assets

$

3,910,013,118

Net

Assets

$

3,910,013,118

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

89,775,000

Net

Asset

Value

Per

Share

$

43

.55

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

24

April

30,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

93,520,535

Dividends

from

affiliates

3,024,373

Total

Investment

Income

96,544,908

Expenses:

Management

Fees

3,794,113

Total

Expenses

3,794,113

Net

Investment

Income/(Loss)

92,750,795

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

6,067,247

TBA

sales

commitments

23,046,771

Futures

contracts

(7,600,628)

Swap

contracts

62,912

Total

Net

Realized

Gain/(Loss)

on

Investments

$

21,576,302

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(30,735,998)

Investments

in

affiliates

1

TBA

sales

commitments

27,346,633

Futures

contracts

(4,946,872)

Swap

contracts

(157,062)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(8,493,298)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

105,833,799

Janus

Henderson

Mortgage-Backed

Securities

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

25

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

92,750,795

$

62,648,064

Net

realized

gain/(loss)

on

investments

21,576,302

(

79,203,514

)

Change

in

unrealized

net

appreciation/depreciation

(

8,493,298

)

(

57,824,243

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

105,833,799

(

74,379,693

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

84,651,343

)

(

53,878,171

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

84,651,343

)

(

53,878,171

)

Capital

Share

Transactions

1,882,712,849

1,357,772,676

Net

Increase/(Decrease)

in

Net

Assets

1,903,895,305

1,229,514,812

Net

Assets:

—

—

Beginning

of

Period  

2,006,117,813

776,603,001

End

of

Period

$

3,910,013,118

$

2,006,117,813

Janus

Henderson

Mortgage-Backed

Securities

ETF

Financial

Highlights

26

April

30,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020

2019

Net

Asset

Value,

Beginning

of

Period

$42.17

$44.25

$52.94

$53.58

$52.62

$49.53

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

—

Net

investment

income/(loss)

(1)

1.20

2.18

0.92

0.66

1.22

1.56

Net

realized

and

unrealized

gain/(loss)

1.32

(2.33)

(8.73)

(0.19)

1.51

3.03

Total

from

Investment

Operations

2.52

(0.15)

(7.81)

0.47

2.73

4.59

Less

Dividends

and

Distributions:

—

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.14)

(1.93)

(0.88)

(1.00)

(1.77)

(1.50)

Distributions

(from

capital

gains)

—

—

—

(0.11)

—

—

Total

Dividends

and

Distributions

(1.14)

(1.93)

(0.88)

(1.11)

(1.77)

(1.50)

Net

Asset

Value,

End

of

Period

$43.55

$42.17

$44.25

$52.94

$53.58

$52.62

Total

Return

*

5.93%

(0.57)%

(14.89)%

0.88%

5.30%

(2)

9.40%

(2)

Net

assets,

End

of

Period

(in

thousands)

$3,910,013

$2,006,118

$776,603

$848,374

$578,645

$168,381

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.22%

0.26%

0.28%

0.28%

0.32%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

5.40%

4.83%

1.86%

1.24%

2.31%

3.05%

Portfolio

Turnover

Rate

(3)(4)

26%

48%

143%

162%

300%

348%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Per

share

amounts

are

calculated

based

on

average

shares

outstanding

during

the

year

or

period.

(2)

The

return

includes

adjustments

in

accordance

with

generally

accepted

accounting

principles

required

at

period

end

date.

(3)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

(4)

Portfolio

Turnover

Rate

excludes

TBA

(to

be

announced)

purchase

and

sales

commitments.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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 eleven

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

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.

(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

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2024

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

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. 

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2024 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. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2024

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,

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

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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.

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

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Swaps 

Swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

day

to

more

than

one

year

to

exchange

one

set

of

cash

flows

for

another.

The

most

significant

factor

in

the

performance

of

swap

agreements

is

the

change

in

value

of

the

specific

index,

security,

or

currency,

or

other

factors

that

determine

the

amounts

of

payments

due

to

and

from

the

Fund.

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

agreements

entail

the

risk

that

a

party

will

default

on

its

payment

obligations

to

the

Fund.

If

the

other

party

to

a

swap

defaults,

the

Fund

would

risk

the

loss

of

the

net

amount

of

the

payments

that

it

contractually

is

entitled

to

receive.

If

the

Fund

utilizes

a

swap

at

the

wrong

time

or

judges

market

conditions

incorrectly,

the

swap

may

result

in

a

loss

to

the

Fund

and

reduce

the

Fund’s

total

return.

Swap

agreements

also

bear

the

risk

that

the

Fund

will

not

be

able

to

meet

its

obligation

to

the

counterparty.

Swap

agreements

are

typically

privately

negotiated

and

entered

into

in

the

OTC

market.

However,

certain

swap

agreements

are

required

to

be

cleared

through

a

clearinghouse

and

traded

on

an

exchange

or

swap

execution

facility.

Swaps

that

are

required

to

be

cleared

are

required

to

post

initial

and

variation

margins

in

accordance

with

the

exchange

requirements.

Regulations

enacted

require

the

Fund

to

centrally

clear

certain

interest

rate

and

credit

default

index

swaps

through

a

clearinghouse

or

central

counterparty

(“CCP”).

To

clear

a

swap

with

a

CCP,

the

Fund

will

submit

the

swap

to,

and

post

collateral

with,

a

futures

clearing

merchant

(“FCM”)

that

is

a

clearinghouse

member.

Alternatively,

the

Fund

may

enter

into

a

swap

with

a

financial

institution

other

than

the

FCM

(the

“Executing

Dealer”)

and

arrange

for

the

swap

to

be

transferred

to

the

FCM

for

clearing.

The

Fund

may

also

enter

into

a

swap

with

the

FCM

itself.

The

CCP,

the

FCM,

and

the

Executing

Dealer

are

all

subject

to

regulatory

oversight

by

the

U.S.

Commodity

Futures

Trading

Commission

(“CFTC”).

A

default

or

failure

by

a

CCP

or

an

FCM,

or

the

failure

of

a

swap

to

be

transferred

from

an

Executing

Dealer

to

the

FCM

for

clearing,

may

expose

the

Fund

to

losses,

increase

its

costs,

or

prevent

the

Fund

from

entering

or

exiting

swap

positions,

accessing

collateral,

or

fully

implementing

its

investment

strategies.

The

regulatory

requirement

to

clear

certain

swaps

could,

either

temporarily

or

permanently,

reduce

the

liquidity

of

cleared

swaps

or

increase

the

costs

of

entering

into

those

swaps.

Index

swaps,

interest

rate

swaps,

inflation

swaps and

credit

default

swaps

are

valued

using

an

approved

vendor

supplied

price.

Basket

swaps

are

valued

using

a

broker

supplied

price.

Equity

swaps

that

consist

of

a

single

underlying

equity

are

valued

either

at

the

closing

price,

the

latest

bid

price,

or

the

last

sale

price

on

the

primary

market

or

exchange

it

trades.

The

market

value

of

swap

contracts

are

aggregated

by

positive

and

negative

values

and

are

disclosed

separately

as

an

asset

or

liability

on

the

Fund’s

Statement

of

Assets

and

Liabilities

(if

applicable).

Realized

gains

and

losses

are

reported

on

the

Statement

of

Operations

(if

applicable).

The

change

in

unrealized

net

appreciation

or

depreciation

during

the

period

is

included

in

the

Statement

of

Operations

(if

applicable).

The

Fund’s

maximum

risk

of

loss

from

counterparty

risk

or

credit

risk

is

the

discounted

value

of

the

payments

to

be

received

from/paid

to

the

counterparty

over

the

contract’s

remaining

life,

to

the

extent

that

the

amount

is

positive.

The

risk

is

mitigated

by

having

a

netting

arrangement

between

the

Fund

and

the

counterparty

and

by

the

posting

of

collateral

by

the

counterparty

to

cover

the

Fund’s

exposure

to

the

counterparty.

The

Fund

may

enter

into

various

types

of

credit

default

swap

agreements,

including

OTC

credit

default

swap

agreements

and

index

credit

default

swaps

(“CDX”),

for

hedging

purposes.

Credit

default

swaps

are

a

specific

kind

of

counterparty

agreement

that

allow

the

transfer

of

third-party

credit

risk

from

one

party

to

the

other.

One

party

in

the

swap

is

a

lender

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

32

April

30,

2024

and

faces

credit

risk

from

a

third

party,

and

the

counterparty

in

the

credit

default

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

liquidity

risk,

counterparty

risk,

and

credit

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

no

credit

event

occur,

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

Fund

is

the

seller

of

credit

protection

against

a

particular

security,

the

Fund

would

receive

an

up-front

or

periodic

payment

to

compensate

against

potential

credit

events.

As

the

seller

in

a

credit

default

swap

contract,

the

Fund

would

be

required

to

pay

the

par

value

(the

“notional

value”)

(or

other

agreed-upon

value)

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

by

a

third

party,

such

as

a

U.S.

or

foreign

corporate

issuer,

on

the

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

event

of

default

has

occurred.

If

no

default

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

the

seller,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

would

be

subject

to

investment

exposure

on

the

notional

value

of

the

swap.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

could

be

required

to

make

in

a

credit

default

transaction

would

be

the

notional

amount

of

the

agreement.

As

a

buyer

of

credit

protection,

the

Fund

is

entitled

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

to

the

contract

in

the

event

of

a

default

or

other

credit

event

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

the

Fund

as

buyer

would

pay

to

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

have

spent

the

stream

of

payments

and

potentially

received

no

benefit

from

the

contract.

During

the

period,

the

Fund

purchased

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices

where

gaining

this

exposure

via

the

cash

bond

market

was

less

attractive. 

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

33

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

Privately

Issued

Securities

Risk 

Privately-issued

securities

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. 

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-

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

34

April

30,

2024

backed

securities

are

generally

supported

by

some

form

of

government

or

private

guarantee

and/or

insurance,

there

is

no

assurance

that

guarantors

or

insurers

will

meet

their

obligations.

TBA

Commitments 

The

Fund

may

enter

into

“to

be

announced”

or

“TBA”

commitments.

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

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.

Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

Collateral

for

To

Be

Announced

Transactions. 

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.

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. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

35

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

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

36

April

30,

2024

For

the period

ended

April

30,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.22% 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

through

February

28,

2025.

The

previous

expense

limit

for

the

period

from

February

28,

2023

through

February

29,

2024

was

0.28%. 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

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

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.30%

Next

$500

million

0.25%

Over

$1

billion

0.20%

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

37

fee

(of

up

to

2%)

on

redemptions

from

the

Sweep

Vehicle

or

a

redemption

gate

that

temporarily

suspends

redemptions

from

the

Sweep

Vehicle

for

up

to

10

business

days

during

a

90

day

period.

There

are

no

restrictions

on

the

Fund's

ability

to

withdraw

investments

from

the

Sweep

Vehicle

at

will,

and

there

are

no

unfunded

capital

commitments

due

from

the

Fund

to

the

Sweep

Vehicle.

The

Sweep

Vehicle

does

not

charge

any

management

fee,

sales

charge

or

service

fee.

Any

purchases

and

sales,

realized

gains/losses

and

recorded

dividends

from

affiliated

investments

during

the period

ended

April

30,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(149,555,267)

$(14,953,745)

$(164,509,012)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$6,979,445,922

$9,559,438

$(170,977,138)

$(161,417,700)

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

42,375,000

$

1,890,674,588

31,300,000

$

1,414,619,295

Shares

repurchased

(175,000)

(7,961,739

)

(1,275,000)

(56,846,619

)

Net

Increase/(Decrease)

42,200,000

$

1,882,712,849

30,025,000

$

1,357,772,676

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Financial

Statements

(unaudited)

38

April

30,

2024

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period ended

April

30,

2024,

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 April

30,

2024

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

$2,740,570,767

$842,550,633

$—

$—

Janus

Henderson

Mortgage-Backed

Securities

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

39

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

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

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

40

April

30,

2024

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

41

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

42

April

30,

2024

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

Mortgage-Backed

Securities

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

43

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Liquidity

Risk

Management

Program

(unaudited)

44

April

30,

2024

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

45

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93085

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

AAA

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

AAA

CLO

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

20

Statement

of

Operations

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

21

Statements

of

Changes

in

Net

Assets

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

22

Financial

Highlights

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

23

Notes

to

Financial

Statements

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

24

Additional

Information

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

31

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

32

Liquidity

Risk

Management

Program

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

36

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Jessica

Shill

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligation

103.8%

Investment

Company

2.0%

105.8%

Ratings

†

Summary

–

(%

of

Net

Assets)

AAA

91.91%

Aa

5.50%

A

1.16%

Other

1.43%

†

Credit

quality

ratings

reflect

the

middle

rating

received

from

Moody’s,

Standard

&

Poor's

and

Fitch,

where

all

three

agencies

have

provided

a

rating.

If

only

two

agencies

rate

a

security,

the

lowest

rating

is

used.

If

only

one

agency

rates

a

security,

that

rating

is

used.

Ratings

are

measured

on

a

scale

that

ranges

from

AAA

(highest)

to

D

(lowest).

"Other"

includes

Liabilities,

net

of

Cash

Receivables

and

Other

Assets.

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.22%

(gross),

0.21%

(net).

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Net

expense

ratios

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

February

28,

2025.

This

contractual

waiver

may

be

terminated

only

at

the

discretion

of

the

Board

of

Trustees.

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

if

applied,

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.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

J.P.

Morgan

CLOIE

AAA

Total

Return

Index

to

the

Bloomberg

U.S.

Aggregate

Bond

Index

due

to

regulatory

requirements.

The

Fund

retained

the

J.P.

Morgan

CLOIE

AAA

Total

Return

Index

as

a

performance

benchmark

because

the

J.P.

Morgan

CLOIE

AAA

Total

Return

Index

is

more

closely

aligned

with

the

Fund’s

investment

strategies

and

investment

restrictions.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

AAA

CLO

ETF

-

NAV

4.48%

8.90%

3.87%

Janus

Henderson

AAA

CLO

ETF

-

Market

Price

4.46%

8.81%

3.89%

J.P.

Morgan

CLOIE

AAA

Index

4.27%

8.67%

4.09%

Bloomberg

U.S.

Aggregate

Bond

Index

4.97%

-1.47%

-3.55%

*

The

Fund

commenced

operations

on

October

16,

2020.

Janus

Henderson

AAA

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,044.80

$1.07

$1,000.00

$1,023.82

$1.06

0.21%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

103.8%

37

Capital

CLO

4

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.1000%,

7.4674%,

1/15/34

(144A)

‡

$

12,000,000

$

12,006,408

610

Funding

CLO

2

Ltd.

2016-2RA

A1R2,

CME

Term

SOFR

3

Month

+

1.5716%,

6.8962%,

1/20/34

(144A)

‡

26,700,000

26,726,193

720

East

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4786%,

10/15/36

(144A)

‡

13,000,000

13,051,987

AB

BSL

CLO

1

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

6.6986%,

1/15/35

(144A)

‡

17,921,000

17,920,946

AGL

CLO

14

Ltd.

2021-14A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

12/2/34

(144A)

‡

59,020,000

59,096,726

AGL

CLO

16

Ltd.

2021-16A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7162%,

1/20/35

(144A)

‡

26,341,220

26,341,905

AGL

CLO

17

Ltd.

2022-17A

A,

CME

Term

SOFR

3

Month

+

1.3300%,

6.6546%,

1/21/35

(144A)

‡

93,750,000

94,054,687

AGL

CLO

28

Ltd.

2023-28A

AJ,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3033%,

1/21/37

(144A)

‡

8,600,000

8,650,645

AGL

CLO

30

Ltd.

2024-30A

A1,

CME

Term

SOFR

3

Month

+

1.5300%,

6.8586%,

4/21/37

(144A)

‡

50,000,000

50,105,600

AGL

CLO

30

Ltd.

2024-30A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0586%,

4/21/37

(144A)

‡

10,000,000

10,015,410

AGL

CLO

6

Ltd.

2020-6A

AR,

CME

Term

SOFR

3

Month

+

1.4616%,

6.7862%,

7/20/34

(144A)

‡

53,150,000

53,226,430

AGL

CLO

9

Ltd.

2020-9A

AJR,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0546%,

4/20/37

(144A)

‡

33,250,000

33,267,656

AGL

Core

CLO

15

Ltd.

2021-15A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

1/20/35

(144A)

‡

76,264,000

76,363,219

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

CME

Term

SOFR

3

Month

+

1.3316%,

6.6562%,

4/20/33

(144A)

‡

5,500,000

5,504,653

Aimco

CLO

11

Ltd.

2020-11A

AR,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7087%,

10/17/34

(144A)

‡

35,700,000

35,719,421

Allegany

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

6.6246%,

1/20/35

(144A)

‡

15,000,000

15,012,210

Allegro

CLO

XIV

Ltd.

2021-2A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

6.9402%,

10/15/34

(144A)

‡

6,875,000

6,875,165

ALM

2020

Ltd.

2020-1A

A1B,

CME

Term

SOFR

3

Month

+

1.6616%,

6.9902%,

10/15/29

(144A)

‡

42,000,000

42,065,940

AMMC

CLO

30

Ltd.

2024-30A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2409%,

1/15/37

(144A)

‡

8,000,000

8,014,632

Anchorage

Capital

CLO

13

LLC

2019-13A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6902%,

4/15/34

(144A)

‡

13,095,000

13,097,265

Anchorage

Capital

CLO

18

Ltd.

2021-18A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7402%,

4/15/34

(144A)

‡

33,175,000

33,183,294

Anchorage

Capital

CLO

19

Ltd.

2021-19A

A,

CME

Term

SOFR

3

Month

+

1.4716%,

6.8002%,

10/15/34

(144A)

‡

27,000,000

27,011,988

Anchorage

Capital

CLO

24

Ltd.

2022-24A

A1,

CME

Term

SOFR

3

Month

+

1.4800%,

6.8086%,

4/15/34

(144A)

‡

54,875,000

54,930,095

Anchorage

Capital

CLO

28

Ltd.

2024-28A

B,

CME

Term

SOFR

3

Month

+

2.2500%,

7.5346%,

4/20/37

(144A)

‡

27,750,000

27,804,251

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

CME

Term

SOFR

3

Month

+

1.3116%,

6.6365%,

1/28/31

(144A)

‡

8,244,880

8,246,512

Apidos

CLO

XLIII

Ltd.

2023-43A

A2,

CME

Term

SOFR

3

Month

+

2.0500%,

7.3735%,

4/25/35

(144A)

‡

5,000,000

5,013,325

Apidos

CLO

XLVII

Ltd.

2024-47A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0043%,

4/26/37

(144A)

‡

10,000,000

10,012,520

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Apidos

CLO

XXXIII

2020-33A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7345%,

10/24/34

(144A)

‡

$

18,630,000

$

18,669,514

Ares

LIX

CLO

Ltd.

2021-59A

A,

CME

Term

SOFR

3

Month

+

1.2916%,

6.6152%,

4/25/34

(144A)

‡

12,410,000

12,372,249

Ares

LV

CLO

Ltd.

2020-55A

A1R,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7202%,

7/15/34

(144A)

‡

39,250,000

39,290,428

Ares

LVI

CLO

Ltd.

2020-56A

AR,

CME

Term

SOFR

3

Month

+

1.4216%,

6.7452%,

10/25/34

(144A)

‡

14,950,000

14,969,211

Ares

LVII

CLO

Ltd.

2020-57A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7352%,

1/25/35

(144A)

‡

15,000,000

15,000,540

Ares

LXI

CLO

Ltd.

2021-61A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0569%,

4/20/37

(144A)

‡

19,900,000

19,913,612

Ares

LXIX

CLO

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0293%,

4/15/36

(144A)

‡

17,500,000

17,505,110

Ares

LXV

CLO

Ltd.

2022-65A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0736%,

7/25/34

(144A)

‡

18,000,000

18,036,612

Ares

LXX

CLO

Ltd.

2023-70A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2736%,

10/25/35

(144A)

‡

24,500,000

24,556,179

Ares

LXXI

CLO

Ltd.

2024-71A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

0.0000%,

4/20/37

(144A)

‡

30,000,000

30,015,720

Ares

XLI

CLO

Ltd.

2016-41A

AR2,

CME

Term

SOFR

3

Month

+

1.3316%,

6.6602%,

4/15/34

(144A)

‡

24,720,000

24,745,956

Atlantic

Avenue

Ltd.

2024-2A

A,

CME

Term

SOFR

3

Month

+

1.6500%,

6.9397%,

4/20/37

(144A)

‡

50,000,000

50,334,050

Atlas

Senior

Loan

Fund

Ltd.

2021-16A

A,

CME

Term

SOFR

3

Month

+

1.5316%,

6.8562%,

1/20/34

(144A)

‡

14,845,000

14,855,852

Atlas

Senior

Loan

Fund

VII

Ltd.

2016-7A

A2R,

CME

Term

SOFR

3

Month

+

1.8116%,

7.1422%,

11/27/31

(144A)

‡

10,000,000

9,968,290

Atrium

XIV

LLC

14A

A2A,

CME

Term

SOFR

3

Month

+

1.7116%,

7.0393%,

8/23/30

(144A)

‡

4,400,000

4,404,400

Bain

Capital

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0745%,

4/16/37

(144A)

‡

15,000,000

15,008,040

Bain

Capital

Credit

CLO

Ltd.

2017-2A

AR2,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7652%,

7/25/34

(144A)

‡

18,105,000

18,105,253

Bain

Capital

Credit

CLO

Ltd.

2021-6A

C,

CME

Term

SOFR

3

Month

+

2.3116%,

7.6362%,

10/21/34

(144A)

‡

10,700,000

10,708,721

Bain

Capital

Credit

CLO

Ltd.

2022-3A

B,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3171%,

7/17/35

(144A)

‡

22,000,000

22,026,422

Bain

Capital

Credit

CLO

Ltd.

2020-4A

A2R,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2746%,

10/20/36

(144A)

‡

19,500,000

19,662,143

Bain

Capital

Credit

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4746%,

10/21/36

(144A)

‡

13,150,000

13,184,834

Balboa

Bay

Loan

Funding

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3246%,

4/20/34

(144A)

‡

13,000,000

13,000,533

Ballyrock

CLO

19

Ltd.

2022-19A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

6.6546%,

4/20/35

(144A)

‡

25,000,000

25,040,450

Ballyrock

CLO

25

Ltd.

2023-25A

A1B,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2738%,

1/25/36

(144A)

‡

9,000,000

9,008,037

Ballyrock

CLO

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.2916%,

6.6202%,

7/15/32

(144A)

‡

77,100,000

77,245,025

Barings

CLO

Ltd.

LP-2A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6862%,

1/20/34

(144A)

‡

10,450,000

10,451,463

Barings

CLO

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2766%,

4/15/35

(144A)

‡

25,000,000

25,014,475

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Barrow

Hanley

CLO

III

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.8200%,

0.0000%,

4/20/37

(144A)

‡

$

12,000,000

$

12,006,336

Battalion

CLO

17

Ltd.

2021-17A

A2,

CME

Term

SOFR

3

Month

+

1.7016%,

7.0262%,

3/9/34

(144A)

‡

11,000,000

11,010,780

Battalion

CLO

VIII

Ltd.

2015-8A

A1R2,

CME

Term

SOFR

3

Month

+

1.3316%,

6.6585%,

7/18/30

(144A)

‡

10,005,468

10,023,438

Battalion

CLO

XV

Ltd.

2020-15A

A2,

CME

Term

SOFR

3

Month

+

1.8616%,

7.1787%,

1/17/33

(144A)

‡

7,500,000

7,364,603

Battalion

CLO

XXI

Ltd.

2021-21A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7702%,

7/15/34

(144A)

‡

14,225,000

14,225,669

Benefit

Street

Partners

CLO

Ltd.

2015-6BR

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.7762%,

7/20/34

(144A)

‡

24,515,000

24,523,997

Benefit

Street

Partners

CLO

XXI

Ltd.

2020-21A

A2R,

CME

Term

SOFR

3

Month

+

1.6616%,

6.9902%,

10/15/34

(144A)

‡

5,000,000

5,005,550

Benefit

Street

Partners

CLO

XXXII

Ltd.

2023-32A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.3145%,

10/25/36

(144A)

‡

11,000,000

11,018,293

Benefit

Street

Partners

CLO

XXXIII

Ltd.

2023-33A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2624%,

1/25/36

(144A)

‡

19,375,000

19,441,727

Benefit

Street

Partners

CLO

XXXIV

Ltd.

2024-34A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

0.0000%,

7/25/37

(144A)

‡

10,000,000

10,008,470

Bethpage

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7202%,

1/15/35

(144A)

‡

55,653,000

55,703,310

Birch

Grove

CLO

2

Ltd.

2021-2A

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.0882%,

10/19/34

(144A)

‡

8,000,000

8,008,712

Birch

Grove

CLO

Ltd.

19A

A2RR,

CME

Term

SOFR

3

Month

+

1.8000%,

0.0000%,

7/17/37

(144A)

‡

10,000,000

10,005,360

BlueMountain

CLO

XXIV

Ltd.

2019-24A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6862%,

4/20/34

(144A)

‡

23,700,000

23,713,035

BlueMountain

CLO

XXXII

Ltd.

2021-32A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7602%,

10/15/34

(144A)

‡

87,645,000

87,691,277

BlueMountain

CLO

XXXIII

Ltd.

2021-33A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.7707%,

11/20/34

(144A)

‡

17,400,000

17,399,930

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7402%,

1/15/30

(144A)

‡

3,500,000

3,499,874

Buckhorn

Park

CLO

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7085%,

7/18/34

(144A)

‡

46,300,000

46,309,399

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7611%,

1/30/31

(144A)

‡

3,010,000

2,980,014

Canyon

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

1.7700%,

0.0000%,

5/15/37

(144A)

‡

15,000,000

15,007,785

Carlyle

US

CLO

Ltd.

2017-5A

A1B,

CME

Term

SOFR

3

Month

+

1.5116%,

6.8362%,

1/20/30

(144A)

‡

12,895,000

12,876,457

Carlyle

US

CLO

Ltd.

2021-3SA

A1,

CME

Term

SOFR

3

Month

+

1.3216%,

6.6502%,

4/15/34

(144A)

‡

16,800,000

16,808,534

Carlyle

US

CLO

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7302%,

4/15/34

(144A)

‡

65,736,000

65,858,729

Carlyle

US

CLO

Ltd.

2020-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7252%,

1/25/35

(144A)

‡

50,310,000

50,349,745

Carlyle

US

CLO

Ltd.

2022-2A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3246%,

4/20/35

(144A)

‡

10,000,000

10,034,370

Carlyle

US

CLO

Ltd.

2021-7A

A1,

CME

Term

SOFR

3

Month

+

1.4216%,

6.7502%,

10/15/35

(144A)

‡

54,000,000

54,112,104

Carlyle

US

CLO

Ltd.

2021-7A

A2,

CME

Term

SOFR

3

Month

+

1.9116%,

7.2402%,

10/15/35

(144A)

‡

15,000,000

15,020,670

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Carlyle

US

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

7.5746%,

7/20/36

(144A)

‡

$

9,000,000

$

9,083,853

Carlyle

US

CLO

Ltd.

2024-3A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

0.0000%,

7/25/36

(144A)

‡

24,000,000

24,012,816

Carlyle

US

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2736%,

10/25/36

(144A)

‡

8,000,000

8,017,024

Carlyle

US

CLO

Ltd.

2022-3A

AR,

CME

Term

SOFR

3

Month

+

1.5500%,

6.8746%,

4/20/37

(144A)

‡

89,900,000

89,981,539

CBAM

Ltd.

2018-8A

A1,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7062%,

10/20/29

(144A)

‡

5,465,454

5,466,470

CBAM

Ltd.

2019-10A

A1R,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7062%,

4/20/32

(144A)

‡

30,000,000

30,023,310

CBAM

Ltd.

2020-13A

A,

CME

Term

SOFR

3

Month

+

1.6916%,

7.0162%,

1/20/34

(144A)

‡

25,880,000

25,896,511

CBAM

Ltd.

2021-14A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6862%,

4/20/34

(144A)

‡

20,000,000

20,026,040

CBAM

Ltd.

2019-11RA

A1,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7662%,

1/20/35

(144A)

‡

16,897,000

16,908,591

CBAM

Ltd.

2019-11RA

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.0862%,

1/20/35

(144A)

‡

13,889,000

13,904,181

Cedar

Funding

VI

CLO

Ltd.

2016-6A

ARR,

CME

Term

SOFR

3

Month

+

1.3116%,

6.6362%,

4/20/34

(144A)

‡

34,829,000

34,855,923

CIFC

Funding

2019-I

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6862%,

4/20/32

(144A)

‡

15,710,000

15,729,732

CIFC

Funding

2019-V

Ltd.

2019-5A

A2RS,

CME

Term

SOFR

3

Month

+

2.0116%,

7.3402%,

1/15/35

(144A)

‡

15,500,000

15,520,692

CIFC

Funding

2020-III

Ltd.

2020-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7162%,

10/20/34

(144A)

‡

59,600,000

59,605,662

CIFC

Funding

2021-III

Ltd.

2021-3A

A,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7302%,

7/15/36

(144A)

‡

30,745,000

30,813,346

CIFC

Funding

2022-V

Ltd.

2022-5A

A2R,

CME

Term

SOFR

3

Month

+

1.7200%,

7.0477%,

1/16/37

(144A)

‡

10,000,000

10,004,480

CIFC

Funding

Ltd.

2019-5A

A1R1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7302%,

1/15/35

(144A)

‡

25,000,000

25,002,225

CIFC

Funding

Ltd.

2014-4RA

A1AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7487%,

1/17/35

(144A)

‡

70,605,000

70,766,403

CIFC

Funding

Ltd.

2021-7A

A1,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7180%,

1/23/35

(144A)

‡

60,576,000

60,676,920

CIFC

Funding

Ltd.

2022-4A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0277%,

7/16/35

(144A)

‡

20,000,000

20,001,720

CIFC

Funding

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7402%,

7/15/36

(144A)

‡

22,800,000

22,851,163

Clover

CLO

LLC

2018-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0544%,

4/20/37

(144A)

‡

30,000,000

30,015,660

Columbia

Cent

CLO

29

Ltd.

2020-29A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7562%,

10/20/34

(144A)

‡

12,140,000

12,149,433

CQS

US

CLO

Ltd.

2023-3A

AJ,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4735%,

1/25/37

(144A)

‡

9,000,000

9,003,852

Crown

City

CLO

IV

2022-4A

AJ,

CME

Term

SOFR

3

Month

+

1.8200%,

7.1443%,

4/20/37

(144A)

‡

19,000,000

19,014,212

Deer

Creek

CLO

Ltd.

2017-1A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7662%,

10/20/30

(144A)

‡

1,928,611

1,931,560

Dryden

102

CLO

Ltd.

2023-102A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3286%,

10/15/36

(144A)

‡

10,400,000

10,451,865

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Dryden

105

CLO

Ltd.

2023-105A

A,

CME

Term

SOFR

3

Month

+

1.8000%,

7.1269%,

4/18/36

(144A)

‡

$

32,000,000

$

32,188,704

Dryden

105

CLO

Ltd.

2023-105A

C,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4269%,

4/18/36

(144A)

‡

16,550,000

16,600,213

Dryden

107

CLO

Ltd.

2023-107A

A2,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4570%,

8/15/35

(144A)

‡

10,000,000

10,048,030

Dryden

109

CLO

Ltd.

2022-109A

B,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3246%,

4/20/35

(144A)

‡

30,000,000

30,033,300

Dryden

115

CLO

Ltd.

2024-115A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0014%,

4/18/37

(144A)

‡

40,000,000

40,011,160

Dryden

119

CLO

Ltd.

2024-119A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0224%,

4/15/36

(144A)

‡

22,000,000

22,018,414

Dryden

72

CLO

Ltd.

2019-72A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6486%,

5/15/32

(144A)

‡

35,200,000

35,217,600

Dryden

75

CLO

Ltd.

2019-75A

AR2,

CME

Term

SOFR

3

Month

+

1.3016%,

6.6302%,

4/15/34

(144A)

‡

46,351,000

46,358,972

Dryden

76

CLO

Ltd.

2019-76A

A1R,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

10/20/34

(144A)

‡

10,750,000

10,755,418

Dryden

77

CLO

Ltd.

2020-77A

AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7007%,

5/20/34

(144A)

‡

79,490,000

79,569,490

Dryden

78

CLO

Ltd.

2020-78A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0471%,

4/17/37

(144A)

‡

10,000,000

10,005,200

Dryden

83

CLO

Ltd.

2020-83A

AR,

CME

Term

SOFR

3

Month

+

1.5300%,

0.0000%,

4/18/37

(144A)

‡

47,000,000

47,024,957

Dryden

85

CLO

Ltd.

2020-85A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7402%,

10/15/35

(144A)

‡

44,893,000

44,899,824

Dryden

93

CLO

Ltd.

2021-93A

B,

CME

Term

SOFR

3

Month

+

1.8616%,

7.1902%,

1/15/34

(144A)

‡

20,000,000

20,013,360

Dryden

95

CLO

Ltd.

2021-95A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7007%,

8/20/34

(144A)

‡

48,000,000

47,919,312

Eaton

Vance

CLO

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7602%,

10/15/34

(144A)

‡

37,815,000

37,884,806

Elmwood

CLO

24

Ltd.

2023-3A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2826%,

12/11/33

(144A)

‡

10,000,000

10,005,630

Elmwood

CLO

25

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0189%,

4/17/37

(144A)

‡

10,000,000

10,003,120

Elmwood

CLO

26

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.5000%,

6.7915%,

4/18/37

(144A)

‡

60,000,000

60,009,600

Elmwood

CLO

26

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.9915%,

4/18/37

(144A)

‡

7,000,000

7,000,525

Elmwood

CLO

I

Ltd.

2019-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7200%,

7.0314%,

4/20/37

(144A)

‡

8,750,000

8,754,567

Elmwood

CLO

II

Ltd.

2019-2A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

4/20/34

(144A)

‡

3,000,000

3,009,249

Elmwood

CLO

V

Ltd.

2020-2A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

10/20/34

(144A)

‡

49,000,000

49,148,813

Empower

CLO

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.4000%,

7.7286%,

7/15/36

(144A)

‡

22,500,000

22,636,913

Empower

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.6000%,

6.9107%,

4/25/37

(144A)

‡

40,000,000

40,041,680

Empower

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8000%,

7.1107%,

4/25/37

(144A)

‡

9,000,000

9,014,868

Generate

CLO

13

Ltd.

2023-13A

A1,

CME

Term

SOFR

3

Month

+

1.8000%,

7.1246%,

1/20/37

(144A)

‡

66,500,000

66,924,203

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Golub

Capital

Partners

CLO

58B

Ltd.

2021-58A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

7.0352%,

1/25/35

(144A)

‡

$

10,000,000

$

10,000,580

Golub

Capital

Partners

CLO

60B

Ltd.

2022-60A

B,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4735%,

10/25/34

(144A)

‡

30,000,000

30,029,790

Golub

Capital

Partners

CLO

66B

Ltd.

2023-66A

A,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2736%,

4/25/36

(144A)

‡

47,500,000

47,837,108

Golub

Capital

Partners

CLO

72B

Ltd.

2024-72A

AJ,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0458%,

4/25/37

(144A)

‡

18,000,000

18,013,662

Harvest

US

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8500%,

7.1595%,

4/18/37

(144A)

‡

8,000,000

8,006,384

HPS

Loan

Management

Ltd.

2021-16A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7280%,

1/23/35

(144A)

‡

37,252,000

37,259,301

Invesco

CLO

Ltd.

2022-2A

A1,

CME

Term

SOFR

3

Month

+

1.4400%,

6.7646%,

7/20/35

(144A)

‡

16,500,000

16,514,635

Invesco

CLO

Ltd.

2022-2A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0746%,

7/20/35

(144A)

‡

5,000,000

4,997,335

Katayma

CLO

I

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

2.2000%,

7.5246%,

10/20/36

(144A)

‡

16,000,000

16,123,664

Katayma

CLO

II

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.6500%,

6.9379%,

4/20/37

(144A)

‡

75,000,000

75,019,650

KKR

CLO

16

Ltd.

16

A1R2,

CME

Term

SOFR

3

Month

+

1.4716%,

6.7962%,

10/20/34

(144A)

‡

16,550,000

16,554,948

KKR

CLO

24

Ltd.

24

A1R,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6662%,

4/20/32

(144A)

‡

7,110,000

7,110,000

KKR

CLO

27

Ltd.

27A

AR,

CME

Term

SOFR

3

Month

+

1.2800%,

6.6086%,

10/15/32

(144A)

‡

20,700,000

20,717,388

KKR

CLO

34

Ltd.

34A

B,

CME

Term

SOFR

3

Month

+

2.0616%,

7.3902%,

7/15/34

(144A)

‡

14,875,000

14,900,139

KKR

CLO

35

Ltd.

35A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.7762%,

10/20/34

(144A)

‡

53,845,000

53,853,723

KKR

CLO

36

Ltd.

36A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7702%,

10/15/34

(144A)

‡

17,130,000

17,138,685

KKR

CLO

37

Ltd.

37A

A1A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7562%,

1/20/35

(144A)

‡

18,750,000

18,774,394

KKR

CLO

38

Ltd.

38A

B,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2786%,

4/15/33

(144A)

‡

15,000,000

15,014,340

KKR

CLO

41

Ltd.

2022-41A

A1,

CME

Term

SOFR

3

Month

+

1.3300%,

6.6586%,

4/15/35

(144A)

‡

10,359,000

10,335,133

KKR

CLO

43

Ltd.

2022-43A

A1R,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0786%,

1/15/36

(144A)

‡

80,000,000

80,597,120

KKR

CLO

43

Ltd.

2022-43A

A2R,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3286%,

1/15/36

(144A)

‡

11,750,000

11,776,155

KKR

CLO

44

Ltd.

44A

A2,

CME

Term

SOFR

3

Month

+

2.0500%,

7.3597%,

1/20/36

(144A)

‡

10,000,000

10,017,230

KKR

CLO

48

Ltd.

48A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3246%,

10/20/36

(144A)

‡

8,750,000

8,765,776

KKR

CLO

Ltd.

22A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

7/20/31

(144A)

‡

2,627,618

2,631,560

LCM

34

Ltd.

34A

A1,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7562%,

10/20/34

(144A)

‡

29,900,000

29,932,083

LCM

35

Ltd.

35A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

6.9902%,

10/15/34

(144A)

‡

7,000,000

6,906,627

LCM

Loan

Income

Fund

I

Income

Note

Issuer

Ltd.

27A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

6.8893%,

7/16/31

(144A)

‡

18,000,000

18,000,882

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Logan

CLO

I

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.4216%,

6.7462%,

7/20/34

(144A)

‡

$

32,950,000

$

33,038,767

Logan

CLO

II

Ltd.

2021-2A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

1/20/35

(144A)

‡

24,196,521

24,268,893

Madison

Park

Funding

LII

Ltd.

2021-52A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6862%,

1/22/35

(144A)

‡

85,085,000

85,087,382

Madison

Park

Funding

LIX

Ltd.

2021-59A

A,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7285%,

1/18/34

(144A)

‡

64,090,000

64,224,589

Madison

Park

Funding

Ltd.

2024-69A

A2,

CME

Term

SOFR

3

Month

+

1.7100%,

0.0000%,

7/25/37

(144A)

‡

29,450,000

29,465,697

Madison

Park

Funding

LXIII

Ltd.

2023-63A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

7.5746%,

4/21/35

(144A)

‡

15,000,000

15,047,880

Madison

Park

Funding

LXVII

Ltd.

2024-67A

A2,

CME

Term

SOFR

3

Month

+

1.7050%,

6.9952%,

4/25/37

(144A)

‡

10,000,000

10,035,890

Madison

Park

Funding

XIX

Ltd.

2015-19A

AR3,

CME

Term

SOFR

3

Month

+

1.6000%,

6.9246%,

1/22/37

(144A)

‡

22,000,000

22,035,662

Madison

Park

Funding

XLVII

Ltd.

2020-47A

A2R,

CME

Term

SOFR

3

Month

+

1.7400%,

7.0666%,

4/19/37

(144A)

‡

16,000,000

16,012,752

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

CME

Term

SOFR

3

Month

+

1.5616%,

6.8865%,

7/27/30

(144A)

‡

4,750,000

4,751,639

Madison

Park

Funding

XXI

Ltd.

2016-21A

AARR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6702%,

10/15/32

(144A)

‡

94,250,000

94,372,808

Madison

Park

Funding

XXXIII

Ltd.

2019-33A

AR,

CME

Term

SOFR

3

Month

+

1.2900%,

6.6186%,

10/15/32

(144A)

‡

22,490,000

22,504,191

Madison

Park

Funding

XXXV

Ltd.

2019-35A

A1R,

CME

Term

SOFR

3

Month

+

1.2516%,

6.5762%,

4/20/32

(144A)

‡

82,635,000

82,781,760

Madison

Park

Funding

XXXVIII

Ltd.

2021-38A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

6.6987%,

7/17/34

(144A)

‡

41,790,000

41,897,233

Magnetite

XXVI

Ltd.

2020-26A

A1R,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7052%,

7/25/34

(144A)

‡

47,360,536

47,443,275

Magnetite

XXVIII

Ltd.

2020-28A

AR,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7162%,

1/20/35

(144A)

‡

30,300,000

30,341,420

Magnetite

XXXII

Ltd.

2022-32A

A,

CME

Term

SOFR

3

Month

+

1.3500%,

6.6786%,

4/15/35

(144A)

‡

29,500,000

29,543,601

Magnetite

XXXV

Ltd.

2022-35A

AR,

CME

Term

SOFR

3

Month

+

1.6500%,

6.9735%,

10/25/36

(144A)

‡

26,000,000

26,180,830

Marathon

CLO

XIII

Ltd.

2019-1A

ABR2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0340%,

4/15/32

(144A)

‡

12,500,000

12,503,537

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7685%,

12/18/30

(144A)

‡

1,643,426

1,648,665

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2021-1A

B,

CME

Term

SOFR

3

Month

+

1.9116%,

7.2380%,

10/20/34

(144A)

‡

10,845,000

10,853,763

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2023-20A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3586%,

1/20/37

(144A)

‡

8,000,000

8,013,968

Mountain

View

CLO

LLC

2017-2A

AR,

CME

Term

SOFR

3

Month

+

1.3016%,

6.6293%,

1/16/31

(144A)

‡

20,215,179

20,236,769

Neuberger

Berman

CLO

XVI-S

Ltd.

2017-16SA

CR,

CME

Term

SOFR

3

Month

+

2.1616%,

7.4902%,

4/15/34

(144A)

‡

8,000,000

8,015,512

Neuberger

Berman

CLO

XXII

Ltd.

2016-22A

A2R2,

CME

Term

SOFR

3

Month

+

1.7200%,

0.0000%,

4/15/38

(144A)

‡

15,200,000

15,208,193

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6693%,

10/16/33

(144A)

‡

29,150,000

29,192,238

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6893%,

7/16/35

(144A)

‡

18,368,725

18,395,341

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7087%,

7/17/35

(144A)

‡

$

53,416,092

$

53,464,220

Neuberger

Berman

Loan

Advisers

CLO

55

Ltd.

2024-55A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0232%,

4/22/38

(144A)

‡

24,750,000

24,770,716

NYACK

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7062%,

10/20/34

(144A)

‡

83,751,613

83,875,398

Oaktree

CLO

Ltd.

2019-2A

A1AR,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7102%,

4/15/31

(144A)

‡

3,000,000

3,002,085

Oaktree

CLO

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2570%,

5/15/33

(144A)

‡

18,000,000

18,007,074

Oaktree

CLO

Ltd.

2023-2A

AJ,

CME

Term

SOFR

3

Month

+

2.2500%,

7.5746%,

7/20/36

(144A)

‡

8,000,000

8,050,784

Oaktree

CLO

Ltd.

2024-25A

A,

CME

Term

SOFR

3

Month

+

1.5500%,

6.8539%,

4/20/37

(144A)

‡

30,000,000

30,159,420

Oaktree

CLO

Ltd.

2024-25A

AJ,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0539%,

4/20/37

(144A)

‡

7,000,000

7,001,505

OCP

Aegis

CLO

Ltd.

2023-29A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3300%,

1/20/35

(144A)

‡

9,000,000

9,002,403

OCP

CLO

Ltd.

2019-17A

A1R,

CME

Term

SOFR

3

Month

+

1.3016%,

6.6262%,

7/20/32

(144A)

‡

63,780,000

63,847,671

OCP

CLO

Ltd.

2015-9A

A1R2,

CME

Term

SOFR

3

Month

+

1.2500%,

6.5786%,

1/15/33

(144A)

‡

10,020,000

10,021,713

OCP

CLO

Ltd.

2016-11A

A2R2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0212%,

4/26/36

(144A)

‡

12,000,000

12,052,800

OCP

CLO

Ltd.

2020-20A

A2R,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0234%,

4/18/37

(144A)

‡

16,000,000

15,999,488

OCP

CLO

Ltd.

2024-32A

A1,

CME

Term

SOFR

3

Month

+

1.5200%,

6.8464%,

4/23/37

(144A)

‡

50,000,000

50,029,450

OCP

CLO

Ltd.

2024-32A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

7.0464%,

4/23/37

(144A)

‡

12,000,000

12,007,044

Octagon

54

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.3816%,

6.7102%,

7/15/34

(144A)

‡

29,400,000

29,429,047

Octagon

55

Ltd.

2021-1A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7262%,

7/20/34

(144A)

‡

40,000,000

40,004,680

Octagon

58

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3286%,

7/15/37

(144A)

‡

10,665,000

10,672,956

Octagon

59

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2570%,

5/15/35

(144A)

‡

40,000,000

40,003,400

Octagon

66

Ltd.

2022-1A

A2R,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3257%,

11/16/36

(144A)

‡

11,000,000

11,053,900

Octagon

68

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2746%,

10/20/36

(144A)

‡

15,000,000

15,073,680

Octagon

70

Alto

Ltd.

2023-1A

A2,

CME

Term

SOFR

3

Month

+

2.0500%,

7.3746%,

10/20/36

(144A)

‡

18,000,000

18,057,816

Octagon

71

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.9915%,

4/18/37

(144A)

‡

15,000,000

15,016,050

Octagon

Investment

Partners

28

Ltd.

2016-1A

A2RR,

CME

Term

SOFR

3

Month

+

1.7200%,

0.0000%,

4/24/37

(144A)

‡

10,250,000

10,250,000

Octagon

Investment

Partners

29

Ltd.

2016-1A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7646%,

1/24/33

(144A)

‡

68,716,000

68,715,038

Octagon

Investment

Partners

40

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7562%,

1/20/35

(144A)

‡

22,380,000

22,380,067

Octagon

Investment

Partners

42

Ltd.

2019-3A

AR,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7302%,

7/15/34

(144A)

‡

34,000,000

34,059,500

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

14

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Octagon

Investment

Partners

44

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7702%,

10/15/34

(144A)

‡

$

53,600,000

$

53,650,706

Octagon

Investment

Partners

45

Ltd.

2019-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3400%,

6.6686%,

4/15/35

(144A)

‡

10,320,000

10,328,008

Octagon

Investment

Partners

48

Ltd.

2020-3A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

10/20/34

(144A)

‡

37,168,000

37,177,292

Octagon

Investment

Partners

49

Ltd.

2020-5A

AR,

CME

Term

SOFR

3

Month

+

1.5200%,

6.8109%,

4/15/37

(144A)

‡

110,000,000

110,051,260

Octagon

Investment

Partners

50

Ltd.

2020-4A

AR,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7402%,

1/15/35

(144A)

‡

53,400,000

53,460,556

Octagon

Investment

Partners

51

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

7/20/34

(144A)

‡

25,790,000

25,790,103

Octagon

Investment

Partners

XIV

Ltd.

2012-1A

ABRR,

CME

Term

SOFR

3

Month

+

1.5116%,

6.8402%,

7/15/29

(144A)

‡

20,000,000

20,005,940

OHA

Credit

Funding

1

Ltd.

2018-1A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0128%,

4/20/37

(144A)

‡

16,600,000

16,608,167

OHA

Credit

Funding

16

Ltd.

2023-16A

A2,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2746%,

10/20/36

(144A)

‡

15,000,000

15,024,945

OHA

Credit

Funding

3

Ltd.

2019-3A

AR,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7262%,

7/2/35

(144A)

‡

110,000,000

110,261,800

OHA

Credit

Funding

7

Ltd.

2020-7A

AR,

CME

Term

SOFR

3

Month

+

1.3000%,

6.6266%,

2/24/37

(144A)

‡

37,425,366

37,426,002

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

CME

Term

SOFR

3

Month

+

1.4516%,

6.7785%,

1/18/34

(144A)

‡

20,000,000

20,035,020

OHA

Credit

Partners

XII

Ltd.

2015-12A

A2R2,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0264%,

4/23/37

(144A)

‡

30,750,000

30,771,156

OHA

Credit

Partners

XV

Ltd.

2017-15A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0256%,

4/20/37

(144A)

‡

10,500,000

10,508,799

OHA

Loan

Funding

Ltd.

2013-1A

A2R3,

CME

Term

SOFR

3

Month

+

1.7000%,

0.0000%,

4/23/37

(144A)

‡

18,700,000

18,709,986

Palmer

Square

CLO

Ltd.

2021-4A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7602%,

10/15/34

(144A)

‡

29,400,000

29,480,762

Palmer

Square

CLO

Ltd.

2021-3A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

6.9902%,

1/15/35

(144A)

‡

16,000,000

16,004,720

Palmer

Square

CLO

Ltd.

2023-3A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3575%,

1/20/37

(144A)

‡

12,500,000

12,542,425

Palmer

Square

Loan

Funding

Ltd.

2022-1A

B,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3286%,

4/15/30

(144A)

‡

15,000,000

15,000,870

Parallel

Ltd.

2019-1A

A2R,

CME

Term

SOFR

3

Month

+

1.7616%,

7.0862%,

7/20/32

(144A)

‡

9,000,000

8,847,747

Park

Blue

CLO

2023-IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3286%,

1/25/37

(144A)

‡

5,000,000

5,009,235

Peace

Park

CLO

Ltd.

2021-1A

A,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7162%,

10/20/34

(144A)

‡

28,309,000

28,350,359

Pikes

Peak

CLO

11

2022-11A

A1,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2736%,

7/25/34

(144A)

‡

11,000,000

11,014,047

Post

CLO

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2746%,

4/20/36

(144A)

‡

30,000,000

30,224,700

Post

CLO

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.6000%,

6.8724%,

4/20/37

(144A)

‡

85,000,000

85,307,700

Post

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.8000%,

7.0724%,

4/20/37

(144A)

‡

8,000,000

8,008,984

Post

CLO

Ltd.

2024-1A

B,

CME

Term

SOFR

3

Month

+

2.1000%,

7.3724%,

4/20/37

(144A)

‡

20,000,000

20,014,420

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

PPM

CLO

6-R

Ltd.

2022-6RA

A2R,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4746%,

1/20/37

(144A)

‡

$

8,000,000

$

8,008,912

Race

Point

VIII

CLO

Ltd.

2013-8A

BR2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.0807%,

2/20/30

(144A)

‡

19,290,000

19,274,472

Rad

CLO

10

Ltd.

2021-10A

A,

CME

Term

SOFR

3

Month

+

1.4316%,

6.7580%,

4/23/34

(144A)

‡

5,520,000

5,523,467

RAD

CLO

15

Ltd.

2021-15A

A,

CME

Term

SOFR

3

Month

+

1.3516%,

6.6762%,

1/20/34

(144A)

‡

12,400,000

12,400,893

RAD

CLO

19

Ltd.

2023-19A

C,

CME

Term

SOFR

3

Month

+

3.3500%,

8.6746%,

4/20/35

(144A)

‡

15,500,000

15,537,060

Rad

CLO

2

Ltd.

2018-2A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6702%,

10/15/31

(144A)

‡

7,445,187

7,457,226

RAD

CLO

21

Ltd.

2023-21A

A,

CME

Term

SOFR

3

Month

+

1.5900%,

6.9136%,

1/25/33

(144A)

‡

25,000,000

25,197,225

RAD

CLO

21

Ltd.

2023-21A

B,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4735%,

1/25/33

(144A)

‡

39,375,000

39,635,072

RAD

CLO

21

Ltd.

2023-21A

C,

CME

Term

SOFR

3

Month

+

2.5500%,

7.8735%,

1/25/33

(144A)

‡

17,335,572

17,374,958

Rad

CLO

22

Ltd.

2023-22A

A2,

CME

Term

SOFR

3

Month

+

2.1000%,

7.4724%,

1/20/37

(144A)

‡

10,000,000

10,040,930

RAD

CLO

23

Ltd.

2024-23A

A1,

CME

Term

SOFR

3

Month

+

1.6000%,

6.8846%,

4/20/37

(144A)

‡

100,000,000

100,461,000

Rad

CLO

7

Ltd.

2020-7A

A2R,

CME

Term

SOFR

3

Month

+

1.7000%,

7.0171%,

4/17/36

(144A)

‡

11,000,000

11,080,465

REESE

PARK

CLO

Ltd.

2020-1A

AR,

CME

Term

SOFR

3

Month

+

1.3916%,

6.7202%,

10/15/34

(144A)

‡

11,450,000

11,483,869

Regatta

XX

Funding

Ltd.

2021-2A

A,

CME

Term

SOFR

3

Month

+

1.4216%,

6.7502%,

10/15/34

(144A)

‡

13,481,022

13,489,259

Regatta

XXIII

Funding

Ltd.

2021-4A

A1,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7362%,

1/20/35

(144A)

‡

56,668,000

56,710,728

Regatta

XXIV

Funding

Ltd.

2021-5A

A2,

CME

Term

SOFR

3

Month

+

1.6616%,

6.9862%,

1/20/35

(144A)

‡

10,000,000

10,007,520

Regatta

XXV

Funding

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

1.9000%,

7.2286%,

7/15/36

(144A)

‡

10,000,000

10,077,940

Regatta

XXVI

Funding

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.2282%,

1/25/37

(144A)

‡

9,000,000

9,015,084

Regatta

XXVII

Funding

Ltd.

2024-1A

A1,

CME

Term

SOFR

3

Month

+

1.5300%,

6.8256%,

4/26/37

(144A)

‡

69,000,000

69,191,268

Regatta

XXVII

Funding

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7300%,

7.0256%,

4/26/37

(144A)

‡

10,000,000

10,027,480

Regatta

XXVIII

Funding

Ltd.

2024-2A

A1,

CME

Term

SOFR

3

Month

+

1.5500%,

6.8750%,

4/25/37

(144A)

‡

75,000,000

75,362,325

Regatta

XXVIII

Funding

Ltd.

2024-2A

A2,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0750%,

4/25/37

(144A)

‡

16,000,000

16,077,408

Riserva

CLO

Ltd.

2016-3A

ARR,

CME

Term

SOFR

3

Month

+

1.3216%,

6.6485%,

1/18/34

(144A)

‡

22,825,000

22,842,187

Rockford

Tower

CLO

Ltd.

2017-1A

AR2,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6862%,

4/20/34

(144A)

‡

14,500,000

14,502,842

Rockford

Tower

CLO

Ltd.

2022-2A

A2R,

CME

Term

SOFR

3

Month

+

2.1500%,

7.4746%,

10/20/35

(144A)

‡

9,500,000

9,518,430

RR

1

LLC

2017-1A

A1AB,

CME

Term

SOFR

3

Month

+

1.4116%,

6.7402%,

7/15/35

(144A)

‡

63,050,000

63,124,147

RR

16

Ltd.

2021-16A

A1,

CME

Term

SOFR

3

Month

+

1.3716%,

6.7002%,

7/15/36

(144A)

‡

16,035,000

16,066,589

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

16

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

RR

24

Ltd.

2022-24A

A1BR,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2786%,

1/15/36

(144A)

‡

$

15,750,000

$

15,839,822

RR

27

Ltd.

2023-27A

A1B,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2786%,

10/15/35

(144A)

‡

10,000,000

10,024,680

RR

5

Ltd.

2018-5A

A1R,

CME

Term

SOFR

3

Month

+

1.5000%,

0.0000%,

7/15/39

(144A)

‡

70,000,000

70,037,310

RRX

4

Ltd.

2021-4A

A1,

CME

Term

SOFR

3

Month

+

1.4616%,

6.7902%,

7/15/34

(144A)

‡

46,710,000

46,726,816

RRX

7

Ltd.

2022-7A

A1,

CME

Term

SOFR

3

Month

+

1.3600%,

6.6886%,

7/15/35

(144A)

‡

15,400,000

15,422,007

Sandstone

Peak

II

Ltd.

2023-1A

A,

CME

Term

SOFR

3

Month

+

2.2000%,

7.5246%,

7/20/36

(144A)

‡

50,000,000

50,531,550

Sandstone

Peak

II

Ltd.

2023-1A

C,

CME

Term

SOFR

3

Month

+

3.5000%,

8.8246%,

7/20/36

(144A)

‡

13,600,000

13,784,919

Sandstone

Peak

III

Ltd.

2024-1A

C,

CME

Term

SOFR

3

Month

+

2.6500%,

0.0000%,

4/25/37

(144A)

‡

129,500,000

129,565,218

Sandstone

Peak

Ltd.

2021-1A

B1,

CME

Term

SOFR

3

Month

+

2.0616%,

7.3902%,

10/15/34

(144A)

‡

12,500,000

12,504,925

Saratoga

Investment

Corp.

CLO

Ltd.

2013-1A

A2R3,

CME

Term

SOFR

3

Month

+

1.9116%,

7.2362%,

4/20/33

(144A)

‡

35,000,000

34,999,195

Shackleton

CLO

Ltd.

2017-11A

AR,

CME

Term

SOFR

3

Month

+

1.3516%,

6.6586%,

8/15/30

(144A)

‡

26,613,208

26,620,606

Shackleton

CLO

Ltd.

2019-14A

A1R,

CME

Term

SOFR

3

Month

+

1.4616%,

6.7862%,

7/20/34

(144A)

‡

3,825,000

3,825,956

Signal

Peak

CLO

1

Ltd.

2014-1A

AR3,

CME

Term

SOFR

3

Month

+

1.4216%,

6.7387%,

4/17/34

(144A)

‡

24,920,000

24,925,084

Signal

Peak

CLO

12

Ltd.

2022-12A

A1,

CME

Term

SOFR

3

Month

+

1.5400%,

6.8669%,

7/18/34

(144A)

‡

80,391,000

80,571,880

Signal

Peak

CLO

4

Ltd.

2017-4A

AR,

CME

Term

SOFR

3

Month

+

1.4416%,

6.7661%,

10/26/34

(144A)

‡

18,000,000

18,000,288

Signal

Peak

CLO

5

Ltd.

2018-5A

A2R,

CME

Term

SOFR

3

Month

+

1.7500%,

7.0760%,

4/25/37

(144A)

‡

24,000,000

24,036,480

Signal

Peak

CLO

8

Ltd.

2020-8A

A,

CME

Term

SOFR

3

Month

+

1.5316%,

6.8562%,

4/20/33

(144A)

‡

11,000,000

11,002,277

Silver

Point

CLO

4

Ltd.

2024-4A

A1,

CME

Term

SOFR

3

Month

+

1.6300%,

6.8871%,

4/15/37

(144A)

‡

100,000,000

100,550,600

Silver

Point

CLO

4

Ltd.

2024-4A

A2,

CME

Term

SOFR

3

Month

+

1.8300%,

7.0871%,

4/15/37

(144A)

‡

18,000,000

17,995,464

Silver

Rock

CLO

III

2023-3A

A2,

CME

Term

SOFR

3

Month

+

2.1000%,

7.4366%,

1/20/36

(144A)

‡

20,000,000

20,091,040

Sixth

Street

CLO

XVI

Ltd.

2020-16A

A2R,

CME

Term

SOFR

3

Month

+

1.9500%,

7.2746%,

1/20/37

(144A)

‡

5,500,000

5,512,452

Sixth

Street

CLO

XXIV

Ltd.

2024-24A

A,

CME

Term

SOFR

3

Month

+

1.5200%,

6.8145%,

4/23/37

(144A)

‡

50,000,000

50,055,700

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

CME

Term

SOFR

3

Month

+

1.5116%,

6.8362%,

10/20/31

(144A)

‡

7,125,000

7,131,341

Sound

Point

CLO

XVII

2017-3A

A1R,

CME

Term

SOFR

3

Month

+

1.2416%,

6.5662%,

10/20/30

(144A)

‡

12,666,193

12,672,526

Sound

Point

CLO

XXII

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6662%,

1/20/32

(144A)

‡

3,500,000

3,501,288

Steele

Creek

CLO

Ltd.

2014-1RA

A,

CME

Term

SOFR

3

Month

+

1.3316%,

6.6562%,

4/21/31

(144A)

‡

5,931,862

5,935,124

Steele

Creek

CLO

Ltd.

2018-2A

A,

CME

Term

SOFR

3

Month

+

1.4616%,

6.7807%,

8/18/31

(144A)

‡

10,961,586

10,965,916

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

17

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Sycamore

Tree

CLO

Ltd.

2024-5A

A2,

CME

Term

SOFR

3

Month

+

1.8000%,

7.1227%,

4/20/36

(144A)

‡

$

15,000,000

$

15,012,540

Sycamore

Tree

CLO

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.4000%,

7.7246%,

10/20/36

(144A)

‡

10,000,000

10,016,530

Sycamore

Tree

CLO

Ltd.

2023-3A

A1R,

CME

Term

SOFR

3

Month

+

1.6500%,

6.9746%,

4/20/37

(144A)

‡

105,500,000

105,556,020

Symphony

CLO

40

Ltd.

2023-40A

A2,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3286%,

1/14/34

(144A)

‡

8,000,000

8,023,048

Symphony

CLO

43

Ltd.

2024-43A

A2,

CME

Term

SOFR

3

Month

+

1.7200%,

7.0465%,

4/15/37

(144A)

‡

16,000,000

16,016,736

Symphony

CLO

XVI

Ltd.

2015-16A

B1R,

CME

Term

SOFR

3

Month

+

1.9116%,

7.2402%,

10/15/31

(144A)

‡

10,000,000

9,885,780

Symphony

CLO

XVIII

Ltd.

2016-18A

A1RR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6880%,

7/23/33

(144A)

‡

80,500,000

80,513,524

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

CME

Term

SOFR

3

Month

+

1.5516%,

6.8785%,

4/18/33

(144A)

‡

2,650,000

2,650,034

Symphony

CLO

XXVI

Ltd.

2021-26A

AR,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6662%,

4/20/33

(144A)

‡

19,610,000

19,600,332

Symphony

CLO

XXVIII

Ltd.

2021-28A

B,

CME

Term

SOFR

3

Month

+

1.9116%,

7.2380%,

10/23/34

(144A)

‡

13,750,000

13,760,794

TCW

CLO

AMR

Ltd.

2019-1A

AJR,

CME

Term

SOFR

3

Month

+

1.7616%,

7.0873%,

8/16/34

(144A)

‡

8,000,000

8,001,720

TCW

CLO

Ltd.

2020-1A

A1RR,

CME

Term

SOFR

3

Month

+

1.4216%,

6.7462%,

4/20/34

(144A)

‡

15,000,000

15,023,280

TCW

CLO

Ltd.

2024-1A

AJ,

CME

Term

SOFR

3

Month

+

1.8000%,

7.1256%,

1/16/37

(144A)

‡

12,000,000

12,005,688

Texas

Debt

Capital

CLO

Ltd.

2024-1A

A2,

CME

Term

SOFR

3

Month

+

1.7000%,

6.9701%,

4/22/37

(144A)

‡

16,000,000

16,015,552

THL

Credit

Wind

River

CLO

Ltd.

2017-1A

ARR,

CME

Term

SOFR

3

Month

+

1.3216%,

6.6485%,

4/18/36

(144A)

‡

9,250,000

9,249,741

TICP

CLO

XIV

Ltd.

2019-14A

A1R,

CME

Term

SOFR

3

Month

+

1.3416%,

6.6662%,

10/20/32

(144A)

‡

27,480,000

27,530,206

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

CME

Term

SOFR

3

Month

+

1.7116%,

7.0385%,

1/18/35

(144A)

‡

8,000,000

8,007,024

Tikehau

US

CLO

V

Ltd.

2023-2A

A2,

CME

Term

SOFR

3

Month

+

2.2500%,

7.6113%,

1/15/36

(144A)

‡

18,500,000

18,710,789

Tikehau

US

CLO

V

Ltd.

2023-2A

B1,

CME

Term

SOFR

3

Month

+

2.9000%,

8.2613%,

1/15/36

(144A)

‡

26,000,000

26,215,878

Trimaran

Cavu

Ltd.

2019-1A

A2,

CME

Term

SOFR

3

Month

+

2.1616%,

7.4862%,

7/20/32

(144A)

‡

8,000,000

8,025,856

Venture

28A

CLO

Ltd.

2017-28AA

A2R,

CME

Term

SOFR

3

Month

+

1.7116%,

7.0362%,

10/20/34

(144A)

‡

14,250,000

14,212,237

Venture

42

CLO

Ltd.

2021-42A

A2,

CME

Term

SOFR

3

Month

+

1.5616%,

6.8902%,

4/15/34

(144A)

‡

5,000,000

4,981,645

Venture

43

CLO

Ltd.

2021-43A

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.0902%,

4/15/34

(144A)

‡

7,500,000

7,493,978

Venture

XXX

CLO

Ltd.

2017-30A

A2,

CME

Term

SOFR

3

Month

+

1.6116%,

6.9402%,

1/15/31

(144A)

‡

15,500,000

15,479,509

Voya

CLO

Ltd.

2018-1A

A1,

CME

Term

SOFR

3

Month

+

1.2116%,

6.5382%,

4/19/31

(144A)

‡

6,365,548

6,379,533

Voya

CLO

Ltd.

2017-3A

A1R,

CME

Term

SOFR

3

Month

+

1.3016%,

6.6262%,

4/20/34

(144A)

‡

16,920,000

16,928,663

Voya

CLO

Ltd.

2022-1A

A1,

CME

Term

SOFR

3

Month

+

1.3900%,

6.7146%,

4/20/35

(144A)

‡

46,500,000

46,521,297

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

18

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Whitebox

CLO

IV

Ltd.

2023-4A

A2,

CME

Term

SOFR

3

Month

+

2.3000%,

7.6246%,

4/20/36

(144A)

‡

$

20,000,000

$

20,132,280

Wind

River

CLO

Ltd.

2024-1A

A,

CME

Term

SOFR

3

Month

+

1.6000%,

0.0000%,

4/20/37

(144A)

‡

135,000,000

135,070,876

Zais

CLO

13

Ltd.

2019-13A

A1A,

CME

Term

SOFR

3

Month

+

1.7516%,

7.0802%,

7/15/32

(144A)

‡

68,851,119

69,063,043

Zais

CLO

17

Ltd.

2021-17A

A2,

CME

Term

SOFR

3

Month

+

1.8416%,

7.1662%,

10/20/33

(144A)

‡

16,000,000

15,999,648

Total

Collateralized

Loan

Obligations

(cost

$8,675,511,214)

8,725,190,643

Investment

Companies

-

2.0%

Money

Market

Funds

-

2.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

£,∞

(cost

$173,757,333)

173,722,588

173,757,333

Total

Investments

(total

cost

$8,849,268,547

)

-

105.8%

8,898,947,976

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(5.8%)

(490,657,769)

Net

Assets

-

100.0%

$8,408,290,207

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

8,898,947,976

100.0

%

–

–

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

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

Shares

Held

at

4/30/24

Dividend

Income

Investment

Company

-

2.0%

Money

Market

Funds

-

2.0%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

∞

$

129,288,307

$

2,586,703,138

$

(2,542,234,112)

$

–

$

–

$

173,757,333

173,722,588

$

1,984,495

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

19

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.

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.

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2024.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2024

is

$8,725,190,643

which

represents

103.8%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

8,725,190,643

$

—

Investment

Companies

—

173,757,333

—

Total

Assets

$

—

$

8,898,947,976

$

—

Janus

Henderson

AAA

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

20

April

30,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$8,675,511,214)

$

8,725,190,643

Affiliated

investments,

at

value

(cost

$173,757,333)

173,757,333

Receivables:

Fund

units

sold

30,480,933

Interest

36,459,621

Total

Assets

8,965,888,530

Liabilities:

Due

to

custodian

166,385

Payables:

Investments

purchased

556,100,000

Management

fees

1,331,938

Total

Liabilities

557,598,323

Commitments

and

contingent

liabilities

Net

Assets

$

8,408,290,207

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

8,318,505,073

Total

distributable

earnings

(loss)

89,785,134

Total

Net

Assets

$

8,408,290,207

Net

Assets

$

8,408,290,207

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

165,750,000

Net

Asset

Value

Per

Share

$

50

.73

Janus

Henderson

AAA

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

Janus

Detroit

Street

Trust

21

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

213,991,774

Dividends

from

affiliates

1,984,495

Total

Investment

Income

215,976,269

Expenses:

Management

Fees

6,356,872

Total

Expenses

6,356,872

Net

Investment

Income/(Loss)

209,619,397

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

7,168,507

Total

Net

Realized

Gain/(Loss)

on

Investments

$

7,168,507

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

41,150,761

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

41,150,761

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

257,938,665

Janus

Henderson

AAA

CLO

ETF

Statements

of

Changes

in

Net

Assets

22

April

30,

2024

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

209,619,397

$

176,694,921

Net

realized

gain/(loss)

on

investments

7,168,507

188,959

Change

in

unrealized

net

appreciation/depreciation

41,150,761

45,297,122

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

257,938,665

222,181,002

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

189,501,521

)

(

156,829,695

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

189,501,521

)

(

156,829,695

)

Capital

Share

Transactions

3,867,779,697

2,744,352,534

Net

Increase/(Decrease)

in

Net

Assets

3,936,216,841

2,809,703,841

Net

Assets:

—

—

Beginning

of

Period  

4,472,073,366

1,662,369,525

End

of

Period

$

8,408,290,207

$

4,472,073,366

Janus

Henderson

AAA

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

23

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021

2020(1)

Net

Asset

Value,

Beginning

of

Period

$50.16

$48.82

$50.49

$49.79

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

—

Net

investment

income/(loss)

(2)

1.71

3.16

1.26

0.58

0.02

Net

realized

and

unrealized

gain/(loss)

0.50

1.02

(2.00)

0.69

(0.23)

Total

from

Investment

Operations

2.21

4.18

(0.74)

1.27

(0.21)

Less

Dividends

and

Distributions:

—

—

—

—

—

Dividends

(from

net

investment

income)

(1.64)

(2.84)

(0.93)

(0.57)

—

Total

Dividends

and

Distributions

(1.64)

(2.84)

(0.93)

(0.57)

—

Net

Asset

Value,

End

of

Period

$50.73

$50.16

$48.82

$50.49

$49.79

Total

Return

*

4.48%

8.81%

(1.48)%

(3)

2.55%

(0.42)%

Net

assets,

End

of

Period

(in

thousands)

$8,408,290

$4,472,073

$1,662,371

$260,002

$119,486

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.21%

0.22%

0.24%

0.25%

0.25%

Ratio

of

Net

Investment

Income/(Loss)

6.82%

6.37%

2.54%

1.16%

1.29%

Portfolio

Turnover

Rate

(4)

16%

47%

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

(unaudited)

24

April

30,

2024

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

eleven 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 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.

(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

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

(unaudited)

Janus

Detroit

Street

Trust

25

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2024

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.  

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 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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. 

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

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

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2024

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. 

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

April

30,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.21% 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 0.21%

of

the

Fund’s

average

daily

net

assets.

The

Adviser

has

agreed

to

continue

the

waiver

through

February

28,

2025.

The

previous

expense

limit

for

the

period

from

January

20,

2023

through

February

29,

2024

was

0.22%.

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

Daily

Net

Assets

Fee

Rate

$0-$1

billion

0.25%

over

$1

billion

0.20%

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2024, the

Adviser

owned 1,272,686

shares

or 0.77%

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 period

ended

April

30,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

Janus

Henderson

AAA

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2024

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

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.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(10,760,512)

$(2,409,656)

$(13,170,168)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$8,849,268,547

$50,348,054

$(668,625)

$49,679,429

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

76,600,000

$

3,867,779,697

55,100,000

$

2,744,352,534

Shares

repurchased

—

—

—

—

Net

Increase/(Decrease)

76,600,000

$

3,867,779,697

55,100,000

$

2,744,352,534

Purchases

of

Securities

Proceeds

from

Sales

of

Securities

Purchases

of

Long-

Term

U.S.

Government

Obligations

Proceeds

from

Sales

of

Long-Term

U.S.

Government

Obligations

$5,152,951,609

$1,014,195,415

$—

$—

Janus

Henderson

AAA

CLO

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

31

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

32

April

30,

2024

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

33

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

34

April

30,

2024

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

AAA

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

35

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

AAA

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

36

April

30,

2024

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

AAA

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

37

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93087

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

U.S.

Real

Estate

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Real

Estate

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

13

Additional

Information

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

20

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

21

Liquidity

Risk

Management

Program

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

25

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Greg

Kuhl

Danny

Greenberger

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Equinix,

Inc.

Specialized

REITs

10.0%

Welltower,

Inc.

Health

Care

REITs

7.5%

Prologis,

Inc.

Industrial

REITs

7.0%

Extra

Space

Storage,

Inc.

Specialized

REITs

6.2%

CubeSmart

Specialized

REITs

5.4%

36.1%

Sector

Allocation

–

(%

of

Net

Assets)

Financial

93.3%

Consumer,

Non-cyclical

3.3%

Consumer,

Cyclical

2.5%

Investment

Company

0.9%

100.0%

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.65%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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

if

applied,

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.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

FTSE

Nareit

Equity

REITs

Index

to

the

Russell

3000

®

Index

due

to

regulatory

requirements.

The

Fund

retained

the

FTSE

Nareit

Equity

REITs

Index

as

a

performance

benchmark

because

the

FTSE

Nareit

Equity

REITs

Index

is

more

closely

aligned

with

the

Fund’s

investment

strategies

and

investment

restrictions.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

U.S.

Real

Estate

ETF

-

NAV

7.66%

-5.37%

-4.22%

Janus

Henderson

U.S.

Real

Estate

ETF

-

Market

Price

7.55%

-5.38%

-4.23%

Russell

3000

®

Total

Return

Index

21.09%

22.30%

6.04%

FTSE

Nareit

Equity

REITs

Index

12.78%

1.94%

-2.63%

*

The

Fund

commenced

operations

on

June

22,

2021.

Janus

Henderson

U.S.

Real

Estate

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,076.60

$3.36

$1,000.00

$1,021.63

$3.27

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

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

99

.1

%

Health

Care

Providers

&

Services

-

3

.3

%

Chartwell

Retirement

Residences

11,015

$

100,140

Health

Care

REITs

-

12

.5

%

Sabra

Health

Care

REIT,

Inc.

11,030

153,538

Welltower,

Inc.

2,429

231,435

384,973

Hotels,

Restaurants

&

Leisure

-

2

.5

%

Wyndham

Hotels

&

Resorts,

Inc.

1,055

77,553

Industrial

REITs

-

18

.6

%

Americold

Realty

Trust,

Inc.

4,751

104,379

First

Industrial

Realty

Trust,

Inc.

2,859

129,856

Prologis,

Inc.

2,117

216,040

STAG

Industrial,

Inc.

3,610

124,148

574,423

Office

REITs

-

3

.8

%

Kilroy

Realty

Corp.

3,504

118,435

Real

Estate

Management

&

Development

-

4

.3

%

CBRE

Group,

Inc.

-

Class

A*

788

68,470

Corp.

Inmobiliaria

Vesta

SAB

de

CV

(ADR)

1,804

64,060

132,530

Residential

REITs

-

15

.9

%

AvalonBay

Communities,

Inc.

791

149,950

Canadian

Apartment

Properties

REIT

3,061

95,472

Equity

LifeStyle

Properties,

Inc.

1,730

104,301

UDR,

Inc.

3,748

142,724

492,447

Retail

REITs

-

13

.5

%

Agree

Realty

Corp.

1,634

93,497

Kimco

Realty

Corp.

6,185

115,227

Macerich

Co.

(The)

5,740

78,982

NNN

REIT,

Inc.

3,235

131,115

418,821

Specialized

REITs

-

24

.7

%

CubeSmart

4,164

168,392

Equinix,

Inc.

435

309,333

Extra

Space

Storage,

Inc.

1,423

191,080

SBA

Communications

Corp.

-

Class

A

514

95,666

764,471

Total

Common

Stocks

(cost

$3,260,439)

3,063,793

Investment

Companies

-

0

.9

%

Money

Market

Funds

-

0

.9

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class,

5.2436%

∞

(cost

$29,110)

29,110

29,110

Total

Investments

(total

cost

$

3,289,549

)

-

100

.0

%

3,092,903

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.0%

1,331

Net

Assets

-

100.0%

$3,094,234

Janus

Henderson

U.S.

Real

Estate

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

7

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

$

2,833,231

91

.6

%

Canada

195,612

6

.3

Mexico

64,060

2

.1

Total

$

3,092,903

100

.0

%

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

8

April

30,

2024

FTSE

Nareit

Equity

REITs

Index

FTSE

Nareit

Equity

REITs

Index

reflects

performance

of

the

U.S.

equity

real

estate

investment

trust

market,

excluding

timber

and

infrastructure.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

3,063,793

$

—

$

—

Investment

Companies

29,110

—

—

Total

Assets

$

3,092,903

$

—

$

—

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$3,289,549)

$

3,092,903

Receivables:

Investments

sold

194,399

Dividends

3,308

Interest

80

Total

Assets

3,290,690

Liabilities:

Payables:

Investments

purchased

194,891

Management

fees

1,565

Total

Liabilities

196,456

Commitments

and

contingent

liabilities

Net

Assets

$

3,094,234

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

3,781,841

Total

distributable

earnings

(loss)

(

687,607

)

Total

Net

Assets

$

3,094,234

Net

Assets

$

3,094,234

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

150,001

Net

Asset

Value

Per

Share

$

20

.63

Janus

Henderson

U.S.

Real

Estate

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

10

April

30,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

66,013

Foreign

tax

withheld

(

825

)

Total

Investment

Income

65,188

Expenses:

Management

Fees

11,314

Total

Expenses

11,314

Net

Investment

Income/(Loss)

53,874

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

46,781

Total

Net

Realized

Gain/(Loss)

on

Investments

$

46,781

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

405,438

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

405,438

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

506,093

Janus

Henderson

U.S.

Real

Estate

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

53,874

$

125,808

Net

realized

gain/(loss)

on

investments

46,781

(

392,885

)

Change

in

unrealized

net

appreciation/depreciation

405,438

(

10,196

)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

506,093

(

277,273

)

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

70,225

)

(

111,958

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

70,225

)

(

111,958

)

Capital

Share

Transactions

(

1,734,577

)

1,574,243

Net

Increase/(Decrease)

in

Net

Assets

(

1,298,709

)

1,185,012

Net

Assets:

—

—

Beginning

of

Period  

4,392,943

3,207,931

End

of

Period

$

3,094,234

$

4,392,943

Janus

Henderson

U.S.

Real

Estate

ETF

Financial

Highlights

12

April

30,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021(1)

Net

Asset

Value,

Beginning

of

Period

$19.52

$21.39

$26.90

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

0.34

0.56

0.38

0.17

Net

realized

and

unrealized

gain/(loss)

1.19

(1.84)

(5.41)

1.80

Total

from

Investment

Operations

1.53

(1.28)

(5.03)

1.97

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(0.42)

(0.59)

(0.48)

(0.07)

Total

Dividends

and

Distributions

(0.42)

(0.59)

(0.48)

(0.07)

Net

Asset

Value,

End

of

Period

$20.63

$19.52

$21.39

$26.90

Total

Return

*

7.66%

(6.19)%

(18.85)%

7.90%

Net

assets,

End

of

Period

(in

thousands)

$3,094

$4,393

$3,208

$11,435

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.65%

0.65%

0.65%

0.65%

Ratio

of

Net

Investment

Income/(Loss)

3.11%

2.55%

1.46%

1.84%

Portfolio

Turnover

Rate

(3)

56%

73%

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

(unaudited)

Janus

Detroit

Street

Trust

13

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 eleven

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

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.

(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

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

(unaudited)

14

April

30,

2024

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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.  

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

(unaudited)

16

April

30,

2024

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

Real

Estate

Investing 

The

Fund

may

invest

in

equity

and

debt

securities

of

real

estate-related

companies.

Such

companies

may

include

those

in

the

real

estate

industry

or

real

estate-related

industries.

These

securities

may

include

common

stocks,

corporate

bonds,

preferred

stocks,

and

other

equity

securities,

including,

but

not

limited

to,

mortgage-backed

securities,

real

estate-backed

securities,

securities

of

REITs

and

similar

REIT-like

entities.

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. 

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

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.

ESG

Investment

Risk 

Because

the

Fund

considers

environmental,

social,

and

governance

(“ESG”)

factors

in

selecting

securities,

the

Fund

may

perform

differently

than

funds

that

do

not

consider

ESG

factors.

Due

to

the

ESG

considerations

and

exclusionary

criteria

employed

by

the

Fund,

the

Fund

may

not

be

invested

in

certain

issuers

within

the

real

estate

industry

or

real

estate-

related

industries,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

since

ESG

investing

takes

into

consideration

factors

beyond

traditional

financial

analysis,

the

investment

opportunities

for

the

Fund

may

be

limited

at

times.

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

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

consider

their

environmental

or

social

practices

may

fall

out

of

favor,

which

could

potentially

limit

the

Fund’s

investment

universe.

There

is

also

a

risk

that

the

issuers

identified

through

the

investment

process

employed

by

the

Fund

may

fail

to

adhere

to

positive

ESG

practices,

which

may

result

in

selling

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period ended

April

30,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.65% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

Daily

Net

Assets

Fee

Rate

$0-$250

Million

0.65%

Next

$750

Million

0.60%

Over

$1

Billion

0.50%

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2024

As

of

April

30,

2024, the

Adviser

owned 1

share

or 0.00%

of

the

Fund.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(196,864)

$(359,334)

$(556,198)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$3,289,549

$53,345

$(249,991)

$(196,646)

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

75,000

$

1,581,472

100,000

$

2,137,471

Shares

repurchased

(150,000)

(3,316,049

)

(25,000)

(563,228

)

Net

Increase/(Decrease)

(75,000)

$

(1,734,577

)

75,000

$

1,574,243

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

$2,028,200

$1,998,215

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

During

the

period ended

April

30,

2024,

the

Fund

had

net

realized

gain of $185,445 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

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

$1,529,284

$3,294,808

$—

$—

Janus

Henderson

U.S.

Real

Estate

ETF

Additional

Information

(unaudited)

20

April

30,

2024

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2024

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

U.S.

Real

Estate

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2024

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

U.S.

Real

Estate

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

U.S.

Real

Estate

ETF

Liquidity

Risk

Management

Program

(unaudited)

26

April

30,

2024

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93088

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

International

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

International

Sustainable

Equity

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

13

Additional

Information

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

20

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

21

Liquidity

Risk

Management

Program

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

25

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Schneider

Electric

SE

Electrical

Equipment

6.8%

ASML

Holding

NV

Semiconductors

&

Semiconductor

Equipment

6.5%

Intact

Financial

Corp.

Insurance

5.8%

Constellation

Software,

Inc.

Software

4.9%

Infineon

Technologies

AG

Semiconductors

&

Semiconductor

Equipment

4.5%

28.5%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

26.3%

Industrial

24.7%

Financial

16.9%

Utilities

10.5%

Consumer,

Non-cyclical

8.4%

Consumer,

Cyclical

5.6%

Communications

5.2%

Investment

Company

1.2%

Basic

Materials

0.2%

99.0%

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Performance

4

April

30,

2024

Abhi

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.60%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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

if

applied,

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.

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.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

International

Sustainable

Equity

ETF

-

NAV

16.46%

-2.67%

-12.28%

Janus

Henderson

International

Sustainable

Equity

ETF

-

Market

Price

14.81%

-4.37%

-12.55%

MSCI

All

Country

World

ex

USA

Index

SM

17.69%

9.33%

-0.92%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

International

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,164.60

$3.23

$1,000.00

$1,021.88

$3.02

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

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97

.8

%

Banks

-

2

.7

%

HDFC

Bank

Ltd.

(ADR)

3,187

$

183,571

Chemicals

-

0

.2

%

Calix

Ltd.*

16,044

15,471

Containers

&

Packaging

-

2

.0

%

DS

Smith

plc

31,904

139,980

Electric

Utilities

-

5

.6

%

Hydro

One

Ltd.

(144A)

2,956

82,967

SSE

plc

14,495

302,468

385,435

Electrical

Equipment

-

13

.5

%

Legrand

SA

2,398

248,355

Prysmian

SpA

3,967

217,091

Schneider

Electric

SE

2,017

463,901

929,347

Electronic

Equipment,

Instruments

&

Components

-

5

.6

%

Keyence

Corp.

300

134,020

Murata

Manufacturing

Co.

Ltd.

13,400

247,240

381,260

Entertainment

-

2

.6

%

Nintendo

Co.

Ltd.

3,700

181,514

Health

Care

Equipment

&

Supplies

-

4

.0

%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

9,020

151,961

Nanosonics

Ltd.*

20,314

38,517

Siemens

Healthineers

AG

(144A)

1,455

81,055

271,533

Health

Care

Providers

&

Services

-

0

.4

%

New

Horizon

Health

Ltd.

(144A)*

,¢

16,866

30,492

Independent

Power

and

Renewable

Electricity

Producers

-

4

.9

%

Boralex,

Inc.

-

Class

A

11,866

238,642

Innergex

Renewable

Energy,

Inc.

16,444

96,113

334,755

Insurance

-

14

.2

%

AIA

Group

Ltd.

36,162

267,243

Allianz

SE

(Registered)

1,077

307,012

Intact

Financial

Corp.

2,411

397,086

971,341

IT

Services

-

3

.1

%

CGI,

Inc.*

2,119

215,147

Leisure

Products

-

2

.9

%

Shimano,

Inc.

800

131,236

Yamaha

Corp.

3,200

67,858

199,094

Machinery

-

3

.6

%

Knorr-Bremse

AG

3,291

244,740

Pharmaceuticals

-

1

.7

%

Novo

Nordisk

A/S

-

Class

B

903

116,847

Professional

Services

-

7

.6

%

SMS

Co.

Ltd.

6,800

95,022

TechnoPro

Holdings,

Inc.

9,300

159,565

Wolters

Kluwer

NV

1,752

263,671

518,258

Semiconductors

&

Semiconductor

Equipment

-

15

.3

%

ASML

Holding

NV

504

448,743

Infineon

Technologies

AG

8,839

309,240

Janus

Henderson

International

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(ADR)

2,108

$

289,513

1,047,496

Software

-

7

.9

%

Constellation

Software,

Inc.

130

335,376

Kinaxis,

Inc.*

1,141

121,745

Rakus

Co.

Ltd.

8,200

84,129

541,250

Total

Common

Stocks

(cost

$7,764,345)

6,707,531

Investment

Companies

-

1

.2

%

Money

Market

Funds

-

1

.2

%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

5.1700%

∞

(cost

$83,500)

83,500

83,500

Total

Investments

(total

cost

$

7,847,845

)

-

99

.0

%

6,791,031

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

1.0%

68,615

Net

Assets

-

100.0%

$6,859,646

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

Canada

$

1,487,076

21

.9

%

Japan

1,100,584

16

.2

Germany

942,047

13

.9

Netherlands

712,414

10

.5

France

712,256

10

.5

United

Kingdom

442,448

6

.5

Taiwan

289,513

4

.3

Hong

Kong

267,243

4

.0

Italy

217,091

3

.2

India

183,571

2

.7

New

Zealand

151,961

2

.2

Denmark

116,847

1

.7

United

States

83,500

1

.2

Australia

53,988

0

.8

China

30,492

0

.4

Total

$

6,791,031

100

.0

%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

8

April

30,

2024

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.

¢

Security

is

valued

using

significant

unobservable

inputs.

The

total

value

of

Level

3

securities

as

of

the

period

ended

April

30,

2024

is

$30,492,

which

represents

0.4%

of

net

assets.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2024

is

$194,514

which

represents

2.8%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

Health

Care

Providers

&

Services

$

—

$

—

$

30,492

All

Other

6,677,039

—

—

Investment

Companies

83,500

—

—

Total

Assets

$

6,760,539

$

—

$

30,492

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$7,847,845)

$

6,791,031

Cash

denominated

in

foreign

currency

(cost

$701)

700

Receivables:

Investments

sold

54,228

Dividends

16,639

Interest

501

Total

Assets

6,863,099

Liabilities:

Payables:

Management

fees

3,453

Total

Liabilities

3,453

Commitments

and

contingent

liabilities

Net

Assets

$

6,859,646

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

15,964,914

Total

distributable

earnings

(loss)

(

9,105,268

)

Total

Net

Assets

$

6,859,646

Net

Assets

$

6,859,646

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

400,001

Net

Asset

Value

Per

Share

$

17

.15

Janus

Henderson

International

Sustainable

Equity

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

10

April

30,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

50,424

Interest

22

Foreign

tax

withheld

(

5,679

)

Total

Investment

Income

44,767

Expenses:

Management

Fees

21,879

Total

Expenses

21,879

Net

Investment

Income/(Loss)

22,888

Net

Realized

Gain/(Loss)

on

Investments:

Investments

and

foreign

currency

transactions

$

(

344,294

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

344,294

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

and

foreign

currency

translations

$

1,417,804

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,417,804

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,096,398

Janus

Henderson

International

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

22,888

$

191,433

Net

realized

gain/(loss)

on

investments

(

344,294

)

(

7,078,814

)

Change

in

unrealized

net

appreciation/depreciation

1,417,804

9,815,032

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,096,398

2,927,651

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

21,939

)

(

214,010

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

21,939

)

(

214,010

)

Capital

Share

Transactions

(

861,197

)

(

15,142,354

)

Net

Increase/(Decrease)

in

Net

Assets

213,262

(

12,428,713

)

Net

Assets:

—

—

Beginning

of

Period  

6,646,384

19,075,097

End

of

Period

$

6,859,646

$

6,646,384

Janus

Henderson

International

Sustainable

Equity

ETF

Financial

Highlights

12

April

30,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021(1)

Net

Asset

Value,

Beginning

of

Period

$14.77

$14.96

$23.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

0.05

0.21

0.18

0.02

Net

realized

and

unrealized

gain/(loss)

2.38

(0.11)

(4)

(8.42)

(1.64)

(3)

Total

from

Investment

Operations

2.43

0.10

(8.24)

(1.62)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(0.05)

(0.29)

(0.18)

—

Total

Dividends

and

Distributions

(0.05)

(0.29)

(0.18)

—

Net

Asset

Value,

End

of

Period

$17.15

$14.77

$14.96

$23.38

Total

Return

*

16.46%

0.42%

(35.31)%

(6.48)%

(5)

Net

assets,

End

of

Period

(in

thousands)

$6,860

$6,646

$19,075

$45,598

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.60%

0.60%

0.60%

0.60%

Ratio

of

Net

Investment

Income/(Loss)

0.63%

1.25%

0.94%

0.67%

Portfolio

Turnover

Rate

(6)

11%

15%

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)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

(5)

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)%.  

(6)

Portfolio

turnover

rate

excludes

securities

received

or

delivered

from

in-kind

processing

of

creation

or

redemptions.

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

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

eleven 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

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.

(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

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

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

14

April

30,

2024

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

The

following

describes

the

amounts

of

transfers

into

or

out

of

Level

3

of

the

fair

value

hierarchy

during

the

year:

Financial

assets

of

$30,492

were

transferred

out

of

Level 1

into

Level 3

since

the

current

market

for

the

securities'

previously

quoted prices

are

now considered

inactive.

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

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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.  

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

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2024

2.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

Industry

and Sector

Risk

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

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

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.

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

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

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,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

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

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

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.

3.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period ended

April

30,

2024,

the

Fund’s

actual

management

fee

rate

(expressed

as

an

annual

rate)

was

0.60% of

the

Fund’s

average

daily

net

assets.

J.P.

Morgan

Chase

Bank,

N.A.

(“JP

Morgan")

provides

certain

fund

administration

services

to

the

Fund,

including

services

related

to

the

Fund’s

accounting,

including

calculating

the

daily

NAV,

audit

coordination,

tax,

and

reporting

obligations,

pursuant

to

an

agreement

with

the

Adviser,

on

behalf

of

the

Fund.

As

compensation

for

such

services, the

Adviser pays

JP

Morgan

a

fee

based

on

a

percentage

of

the

Fund’s

assets,

with

a

minimum

flat

fee,

for

certain

services. The

Adviser serves

as

administrator

to

the

Fund,

providing

oversight

and

coordination

of

the

Fund’s

service

providers,

recordkeeping

and

other

administrative

services. The

Adviser does

not

receive

any

additional

compensation,

beyond

the

unitary

fee,

for

serving

as

administrator.

JP

Morgan

also

serves

as

transfer

agent

for

the

shares

of

the

Fund.

Pursuant

to

agreements

with

the

Adviser on

behalf

of

the

Fund,

J.P.

Morgan

Securities

LLC,

an

affiliate

of

JP

Morgan,

may

execute

portfolio

transactions

for

the

Fund,

including

but

not

limited

to,

transactions

in

connection

with

cash

in

lieu

transactions

for

non-US

securities. 

The

Trust

has

adopted

a

Distribution

and

Servicing

Plan

for

shares

of

the

Fund

pursuant

to

Rule

12b-1

under

the

1940

Act

(the

“Plan”).

The

Plan

permits

compensation

in

connection

with

the

distribution

and

marketing

of

Fund

shares

and/

or

the

provision

of

certain

shareholder

services.

The

Plan

permits

the

Fund

to

pay

the

Distributor

or

its

designee,

a

fee

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2024, the

Adviser

owned 275,001

shares

or 68.75%

of

the

Fund.

Daily

Net

Assets

Fee

Rate

$0-$250

Million

0.60%

Over

$250

Million

0.55%

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2024

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals. 

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(2,595,316)

$(5,084,578)

$(7,679,894)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$7,847,845

$517,562

$(1,574,376)

$(1,056,814)

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

100,000

$

1,604,461

Shares

repurchased

(50,000)

(861,197

)

(925,000)

(16,746,815

)

Net

Increase/(Decrease)

(50,000)

$

(861,197

)

(825,000)

$

(15,142,354

)

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

$754,696

$970,989

$—

$—

Janus

Henderson

International

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

For

the period

ended

April

30,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2024,

the

Fund

had

net

realized

gain of $93,099 from

in-kind

redemptions.

Gains

on

in-kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

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

$—

$653,350

$—

$—

Janus

Henderson

International

Sustainable

Equity

ETF

Additional

Information

(unaudited)

20

April

30,

2024

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2024

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

International

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

24

April

30,

2024

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

International

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

International

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

26

April

30,

2024

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93089

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

16

Statement

of

Operations

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

17

Statements

of

Changes

in

Net

Assets

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

18

Financial

Highlights

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

19

Notes

to

Financial

Statements

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

20

Additional

Information

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

32

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

33

Liquidity

Risk

Management

Program

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

37

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Michael

Keough

Brad

Smith

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Financial

35.4%

Consumer,

Non-cyclical

23.9%

Industrial

12.3%

Consumer,

Cyclical

6.6%

Technology

5.8%

Energy

4.6%

Basic

Materials

2.8%

Investment

Company

2.8%

Utilities

2.5%

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

2.5%

Communications

2.5%

Asset-Backed

Security

1.5%

Swaption

Purchased

0.0%

103.2%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.35%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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

if

applied,

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.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

Bloomberg

U.S.

Corporate

Bond

Index

to

the

Bloomberg

U.S.

Aggregate

Bond

Index

due

to

regulatory

requirements.

The

Fund

retained

the

Bloomberg

U.S.

Corporate

Bond

Index

as

a

performance

benchmark

because

the

Bloomberg

U.S.

Corporate

Bond

Index

is

more

closely

aligned

with

the

Fund’s

investment

strategies

and

investment

restrictions.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

NAV

8.50%

1.29%

-4.65%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

-

Market

Price

8.47%

1.29%

-4.63%

Bloomberg

U.S.

Aggregate

Bond

Index

4.97%

-1.47%

-4.66%

Bloomberg

U.S.

Corporate

Bond

Index

7.33%

1.00%

-4.64%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,085.00

$1.81

$1,000.00

$1,023.12

$1.76

0.35%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Security

-

1.5%

CF

Hippolyta

Issuer

LLC,

1.9800%,

3/15/61

(144A)

(cost

$422,705)

$

510,807

$

447,509

Bank

Loans

-

1.7%

Communications

-

0.1%

Lorca

Finco

plc

Term

Loan,

CME

Term

SOFR

3

Month

+

3.5000%,

0.0000%, 4/17/31

‡,ƒ

31,000

31,155

Consumer,

Non-cyclical

-

0.7%

LifePoint

Health,

Inc.

First

Lien

Term

Loan,

CME

Term

SOFR

3

Month

+

4.7500%,

10.0559%, 11/16/28

‡,ƒ

201,000

201,617

Industrial

-

0.9%

AECOM

Term

Loan

B,

CME

Term

SOFR

3

Month

+

2.0000%,

7.1907%, 4/17/31

‡,ƒ

76,000

76,348

Genesee

&

Wyoming,

Inc.

Term

Loan,

CME

Term

SOFR

3

Month

+

2.0000%,

7.3012%, 4/10/31

‡,ƒ

200,612

200,624

276,972

Total

Bank

Loans

(cost

$509,221)

509,744

Corporate

Bonds

-

94.7%

Basic

Materials

-

2.8%

Anglo

American

Capital

plc,

5.7500%, 4/5/34

(144A)

200,000

197,487

Celanese

US

Holdings

LLC,

6.5500%, 11/15/30

207,000

212,039

Celanese

US

Holdings

LLC,

6.7000%, 11/15/33

139,000

143,477

International

Flavors

&

Fragrances,

Inc.,

2.3000%, 11/1/30

(144A)

277,000

224,672

Sherwin-Williams

Co.

(The),

3.4500%, 8/1/25

78,000

75,799

853,474

Communications

-

2.4%

Charter

Communications

Operating

LLC,

6.6500%, 2/1/34

#

357,000

352,053

T-Mobile

USA,

Inc.,

5.7500%, 1/15/34

271,000

272,927

T-Mobile

USA,

Inc.,

4.3750%, 4/15/40

104,000

88,600

713,580

Consumer,

Cyclical

-

6.6%

Beazer

Homes

USA,

Inc.,

7.5000%, 3/15/31

(144A)

125,000

123,553

Ford

Motor

Co.,

3.2500%, 2/12/32

374,000

301,231

Ford

Motor

Credit

Co.

LLC,

6.7980%, 11/7/28

200,000

204,479

General

Motors

Financial

Co.,

Inc.,

6.1000%, 1/7/34

450,000

447,055

Hilton

Domestic

Operating

Co.,

Inc.,

6.1250%, 4/1/32

(144A)

153,000

150,818

Hyatt

Hotels

Corp.,

4.8500%, 3/15/26

77,000

75,834

LSF9

Atlantis

Holdings

LLC,

7.7500%, 2/15/26

(144A)

308,000

301,932

Royal

Caribbean

Cruises

Ltd.,

6.2500%, 3/15/32

(144A)

155,000

152,795

Vail

Resorts,

Inc.,

6.5000%, 5/15/32

(144A)

226,000

226,475

1,984,172

Consumer,

Non-cyclical

-

23.3%

Abbott

Laboratories,

6.1500%, 11/30/37

93,000

99,070

AbbVie,

Inc.,

2.9500%, 11/21/26

114,000

107,642

AbbVie,

Inc.,

3.2000%, 11/21/29

113,000

101,932

AbbVie,

Inc.,

4.5500%, 3/15/35

158,000

146,699

Albertsons

Cos.,

Inc.,

4.6250%, 1/15/27

(144A)

111,000

106,059

Albertsons

Cos.,

Inc.,

4.8750%, 2/15/30

(144A)

320,000

298,469

Alcon

Finance

Corp.,

5.3750%, 12/6/32

(144A)

200,000

195,840

Archer-Daniels-Midland

Co.,

3.7500%, 9/15/47

197,000

143,429

Astrazeneca

Finance

LLC,

4.8500%, 2/26/29

30,000

29,540

Astrazeneca

Finance

LLC,

5.0000%, 2/26/34

139,000

135,214

Bristol-Myers

Squibb

Co.,

5.6500%, 2/22/64

117,000

111,984

Campbell

Soup

Co.,

5.2000%, 3/19/27

108,000

107,318

Campbell

Soup

Co.,

5.4000%, 3/21/34

201,000

196,087

Centene

Corp.,

2.6250%, 8/1/31

162,000

129,623

Cigna

Group

(The),

2.3750%, 3/15/31

141,000

115,303

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Cigna

Group

(The),

3.4000%, 3/15/50

$

108,000

$

71,967

Coca-Cola

Co.

(The),

2.8750%, 5/5/41

200,000

143,351

CoStar

Group,

Inc.,

2.8000%, 7/15/30

(144A)

272,000

225,804

Elevance

Health,

Inc.,

1.5000%, 3/15/26

80,000

74,286

Elevance

Health,

Inc.,

2.5500%, 3/15/31

140,000

116,304

Elevance

Health,

Inc.,

5.5000%, 10/15/32

#

145,000

144,393

Elevance

Health,

Inc.,

6.1000%, 10/15/52

100,000

102,361

Gartner,

Inc.,

3.6250%, 6/15/29

(144A)

123,000

110,059

Gartner,

Inc.,

3.7500%, 10/1/30

(144A)

396,000

344,628

HCA,

Inc.,

5.2000%, 6/1/28

48,000

47,170

HCA,

Inc.,

3.5000%, 9/1/30

172,000

151,646

HCA,

Inc.,

5.5000%, 6/1/33

154,000

149,607

Humana,

Inc.,

5.3750%, 4/15/31

185,000

180,377

Humana,

Inc.,

3.9500%, 8/15/49

180,000

132,153

Humana,

Inc.,

5.7500%, 4/15/54

159,000

149,401

Icon

Investments

Six

Designated

Activity

Co.,

5.8090%, 5/8/27

200,000

200,098

Illumina,

Inc.,

2.5500%, 3/23/31

162,000

130,323

IQVIA,

Inc.,

6.2500%, 2/1/29

146,000

148,376

Lamb

Weston

Holdings,

Inc.,

4.3750%, 1/31/32

(144A)

346,000

299,845

Organon

&

Co.,

5.1250%, 4/30/31

(144A)

200,000

172,940

Smith

&

Nephew

plc,

5.4000%, 3/20/34

157,000

151,333

Solventum

Corp.,

5.4500%, 3/13/31

(144A)

221,000

214,152

Solventum

Corp.,

5.6000%, 3/23/34

(144A)

231,000

222,791

Solventum

Corp.,

6.0000%, 5/15/64

(144A)

110,000

101,831

Sysco

Corp.,

5.7500%, 1/17/29

220,000

222,224

Sysco

Corp.,

6.0000%, 1/17/34

220,000

226,307

Teva

Pharmaceutical

Finance

Co.

LLC,

6.1500%, 2/1/36

158,000

150,115

Tyson

Foods,

Inc.,

5.4000%, 3/15/29

376,000

372,111

Tyson

Foods,

Inc.,

5.7000%, 3/15/34

134,000

131,449

UnitedHealth

Group,

Inc.,

4.2000%, 5/15/32

79,000

72,851

UnitedHealth

Group,

Inc.,

4.7500%, 5/15/52

79,000

68,726

7,053,188

Energy

-

4.5%

ONEOK,

Inc.,

5.5500%, 11/1/26

227,000

226,765

TerraForm

Power

Operating

LLC,

4.7500%, 1/15/30

(144A)

251,000

223,724

TotalEnergies

Capital

SA,

5.4880%, 4/5/54

231,000

224,768

Venture

Global

LNG,

Inc.,

9.5000%, 2/1/29

(144A)

204,000

219,272

Western

Midstream

Operating

LP,

6.1500%, 4/1/33

254,000

253,549

Williams

Cos.,

Inc.

(The),

3.9000%, 1/15/25

233,000

229,905

1,377,983

Financial

-

35.4%

Alexandria

Real

Estate

Equities,

Inc.,

5.6250%, 5/15/54

130,000

119,479

American

Express

Co.,

SOFR

+

1.8350%,

5.0430%, 5/1/34

‡

73,000

70,012

American

Homes

4

Rent

LP,

5.5000%, 2/1/34

154,000

148,495

Arthur

J

Gallagher

&

Co.,

6.5000%, 2/15/34

84,000

87,481

Arthur

J

Gallagher

&

Co.,

5.4500%, 7/15/34

98,000

95,203

Bank

of

America

Corp.,

SOFR

+

1.2200%,

2.2990%, 7/21/32

‡

191,000

152,153

Bank

of

America

Corp.,

SOFR

+

1.2100%,

2.5720%, 10/20/32

‡

203,000

163,763

Bank

of

America

Corp.,

SOFR

+

1.6500%,

5.4680%, 1/23/35

‡

136,000

132,256

Barclays

plc,

SOFR

+

2.2200%,

6.4900%, 9/13/29

‡

200,000

204,367

Berkshire

Hathaway

Finance

Corp.,

3.8500%, 3/15/52

98,000

74,155

Blackstone

Private

Credit

Fund,

7.3000%, 11/27/28

(144A)

74,000

75,998

Blue

Owl

Capital

Corp.

III,

3.1250%, 4/13/27

118,000

106,723

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Blue

Owl

Finance

LLC,

6.2500%, 4/18/34

(144A)

$

373,000

$

369,595

Capital

One

Financial

Corp.,

SOFR

+

0.8550%,

1.8780%, 11/2/27

‡

122,000

110,655

Capital

One

Financial

Corp.,

SOFR

+

1.9050%,

5.7000%, 2/1/30

‡

26,000

25,641

Capital

One

Financial

Corp.,

SOFR

+

3.0700%,

7.6240%, 10/30/31

‡

137,000

147,426

CBRE

Services,

Inc.,

5.9500%, 8/15/34

310,000

308,231

Charles

Schwab

Corp.

(The),

SOFR

+

2.0100%,

6.1360%, 8/24/34

‡

302,000

306,221

Citigroup,

Inc.,

SOFR

+

1.1670%,

2.5610%, 5/1/32

‡

284,000

231,217

Citigroup,

Inc.,

SOFR

+

1.3510%,

3.0570%, 1/25/33

‡

71,000

58,720

Citigroup,

Inc.,

CME

Term

SOFR

3

Month

+

1.4296%,

3.8780%, 1/24/39

‡

87,000

71,031

Corebridge

Financial,

Inc.,

3.8500%, 4/5/29

34,000

31,211

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.4000%,

5.7050%, 3/1/30

(144A)

#,‡

310,000

306,134

Deutsche

Bank

AG,

SOFR

+

2.5100%,

6.8190%, 11/20/29

‡

187,000

192,193

Discover

Financial

Services,

SOFRINDX

+

3.3700%,

7.9640%, 11/2/34

‡

266,000

292,810

Fifth

Third

Bancorp,

SOFR

+

1.8400%,

5.6310%, 1/29/32

‡

39,000

37,901

GGAM

Finance

Ltd.,

8.0000%, 6/15/28

(144A)

228,000

234,803

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.2650%,

5.7270%, 4/25/30

‡

197,000

197,321

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

1.5520%,

5.8510%, 4/25/35

‡

197,000

197,104

ING

Groep

NV,

SOFR

+

2.0900%,

6.1140%, 9/11/34

‡

200,000

201,147

Jane

Street

Group,

7.1250%, 4/30/31

(144A)

376,000

378,355

JBS

USA

Holding

Lux

SARL,

3.6250%, 1/15/32

487,000

405,583

JPMorgan

Chase

&

Co.,

SOFR

+

1.1900%,

5.0400%, 1/23/28

‡

44,000

43,376

JPMorgan

Chase

&

Co.,

SOFR

+

1.8900%,

2.1820%, 6/1/28

‡

215,000

194,364

JPMorgan

Chase

&

Co.,

SOFR

+

1.4500%,

5.2990%, 7/24/29

‡

91,000

90,029

JPMorgan

Chase

&

Co.,

SOFR

+

1.2600%,

2.9630%, 1/25/33

‡

231,000

191,935

JPMorgan

Chase

&

Co.,

SOFR

+

1.8450%,

5.3500%, 6/1/34

‡

75,000

72,935

JPMorgan

Chase

&

Co.,

SOFR

+

1.6200%,

5.3360%, 1/23/35

‡

47,000

45,558

Kilroy

Realty

LP,

6.2500%, 1/15/36

317,000

297,737

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6000%,

3.5110%, 3/18/26

‡

320,000

312,963

Macquarie

Airfinance

Holdings

Ltd.,

6.4000%, 3/26/29

(144A)

27,000

26,922

Macquarie

Airfinance

Holdings

Ltd.,

8.1250%, 3/30/29

(144A)

142,000

148,490

Macquarie

Airfinance

Holdings

Ltd.,

6.5000%, 3/26/31

(144A)

34,000

34,025

Metropolitan

Life

Global

Funding

I,

5.1500%, 3/28/33

(144A)

383,000

370,987

Morgan

Stanley,

SOFR

+

1.7300%,

5.1230%, 2/1/29

‡

47,000

46,255

Morgan

Stanley,

SOFR

+

1.6300%,

5.4490%, 7/20/29

‡

108,000

107,339

Morgan

Stanley,

SOFR

+

1.8700%,

5.2500%, 4/21/34

‡

57,000

54,694

Morgan

Stanley,

SOFR

+

2.6200%,

5.2970%, 4/20/37

‡

162,000

151,725

Nasdaq,

Inc.,

1.6500%, 1/15/31

222,000

173,888

Nasdaq,

Inc.,

5.5500%, 2/15/34

103,000

100,740

National

Australia

Bank

Ltd.,

2.9900%, 5/21/31

(144A)

250,000

205,993

Nordea

Bank

Abp,

5.3750%, 9/22/27

(144A)

200,000

198,604

PNC

Financial

Services

Group,

Inc.

(The),

SOFR

+

1.8410%,

5.5820%, 6/12/29

‡

106,000

105,524

PNC

Financial

Services

Group,

Inc.

(The),

SOFRINDX

+

2.1400%,

6.0370%, 10/28/33

‡

233,000

234,821

Safehold

GL

Holdings

LLC,

6.1000%, 4/1/34

233,000

225,451

Sixth

Street

Lending

Partners,

6.5000%, 3/11/29

(144A)

460,000

451,390

Sun

Communities

Operating

LP,

5.5000%, 1/15/29

79,000

77,635

Sun

Communities

Operating

LP,

2.7000%, 7/15/31

266,000

214,499

Sun

Communities

Operating

LP,

5.7000%, 1/15/33

92,000

88,954

Truist

Financial

Corp.,

SOFR

+

1.6200%,

5.4350%, 1/24/30

‡

47,000

46,040

Truist

Financial

Corp.,

SOFR

+

1.9220%,

5.7110%, 1/24/35

‡

51,000

49,495

US

Bancorp,

SOFR

+

1.6000%,

4.8390%, 2/1/34

‡

72,000

66,440

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

US

Bancorp,

SOFR

+

2.2600%,

5.8360%, 6/12/34

‡

$

169,000

$

167,047

US

Bancorp,

SOFR

+

1.8600%,

5.6780%, 1/23/35

‡

71,000

69,361

Ventas

Realty

LP,

4.8750%, 4/15/49

143,000

115,860

Wells

Fargo

&

Co.,

SOFR

+

1.5000%,

5.1980%, 1/23/30

‡

96,000

94,131

Wells

Fargo

&

Co.,

SOFR

+

1.7800%,

5.4990%, 1/23/35

‡

100,000

97,139

Willis

North

America,

Inc.,

5.3500%, 5/15/33

236,000

226,919

10,732,649

Industrial

-

11.4%

Amphenol

Corp.,

5.0500%, 4/5/29

61,000

60,215

Amphenol

Corp.,

5.2500%, 4/5/34

55,000

54,292

BAE

Systems

plc,

5.2500%, 3/26/31

(144A)

200,000

195,927

Berry

Global,

Inc.,

5.6500%, 1/15/34

(144A)

311,000

300,361

Boeing

Co.

(The),

6.2980%, 5/1/29

(144A)

18,000

18,072

Boeing

Co.

(The),

6.5280%, 5/1/34

(144A)

94,000

94,677

Boeing

Co.

(The),

6.8580%, 5/1/54

(144A)

27,000

27,073

Boeing

Co.

(The),

3.8250%, 3/1/59

146,000

89,523

Deere

&

Co.,

2.7500%, 4/15/25

315,000

307,124

Jacobs

Engineering

Group,

Inc.,

6.3500%, 8/18/28

225,000

228,967

Johnson

Controls

International

plc,

1.7500%, 9/15/30

#

323,000

260,327

Nordson

Corp.,

5.6000%, 9/15/28

104,000

104,018

Nordson

Corp.,

5.8000%, 9/15/33

149,000

150,543

Regal

Rexnord

Corp.,

6.3000%, 2/15/30

(144A)

106,000

106,453

Regal

Rexnord

Corp.,

6.4000%, 4/15/33

(144A)

249,000

251,020

RTX

Corp.,

6.0000%, 3/15/31

119,000

122,000

RTX

Corp.,

6.1000%, 3/15/34

98,000

101,304

SMBC

Aviation

Capital

Finance

DAC,

5.3000%, 4/3/29

(144A)

233,000

227,269

SMBC

Aviation

Capital

Finance

DAC,

5.5500%, 4/3/34

(144A)

200,000

191,477

Trane

Technologies

Financing

Ltd.,

5.2500%, 3/3/33

71,000

69,842

TransDigm,

Inc.,

6.3750%, 3/1/29

(144A)

199,000

197,480

Trimble,

Inc.,

6.1000%, 3/15/33

#

294,000

298,292

3,456,256

Technology

-

5.8%

Autodesk,

Inc.,

2.8500%, 1/15/30

96,000

83,651

Broadcom,

Inc.,

3.1870%, 11/15/36

(144A)

144,000

110,418

Broadcom,

Inc.,

4.9260%, 5/15/37

(144A)

222,000

202,734

Constellation

Software,

Inc.,

5.1580%, 2/16/29

(144A)

41,000

40,104

Constellation

Software,

Inc.,

5.4610%, 2/16/34

(144A)

119,000

115,980

Foundry

JV

Holdco

LLC,

5.8750%, 1/25/34

(144A)

507,000

491,365

MSCI,

Inc.,

4.0000%, 11/15/29

(144A)

212,000

191,576

MSCI,

Inc.,

3.8750%, 2/15/31

(144A)

171,000

149,643

QUALCOMM,

Inc.,

6.0000%, 5/20/53

200,000

209,922

VMware

LLC,

4.7000%, 5/15/30

84,000

79,679

Workday,

Inc.,

3.5000%, 4/1/27

37,000

35,124

Workday,

Inc.,

3.8000%, 4/1/32

43,000

38,050

1,748,246

Utilities

-

2.5%

Duke

Energy

Progress

LLC,

5.3500%, 3/15/53

114,000

105,793

Southern

Co.

(The),

5.7000%, 3/15/34

148,000

147,549

Vistra

Operations

Co.

LLC,

6.8750%, 4/15/32

(144A)

209,000

208,125

Xcel

Energy,

Inc.,

5.4500%, 8/15/33

315,000

303,956

765,423

Total

Corporate

Bonds

(cost

$29,779,308)

28,684,971

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Investment

Companies

-

2.8%

Money

Market

Funds

-

2.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

£,∞

(cost

$844,126)

843,957

$

844,126

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.5%

Investment

Companies

-

2.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2676%

£,∞

609,182

609,182

Time

Deposits

-

0.5%

Royal

Bank

of

Canada,

5.3100%,

5/1/24

$

152,296

152,296

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$761,474)

761,478

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

-

0.0%

Counterparty/Reference

Asset

Goldman

Sachs

Group,

Inc.

CDX.NA.HY.41-V2,

Credit

Default

Swap,

maturing

12/20/2028,

fixed

rate

5.000%,

payment

frequency:

Quarterly,

Notional

amount

$1,500,000,

premiums

paid

$11,695,

unrealized

depreciation

$(10,044),

exercise

price

$101.00,

expires

6/20/24*

1,500,000

1,651

Total

OTC

Purchased

Call

Credit

Default

Swaptions

-

Buy

Protection

(premiums

paid

$11,695,

unrealized

depreciation

$(10,044))

1,651

Total

Investments

(total

cost

$32,328,529

)

-

103.2%

31,249,479

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.2%)

(962,543)

Net

Assets

-

100.0%

$30,286,936

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

27,325,008

87.4

%

United

Kingdom

1,302,669

4.2

Ireland

923,489

3.0

Luxembourg

405,583

1.3

Denmark

306,134

1.0

France

224,768

0.7

Australia

205,993

0.7

Netherlands

201,147

0.6

Finland

198,604

0.6

Canada

156,084

0.5

Total

$

31,249,479

100.0

%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

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

Shares

Held

at

4/30/24

Dividend

Income

Investment

Company

-

2.8%

Money

Market

Funds

-

2.8%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

∞

$

508,070

$

15,167,407

$

(14,831,351)

$

–

$

–

$

844,126

843,957

$

19,051

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

2.5%

Investment

Companies

-

2.0%

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.2676%

∞

–

710,120

(100,940)

–

2

609,182

609,182

858

Δ

Total

Affiliated

Investments

-

4.8%

$508,070

$15,877,527

$(14,932,291)

$–

$2

$1,453,308

$19,909

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

(Depreciation)

Futures

Long:

U.S.

Treasury

2

Year

Notes

11

6/28/24

$

2,229,219

$

(16,498)

U.S.

Treasury

Long

Bonds

66

6/18/24

7,511,625

(322,314)

U.S.

Treasury

Ultra

Bonds

18

6/18/24

2,152,125

(110,027)

Total

-

Futures

Long

(448,839)

Futures

Short:

U.S.

Treasury

10

Year

Notes

3

6/18/24

(322,313)

855

U.S.

Treasury

10

Year

Ultra

Bonds

100

6/18/24

(11,021,875)

327,732

U.S.

Treasury

5

Year

Notes

19

6/28/24

(1,990,102)

15,694

Total

-

Futures

Short

344,281

Total

$(104,558)

Schedule

of

OTC

Written

Credit

Default

Swaptions

Counterparty/

Reference

Asset

Description

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Paid/

(Received)

Unrealized

Appreciation/

(Depreciation)

Swaptions

Written,

at

Value

Written

Put

Swaptions

-

Sell

Protection:

Goldman

Sachs

Group,

Inc.

CDX.NA.HY.41-V2

Credit

Default

Swap,

S&P

Credit

Rating:

NR,

maturing

12/20/2028,

fixed

rate

5%,

payment

frequency:

Quarterly

94.00

USD

06/20/24

$1,500,000

$(3,839)

$3,144

$(695)

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2024.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2024

Credit

Contracts

Interest

Rate

Contracts

Total

Asset

Derivatives:

Purchased

swaption

contracts,

at

value

$1,651

$—

$1,651

*

Futures

contracts

—

344,281

344,281

Total

Asset

Derivatives

$1,651

$344,281

$345,932

Liability

Derivatives:

*

Futures

contracts

—

448,839

448,839

Swaptions

written,

at

value

695

—

695

Total

Liability

Derivatives

$695

$448,839

$449,534

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(32,495)

$(32,495)

Purchased

swaption

contracts

(50)

—

(50)

Total

$(50)

$(32,495)

$(32,545)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Credit

Contracts

Interest

Rate

Contracts

Total

Futures

contracts

$—

$(19,688)

$(19,688)

Purchased

swaption

contracts

(10,044)

(10,044)

Written

swaption

contracts

3,144

—

3,144

Total

$(6,900)

$(19,688)

$(26,588)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$15,240,237

Average

notional

amount

of

contracts

-

short

10,154,251

Swaptions:

Average

value

of

swaption

contracts

purchased

4,602

Average

value

of

swaption

contracts

written

1,332

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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

Counterparty

Gross

Amounts

of

Recognized

Assets

Offsetting

Asset

or

Liability(a)

Collateral

Pledged(b)

Net

Amount

Goldman

Sachs

Group,

Inc.

$

1,651

$

(695)

$

—

$

956

JPMorgan

Chase

Bank

NA

743,682

—

(743,682)

—

Total

$

745,333

$

(695)

$

(743,682)

$

956

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Liabilities

Offsetting

Asset

or

Liability(a)

Collateral

Pledged(b)

Net

Amount

Goldman

Sachs

Group,

Inc.

$

695

$

(695)

$ 

—

$

—

(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

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

14

April

30,

2024

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.

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.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

April

30,

2024.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2024.

ƒ

All

or

a

portion

of

this

position

is

not

funded,

or

has

been

purchased

on

a

delayed

delivery

or

when-issued

basis.

If

applicable,

interest

rates

will

be

determined

and

interest

will

begin

to

accrue

at

a

future

date.

See

Notes

to

Financial

Statements.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2024

is

$10,481,705

which

represents

34.6%

of

net

assets.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

15

The

following

is

a

summa

ry

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Security

$

—

$

447,509

$

—

Bank

Loans

—

509,744

—

Corporate

Bonds

—

28,684,971

—

Investment

Companies

—

844,126

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

761,478

—

Swaption

Purchased

—

1,651

—

Total

Investments

in

Securities

$

—

$

31,249,479

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

344,281

$

—

$

—

Total

Assets

$

344,281

$

31,249,479

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

448,839

$

—

$

—

Swaptions

Written,

at

Value

—

695

—

Total

Liabilities

$

448,839

$

695

$

—

(a)

Other

financial

instruments

include

futures,

written

swaptions

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.

Written

swaptions

are

reported

at

their

market

value

at

measurement

date.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

16

October

31,

2023

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$30,863,528)

(1)

$

29,794,520

Affiliated

investments,

at

value

(cost

$1,453,306)

1,453,308

Purchased

swaptions,

at

value

(premiums

paid

$11,695)

1,651

Due

from

broker

for

futures

210,000

Receivable

for

variation

margin

on

futures

contracts

12,444

Receivables:

Investments

sold

1,095,955

Interest

357,715

Total

Assets

32,925,593

Liabilities:

Collateral

on

securities

loaned

(Note

3)

761,478

Swaptions

written,

at

value

(premiums

received

$3,839)

695

Due

to

custodian

167,607

Payables:

Investments

purchased

1,700,132

Management

fees

8,745

Total

Liabilities

2,638,657

Commitments

and

contingent

liabilities

Net

Assets

$

30,286,936

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

38,805,619

Total

distributable

earnings

(loss)

(8,518,683)

Total

Net

Assets

$

30,286,936

Net

Assets

$

30,286,936

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

750,001

Net

Asset

Value

Per

Share

$

40.38

(1)

Includes

$743,682

of

securities

on

loan.

See

Note

3

in

Notes

to

Financial

Statements.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

768,279

Dividends

from

affiliates

19,051

Affiliated

securities

lending

income,

net    

858

Unaffiliated

securities

lending

income,

net

220

Total

Investment

Income

788,408

Expenses:

Management

Fees

53,449

Total

Expenses

53,449

Net

Investment

Income/(Loss)

734,959

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(1,461,614)

Futures

contracts

(32,495)

Written

swaption

contracts

(50)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(1,494,159)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

3,213,923

Investments

in

affiliates

2

Purchased

swaption

contracts

(10,044)

Futures

contracts

(19,688)

Written

swaption

contracts

3,144

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

3,187,337

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

2,428,137

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Statements

of

Changes

in

Net

Assets

18

April

30,

2024

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

734,959

$

1,180,236

Net

realized

gain/(loss)

on

investments

(

1,494,159

)

(

2,312,698

)

Change

in

unrealized

net

appreciation/depreciation

3,187,337

1,576,870

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

2,428,137

444,408

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

719,927

)

(

1,150,151

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

719,927

)

(

1,150,151

)

Net

Increase/(Decrease)

in

Net

Assets

1,708,210

(

705,743

)

Net

Assets:

—

—

Beginning

of

Period  

28,578,726

29,284,469

End

of

Period

$

30,286,936

$

28,578,726

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021(1)

Net

Asset

Value,

Beginning

of

Period

$38.10

$39.05

$49.56

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

0.98

1.57

1.02

0.13

Net

realized

and

unrealized

gain/(loss)

2.26

(0.99)

(10.33)

(0.57)

Total

from

Investment

Operations

3.24

0.58

(9.31)

(0.44)

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(0.96)

(1.53)

(1.09)

—

Distributions

(from

capital

gains)

—

—

(0.11)

—

Total

Dividends

and

Distributions

(0.96)

(1.53)

(1.20)

—

Net

Asset

Value,

End

of

Period

$40.38

$38.10

$39.05

$49.56

Total

Return

*

8.50%

1.33%

(19.08)%

(0.88)%

Net

assets,

End

of

Period

(in

thousands)

$30,287

$28,579

$29,284

$49,561

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.35%

0.35%

0.35%

0.35%

Ratio

of

Net

Investment

Income/(Loss)

4.81%

3.88%

2.28%

1.81%

Portfolio

Turnover

Rate

(3)

115%

118%

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

(unaudited)

20

April

30,

2024

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 eleven

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 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.

(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

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2024

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.  

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2024 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. 

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

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,

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2024

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.

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

period,

the

Fund

purchased

interest

rate

futures

to

increase

exposure

to

interest

rate

risk.

During

the

period,

the

Fund

sold

interest

rate

futures

to

decrease

exposure

to

interest

rate

risk. 

Options

on

Swap

Contracts

(Swaptions

) 

The

Fund

may

purchase

or

write

covered

and

uncovered

put

and

call

options

on

swap

contracts,

commonly

referred

to

as

“swaptions”.

Swaption

contracts

grant

the

purchaser

the

right,

but

not

the

obligation,

to

enter

into

a

swap

transaction

at

preset

terms

detailed

in

the

underlying

agreement

within

a

specified

period

of

time.

Swaptions

can

be

used

for

a

variety

of

purposes,

including

to

manage

the

Fund’s

overall

exposure

to

changes

in

interest

or

foreign

currency

exchange

rates

and

credit

quality;

as

an

efficient

means

of

adjusting

the

Fund’s

exposure

to

certain

markets;

in

an

effort

to

enhance

income

or

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

and

to

adjust

portfolio

duration

or

credit

risk.

Because

the

use

of

swaptions

generally

does

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal,

the

risk

of

loss

with

respect

to

swaptions

generally

is

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make.

There

is

also

a

risk

of

a

default

by

the

other

party

to

a

swaption,

in

which

case

the

Fund

may

not

receive

the

net

amount

of

payments

that

it

contractually

is

entitled

to

receive.

Entering

into

a

swaption

contract

involves,

to

varying

degrees,

the

elements

of

credit,

market,

and

interest

rate

risk,

associated

with

both

option

contracts

and

swap

contracts.

Interest

rate

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

short

interest

rates

by

entering

into

a

pay

fixed/receive

float

interest

rate

swap.

Selling

the

interest

rate

receiver

option

reduces

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

rise

and/or

implied

interest

rate

volatility

decreases.

Interest

rate

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

take

a

long

position

on

interest

rates

by

entering

into

a

receive

fixed/pay

float

interest

rate

swap.

Selling

the

interest

rate

payer

option

increases

the

exposure

to

interest

rates

and

the

short

position

becomes

more

valuable

to

the

Fund

as

interest

rates

fall

and/or

implied

interest

rate

volatility

decreases.

Credit

default

written

receiver

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

buy

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

receiver

option

reduces

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

increases.

Credit

default

written

payer

swaptions,

if

exercised

by

the

purchaser,

allow

the

Fund

to

sell

credit

protection

through

credit

default

swaps.

Selling

the

credit

default

payer

option

increases

the

exposure

to

the

credit

risk

of

the

individual

issuers

and/or

indices

of

issuers

and

the

short

position

becomes

more

valuable

to

the

Fund

as

the

likelihood

of

a

credit

event

on

the

reference

asset(s)

decreases.

Swaptions

purchased

are

reported

in

the

Schedule

of

Investments

(if

applicable).

Swaptions

written

are

reported

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

“Swaptions

written,

at

value”

(if

applicable).

During

the

period,

the

Fund

purchased

credit

default

payer

swaptions

(put)

and

bought

protection

via

the

credit

default

swap

market

in

order

to

reduce

credit

risk

exposure

to

individual

corporates,

countries

and/or

credit

indices.

During

the

period,

the

Fund

sold

credit

default

payer

swaptions

(put)

in

order

to

gain

credit

market

volatility

exposure

and

to

gain

credit

exposure.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

Privately

Issued

Securities

Risk 

Privately-issued

securities

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. 

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2024

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.

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

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

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

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

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.

Sustainable

Investment

Risk

The

Fund

follows

a

sustainable

investment

approach

by

investing

in

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

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,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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.

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.

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

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2024

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

April

30,

2024"

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. 

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

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

next

business

day. 

Therefore,

the

value

of

the

collateral

held

may

be

temporarily

less

than

102%

or

105%

value

of

the

securities

on

loan.

The

cash

collateral

invested

by

the

Adviser is

disclosed

in

the

Schedule

of

Investments

(if

applicable).

Income

earned

from

the

investment

of

the

cash

collateral,

net

of

rebates

paid

to,

or

fees

paid

by,

borrowers

and

less

the

fees

paid

to

the

lending

agent

are

included

as

“Affiliated

securities

lending

income,

net”

on

the

Statement

of

Operations.

As

of

April

30,

2024,

securities

lending

transactions

accounted

for

as

secured

borrowings

with

an

overnight

and

continuous

contractual

maturity

are

$743,682

for

equity

securities.

Gross

amounts

of

recognized

liabilities

for

securities

lending

(collateral

received)

as

of

April

30,

2024 is $761,478,

resulting

in

the

net

amount

due

to

the

counterparty

of

$17,796.

Loans

The

Fund

may

invest

in

various

commercial

loans,

including

bank

loans,

bridge

loans,

debtor-in-possession

(“DIP”)

loans,

mezzanine

loans,

and

other

fixed

and

floating

rate

loans.

These

loans

may

be

acquired

through

loan

participations

and

assignments

or

on

a

when-issued

basis.

Below

are

descriptions

of

the

types

of

loans

held

by

the

Fund

as of

 April

30,

2024. 

 •

Bank

Loans

-

Bank

loans

are

obligations

of

companies

or

other

entities

entered

into

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

The

Fund’s

investments

in

bank

loans

are

generally

acquired

as

a

participation

interest

in,

or

assignment

of,

loans

originated

by

a

lender

or

other

financial

institution.

These

investments

may

include

institutionally-

traded

floating

and

fixed-rate

debt

securities.

•

Floating

Rate

Loans

–

Floating

rate

loans

are

debt

securities

that

have

floating

interest

rates,

that

adjust

periodically,

and

are

tied

to

a

benchmark

lending

rate,

such

as

Secured

Overnight

Financing

Rate

(“SOFR”).

In

other

cases,

the

lending

rate

could

be

tied

to

the

prime

rate

offered

by

one

or

more

major

U.S.

banks

or

the

rate

paid

on

large

certificates

of

deposit

traded

in

the

secondary

markets.

If

the

benchmark

lending

rate

changes,

the

rate

payable

to

lenders

under

the

loan

will

change

at

the

next

scheduled

adjustment

date

specified

in

the

loan

agreement.

Floating

rate

loans

are

typically

issued

to

companies

(‘‘borrowers’’)

in

connection

with

recapitalizations,

acquisitions,

and

refinancings.

Floating

rate

loan

investments

are

generally

below

investment

grade.

Senior

floating

rate

loans

are

secured

by

specific

collateral

of

a

borrower

and

are

senior

in

the

borrower’s

capital

structure.

The

senior

position

in

the

borrower’s

capital

structure

generally

gives

holders

of

senior

loans

a

claim

on

certain

of

the

borrower’s

assets

that

is

senior

to

subordinated

debt

and

preferred

and

common

stock

in

the

case

of

a

borrower’s

default.

Floating

rate

loan

investments

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

Floating

rate

loans

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged.

The

Fund

may

invest

in

obligations

of

borrowers

who

are

in

bankruptcy

proceedings.

While

the

Fund

generally

expects

to

invest

in

fully

funded

term

loans,

certain

of

the

loans

in

which

the

Fund

may

invest

include

revolving

loans,

bridge

loans,

and

delayed

draw

term

loans.

Purchasers

of

floating

rate

loans

may

pay

and/or

receive

certain

fees.

The

Fund

may

receive

fees

such

as

covenant

waiver

fees

or

prepayment

penalty

fees.

The

Fund

may

pay

fees

such

as

facility

fees.

Such

fees

may

affect

the

Fund’s

return. 

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: 

Daily

Net

Assets

Fee

Rate

$0-$500

million

0.35%

Over

$500

million

0.30%

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2024

For

the

period ended

April

30,

2024,

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

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2024, 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 period

ended

April

30,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

31

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,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

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.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

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

other

than

the

following:

The

Board

of

Trustees

(the

“Trustees”)

approved

to

change

the

Fund’s

name

to

Janus

Henderson

Corporate

Bond

ETF

,

as

well

as

its

ticker,

investment

objective,

and

principal

investment

strategies

effective

on

or

about

May

13,

2024.

These

changes

are

part

of

an

initiative

to

reposition

the

Fund

to

shift

its

focus

from

the

Adviser

giving

special

consideration

to

certain

environmental,

social,

and

governance

(“ESG”)

factors

in

its

security

selection

process

and,

instead,

integrating

ESG

factors

as

part

of

its

investment

process

only.

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(3,589,900)

$(2,459,943)

$(6,049,843)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$32,328,529

$130,317

$(1,209,367)

$(1,079,050)

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

$34,128,686

$34,181,310

$—

$—

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Additional

Information

(unaudited)

32

April

30,

2024

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

33

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

34

April

30,

2024

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

35

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

36

April

30,

2024

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

37

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

Sustainable

Corporate

Bond

ETF

Liquidity

Risk

Management

Program

(unaudited)

38

April

30,

2024

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93092

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statements

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

13

Additional

Information

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

19

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

20

Liquidity

Risk

Management

Program

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

24

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Hamish

Chamberlayne

Aaron

Scully

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

5

Largest

Equity

Holdings

–

(%

of

Net

Assets)

Microsoft

Corp.

Software

7.9%

NVIDIA

Corp.

Semiconductors

&

Semiconductor

Equipment

7.2%

Westinghouse

Air

Brake

Technologies

Corp.

Machinery

5.7%

Progressive

Corp.

(The)

Insurance

4.8%

Xylem,

Inc.

Machinery

4.0%

29.6%

Sector

Allocation

–

(%

of

Net

Assets)

Technology

25.5%

Industrial

22.8%

Consumer,

Non-cyclical

19.5%

Financial

17.7%

Communications

5.9%

Consumer,

Cyclical

5.7%

Investment

Company

2.9%

100.0%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.55%.

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

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

if

applied,

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.

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.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

NAV

23.75%

21.61%

0.79%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

-

Market

Price

23.65%

21.51%

0.76%

S&P

500

®

Index

20.98%

22.66%

5.87%

*

The

Fund

commenced

operations

on

September

8,

2021.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,237.50

$3.06

$1,000.00

$1,022.13

$2.77

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

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares

Value

Common

Stocks

-

97

.1

%

Automobile

Components

-

1

.5

%

Aptiv

plc*

1,728

$

122,688

Biotechnology

-

1

.3

%

Vertex

Pharmaceuticals,

Inc.*

266

104,487

Building

Products

-

4

.0

%

Advanced

Drainage

Systems,

Inc.

1,313

206,141

Carrier

Global

Corp.

1,964

120,766

326,907

Capital

Markets

-

1

.1

%

S&P

Global,

Inc.

213

88,572

Electrical

Equipment

-

4

.0

%

NEXTracker,

Inc.

-

Class

A*

2,206

94,395

nVent

Electric

plc

3,267

235,452

329,847

Electronic

Equipment,

Instruments

&

Components

-

5

.1

%

Keysight

Technologies,

Inc.*

1,431

211,702

TE

Connectivity

Ltd.

1,474

208,542

420,244

Financial

Services

-

4

.8

%

Mastercard,

Inc.

-

Class

A

595

268,464

Walker

&

Dunlop,

Inc.

1,321

121,043

389,507

Food

Products

-

0

.9

%

McCormick

&

Co.,

Inc.

(Non-Voting)

946

71,953

Ground

Transportation

-

2

.3

%

Uber

Technologies,

Inc.*

2,836

187,942

Health

Care

Equipment

&

Supplies

-

1

.6

%

Edwards

Lifesciences

Corp.*

1,097

92,883

STAAR

Surgical

Co.*

777

35,711

128,594

Health

Care

Providers

&

Services

-

6

.5

%

Encompass

Health

Corp.

2,965

247,221

Humana,

Inc.

598

180,650

McKesson

Corp.

199

106,905

534,776

Health

Care

Technology

-

0

.9

%

Certara,

Inc.*

4,333

74,138

Industrial

REITs

-

1

.5

%

Prologis,

Inc.

1,215

123,991

Insurance

-

9

.6

%

Arthur

J

Gallagher

&

Co.

648

152,079

Marsh

&

McLennan

Cos.,

Inc.

1,236

246,496

Progressive

Corp.

(The)

1,877

390,885

789,460

Life

Sciences

Tools

&

Services

-

6

.2

%

Bruker

Corp.

1,723

134,411

ICON

plc*

947

282,093

Revvity,

Inc.

875

89,661

506,165

Machinery

-

9

.7

%

Westinghouse

Air

Brake

Technologies

Corp.

2,915

469,548

Xylem,

Inc.

2,496

326,227

795,775

Pharmaceuticals

-

1

.1

%

Eli

Lilly

&

Co.

112

87,483

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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

-

13

.9

%

Lam

Research

Corp.

296

$

264,745

NVIDIA

Corp.

686

592,718

ON

Semiconductor

Corp.*

1,231

86,367

Texas

Instruments,

Inc.

1,112

196,179

1,140,009

Software

-

11

.6

%

Autodesk,

Inc.*

717

152,614

Cadence

Design

Systems,

Inc.*

552

152,148

Microsoft

Corp.

1,668

649,402

954,164

Specialized

REITs

-

1

.8

%

Crown

Castle,

Inc.

331

31,041

Equinix,

Inc.

165

117,333

148,374

Specialty

Retail

-

2

.0

%

Home

Depot,

Inc.

(The)

501

167,444

Trading

Companies

&

Distributors

-

2

.1

%

Core

&

Main,

Inc.

-

Class

A*

3,093

174,662

Wireless

Telecommunication

Services

-

3

.6

%

T-Mobile

US,

Inc.

1,802

295,834

Total

Common

Stocks

(cost

$7,388,850)

7,963,016

Investment

Companies

-

2

.9

%

Money

Market

Funds

-

2

.9

%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

Institutional

Class,

5.1700%

∞

(cost

$239,332)

239,332

239,332

Total

Investments

(total

cost

$

7,628,182

)

-

100

.0

%

8,202,348

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

0.0%

(687)

Net

Assets

-

100.0%

$8,201,661

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

7,562,115

92

.2

%

Ireland

404,781

4

.9

United

Kingdom

235,452

2

.9

Total

$

8,202,348

100

.0

%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

8

April

30,

2024

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

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

security.

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

7,963,016

$

—

$

—

Investment

Companies

239,332

—

—

Total

Assets

$

8,202,348

$

—

$

—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

9

See

Notes

to

Financial

Statements.

Assets:

Investments,

at

value

(cost

$7,628,182)

$

8,202,348

Receivables:

Dividends

1,952

Interest

1,126

Total

Assets

8,205,426

Liabilities:

Payables:

Management

fees

3,765

Total

Liabilities

3,765

Commitments

and

contingent

liabilities

Net

Assets

$

8,201,661

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

10,417,028

Total

distributable

earnings

(loss)

(

2,215,367

)

Total

Net

Assets

$

8,201,661

Net

Assets

$

8,201,661

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

325,001

Net

Asset

Value

Per

Share

$

25

.24

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

10

April

30,

2024

See

Notes

to

Financial

Statements.

Investment

Income:

Dividends

$

38,927

Interest

1

Total

Investment

Income

38,928

Expenses:

Management

Fees

22,061

Total

Expenses

22,061

Net

Investment

Income/(Loss)

16,867

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

(

225,650

)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

(

225,650

)

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

1,862,732

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

1,862,732

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,653,949

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Statements

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

11

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

16,867

$

62,041

Net

realized

gain/(loss)

on

investments

(

225,650

)

(

1,239,258

)

Change

in

unrealized

net

appreciation/depreciation

1,862,732

3,697,640

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,653,949

2,520,423

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

21,850

)

(

65,021

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

21,850

)

(

65,021

)

Capital

Share

Transactions

(

586,636

)

(

15,234,565

)

Net

Increase/(Decrease)

in

Net

Assets

1,045,463

(

12,779,163

)

Net

Assets:

—

—

Beginning

of

Period  

7,156,198

19,935,361

End

of

Period

$

8,201,661

$

7,156,198

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Financial

Highlights

12

April

30,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022

2021(1)

Net

Asset

Value,

Beginning

of

Period

$20.45

$18.99

$25.38

$25.00

Income/(Loss)

from

Investment

Operations:

—

—

—

—

Net

investment

income/(loss)

(2)

0.05

0.08

0.04

—

(3)

Net

realized

and

unrealized

gain/(loss)

4.80

1.46

(6.32)

0.38

Total

from

Investment

Operations

4.85

1.54

(6.28)

0.38

Less

Dividends

and

Distributions:

—

—

—

—

Dividends

(from

net

investment

income)

(0.06)

(0.08)

(0.11)

—

Total

Dividends

and

Distributions

(0.06)

(0.08)

(0.11)

—

Net

Asset

Value,

End

of

Period

$25.24

$20.45

$18.99

$25.38

Total

Return

*

23.75%

8.11%

(24.82)%

1.52%

Net

assets,

End

of

Period

(in

thousands)

$8,202

$7,156

$19,935

$51,394

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.55%

0.55%

0.55%

0.55%

Ratio

of

Net

Investment

Income/(Loss)

0.42%

0.40%

0.19%

(0.01)%

Portfolio

Turnover

Rate

(4)

11%

17%

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

(unaudited)

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 eleven

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

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.

(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

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

(unaudited)

14

April

30,

2024

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

15

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. 

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 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

16

April

30,

2024

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

Industry

and Sector

Risk

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

or

that

benefit

from

the

same

theme.

Companies

in

the

same

industry

or

economic

sector

or

that

benefit

from

the

same

theme

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.

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

debt

securities

that

are

aligned

with

positive

environmental

and

social

impact

themes

and/or

the

debt

of

companies

with

business

practices

that

the

Adviser

believes

to

be

sustainable

and/or

demonstrate

adherence

to

certain

sustainable

and/or

ESG-related

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,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

in

a

particular

sector

than

funds

that

invest

more

broadly.

Additionally,

due

to

its

exclusionary

criteria,

the

Fund

may

not

be

invested

in

certain

industries

or

sectors,

and

therefore

may

have

lower

performance

than

portfolios

that

do

not

apply

similar

criteria.

In

addition,

because

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.

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

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

17

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the

period ended

April

30,

2024,

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

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

As

of

April

30,

2024, the

Adviser

owned 225,001

shares

or 69.23%

of

the

Fund.

4.

Federal

Income

Tax 

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

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

0.55%

Over

$250

Million

0.50%

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Notes

to

Financial

Statements

(unaudited)

18

April

30,

2024

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

difference

between

book

and

tax

appreciation

or

depreciation

of

investments

is

wash

sale

loss

deferrals.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

For

the period

ended

April

30,

2024,

the

cost

of

in-kind

purchases

and

proceeds

from

in-kind

sales,

were

as

follows: 

During

the

period ended

April

30,

2024,

the

Fund

had

net

realized

gain of $8,145 from

in-kind

redemptions.

Gains

on

in-

kind

transactions

are

not

considered

taxable

for

federal

income

tax

purposes. 

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

and

through

the

date

of

the

issuance

of

the

Fund's

financial

statements

and

determined

that

there

were

no

material

events

or

transactions

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(1,397,339)

$(1,167,789)

$(2,565,128)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$7,628,182

$1,463,790

$(889,624)

$574,166

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

—

$

—

100,000

$

2,049,342

Shares

repurchased

(25,000)

(586,636

)

(800,000)

(17,283,907

)

Net

Increase/(Decrease)

(25,000)

$

(586,636

)

(700,000)

$

(15,234,565

)

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

$862,274

$995,414

$—

$—

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

$—

$551,042

$—

$—

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

19

Proxy

Voting

Policies

and

Voting

Record

Information

regarding

how

the

Fund

voted

proxies

related

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

and

a

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

its

portfolio

securities

is

available

without

charge:

(i)

upon

request,

by

calling

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

20

April

30,

2024

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

21

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

22

April

30,

2024

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

23

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

24

April

30,

2024

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

U.S.

Sustainable

Equity

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

25

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93093

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

B-BBB

CLO

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

B-BBB

CLO

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

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

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

26

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

27

Liquidity

Risk

Management

Program

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

31

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

Jessica

Shill

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Collateralized

Loan

Obligation

92.0%

Exchange

Traded

Fund

4.7%

Investment

Company

2.4%

99.1%

Ratings

†

Summary

–

(%

of

Net

Assets)

AAA

0.56%

Baa

84.51%

Ba

5.55%

B

0.45%

Other

8.93%

†

Credit

quality

ratings

reflect

the

middle

rating

received

from

Moody’s,

Standard

&

Poor's

and

Fitch,

where

all

three

agencies

have

provided

a

rating.

If

only

two

agencies

rate

a

security,

the

lowest

rating

is

used.

If

only

one

agency

rates

a

security,

that

rating

is

used.

Ratings

are

measured

on

a

scale

that

ranges

from

AAA

(highest)

to

D

(lowest).

"Other"

includes

Liabilities,

net

of

Cash

Receivables

and

Other

Assets.

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.50%

(gross),

0.49%

(net).

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Net

expense

ratios

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

February

28,

2025.

This

contractual

waiver

may

be

terminated

or

modified

only

at

the

discretion

of

the

Board

of

Trustees.

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

if

applied,

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.

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.

Effective

February

28,

2024,

the

Fund

changed

its

broad-based

securities

market

index

from

the

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

to

the

Bloomberg

U.S.

Aggregate

Bond

Index

due

to

regulatory

requirements.

Effective

February

28,

2024,

the

Fund

changed

the

performance

benchmark

from

the

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

to

the

J.P.

Morgan

CLO

BBB

Index

because

J.P.

Morgan

CLO

BBB

Index

is

more

closely

aligned

with

the

Fund's

investment

strategies.

Returns

for

both

benchmarks

will

be

shown

for

a

transition

period.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Fiscal

Year-to-

Date

One

Year

Since

Inception

*

Janus

Henderson

B-BBB

CLO

ETF

-

NAV

8.65%

16.44%

5.68%

Janus

Henderson

B-BBB

CLO

ETF

-

Market

Price

8.56%

16.36%

5.84%

JP

Morgan

CLO

BBB

Index

9.47%

18.45%

7.84%

Bloomberg

U.S.

Aggregate

Bond

Index

4.97%

-1.47%

-4.44%

J.P.

Morgan

CLO

High

Quality

Mezzanine

Index

10.14%

19.32%

8.22%

*

The

Fund

commenced

operations

on

January

11,

2022.

Janus

Henderson

B-BBB

CLO

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,086.50

$2.49

$1,000.00

$1,022.48

$2.41

0.48%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

92.0%

522

Funding

CLO

Ltd.

2021-7A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4880%,

4/23/34

(144A)

‡

$

2,140,000

$

2,107,232

522

Funding

CLO

Ltd.

2020-6A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7380%,

10/23/34

(144A)

‡

13,000,000

12,582,102

AB

BSL

CLO

1

Ltd.

2020-1A

DR,

CME

Term

SOFR

3

Month

+

3.4500%,

8.7786%,

1/15/35

(144A)

‡

2,000,000

1,972,498

AB

BSL

CLO

2

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.6116%,

8.9402%,

4/15/34

(144A)

‡

1,000,000

1,001,079

AGL

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4902%,

4/15/34

(144A)

‡

2,000,000

1,999,018

AGL

CLO

6

Ltd.

2020-6A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.8362%,

7/20/34

(144A)

‡

2,000,000

2,000,156

AGL

CLO

7

Ltd.

2020-7A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6902%,

7/15/34

(144A)

‡

250,000

250,036

Aimco

CLO

10

Ltd.

2019-10A

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4862%,

7/22/32

(144A)

‡

2,000,000

1,999,934

Aimco

CLO

14

Ltd.

2021-14A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4862%,

4/20/34

(144A)

‡

2,850,000

2,850,553

Alinea

CLO

Ltd.

2018-1A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6862%,

7/20/31

(144A)

‡

7,000,000

7,006,104

Allegany

Park

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4246%,

1/20/35

(144A)

‡

1,000,000

1,000,055

Allegro

CLO

VIII

Ltd.

2018-2A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6902%,

7/15/31

(144A)

‡

7,750,000

7,749,845

Annisa

CLO

Ltd.

2016-2A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5862%,

7/20/31

(144A)

‡

1,500,000

1,501,413

Apidos

CLO

XV

2013-15A

DRR,

CME

Term

SOFR

3

Month

+

2.9616%,

8.2862%,

4/20/31

(144A)

‡

2,000,000

1,999,938

Apidos

CLO

XXIII

2015-23A

DR,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5402%,

4/15/33

(144A)

‡

4,750,000

4,757,438

Ares

LXII

CLO

Ltd.

2021-62A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6852%,

1/25/34

(144A)

‡

3,000,000

3,001,554

Ares

XLI

CLO

Ltd.

2016-41A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5902%,

4/15/34

(144A)

‡

1,250,000

1,248,706

Ares

XXVII

CLO

Ltd.

2013-2A

DR2,

CME

Term

SOFR

3

Month

+

3.5116%,

8.8365%,

10/28/34

(144A)

‡

2,000,000

2,001,320

Ares

XXXIV

CLO

Ltd.

2015-2A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6787%,

4/17/33

(144A)

‡

1,000,000

1,001,632

Atrium

IX

9A

DR,

CME

Term

SOFR

3

Month

+

3.8616%,

9.1994%,

5/28/30

(144A)

‡

5,000,000

4,999,445

Bain

Capital

Credit

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.1716%,

8.4985%,

4/18/34

(144A)

‡

6,000,000

5,981,226

Bain

Capital

Credit

CLO

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7393%,

7/16/34

(144A)

‡

5,000,000

5,005,610

Bain

Capital

Credit

CLO

Ltd.

2021-4A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6862%,

10/20/34

(144A)

‡

5,240,000

5,192,740

Bain

Capital

Credit

CLO

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7380%,

10/23/34

(144A)

‡

2,000,000

1,990,192

Barings

CLO

Ltd.

2018-2A

C,

CME

Term

SOFR

3

Month

+

2.9616%,

8.2902%,

4/15/30

(144A)

‡

2,000,000

2,000,096

Barings

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.9116%,

9.2402%,

4/15/35

(144A)

‡

3,600,000

3,605,969

Battery

Park

CLO

II

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

5.6800%,

11.0046%,

10/20/35

(144A)

‡

2,000,000

2,023,918

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Beechwood

Park

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4171%,

1/17/35

(144A)

‡

$

2,600,000

$

2,602,301

Benefit

Street

Partners

CLO

V-B

Ltd.

2018-5BA

C,

CME

Term

SOFR

3

Month

+

3.1916%,

8.5162%,

4/20/31

(144A)

‡

3,000,000

3,001,806

Bethpage

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5402%,

10/15/36

(144A)

‡

1,500,000

1,500,348

BlueMountain

CLO

Ltd.

2015-4A

DR,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5362%,

4/20/30

(144A)

‡

5,000,000

4,979,855

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D1R,

CME

Term

SOFR

3

Month

+

3.7616%,

9.0862%,

10/20/34

(144A)

‡

7,030,000

7,032,657

BlueMountain

CLO

XXVI

Ltd.

2019-26A

D2R,

CME

Term

SOFR

3

Month

+

4.6316%,

9.9562%,

10/20/34

(144A)

‡

1,250,000

1,241,450

BlueMountain

CLO

XXX

Ltd.

2020-30A

DR,

CME

Term

SOFR

3

Month

+

3.3000%,

8.6286%,

4/15/35

(144A)

‡

1,500,000

1,474,359

Boyce

Park

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4246%,

4/21/35

(144A)

‡

1,500,000

1,500,592

Buckhorn

Park

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6885%,

7/18/34

(144A)

‡

2,000,000

2,000,676

Carbone

CLO

Ltd.

2017-1A

C,

CME

Term

SOFR

3

Month

+

2.8616%,

8.1862%,

1/20/31

(144A)

‡

4,000,000

4,001,420

Carlyle

Global

Market

Strategies

CLO

Ltd.

2014-3RA

C,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5365%,

7/27/31

(144A)

‡

3,270,000

3,212,971

Carlyle

US

CLO

Ltd.

2017-5A

C,

CME

Term

SOFR

3

Month

+

2.7116%,

8.0362%,

1/20/30

(144A)

‡

3,000,000

2,947,122

Carlyle

US

CLO

Ltd.

2019-2A

CR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7902%,

7/15/32

(144A)

‡

1,400,000

1,401,924

Carlyle

US

CLO

Ltd.

2021-1A

C,

CME

Term

SOFR

3

Month

+

3.0616%,

8.3902%,

4/15/34

(144A)

‡

3,250,000

3,224,335

Carlyle

US

CLO

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.5616%,

8.8862%,

10/20/34

(144A)

‡

3,000,000

3,002,883

Carlyle

US

CLO

Ltd.

2020-2A

CR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7852%,

1/25/35

(144A)

‡

8,100,000

8,107,047

Carlyle

US

CLO

Ltd.

2022-2A

C,

CME

Term

SOFR

3

Month

+

3.5500%,

8.8746%,

4/20/35

(144A)

‡

2,500,000

2,503,130

Carlyle

US

CLO

Ltd.

2021-7A

C,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6902%,

10/15/35

(144A)

‡

5,800,000

5,805,319

Carlyle

US

CLO

Ltd.

2023-4A

D,

CME

Term

SOFR

3

Month

+

4.1000%,

9.4236%,

10/25/36

(144A)

‡

7,700,000

7,723,439

Carlyle

US

CLO

Ltd.

2022-3A

D1R,

CME

Term

SOFR

3

Month

+

3.8500%,

9.1746%,

4/20/37

(144A)

‡

4,250,000

4,256,770

Cedar

Funding

IV

CLO

Ltd.

2014-4A

DRR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5880%,

7/23/34

(144A)

‡

2,000,000

1,989,432

Cedar

Funding

VI

CLO

Ltd.

2016-6A

DRR,

CME

Term

SOFR

3

Month

+

3.5716%,

8.8962%,

4/20/34

(144A)

‡

1,000,000

979,104

Cedar

Funding

X

CLO

Ltd.

2019-10A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7862%,

10/20/32

(144A)

‡

2,000,000

1,999,976

Cedar

Funding

XII

CLO

Ltd.

2020-12A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7352%,

10/25/34

(144A)

‡

2,000,000

1,988,334

CIFC

Funding

2014

Ltd.

2014-1A

ER2,

CME

Term

SOFR

3

Month

+

6.1116%,

11.4385%,

1/18/31

(144A)

‡

2,250,000

2,249,991

CIFC

Funding

2015-III

Ltd.

2015-3A

ER,

CME

Term

SOFR

3

Month

+

5.2116%,

10.5382%,

4/19/29

(144A)

‡

1,000,000

987,776

CIFC

Funding

2019-I

Ltd.

2019-1A

AR,

CME

Term

SOFR

3

Month

+

1.3616%,

6.6862%,

4/20/32

(144A)

‡

2,800,000

2,803,517

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CIFC

Funding

2021-V

Ltd.

2021-5A

D,

CME

Term

SOFR

3

Month

+

3.5116%,

8.8402%,

7/15/34

(144A)

‡

$

3,250,000

$

3,254,192

CIFC

Funding

Ltd.

2017-5A

D,

CME

Term

SOFR

3

Month

+

6.3616%,

11.6787%,

11/16/30

(144A)

‡

4,125,000

4,124,934

CIFC

Funding

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6862%,

4/20/32

(144A)

‡

3,000,000

3,000,336

CIFC

Funding

Ltd.

2021-3A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5902%,

7/15/36

(144A)

‡

2,200,000

2,201,976

Crown

City

CLO

II

2020-2A

CR,

CME

Term

SOFR

3

Month

+

3.3500%,

8.6746%,

4/20/35

(144A)

‡

8,650,000

8,356,739

Dryden

105

CLO

Ltd.

2023-105A

D,

CME

Term

SOFR

3

Month

+

5.2000%,

10.5269%,

4/18/36

(144A)

‡

1,500,000

1,519,680

Dryden

49

Senior

Loan

Fund

2017-49A

DR,

CME

Term

SOFR

3

Month

+

3.6616%,

8.9885%,

7/18/30

(144A)

‡

2,000,000

1,988,354

Dryden

60

CLO

Ltd.

2018-60A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5902%,

7/15/31

(144A)

‡

3,250,000

3,232,502

Dryden

68

CLO

Ltd.

2019-68A

DR,

CME

Term

SOFR

3

Month

+

3.6116%,

8.9402%,

7/15/35

(144A)

‡

6,500,000

6,499,708

Dryden

78

CLO

Ltd.

2020-78A

D1AR,

CME

Term

SOFR

3

Month

+

3.7500%,

9.0671%,

4/17/37

(144A)

‡

5,500,000

5,501,964

Dryden

80

CLO

Ltd.

2019-80A

DR,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4171%,

1/17/33

(144A)

‡

1,000,000

963,329

Dryden

85

CLO

Ltd.

2020-85A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7902%,

10/15/35

(144A)

‡

1,300,000

1,300,079

Dryden

86

CLO

Ltd.

2020-86A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7787%,

7/17/34

(144A)

‡

3,000,000

3,000,153

Dryden

90

CLO

Ltd.

2021-90A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5807%,

2/20/35

(144A)

‡

1,000,000

987,323

Dryden

93

CLO

Ltd.

2021-93A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5402%,

1/15/34

(144A)

‡

3,000,000

2,960,208

Dryden

97

CLO

Ltd.

2022-97A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

8.5246%,

4/20/35

(144A)

‡

3,000,000

2,928,348

Dryden

98

CLO

Ltd.

2022-98A

D,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4246%,

4/20/35

(144A)

‡

7,300,000

7,065,590

Dryden

XXVIII

Senior

Loan

Fund

2013-28A

B1LR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7186%,

8/15/30

(144A)

‡

1,500,000

1,499,980

Eaton

Vance

CLO

Ltd.

2020-1A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6902%,

10/15/34

(144A)

‡

3,000,000

3,000,939

Elmwood

CLO

VII

Ltd.

2020-4A

DR,

CME

Term

SOFR

3

Month

+

4.1500%,

9.4671%,

1/17/34

(144A)

‡

2,000,000

2,001,694

Franklin

Park

Place

CLO

I

LLC

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.7500%,

9.0786%,

4/14/35

(144A)

‡

2,500,000

2,500,135

Generate

CLO

2

Ltd.

2A

DR,

CME

Term

SOFR

3

Month

+

2.8616%,

8.1862%,

1/22/31

(144A)

‡

2,000,000

1,999,164

Gilbert

Park

CLO

Ltd.

2017-1A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5402%,

10/15/30

(144A)

‡

1,000,000

999,289

GoldenTree

Loan

Management

US

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.3116%,

8.6362%,

7/20/34

(144A)

‡

1,000,000

1,000,759

HalseyPoint

CLO

3

Ltd.

2020-3A

D1,

CME

Term

SOFR

3

Month

+

4.5116%,

9.8411%,

11/30/32

(144A)

‡

1,000,000

1,001,857

Jamestown

CLO

XI

Ltd.

2018-11A

C,

CME

Term

SOFR

3

Month

+

3.5116%,

8.8402%,

7/14/31

(144A)

‡

1,000,000

1,000,269

KKR

CLO

12

Ltd.

12

DR2,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6902%,

10/15/30

(144A)

‡

1,000,000

1,000,979

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

KKR

CLO

27

Ltd.

27A

DR,

CME

Term

SOFR

3

Month

+

3.2500%,

8.5786%,

10/15/32

(144A)

‡

$

1,250,000

$

1,231,551

LCM

31

Ltd.

31A

D,

CME

Term

SOFR

3

Month

+

3.8616%,

9.1862%,

1/20/32

(144A)

‡

3,000,000

2,943,702

Madison

Park

Funding

XVII

Ltd.

2015-17A

DR,

CME

Term

SOFR

3

Month

+

3.8616%,

9.1862%,

7/21/30

(144A)

‡

2,000,000

2,001,474

Magnetite

XXXIX

Ltd.

2023-39A

D,

CME

Term

SOFR

3

Month

+

4.1500%,

9.4736%,

10/25/33

(144A)

‡

1,790,000

1,794,062

Marathon

CLO

Ltd.

2021-17A

C,

CME

Term

SOFR

3

Month

+

4.3716%,

9.6962%,

1/20/35

(144A)

‡

2,000,000

1,985,128

Morgan

Stanley

Eaton

Vance

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6880%,

10/20/34

(144A)

‡

2,640,000

2,562,181

Myers

Park

CLO

Ltd.

2018-1A

E,

CME

Term

SOFR

3

Month

+

5.7616%,

11.0862%,

10/20/30

(144A)

‡

1,000,000

996,256

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

DR,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4893%,

10/16/33

(144A)

‡

2,500,000

2,498,962

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

D,

CME

Term

SOFR

3

Month

+

3.0616%,

8.3893%,

7/16/35

(144A)

‡

1,000,000

995,762

Neuberger

Berman

Loan

Advisers

NBLA

CLO

53

Ltd.

2023-53A

D,

CME

Term

SOFR

3

Month

+

4.5000%,

9.8229%,

10/24/32

(144A)

‡

5,000,000

5,029,625

Newark

BSL

CLO

2

Ltd.

2017-1A

CR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7352%,

7/25/30

(144A)

‡

4,500,000

4,488,611

Northwoods

Capital

XVII

Ltd.

2018-17A

D,

CME

Term

SOFR

3

Month

+

3.1116%,

8.4362%,

4/22/31

(144A)

‡

2,500,000

2,430,425

Oaktree

CLO

Ltd.

2019-3A

D1R,

CME

Term

SOFR

3

Month

+

3.4716%,

8.7962%,

10/20/34

(144A)

‡

2,500,000

2,484,090

OCP

CLO

Ltd.

2014-5A

CR,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4861%,

4/26/31

(144A)

‡

2,000,000

1,993,070

OCP

CLO

Ltd.

2020-8RA

C,

CME

Term

SOFR

3

Month

+

4.0116%,

9.3287%,

1/17/32

(144A)

‡

1,850,000

1,851,856

OCP

CLO

Ltd.

2020-18A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7862%,

7/20/32

(144A)

‡

3,400,000

3,384,877

OCP

CLO

Ltd.

2021-21A

D,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5362%,

7/20/34

(144A)

‡

4,515,000

4,469,706

OCP

CLO

Ltd.

2020-19A

DR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7362%,

10/20/34

(144A)

‡

2,000,000

2,001,064

Octagon

54

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.3116%,

8.6402%,

7/15/34

(144A)

‡

1,750,000

1,749,893

Octagon

56

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7902%,

10/15/34

(144A)

‡

2,000,000

1,995,670

Octagon

Investment

Partners

18-R

Ltd.

2018-18A

C,

CME

Term

SOFR

3

Month

+

2.9616%,

8.2893%,

4/16/31

(144A)

‡

3,505,000

3,419,012

Octagon

Investment

Partners

38

Ltd.

2018-1A

C,

CME

Term

SOFR

3

Month

+

3.2116%,

8.5362%,

7/20/30

(144A)

‡

2,800,000

2,750,222

Octagon

Investment

Partners

41

Ltd.

2019-2A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7902%,

10/15/33

(144A)

‡

2,300,000

2,299,549

Octagon

Investment

Partners

44

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.5116%,

8.8402%,

10/15/34

(144A)

‡

10,600,000

10,562,900

Octagon

Investment

Partners

46

Ltd.

2020-2A

DR,

CME

Term

SOFR

3

Month

+

3.5616%,

8.8902%,

7/15/36

(144A)

‡

2,000,000

1,964,540

OHA

Loan

Funding

Ltd.

2016-1A

DR,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5862%,

1/20/33

(144A)

‡

4,500,000

4,502,808

Palmer

Square

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.0500%,

8.3746%,

4/20/35

(144A)

‡

1,000,000

999,308

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Palmer

Square

Loan

Funding

Ltd.

2022-2A

C,

CME

Term

SOFR

3

Month

+

3.1000%,

8.4286%,

10/15/30

(144A)

‡

$

2,645,000

$

2,646,106

Peebles

Park

CLO

Ltd.

2024-1A

D,

CME

Term

SOFR

3

Month

+

3.5000%,

8.8043%,

4/21/37

(144A)

‡

8,000,000

7,996,856

Post

CLO

Ltd.

2022-1A

D,

CME

Term

SOFR

3

Month

+

3.2000%,

8.5246%,

4/20/35

(144A)

‡

4,500,000

4,491,931

PPM

CLO

Ltd.

2018-1A

D,

CME

Term

SOFR

3

Month

+

3.5116%,

8.8402%,

7/15/31

(144A)

‡

3,750,000

3,750,697

RAD

CLO

15

Ltd.

2021-15A

D,

CME

Term

SOFR

3

Month

+

3.3116%,

8.6362%,

1/20/34

(144A)

‡

1,000,000

1,000,555

Rad

CLO

18

Ltd.

2023-18A

D,

CME

Term

SOFR

3

Month

+

5.2500%,

10.5786%,

4/15/36

(144A)

‡

2,412,000

2,467,049

RAD

CLO

19

Ltd.

2023-19A

D,

CME

Term

SOFR

3

Month

+

5.7500%,

11.0746%,

4/20/35

(144A)

‡

1,000,000

1,001,089

RAD

CLO

21

Ltd.

2023-21A

D,

CME

Term

SOFR

3

Month

+

4.4000%,

9.7235%,

1/25/33

(144A)

‡

3,250,000

3,255,730

RAD

CLO

3

Ltd.

2019-3A

ER,

CME

Term

SOFR

3

Month

+

6.7616%,

12.0902%,

4/15/32

(144A)

‡

2,000,000

2,001,640

Regatta

XII

Funding

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6902%,

10/15/32

(144A)

‡

2,000,000

2,000,668

Regatta

XX

Funding

Ltd.

2021-2A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6902%,

10/15/34

(144A)

‡

250,000

250,286

Rockford

Tower

CLO

Ltd.

2018-2A

D,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6862%,

10/20/31

(144A)

‡

7,800,000

7,799,735

Rockford

Tower

CLO

Ltd.

2020-1A

D1R,

CME

Term

SOFR

3

Month

+

4.6000%,

9.9246%,

1/20/36

(144A)

‡

5,500,000

5,527,737

Romark

CLO

II

Ltd.

2018-2A

D,

CME

Term

SOFR

3

Month

+

6.5116%,

11.8352%,

7/25/31

(144A)

‡

6,100,000

6,038,988

Romark

CLO

Ltd.

2017-1A

D,

CME

Term

SOFR

3

Month

+

6.9116%,

12.2380%,

10/23/30

(144A)

‡

2,000,000

1,975,536

Romark

WM-R

Ltd.

2018-1A

D,

CME

Term

SOFR

3

Month

+

3.2816%,

8.6062%,

4/20/31

(144A)

‡

8,832,500

8,686,172

RR

3

Ltd.

2018-3A

CR2,

CME

Term

SOFR

3

Month

+

2.7616%,

8.0902%,

1/15/30

(144A)

‡

1,660,000

1,636,989

RR

4

Ltd.

2018-4A

D,

CME

Term

SOFR

3

Month

+

6.1116%,

11.4402%,

4/15/30

(144A)

‡

2,250,000

2,229,588

RRX

4

Ltd.

2021-4A

C,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7402%,

7/15/34

(144A)

‡

2,000,000

2,001,248

Sandstone

Peak

III

Ltd.

2024-1A

D1,

CME

Term

SOFR

3

Month

+

3.8500%,

0.0000%,

4/25/37

(144A)

‡

6,750,000

6,752,403

Sandstone

Peak

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.8116%,

9.1402%,

10/15/34

(144A)

‡

2,000,000

1,986,054

Signal

Peak

CLO

1

Ltd.

2014-1A

DR3,

CME

Term

SOFR

3

Month

+

3.6616%,

8.9787%,

4/17/34

(144A)

‡

2,000,000

2,001,078

Signal

Peak

CLO

10

Ltd.

2021-10A

D,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7846%,

1/24/35

(144A)

‡

1,500,000

1,501,039

Sixth

Street

CLO

XIX

Ltd.

2021-19A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5862%,

7/20/34

(144A)

‡

2,500,000

2,502,922

TCI-Flatiron

CLO

Ltd.

2017-1A

D,

CME

Term

SOFR

3

Month

+

3.0116%,

8.3307%,

11/18/30

(144A)

‡

5,500,000

5,500,077

TCI-Flatiron

CLO

Ltd.

2017-1A

E,

CME

Term

SOFR

3

Month

+

6.6116%,

11.9307%,

11/18/30

(144A)

‡

4,000,000

4,008,956

TCW

CLO

Ltd.

2020-1A

DRR,

CME

Term

SOFR

3

Month

+

3.6616%,

8.9862%,

4/20/34

(144A)

‡

4,500,000

4,423,329

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

11

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Tiaa

CLO

III

Ltd.

2017-2A

D,

CME

Term

SOFR

3

Month

+

2.8616%,

8.1893%,

1/16/31

(144A)

‡

$

3,250,000

$

3,167,522

TICP

CLO

VIII

Ltd.

2017-8A

CR,

CME

Term

SOFR

3

Month

+

3.6616%,

8.9862%,

10/20/34

(144A)

‡

2,000,000

2,001,104

Trinitas

CLO

XVI

Ltd.

2021-16A

D,

CME

Term

SOFR

3

Month

+

3.5616%,

8.8862%,

7/20/34

(144A)

‡

1,500,000

1,489,213

Upland

CLO

Ltd.

2016-1A

CR,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4862%,

4/20/31

(144A)

‡

2,000,000

2,000,524

Venture

44

CLO

Ltd.

2021-44A

D1,

CME

Term

SOFR

3

Month

+

3.4916%,

8.8162%,

10/20/34

(144A)

‡

2,000,000

1,960,764

Vibrant

ClO

1X

Ltd.

2018-9A

C,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7862%,

7/20/31

(144A)

‡

1,500,000

1,492,953

Voya

CLO

Ltd.

2014-2A

CR,

CME

Term

SOFR

3

Month

+

3.8116%,

9.1287%,

4/17/30

(144A)

‡

2,000,000

1,989,742

Voya

CLO

Ltd.

2019-1A

DR,

CME

Term

SOFR

3

Month

+

3.1116%,

8.4402%,

4/15/31

(144A)

‡

3,000,000

2,975,265

Voya

CLO

Ltd.

2018-3A

D,

CME

Term

SOFR

3

Month

+

3.2616%,

8.5902%,

10/15/31

(144A)

‡

6,825,000

6,765,288

Voya

CLO

Ltd.

2017-3A

CR,

CME

Term

SOFR

3

Month

+

3.4116%,

8.7362%,

4/20/34

(144A)

‡

2,260,000

2,187,416

Voya

CLO

Ltd.

2020-2A

DR,

CME

Term

SOFR

3

Month

+

3.3616%,

8.6882%,

7/19/34

(144A)

‡

1,375,000

1,375,297

Voya

CLO

Ltd.

2019-4A

DR,

CME

Term

SOFR

3

Month

+

3.4616%,

8.7902%,

1/15/35

(144A)

‡

1,250,000

1,213,354

Whetstone

Park

CLO

Ltd.

2021-1A

D,

CME

Term

SOFR

3

Month

+

3.1616%,

8.4862%,

1/20/35

(144A)

‡

2,350,000

2,350,632

Whitebox

CLO

II

Ltd.

2020-2A

DR,

CME

Term

SOFR

3

Month

+

3.6116%,

8.9345%,

10/24/34

(144A)

‡

250,000

250,150

Wind

River

CLO

Ltd.

2022-2A

D,

CME

Term

SOFR

3

Month

+

4.7000%,

10.0246%,

7/20/35

(144A)

‡

8,000,000

7,990,488

Total

Collateralized

Loan

Obligations

(cost

$455,256,157)

458,269,297

Exchange

Traded

Fund

-

4.7%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$23,143,778)

457,655

23,244,297

Investment

Companies

-

2.4%

Money

Market

Funds

-

2.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

£,∞

(cost

$12,138,760)

12,136,333

12,138,760

Total

Investments

(total

cost

$490,538,695

)

-

99.1%

493,652,354

Cash,

Receivables

and

Other

Assets,

net

of

Liabilities

-

0.9%

4,654,624

Net

Assets

-

100.0%

$498,306,978

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

493,652,354

100.0

%

–

–

Janus

Henderson

B-BBB

CLO

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

10/31/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

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

Shares

Held

at

4/30/24

Dividend

Income

Investment

Company

-

7.1%

Exchange

Traded

Fund

-

4.7%

Janus

Henderson

AAA

CLO

ETF

$

–

$

23,295,218

$

(151,602)

$

162

$

100,519

$

23,244,297

457,655

$

95,233

Money

Market

Funds

-

2.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

∞

2,549,332

172,186,606

(162,597,178)

–

–

12,138,760

12,136,333

145,559

Total

Affiliated

Investments

-

7.1%

$2,549,332

$195,481,824

$(162,748,780)

$162

$100,519

$35,383,057

$240,792

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

13

J.P.

Morgan

CLO

BBB

Index

JP

Morgan

CLO

BBB

Index

is

designed

to

track

the

BBB

rated

components

of

the

USD-denominated

broadly

syndicated

CLO

market.

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.

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

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2024.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2024

is

$458,269,297

which

represents

92.0%

of

net

assets.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Collateralized

Loan

Obligations

$

—

$

458,269,297

$

—

Exchange

Traded

Fund

23,244,297

—

—

Investment

Companies

—

12,138,760

—

Total

Assets

$

23,244,297

$

470,408,057

$

—

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

14

April

30,

2024

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$455,256,157)

$

458,269,297

Affiliated

investments,

at

value

(cost

$35,282,538)

35,383,057

Cash

149,386

Receivables:

Fund

units

sold

9,799,053

Interest

1,622,932

Due

from

custodian

2,041,637

Due

from

adviser

3,094

Total

Assets

507,268,456

Liabilities:

Payables:

Investments

purchased

8,791,637

Management

fees

169,841

Total

Liabilities

8,961,478

Commitments

and

contingent

liabilities

Net

Assets

$

498,306,978

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

496,447,726

Total

distributable

earnings

(loss)

1,859,252

Total

Net

Assets

$

498,306,978

Net

Assets

$

498,306,978

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

10,200,000

Net

Asset

Value

Per

Share

$

48

.85

Janus

Henderson

B-BBB

CLO

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

Janus

Detroit

Street

Trust

15

See

Notes

to

Financial

Statements.

Investment

Income:

Interest

$

9,932,389

Dividends

from

affiliates

240,792

Total

Investment

Income

10,173,181

Expenses:

Management

Fees

549,269

Total

Expenses

549,269

Less:

Excess

Expense

Reimbursement

and

Waivers

(

4,966

)

Net

Expenses

544,303

Net

Investment

Income/(Loss)

9,628,878

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

104,514

Investments

in

affiliates

162

Total

Net

Realized

Gain/(Loss)

on

Investments

$

104,676

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

5,899,767

Investments

in

affiliates

100,519

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

6,000,286

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

15,733,840

Janus

Henderson

B-BBB

CLO

ETF

Statements

of

Changes

in

Net

Assets

16

April

30,

2024

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(unaudited)

Year

Ended

October

31,

2023

Operations:

Net

investment

income/(loss)

$

9,628,878

$

7,605,424

Net

realized

gain/(loss)

on

investments

104,676

(

2,456,663

)

Change

in

unrealized

net

appreciation/depreciation

6,000,286

7,183,259

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

15,733,840

12,332,020

Dividends

and

Distributions

to

Shareholders:

—

—

Dividends

and

Distributions

(

7,447,708

)

(

7,139,781

)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(

7,447,708

)

(

7,139,781

)

Capital

Share

Transactions

356,754,170

49,464,555

Net

Increase/(Decrease)

in

Net

Assets

365,040,302

54,656,794

Net

Assets:

—

—

Beginning

of

Period  

133,266,676

78,609,882

End

of

Period

$

498,306,978

$

133,266,676

Janus

Henderson

B-BBB

CLO

ETF

Financial

Highlights

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

and

each

year

or

period

ended

October

31

2024

2023

2022(1)

Net

Asset

Value,

Beginning

of

Period

$46.76

$43.67

$50.00

Income/(Loss)

from

Investment

Operations:

—

—

—

Net

investment

income/(loss)

(2)

2.03

3.88

1.80

Net

realized

and

unrealized

gain/(loss)

1.93

2.90

(6.71)

Total

from

Investment

Operations

3.96

6.78

(4.91)

Less

Dividends

and

Distributions:

—

—

—

Dividends

(from

net

investment

income)

(1.87)

(3.69)

(1.42)

Total

Dividends

and

Distributions

(1.87)

(3.69)

(1.42)

Net

Asset

Value,

End

of

Period

$48.85

$46.76

$43.67

Total

Return

*

8.65%

16.05%

(9.96)%

(3)

Net

assets,

End

of

Period

(in

thousands)

$498,307

$133,267

$78,610

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.49%

0.49%

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.48%

0.48%

0.48%

Ratio

of

Net

Investment

Income/(Loss)

8.46%

8.44%

4.75%

Portfolio

Turnover

Rate

(4)

18%

53%

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

(unaudited)

18

April

30,

2024

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.

As

of

the

date

of

this

report,

the

Trust

offers

eleven 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

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

19

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

20

April

30,

2024

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.  

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 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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. 

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. 

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2024

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

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. 

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: 

Daily

Net

Assets

Fee

Rate

$0-$500

Million

0.49%

Over

$500

Million

0.45%

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

For

the

period ended

April

30,

2024,

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

February

28,

2025.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2024,

the

Adviser

waived

$4,966 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

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

April

30,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2024

4.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

Accumulated

capital

losses

noted

below

represent

net

capital

loss

carryovers,

as

of

October

31,

2023,

that

may

be

available

to

offset

future

realized

capital

gains

and

thereby

reduce

future

taxable

gains

distributions.

The

following

table

shows

these

capital

loss

carryovers. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

5.

Capital

Share

Transactions 

6.

Purchases

and

Sales

of

Investment

Securities

For

the period ended

April

30,

2024,

the

aggregate

cost

of

purchases

and

proceeds

from

sales

of

investment

securities

(excluding

any

short-term

securities,

short-term

options

contracts,

and

in-kind

transactions)

was

as

follows: 

Capital

Loss

Carryover

Schedule

For

the

year

ended

October

31,

2023

No

Expiration

Short-Term

Long-Term

Accumulated

Capital

Losses

$(2,491,841)

$(1,972,652)

$(4,464,493)

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$490,538,695

$4,087,578

$(973,919)

$3,113,659

Period

Ended

April

30,

2024

Year

Ended

October

31,

2023

Shares

Amount

Shares

Amount

Shares

sold

7,350,000

$

356,754,170

1,250,000

$

58,359,146

Shares

repurchased

—

—

(200,000)

(8,894,591)

Net

Increase/(Decrease)

7,350,000

$

356,754,170

1,050,000

$

49,464,555

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

$379,252,268

$42,445,141

$—

$—

Janus

Henderson

B-BBB

CLO

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

7.

Subsequent

Events 

Management

has

evaluated

whether

any

events

or

transactions

occurred

subsequent

to April

30,

2024

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

B-BBB

CLO

ETF

Additional

Information

(unaudited)

26

April

30,

2024

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

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

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

27

The

Board

of

Trustees

(the

“Board”)

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“Independent

Trustees”),

met

in

person

on

April

10-11,

2024

to

consider

the

proposed

renewal

of

the

investment

management

agreement

between

Janus

Henderson

Investors

US

LLC

(the

“Adviser”)

and

the

Trust

(the

“Investment

Management

Agreement”),

on

behalf

of

Janus

Henderson

AAA

CLO

ETF

(“JAAA”),

Janus

Henderson

B-BBB

CLO

ETF

(“JBBB”),

Janus

Henderson

International

Sustainable

Equity

ETF

(“SXUS”),

Janus

Henderson

Mortgage-Backed

Securities

ETF

(“JMBS”)

Janus

Henderson

Short

Duration

Income

ETF

(“VNLA”),

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

(“JSML”),

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

(“JSMD”),

Janus

Henderson

Sustainable

Corporate

Bond

ETF

(“SCRD”),

Janus

Henderson

U.S.

Real

Estate

ETF

(“JRE”)

and

Janus

Henderson

U.S.

Sustainable

Equity

ETF

(“SSPX”)

(each

a

separate

series

of

the

Trust,

and

collectively,

the

“Funds”).

In

the

course

of

their

consideration

of

the

renewal

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Independent

Trustees

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

trustees

in

evaluating

and

approving

such

agreements.

In

considering

renewal

of

the

Investment

Management

Agreement,

the

Board

and

the

Independent

Trustees,

as

applicable,

reviewed

the

materials

provided

to

them

relating

to

the

consideration

of

the

renewal

of

the

Investment

Management

Agreement

for

the

Funds

and

other

information

provided

by

counsel

and

the

Adviser,

including:

(i)

information

regarding

the

nature,

quality

and

extent

of

the

services

provided

to

the

Funds

by

the

Adviser,

and

the

fees

charged

to

each

Fund

therefor;

(ii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel,

compliance

programs,

and

profitability

with

respect

to

the

Trust

and

each

Fund;

(iii)

comparative

information

describing

each

Fund’s

advisory

fee

structures,

operating

expenses,

and

performance

information

as

compared

to

peer

fund

groups

compiled

by

an

independent

third

party;

(iv)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(v)

a

memorandum

from

counsel

to

the

Independent

Trustees

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser

throughout

the

year.

The

Trustees

also

considered

information

received

and

reviewed

in

connection

with

a

meeting

held

on

March

11,

2024

via

videoconference

to

discuss

certain

information

provided

by

the

Adviser

related

to

the

Trustees’

consideration

of

the

renewal

of

the

Investment

Management

Agreement.

The

Board

determined

that

the

information

provided

by

the

Adviser

was

thorough

and

sufficiently

responsive

to

their

request

so

as

to

permit

the

effective

consideration

of

the

renewal.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including,

among

other

factors:

(i)

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

by

the

Adviser;

(ii)

the

Adviser’s

personnel

and

operations;

(iii)

each

Fund’s

expense

level;

(iv)

the

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

with

respect

to

each

Fund;

(v)

any

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

(vi)

the

effect

of

asset

growth

on

each

Fund’s

expenses;

and

(vii)

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

Trust

and

each

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

Funds

and

the

fees

paid

by

the

Funds

therefor,

the

Funds

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

Funds

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

Funds.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

28

April

30,

2024

The

Board

reviewed

the

services

that

the

Adviser

provides

to

the

Funds.

In

connection

with

the

investment

advisory

services

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

has

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

each

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

Fund;

determining

daily

baskets

of

securities

and

cash

components

in

connection

with

creation

and

redemption

transactions

in

each

Fund’s

shares;

executing

portfolio

security

trades

for

purchases

and

redemptions

of

each

Fund’s

shares

conducted

on

a

cash-

in-lieu

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

Funds.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

the

Funds

and

other

pooled

investment

vehicles,

including

an

assessment

of

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

continue

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

rendered

and

fees

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

Funds;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

rendered

and

the

fees

paid

under

other

contracts

of

the

Adviser

and

under

contracts

of

other

investment

advisers

with

respect

to

similar

ETFs.

In

particular,

the

Board

reviewed

a

report

compiled

by

an

independent

third

party

to

compare

each

Fund’s

contractual

management

fee

and

total

expense

ratio

to

other

investment

companies

within

each

Fund’s

respective

peer

grouping,

as

determined

by

the

independent

third

party.

The

information

provided

by

the

comparative

report

showed

how

the

total

expense

ratio

and

contractual

management

fee

for

each

of

the

Funds

compared

within

its

respective

peer

group

for

the

one-year

period

ended

December

31,

2023.

The

reporting

is

described

in

detail

below:

The

total

expense

ratio

and

the

contractual

management

fee

for

JAAA

was

each

reported

in

the

1st

quintile

of

its

respective

peer

group

(with

1st

quintile

being

the

lowest

fees/expenses

and

5th

quintile

being

the

highest

fees/

expenses).

The

total

expense

ratio

and

the

contractual

management

fee

for

JBBB

was

each

reported

in

the

2nd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SXUS

was

reported

in

the

3rd

and

4th

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JMBS

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

VNLA

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSML

was

reported

in

the

3rd

quintile

and

at

median

as

compared

to

expense

group

peers,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

JSMD

was

each

reported

in

the

3rd

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

SCRD

was

each

reported

in

the

1st

quintile.

The

total

expense

ratio

and

the

contractual

management

fee

for

JRE

was

reported

in

the

3rd

and

2nd

quintiles,

respectively.

The

total

expense

ratio

and

the

contractual

management

fee

for

SSPX

was

each

reported

in

the

3rd

quintile.

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

29

The

Board

further

considered

that

the

Adviser

had

voluntarily

agreed

to

cap

the

expenses

of

JAAA,

JMBS

and

VNLA

to

the

extent

that

such

Funds’

total

expense

ratio

exceeded

0.21%,

0.23%

and

0.23%,

respectively,

for

the

period

February

28,

2024

through

February

28,

2025.

The

Board

further

noted

the

Adviser’s

contractual

commitment

with

respect

to

the

Funds’

investments

in

affiliated

ETFs

to

waive

and/or

reimburse

a

portion

of

its

management

fee

in

an

amount

equal

to

a

portion

of

the

management

fee

it

earns

as

investment

adviser

to

affiliated

ETFs

in

which

a

Fund

invests

(if

any),

for

at

least

the

period

from

February 28,

2024

until

February 28,

2025.

The

Board

also

discussed

the

costs

incurred

by

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

Funds,

including

operational

costs.

After

comparing

each

Fund’s

fees

and

expenses

with

those

of

other

ETFs

in

the

Funds’

respective

peer

groups,

and

in

light

of

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser

and

the

costs

incurred

by

the

Adviser

in

rendering

those

services,

as

well

as

the

profitability

of

the

Adviser

in

providing

these

services,

the

Board

concluded

that

the

level

of

fees

paid

to

the

Adviser

and

the

profitability

with

respect

to

each

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

In

its

review,

the

Board

considered

that

the

Funds

were

positioned

to

realize

potential

economies

of

scale

as

assets

grow

over

time,

given

the

inclusion

of

management

fee

breakpoints

for

each

Fund

in

the

current

investment

advisory

agreement

at

various

asset

levels.

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

The

Board

next

discussed

the

annualized

returns

of

the

Funds

on

both

an

absolute

basis

and

relative

to

the

performance

of

funds

comprising

a

performance

universe

compiled

by

an

independent

third

party

for

each

Fund

for

the

three-month

period,

one-year

period,

two-year

period,

three-year

period,

four-year

period,

five-year

period,

and/or

since

inception

period

ended

December

31,

2023

(each

period

as

applicable).

The

Board

noted

the

following

for

each

Fund:

JAAA

was

reported

to

be

in

the

5th,

3rd,

and

5th

quintiles

of

its

performance

universe

(with

the

1st

quintile

being

the

best

performer

and

the

5th

quintile

being

the

worst

performer)

for

its

one-,

two-,

and

three-year

periods,

respectively;

JBBB

was

reported

to

be

in

the

1st,

1st,

and

3rd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

SXUS

was

reported

to

be

in

the

1st,

5th,

and

5th

quintiles

of

its

performance

universe

for

each

of

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JMBS

was

reported

to

be

in

the

2nd,

2nd,

2nd,

2nd

and

1st

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

VNLA

was

reported

to

be

in

the

2nd,

1st,

1st,

1st,

and

1st

quintiles

of

its

performance

universe

for

each

of

its

one-,

two-,

three-,

four-,

and

five-year

periods;

JSML

was

reported

to

be

in

the

1st,

1st,

3rd,

3rd,

and

3rd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

JSMD

was

reported

to

be

in

the

1st,

1st,

2nd,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

one-,

two-,

three-,

four-,

and

five-year

periods,

respectively;

Janus

Henderson

B-BBB

CLO

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

30

April

30,

2024

SCRD

was

reported

to

be

in

the

1st,

2nd,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

JRE

was

reported

to

be

in

the

5th,

5th,

and

2nd

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively;

and

SSPX

was

reported

to

be

in

its

2nd,

2nd,

and

5th

quintiles

of

its

performance

universe

for

its

three-month,

one-year,

and

since

inception

periods,

respectively.

With

respect

to

JSML

and

JSMD,

the

Board

noted

that

these

Funds

are

index-based

and,

as

a

result,

passively

managed

to

seek

to

track

the

returns

of

specified

indices.

For

this

reason,

the

Board

also

considered

the

performance

of

these

Funds

in

relation

to

the

performance

of

each

Fund’s

respective

underlying

index

(i.e.

“tracking

error”),

and

considered

that

the

tracking

error

was

within

anticipated

ranges.

The

Board

considered

the

Adviser’s

explanation

of

performance

results

for

each

Fund

across

the

relevant

periods

provided

as

part

of

the

consideration

of

the

renewal

of

the

Investment

Advisory

Agreement,

and

during

the

course

of

the

previous

year.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

management

fee

rates

and

total

expense

ratios

of

each

Fund

are

reasonable

in

relation

to

the

services

provided

by

the

Adviser

to

such

Fund,

as

well

as

the

costs

incurred

and

benefits

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

management

fees

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs

and

mutual

funds

(as

applicable).

As

a

result,

the

Board

concluded

that

the

renewal

of

the

Investment

Management

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

each

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

renewal

of

the

Investment

Management

Agreement

for

each

Fund.

Janus

Henderson

B-BBB

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

31

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

B-BBB

CLO

ETF

Liquidity

Risk

Management

Program

(unaudited)

32

April

30,

2024

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93094

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

SEMIANNUAL

REPORT

April

30,

2024

Janus

Henderson

Securitized

Income

ETF

Janus

Detroit

Street

Trust

Table

of

Contents

Janus

Henderson

Securitized

Income

ETF

Fund

At

A

Glance

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

3

Disclosure

of

Fund

Expenses

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

5

Schedule

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

17

Statement

of

Operations

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

18

Statement

of

Changes

in

Net

Assets

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

19

Financial

Highlights

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

20

Notes

to

Financial

Statements

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

21

Additional

Information

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

31

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

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

32

Liquidity

Risk

Management

Program

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

35

Important

Notice

–

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

rule

and

form

amendments

that

require

mutual

funds

and

exchange

traded

funds

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

that

highlight

key

information.

Other

information,

including

financial

statements,

that

currently

appears

in

shareholder

reports

will

be

made

available

online,

delivered

free

of

charge

to

shareholders

upon

request,

and

filed

with

the

SEC.

The

first

tailored

shareholder

report

for

the

Fund

will

be

for

the

reporting

period

ending

October

31,

2024.

Currently,

management

is

evaluating

the

impact

of

the

rule

and

form

amendments

on

the

content

of

the

Fund’s

current

shareholder

reports.

John

Kerschner

Nick

Childs

co-portfolio

manager

co-portfolio

manager

Janus

Henderson

Securitized

Income

ETF

(unaudited)

Fund

At

A

Glance

April

30,

2024

Janus

Detroit

Street

Trust

3

Holdings

are

subject

to

change

without

notice.

Sector

Allocation

–

(%

of

Net

Assets)

Mortgage-Backed

Security

65.1%^

Asset-Backed

Security

41.6%

Collateralized

Loan

Obligation

6.1%

Investment

Company

1.3%

Corporate

Bond

0.6%

114.7%

^

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

Securitized

Income

ETF

(unaudited)

Performance

4

April

30,

2024

Total

annual

expense

ratio

as

stated

in

the

prospectus:

0.53%

(gross),

0.50%

(net).

See

Financial

Highlights

for

actual

expense

ratios

during

the

reporting

period.

Net

expense

ratios

reflect

the

expense

waiver,

if

any,

contractually

agreed

to

through

at

least

February

28,

2025.

This

contractual

waiver

may

be

terminated

or

modified

only

at

the

discretion

of

the

Board

of

Trustees.

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

if

applied,

will

reduce

returns.

Performance

for

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.

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.

Average

Annual

Total

Return

for

the

periods

ended

April

30,

2024

Since

Inception

*

Janus

Henderson

Securitized

Income

ETF

-

NAV

4.26%

Janus

Henderson

Securitized

Income

ETF

-

Market

Price

4.57%

Bloomberg

U.S.

Aggregate

Bond

Index

2.23%

ICE

BofA

U.S.

ABS

&

CMBS

Index

3.84%

*

The

Fund

commenced

operations

on

November

8,

2023.

Janus

Henderson

Securitized

Income

ETF

(unaudited)

Disclosure

of

Fund

Expenses

Janus

Detroit

Street

Trust

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

which

may

include

creation

and

redemption

fees

or

brokerage

charges

and

(2)

ongoing

costs,

including

management

fees

and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

Funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

example

is

based

upon

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

six-months

indicated,

unless

noted

otherwise

in

the

table

and

footnotes

below. 

Actual

Expenses 

The

information

in

the

table

under

the

heading

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes 

The

information

in

the

table

under

the

heading

“Hypothetical

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

upon

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

determine

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Additionally,

for

an

analysis

of

the

fees

associated

with

an

investment

or

other

similar

funds,

please

visit 

www.finra.org/

fundanalyzer.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

creation

and

redemption

fees,

or

brokerage

charges.

These

fees

are

fully

described

in

the

Fund’s

prospectus.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Actual

Hypothetical

(5%

return

before

expenses)

Beginning

Account

Value

(11/8/2023)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/8/2023

-

4/30/24)

*

Beginning

Account

Value

(11/1/23)

Ending

Account

Value

(4/30/24)

Expenses

Paid

During

Period

(11/1/23

-

4/30/24)

†

Net

Annualized

Expense

Ratio

(11/1/23

-

4/30/24)

$1,000.00

$1,042.60

$2.30

$1,000.00

$1,022.53

$2.36

0.47%

†

Expenses

Paid

During

Period

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

*

Actual

Expenses

Paid

During

Period

reflects

only

the

inception

period

for

the

Fund

(November

8,

2023

to

April

30,

2024)

and

is

equal

to

the

Net

Annualized

Expense

Ratio

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

175/366

(to

reflect

the

period).

Therefore,

actual

expenses

shown

are

lower

than

would

be

expected

for

a

six-month

period.

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

6

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

41.6%

ACHM

Mortgage

Trust,

7.2600%,

5/25/39

(144A)

$

2,000,000

$

1,999,600

ACHV

ABS

TRUST,

6.8000%,

3/18/30

(144A)

87,252

87,313

ACHV

ABS

TRUST,

7.1700%,

8/19/30

(144A)

885,438

888,677

ACHV

ABS

TRUST,

6.4200%,

4/25/31

(144A)

145,000

144,535

ACHV

ABS

TRUST,

7.2900%,

4/25/31

(144A)

1,000,000

990,734

Affirm

Asset

Securitization

Trust,

7.8100%,

9/15/28

(144A)

250,000

254,156

Affirm

Asset

Securitization

Trust,

8.7800%,

9/15/28

(144A)

250,000

253,939

Affirm

Asset

Securitization

Trust,

7.1100%,

11/15/28

(144A)

309,560

310,930

Affirm

Asset

Securitization

Trust,

7.7700%,

11/15/28

(144A)

250,000

253,562

Affirm

Asset

Securitization

Trust,

8.2500%,

11/15/28

(144A)

250,000

255,324

Affirm

Asset

Securitization

Trust,

6.1600%,

2/15/29

(144A)

500,000

496,791

Affirm

Asset

Securitization

Trust,

6.8900%,

2/15/29

(144A)

700,000

692,847

Affirm

Asset

Securitization

Trust,

6.5700%,

5/15/29

(144A)

2,500,000

2,501,892

Ally

Auto

Receivables

Trust,

5.8000%,

2/16/32

(144A)

500,000

490,521

AMCR

ABS

Trust,

7.6600%,

1/21/31

(144A)

402,626

405,264

Amur

Equipment

Finance

Receivables

XIII

LLC,

6.5700%,

4/21/31

(144A)

325,000

323,961

Amur

Equipment

Finance

Receivables

XIII

LLC,

9.6600%,

4/20/32

(144A)

375,000

371,616

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

6.8700%,

6/17/30

(144A)

1,500,000

1,503,818

Auxilior

Term

Funding

LLC,

10.9700%,

12/15/32

(144A)

200,000

198,464

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.0500%,

7.3800%,

12/26/31

(144A)

‡

2,048,144

2,048,130

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

3.6000%,

8.9300%,

12/26/31

(144A)

‡

1,250,000

1,249,988

Bayview

Opportunity

Master

Fund

VII

LLC,

SOFR30A

+

2.7500%,

0.0000%,

6/25/47

(144A)

‡

1,500,000

1,504,072

Bayview

Opportunity

Master

Fund

VII

Trust,

6.3600%,

7/16/29

(144A)

500,000

498,176

BHG

Securitization

Trust,

5.8100%,

4/17/35

(144A)

492,913

491,184

BHG

Securitization

Trust,

6.4900%,

4/17/35

(144A)

500,000

489,200

Blue

Bridge

Funding

LLC,

9.4800%,

11/15/30

(144A)

200,000

198,214

Blue

Bridge

Funding

LLC,

9.5000%,

11/15/30

(144A)

546,000

494,759

Brex

Commercial

Charge

Card

Master

Trust,

6.6800%,

7/15/27

(144A)

1,500,000

1,494,601

Bridgecrest

Lending

Auto

Securitization

Trust,

6.0300%,

11/15/29

500,000

495,354

Business

Jet

Securities

LLC,

6.9240%,

5/15/39

(144A)

2,000,000

1,999,975

CarMax

Auto

Owner

Trust,

6.0000%,

7/15/30

750,000

741,193

Carvana

Auto

Receivables

Trust,

8.0200%,

12/10/30

(144A)

370,342

370,404

CF

Hippolyta

Issuer

LLC,

1.6900%,

7/15/60

(144A)

1,596,717

1,496,788

CF

Hippolyta

Issuer

LLC,

2.2800%,

7/15/60

(144A)

1,101,829

1,012,824

Compass

Datacenters

Issuer

II

LLC,

5.7500%,

2/25/49

(144A)

1,000,000

982,966

CP

EF

Asset

Securitization

II

LLC,

7.4800%,

3/15/32

(144A)

410,748

412,030

CP

EF

Asset

Securitization

II

LLC,

7.5600%,

3/15/32

(144A)

250,000

232,105

CP

EF

Asset

Securitization

II

LLC,

7.7700%,

3/15/32

(144A)

250,000

252,009

CyrusOne

Data

Centers

Issuer

I

LLC,

5.4500%,

4/20/48

(144A)

231,599

212,702

CyrusOne

Data

Centers

Issuer

I

LLC,

5.5600%,

11/20/48

(144A)

500,000

481,810

CyrusOne

Data

Centers

Issuer

I

LLC,

4.7600%,

3/22/49

(144A)

735,000

681,857

Dext

ABS

LLC,

8.3000%,

5/15/34

(144A)

300,000

286,266

Exeter

Automobile

Receivables

Trust,

5.8400%,

6/17/30

500,000

492,355

Exeter

Automobile

Receivables

Trust,

7.8900%,

8/15/31

(144A)

750,000

735,133

ExteNet

LLC,

4.1400%,

7/25/49

(144A)

2,000,000

1,985,690

FHF

Issuer

Trust,

6.2600%,

3/15/30

(144A)

1,200,000

1,176,318

FHF

Issuer

Trust,

7.4200%,

5/15/31

(144A)

1,000,000

1,001,501

FIGRE

Trust,

6.9710%,

11/25/53

(144A)

‡

1,376,024

1,389,256

FIGRE

Trust,

6.7490%,

3/25/54

(144A)

‡

1,462,411

1,456,266

Finance

of

America

Structured

Securities

Trust,

3.5000%,

2/25/74

(144A)

Ç

992,566

923,398

Flagship

Credit

Auto

Trust,

1.4900%,

2/15/27

(144A)

215,000

207,717

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

7

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Foundation

Finance

Trust,

8.1300%,

12/15/49

(144A)

$

1,500,000

$

1,509,307

FREED

ABS

Trust,

3.3500%,

3/19/29

(144A)

195,000

188,568

FREED

ABS

Trust,

4.8500%,

5/18/29

(144A)

750,000

747,029

GLS

Auto

Select

Receivables

Trust,

7.9300%,

7/15/30

(144A)

400,000

417,058

GLS

Auto

Select

Receivables

Trust,

6.4300%,

1/15/31

(144A)

750,000

743,273

Gracie

Point

International

Funding,

SOFR90A

+

4.5000%,

9.8578%,

9/1/26

(144A)

‡

2,000,000

2,031,617

Gracie

Point

International

Funding

LLC,

SOFR90A

+

2.1000%,

7.4576%,

3/1/28

(144A)

‡

1,724,000

1,728,220

Gracie

Point

International

Funding

LLC,

SOFR90A

+

3.5000%,

8.8576%,

3/1/28

(144A)

‡

500,000

501,538

Gracie

Point

International

Funding

LLC,

SOFR90A

+

7.1500%,

12.5076%,

3/1/28

(144A)

‡

600,000

600,051

Hertz

Vehicle

Financing

III

LP,

4.3400%,

12/27/27

(144A)

1,000,000

883,924

Hertz

Vehicle

Financing

LLC,

3.9800%,

12/26/25

(144A)

2,500,000

2,456,173

JPMorgan

Chase

Bank

NA-CACLN,

8.4820%,

12/26/28

(144A)

1,900,000

1,919,723

LAD

Auto

Receivables

Trust,

6.1500%,

6/16/31

(144A)

500,000

493,824

Lendbuzz

Securitization

Trust,

6.5200%,

7/16/29

(144A)

2,650,000

2,648,360

Lendbuzz

Securitization

Trust,

6.5800%,

9/15/29

(144A)

500,000

497,524

Lendbuzz

Securitization

Trust,

7.5800%,

9/15/30

(144A)

2,500,000

2,506,023

Lendbuzz

Securitization

Trust,

7.4500%,

5/15/31

(144A)

1,000,000

999,114

Libra

Solutions

LLC,

4.7500%,

5/15/34

(144A)

1,790,327

1,781,337

LL

ABS

Trust,

1.0700%,

5/15/29

(144A)

13,500

13,472

Luxury

Lease

Partners

Auto

Lease

Trust,

7.2920%,

7/15/30

(144A)

956,334

956,331

Luxury

Lease

Partners

Auto

Lease

Trust,

10.4910%,

7/15/30

(144A)

300,000

299,992

Marlette

Funding

Trust,

8.1500%,

4/15/33

(144A)

700,000

709,266

Marlette

Funding

Trust,

7.9200%,

6/15/33

(144A)

900,000

906,810

Marlette

Funding

Trust,

8.1500%,

12/15/33

(144A)

500,000

502,940

Mercury

Financial

Credit

Card

Master

Trust,

8.0400%,

9/20/27

(144A)

1,000,000

1,008,212

Mercury

Financial

Credit

Card

Master

Trust,

9.5900%,

9/20/27

(144A)

690,000

690,620

Mission

Lane

Credit

Card

Master

Trust,

7.6900%,

11/15/28

(144A)

750,000

756,620

New

Economy

Assets

Phase

1

Sponsor

LLC,

1.9100%,

10/20/61

(144A)

615,000

537,107

Oak

Street

Investment

Grade

Net

Lease

Fund,

2.2100%,

11/20/50

(144A)

462,324

394,546

Pawneee

Equipment

Receivables

LLC,

7.2300%,

7/17/28

(144A)

250,000

240,576

Pear

LLC,

6.9500%,

2/15/36

(144A)

478,561

474,925

Post

Road

Equipment

Finance

LLC,

6.7700%,

10/15/30

(144A)

400,000

393,067

Post

Road

Equipment

Finance

LLC,

8.5000%,

12/15/31

(144A)

450,000

426,193

PRET

LLC,

8.1115%,

11/25/53

(144A)

Ç

478,161

482,369

Prosper

Marketplace

Issuance

Trust,

7.4800%,

7/16/29

(144A)

500,000

504,458

Prosper

Marketplace

Issuance

Trust,

6.9600%,

8/15/29

(144A)

750,000

735,802

PRPM

LLC,

2.4870%,

11/25/26

(144A)

Ç

1,194,690

1,153,259

RAM

LLC,

6.6690%,

2/15/39

(144A)

220,058

220,058

RAM

LLC,

7.7850%,

2/15/39

(144A)

677,987

677,987

RCKT

Mortgage

Trust,

7.1130%,

11/25/43

(144A)

‡

237,492

238,470

RCKT

Mortgage

Trust,

7.4630%,

11/25/43

(144A)

‡

1,187,460

1,186,821

RCKT

Mortgage

Trust,

6.3250%,

2/25/44

(144A)

‡

1,073,436

1,069,800

Reach

Abs

Trust,

6.9000%,

2/18/31

(144A)

750,000

741,390

ReadyCap

Lending

Small

Business

Loan

Trust,

US

Prime

Rate

+

0.0700%,

8.5700%,

4/25/48

(144A)

‡

355,801

356,327

Saluda

Grade

Alternative

Mortgage

Trust,

8.9480%,

8/25/53

(144A)

770,194

794,891

Saluda

Grade

Alternative

Mortgage

Trust,

6.7180%,

11/25/53

(144A)

‡

938,609

941,935

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

303,937

301,859

Santander

Bank

Auto

Credit-Linked

Notes,

6.7930%,

8/16/32

(144A)

84,193

83,880

Santander

Bank

Auto

Credit-Linked

Notes,

10.0680%,

6/15/33

(144A)

228,656

231,649

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

8

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

(continued)

Santander

Bank

Auto

Credit-Linked

Notes,

6.6630%,

12/15/33

(144A)

$

500,000

$

499,242

Santander

Bank

Auto

Credit-Linked

Notes,

8.4080%,

12/15/33

(144A)

1,500,000

1,501,969

Santander

Bank

NA,

1.8330%,

12/15/31

(144A)

344,804

339,432

Santander

Consumer

Auto

Receivables

Trust,

2.9700%,

6/15/28

(144A)

543,310

525,379

SBNA

Auto

Receivables

Trust,

6.0400%,

4/15/30

(144A)

1,250,000

1,223,209

SBNA

Auto

Receivables

Trust,

8.0000%,

4/15/32

(144A)

1,000,000

977,704

SoFi

Consumer

Loan

Program

Trust,

1.6100%,

9/25/30

(144A)

997,197

983,983

SoFi

Consumer

Loan

Program

Trust,

2.0400%,

9/25/30

(144A)

1,100,000

1,041,014

Sotheby's

Artfi

Master

Trust,

6.8300%,

12/22/31

(144A)

2,750,000

2,748,977

Theorem

Funding

Trust,

8.9500%,

4/15/29

(144A)

900,000

923,750

Towd

Point

Mortgage

Trust,

7.6000%,

10/25/63

(144A)

‡

473,372

477,166

Towd

Point

Mortgage

Trust,

6.0490%,

1/25/64

(144A)

‡

963,148

956,129

Towd

Point

Mortgage

Trust,

6.3500%,

2/25/64

(144A)

‡

1,220,622

1,216,317

Tricolor

Auto

Securitization

Trust,

3.2300%,

9/15/26

(144A)

223,683

222,861

Tricolor

Auto

Securitization

Trust,

6.9900%,

1/18/28

(144A)

500,000

497,956

Tricolor

Auto

Securitization

Trust,

8.6100%,

4/17/28

(144A)

1,500,000

1,513,105

United

Auto

Credit

Securitization

Trust,

7.0600%,

10/10/29

(144A)

1,500,000

1,499,081

United

Auto

Credit

Securitization

Trust,

8.3000%,

11/12/29

(144A)

1,000,000

999,117

Upstart

Securitization

Trust,

4.0600%,

3/20/31

(144A)

696,419

686,656

Upstart

Securitization

Trust,

2.4900%,

11/20/31

(144A)

467,607

461,567

Upstart

Securitization

Trust,

8.2500%,

10/20/33

(144A)

500,000

506,852

US

Auto

Funding

Trust,

3.9800%,

4/15/25

(144A)

114,181

112,068

US

Bank

NA,

6.7890%,

8/25/32

(144A)

814,729

817,651

US

Bank

NA,

9.7850%,

8/25/32

(144A)

203,682

204,386

VCAT

LLC,

5.1150%,

3/27/51

(144A)

Ç

47,382

46,493

Westgate

Resorts

LLC,

3.8380%,

8/20/36

(144A)

210,930

200,405

Westgate

Resorts

LLC,

10.1400%,

12/20/37

(144A)

200,690

205,961

Total

Asset-Backed

Securities

(cost

$102,082,696)

101,990,910

Collateralized

Loan

Obligations

-

6.1%

Anchorage

Capital

CLO

28

Ltd.

2024-28A

B,

CME

Term

SOFR

3

Month

+

2.2500%,

7.5346%,

4/20/37

(144A)

‡

250,000

250,489

Atrium

XIV

LLC

14A

A2A,

CME

Term

SOFR

3

Month

+

1.7116%,

7.0393%,

8/23/30

(144A)

‡

2,885,000

2,887,885

Carlyle

US

CLO

Ltd.

2021-3SA

A2,

CME

Term

SOFR

3

Month

+

1.7616%,

7.0902%,

4/15/34

(144A)

‡

800,000

800,786

Carlyle

US

CLO

Ltd.

2020-2A

A1R,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7252%,

1/25/35

(144A)

‡

2,750,000

2,752,173

Cedar

Funding

XI

CLO

Ltd.

2019-11A

C,

CME

Term

SOFR

3

Month

+

2.9616%,

8.3048%,

5/29/32

(144A)

‡

1,520,000

1,519,921

CIFC

Funding

2022-II

Ltd.

2022-2A

D,

CME

Term

SOFR

3

Month

+

3.1500%,

8.4766%,

4/19/35

(144A)

‡

1,000,000

1,000,740

HPS

Loan

Management

Ltd.

2021-16A

A1,

CME

Term

SOFR

3

Month

+

1.4016%,

6.7280%,

1/23/35

(144A)

‡

1,900,000

1,900,372

Magnetite

XXI

Ltd.

2019-21A

BR,

CME

Term

SOFR

3

Month

+

1.6116%,

6.9362%,

4/20/34

(144A)

‡

300,000

299,842

RIN

II

Ltd.

2019-1A

A,

CME

Term

SOFR

3

Month

+

1.9116%,

7.2328%,

9/10/30

(144A)

‡

187,439

187,037

Sandstone

Peak

III

Ltd.

2024-1A

C,

CME

Term

SOFR

3

Month

+

2.6500%,

0.0000%,

4/25/37

(144A)

‡

2,500,000

2,500,890

Tikehau

US

CLO

V

Ltd.

2023-2A

B1,

CME

Term

SOFR

3

Month

+

2.9000%,

8.2613%,

1/15/36

(144A)

‡

500,000

504,152

Venture

XVIII

CLO

Ltd.

2014-18A

CR,

CME

Term

SOFR

3

Month

+

2.3616%,

7.6902%,

10/15/29

(144A)

‡

150,000

147,641

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

Wind

River

2016-1K

CLO

Ltd.

2016-1KRA

CR2,

CME

Term

SOFR

3

Month

+

2.6116%,

7.9402%,

10/15/34

(144A)

‡

$

250,000

$

247,500

Total

Collateralized

Loan

Obligations

(cost

$14,938,981)

14,999,428

Corporate

Bond

-

0.6%

Financial

-

0.6%

Rithm

Capital

Corp.,

8.0000%, 4/1/29

(144A)

(cost

$1,402,835)

1,417,000

1,385,632

Mortgage-Backed

Securities

-

65.1%

2023-MIC

Trust

,

8.7315

%

,

12/5/38

(144A)

‡

2,500,000

2,642,984

A&D

Mortgage

Trust

,

7.7560

%

,

11/25/68

(144A)

Ç

487,133

491,423

Angel

Oak

Mortgage

Trust

,

4.8000

%

,

11/26/68

(144A)

Ç

136,566

130,396

BB-UBS

Trust

,

3.4302

%

,

11/5/36

(144A)

2,175,000

2,107,161

BRAVO

Residential

Funding

Trust

,

4.8500

%

,

9/25/62

(144A)

Ç

372,485

354,785

BX

,

CME

Term

SOFR

1

Month

+

2.3645%

,

7.6855

%

,

1/15/34

(144A)

‡

528,721

522,118

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.4380%,

8.7590%, 11/15/28

(144A)

‡

500,000

502,489

CME

Term

SOFR

1

Month

+

2.6897%,

8.0397%, 3/15/34

(144A)

‡

2,000,000

1,989,757

CME

Term

SOFR

1

Month

+

2.1145%,

7.4355%, 9/15/36

(144A)

‡

2,583,000

2,545,858

CME

Term

SOFR

1

Month

+

2.2145%,

7.5355%, 10/15/37

(144A)

‡

1,918,000

1,903,615

CME

Term

SOFR

1

Month

+

1.4668%,

6.7878%, 5/15/38

(144A)

‡

180,238

178,212

CME

Term

SOFR

1

Month

+

2.0668%,

7.3878%, 5/15/38

(144A)

‡

2,128,968

2,107,531

CME

Term

SOFR

1

Month

+

1.5145%,

6.8355%, 6/15/38

(144A)

‡

1,544,802

1,527,574

CME

Term

SOFR

1

Month

+

1.9409%,

7.2619%, 2/15/39

(144A)

‡

350,000

347,595

CME

Term

SOFR

1

Month

+

2.6898%,

8.0108%, 2/15/39

(144A)

‡

350,000

348,974

CME

Term

SOFR

1

Month

+

2.6898%,

8.0108%, 3/15/41

(144A)

‡

2,029,858

2,025,901

BX

Trust

CME

Term

SOFR

1

Month

+

3.4640%,

8.7850%, 10/15/26

(144A)

‡

2,369,624

2,274,704

CME

Term

SOFR

1

Month

+

1.9412%,

7.2621%, 4/15/29

(144A)

‡

1,500,000

1,497,697

CME

Term

SOFR

1

Month

+

2.6901%,

8.0111%, 4/15/29

(144A)

‡

1,750,000

1,747,562

CME

Term

SOFR

1

Month

+

2.3590%,

7.6800%, 10/15/36

(144A)

‡

1,500,000

1,467,466

CME

Term

SOFR

1

Month

+

2.7080%,

8.0290%, 10/15/36

(144A)

‡

2,088,000

2,038,664

CME

Term

SOFR

1

Month

+

2.1110%,

7.4320%, 4/15/39

(144A)

‡

102,111

99,092

CME

Term

SOFR

1

Month

+

2.9592%,

8.2802%, 4/15/39

(144A)

‡

637,991

614,578

CME

Term

SOFR

1

Month

+

2.6400%,

7.9610%, 2/15/41

(144A)

‡

800,000

796,247

BXHPP

Trust

CME

Term

SOFR

1

Month

+

1.0145%,

6.3355%, 8/15/36

(144A)

‡

250,000

237,005

CME

Term

SOFR

1

Month

+

1.2145%,

6.5355%, 8/15/36

(144A)

‡

1,950,000

1,813,016

CENT

Trust

,

CME

Term

SOFR

1

Month

+

3.1500%

,

8.4710

%

,

9/15/38

(144A)

‡

750,000

754,219

Chase

Mortgage

Finance

Corp.

,

SOFR30A

+

1.5500%

,

6.8800

%

,

2/25/50

(144A)

‡

336,992

322,995

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.5500%,

6.8800%, 10/25/41

(144A)

‡

929,276

930,419

SOFR30A

+

3.1000%,

8.4300%, 10/25/41

(144A)

‡

2,372,000

2,434,670

SOFR30A

+

0.8500%,

6.1800%, 12/25/41

(144A)

‡

248,769

248,053

SOFR30A

+

1.6500%,

6.9800%, 12/25/41

(144A)

‡

2,499,572

2,505,027

SOFR30A

+

2.7500%,

8.0800%, 12/25/41

(144A)

‡

2,250,000

2,289,375

SOFR30A

+

1.2000%,

6.5300%, 1/25/42

(144A)

‡

266,180

266,073

SOFR30A

+

3.0000%,

8.3300%, 1/25/42

(144A)

‡

1,500,000

1,538,423

SOFR30A

+

1.9000%,

7.2300%, 4/25/42

(144A)

‡

410,747

413,141

SOFR30A

+

3.9000%,

9.2300%, 7/25/43

(144A)

‡

375,000

392,594

SOFR30A

+

1.5000%,

6.8300%, 10/25/43

(144A)

‡

882,948

885,446

SOFR30A

+

2.5000%,

7.8300%, 10/25/43

(144A)

‡

740,000

759,495

SOFR30A

+

3.5500%,

8.8800%, 10/25/43

(144A)

‡

1,730,000

1,792,414

SOFR30A

+

1.8000%,

7.1300%, 1/25/44

(144A)

‡

360,000

360,992

SOFR30A

+

2.7000%,

8.0300%, 1/25/44

(144A)

‡

1,860,000

1,873,191

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

10

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

4.0000%,

9.3300%, 1/25/44

(144A)

‡

$

1,360,000

$

1,376,466

SOFR30A

+

1.1000%,

6.4300%, 2/25/44

(144A)

‡

1,528,777

1,526,970

SOFR30A

+

1.8000%,

7.1300%, 2/25/44

(144A)

‡

331,138

331,353

SOFR30A

+

2.5000%,

7.8300%, 2/25/44

(144A)

‡

150,596

151,486

SOFR30A

+

1.9500%,

7.2800%, 3/25/44

(144A)

‡

788,000

789,471

SOFR30A

+

2.8000%,

8.1300%, 3/25/44

(144A)

‡

502,000

501,944

DBGS

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.5960%,

6.9170%, 5/15/35

(144A)

‡

228,441

225,325

CME

Term

SOFR

1

Month

+

1.9960%,

7.3170%, 5/15/35

(144A)

‡

1,553,397

1,531,708

CME

Term

SOFR

1

Month

+

2.2960%,

7.6170%, 5/15/35

(144A)

‡

1,498,571

1,466,925

DC

Trust

,

7.0360

%

,

4/13/28

(144A)

‡

1,500,000

1,485,873

DROP

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.2645%

,

6.5855

%

,

10/15/43

(144A)

‡

1,250,000

1,196,492

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

3.8145%

,

9.1355

%

,

7/15/38

(144A)

‡

2,285,639

2,285,635

FHLMC

STACR

REMIC

Trust

SOFR30A

+

0.7500%,

6.0800%, 10/25/33

(144A)

‡

131,378

131,296

SOFR30A

+

2.1000%,

7.4300%, 10/25/33

(144A)

‡

2,395,000

2,446,097

SOFR30A

+

1.6500%,

6.9800%, 1/25/34

(144A)

‡

113,133

113,237

SOFR30A

+

2.1000%,

7.4300%, 9/25/41

(144A)

‡

715,000

715,043

SOFR30A

+

3.3500%,

8.6800%, 9/25/41

(144A)

‡

2,000,000

2,058,702

SOFR30A

+

0.8000%,

6.1300%, 10/25/41

(144A)

‡

782,351

781,429

SOFR30A

+

1.5000%,

6.8300%, 10/25/41

(144A)

‡

1,215,988

1,219,313

SOFR30A

+

1.8000%,

7.1300%, 11/25/41

(144A)

‡

1,645,000

1,657,973

SOFR30A

+

3.6500%,

8.9800%, 11/25/41

(144A)

‡

1,000,000

1,039,554

SOFR30A

+

2.3500%,

7.6800%, 12/25/41

(144A)

‡

1,600,000

1,606,080

SOFR30A

+

3.7500%,

9.0800%, 12/25/41

(144A)

‡

1,035,000

1,062,169

SOFR30A

+

1.8500%,

7.1800%, 11/25/43

(144A)

‡

452,359

455,608

SOFR30A

+

1.9500%,

7.2800%, 2/25/44

(144A)

‡

382,632

382,960

SOFR30A

+

1.2500%,

6.5800%, 3/25/44

(144A)

‡

1,122,706

1,122,945

SOFR30A

+

2.0000%,

7.3300%, 3/25/44

(144A)

‡

2,000,000

1,999,421

FHLMC

UMBS

6.0000%, 9/1/53

466,966

463,028

6.0000%, 9/1/53

131,127

130,021

FHLMC,

STRIPS

2.0000%, 1/25/51

(a)

5,288,886

671,408

2.5000%, 1/25/51

(a)

3,208,030

498,443

Finance

of

America

Structured

Securities

Trust

,

3.5000

%

,

4/25/74

(144A)

Ç

2,450,000

2,273,673

FNMA

,

SOFR30A

+

3.3000%

,

8.6300

%

,

11/25/41

(144A)

‡

700,000

715,784

FNMA

Connecticut

Avenue

Securities

,

SOFR30A

+

2.0000%

,

7.3300

%

,

11/25/41

(144A)

‡

941,210

943,201

FNMA

UMBS

,

6.0000

%

,

4/1/53

135,675

134,531

FNMA,

REMIC

2.0000%, 1/25/51

(a)

2,726,415

349,829

2.0000%, 5/25/51

(a)

1,486,739

192,217

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

2,495,000

1,973,847

3.0000%,

TBA, 30

Year

Maturity

(b)

3,590,000

2,964,615

4.0000%,

TBA, 30

Year

Maturity

(b)

2,960,000

2,645,843

5.0000%,

TBA, 30

Year

Maturity

(b)

5,405,000

5,124,064

5.5000%,

TBA, 30

Year

Maturity

(b)

3,770,000

3,659,939

6.0000%,

TBA, 30

Year

Maturity

(b)

10,195,000

10,100,819

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

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)

FREMF

Mortgage

Trust

0.0000%, 11/25/49

(144A)

¤

$

1,947,712

$

1,828,945

0.1000%, 11/25/49

(144A)

(a)

20,130,951

6,747

FS

Commercial

Mortgage

Trust

,

9.3827

%

,

11/10/39

(144A)

‡

750,000

768,901

GCAT

Trust

,

6.5000

%

,

1/25/54

(144A)

‡

692,601

688,469

GNMA

,

CME

Term

SOFR

1

Month

+

0.2645%

,

5.5799

%

,

8/20/35

‡

132,128

129,573

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

2.2475%,

7.5685%, 12/15/36

(144A)

‡

383,824

382,995

CME

Term

SOFR

1

Month

+

2.3910%,

7.7120%, 3/15/39

(144A)

‡

700,000

698,906

GWT

,

CME

Term

SOFR

1

Month

+

3.6384%

,

0.0000

%

,

5/15/41

(144A)

‡

2,000,000

1,995,832

Hudsons

Bay

Simon

JV

Trust

4.1545%, 8/5/34

(144A)

750,000

700,217

4.9056%, 8/5/34

(144A)

2,500,000

2,290,908

5.6286%, 8/5/34

(144A)

‡

359,000

290,951

ILPT

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

5.9400%

,

11.2610

%

,

10/15/39

(144A)

‡

500,000

479,589

J.P.

Morgan

Mortgage

Trust

,

6.0190

%

,

6/25/54

(144A)

‡

1,965,499

1,949,002

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

3.8173

%

,

1/10/37

(144A)

‡

491,000

468,606

JPMorgan

Chase

Bank

NA-CHASE

,

CME

Term

SOFR

1

Month

+

3.4645%

,

8.7813

%

,

10/25/57

(144A)

‡

455,621

462,288

LHOME

Mortgage

Trust

7.0170%, 1/25/29

(144A)

Ç

1,591,000

1,588,818

7.1280%, 3/25/29

(144A)

Ç

321,901

321,810

8.8970%, 3/25/29

(144A)

Ç

1,175,000

1,174,994

Life

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.8645%,

7.1855%, 3/15/38

(144A)

‡

1,474,455

1,435,480

CME

Term

SOFR

1

Month

+

2.0931%,

7.4141%, 5/15/39

(144A)

‡

2,250,000

2,199,687

CME

Term

SOFR

1

Month

+

2.5419%,

7.8629%, 5/15/39

(144A)

‡

1,665,000

1,587,921

Med

Trust

,

CME

Term

SOFR

1

Month

+

3.2645%

,

8.5855

%

,

11/15/38

(144A)

‡

1,492,836

1,485,392

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.7154%,

8.0364%, 4/15/38

(144A)

‡

2,285,939

2,268,813

CME

Term

SOFR

1

Month

+

3.3154%,

8.6364%, 4/15/38

(144A)

‡

104,860

103,913

MKT

Mortgage

Trust

,

3.0386

%

,

2/12/40

(144A)

‡

740,000

347,482

MTN

Commercial

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.8956%

,

7.2256

%

,

3/15/39

(144A)

‡

2,500,000

2,438,773

NCMF

Trust

,

CME

Term

SOFR

1

Month

+

5.1280%

,

10.4490

%

,

3/15/39

(144A)

‡

380,000

367,853

NRTH

Mortgage

Trust

,

CME

Term

SOFR

1

Month

+

1.6413%

,

6.9666

%

,

3/15/41

(144A)

‡

1,000,000

1,000,990

OPEN

Trust

,

CME

Term

SOFR

1

Month

+

3.8380%

,

9.1590

%

,

10/15/28

(144A)

‡

474,839

475,853

Prpm

LLC

,

6.9590

%

,

2/25/29

(144A)

Ç

487,250

479,258

PRPM

LLC

,

4.2424

%

,

12/25/64

(144A)

‡

1,000,000

909,248

RCKT

Mortgage

Trust

6.5150%, 6/25/43

(144A)

‡

830,644

827,113

6.8080%, 9/25/43

(144A)

‡

316,137

316,660

6.2910%, 4/25/44

(144A)

‡

1,566,099

1,556,713

6.6910%, 5/25/44

(144A)

‡

1,227,000

1,223,591

Saluda

Grade

Alternative

Mortgage

Trust

7.5000%, 2/25/30

(144A)

Ç

1,491,000

1,496,344

7.7620%, 4/25/30

(144A)

Ç

2,590,000

2,603,560

6.6030%, 4/25/54

(144A)

Ç

1,930,000

1,930,000

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

12

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

SMRT

,

CME

Term

SOFR

1

Month

+

3.3500%

,

8.6710

%

,

1/15/39

(144A)

‡

$

1,025,000

$

975,613

TYSN

Mortgage

Trust

,

6.7991

%

,

12/10/33

(144A)

‡

500,000

511,599

Verus

Securitization

Trust

,

6.9677

%

,

12/25/68

(144A)

Ç

560,454

562,219

WB

Commercial

Mortgage

Trust

6.1344%, 3/15/40

(144A)

‡

500,000

494,206

7.1334%, 3/15/40

(144A)

‡

2,500,000

2,487,034

8.2778%, 3/15/40

(144A)

‡

500,000

500,936

Total

Mortgage-Backed

Securities

(cost

$159,935,838)

159,395,470

Investment

Companies

-

1.3%

Money

Market

Funds

-

1.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

£,∞

(cost

$3,141,798)

3,141,170

3,141,798

Total

Investments

(total

cost

$281,502,148

)

-

114.7%

280,913,238

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(14.7%)

(35,932,255)

Net

Assets

-

100.0%

$244,980,983

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

278,881,621

99.3

%

Cayman

Islands

2,031,617

0.7

Total

$

280,913,238

100.0

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(0.3)%

Mortgage-Backed

Securities

-

(0.3)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.5000%,

TBA,

30

Year

Maturity

(b)

$

(719,000)

$

(724,558)

Total

Securities

Sold

Short

(proceeds

$733,605)

$

(724,558)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(724,558)

100.0%

$–

–

%

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

13

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

table,

grouped

by

derivative

type,

provides

information

about

the

fair

value

and

location

of

derivatives

within

the

Statement

of

Assets

and

Liabilities

as

of

April

30,

2024.

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Affiliated

Investments,

at

Value

at

11/8/23

Purchases

Sales

Proceeds

Realized

Gain/

(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Affiliated

Investments,

at

Value

at

4/30/24

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

Shares

Held

at

4/30/24

Dividend

Income

Investment

Company

-

1.3%

Exchange

Traded

Fund

-

N/A

Janus

Henderson

AAA

CLO

ETF

$

–

$

24,241,622

$

(24,305,381)

$

63,759

$

–

$

–

–

$

–

Janus

Henderson

B-BBB

CLO

ETF

–

27,668,313

(27,869,097)

200,784

–

–

–

–

Money

Market

Funds

-

1.3%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.3600%

∞

–

160,522,658

(157,380,860)

–

–

3,141,798

3,141,170

225,285

Total

Affiliated

Investments

-

1.3%

$–

$212,432,593

$(209,555,338)

$264,543

$–

$3,141,798

$225,285

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

198

6/18/24

$

21,272,625

$

(451,965)

U.S.

Treasury

2

Year

Notes

125

9/30/24

25,399,414

(74,188)

U.S.

Treasury

5

Year

Notes

515

6/28/24

53,942,227

(1,199,521)

Total

-

Futures

Long

(1,725,674)

Futures

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

12

6/18/24

(1,322,625)

42,391

U.S.

Treasury

2

Year

Notes

200

6/28/24

(40,531,250)

464,497

Total

-

Futures

Short

506,888

Total

$(1,218,786)

Fair

Value

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

as

of

April

30,

2024

Interest

Rate

Contracts

Asset

Derivatives:

*

Futures

contracts

$506,888

Liability

Derivatives:

*

Futures

contracts

1,725,674

*

The

fair

value

presented

includes

net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

total

distributable

earnings

(loss).

Janus

Henderson

Securitized

Income

ETF

Schedule

of

Investments

(unaudited)

April

30,

2024

14

April

30,

2024

See

Notes

to

Schedule

of

Investments

and

Other

Information

and

Notes

to

Financial

Statements.

The

following

tables

provide

information

about

the

effect

of

derivatives

and

hedging

activities

on

the

Fund’s

Statement

of

Operations

for

the period

ended

April

30,

2024.

Please

see

the

“Net

realized

and

change

in

unrealized

gain/(loss)

on

investments”

sections

of

the

Fund’s

Statement

of

Operations.

The

Effect

of

Derivative

Instruments

(not

accounted

for

as

hedging

instruments)

on

the

Statement

of

Operations

for

the

Period

Ended

April

30,

2024

Amount

of

Realized

Gain/(Loss)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$(274,121)

Amount

of

Change

in

Unrealized

Appreciation/(Depreciation)

Recognized

on

Derivatives

Derivative

Interest

Rate

Contracts

Futures

contracts

$(1,218,786)

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

April

30,

2024

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$39,407,397

Average

notional

amount

of

contracts

-

short

14,830,323

Janus

Henderson

Securitized

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

15

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.

ICE

BofA

U.S.

ABS

&

CMBS

Index

ICE

BofA

U.S.

ABS

&

CMBS

Index

tracks

the

performance

of

U.S.

dollar

denominated

investment

grade

fixed

and

floating

rate

asset

backed

securities

and

fixed

rate

commercial

mortgage

backed

securities

publicly

issued

in

the

U.S.

domestic

market.

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

LLC

Limited

Liability

Company

LP

Limited

Partnership

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

TBA

(To

Be

Announced)

Securities

are

purchased/sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

specific

mortgage

pools

are

assigned.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

April

30,

2024.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

April

30,

2024.

¤

Zero

coupon

bond.

144A

Securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended,

are

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

April

30,

2024

is

$247,004,361

which

represents

100.8%

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

Securitized

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

April

30,

2024

16

April

30,

2024

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

April

30,

2024

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Asset-Backed

Securities

$

—

$

101,990,910

$

—

Collateralized

Loan

Obligations

—

14,999,428

—

Corporate

Bond

—

1,385,632

—

Mortgage-Backed

Securities

—

159,395,470

—

Investment

Companies

—

3,141,798

—

Total

Investments

in

Securities

$

—

$

280,913,238

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

506,888

$

—

$

—

Total

Assets

$

506,888

$

280,913,238

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

724,558

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

1,725,674

$

—

$

—

Total

Liabilities

$

1,725,674

$

724,558

$

—

(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.

Securitized

Income

ETF

Statement

of

Assets

and

Liabilities

(unaudited)

April

30,

2024

Janus

Detroit

Street

Trust

17

See

Notes

to

Financial

Statements.

Assets:

Unaffiliated

investments,

at

value

(cost

$278,360,350)

$

277,771,440

Affiliated

investments,

at

value

(cost

$3,141,798)

3,141,798

Due

from

broker

for

futures

1,260,000

Receivables:

Investments

sold

3,556,517

TBA

investments

sold

733,605

Interest

837,507

Due

from

adviser

2,962

Total

Assets

287,303,829

Liabilities:

TBA

sales

commitments,

at

value

(proceeds

$733,605)

724,558

Payable

for

variation

margin

on

futures

contracts

258,461

Due

to

custodian

72,806

Payables:

Investments

purchased

14,044,289

TBA

investments

purchased

27,132,154

Management

fees

90,578

Total

Liabilities

42,322,846

Commitments

and

contingent

liabilities

Net

Assets

$

244,980,983

Net

Assets

Consists

of:

Capital

(par

value

and

paid-in

surplus)

$

245,147,875

Total

distributable

earnings

(loss)

(

166,892

)

Total

Net

Assets

$

244,980,983

Net

Assets

$

244,980,983

Shares

outstanding,

$0.001

Par

Value

(unlimited

shares

authorized)

4,800,000

Net

Asset

Value

Per

Share

$

51

.04

Janus

Henderson

Securitized

Income

ETF

Statement

of

Operations

(unaudited)

For

the

period

ended

April

30,

2024

(1)

18

April

30,

2024

See

Notes

to

Financial

Statements.

(1)  

Period

from

November

8,

2023

(commencement

of

operations)

through

April

30,

2024.

Investment

Income:

Interest

$

3,331,534

Dividends

from

affiliates

225,285

Total

Investment

Income

3,556,819

Expenses:

Management

Fees

248,467

Total

Expenses

248,467

Less:

Excess

Expense

Reimbursement

and

Waivers

(8,143)

Net

Expenses

240,324

Net

Investment

Income/(Loss)

3,316,495

Net

Realized

Gain/(Loss)

on

Investments:

Investments

$

85,370

Investments

in

affiliates

264,543

TBA

sales

commitments

181,133

Futures

contracts

(274,121)

Total

Net

Realized

Gain/(Loss)

on

Investments

$

256,925

Change

in

Unrealized

Net

Appreciation/Depreciation:

Investments

$

(588,910)

TBA

sales

commitments

9,047

Futures

contracts

(1,218,786)

Total

Change

in

Unrealized

Net

Appreciation/Depreciation

$

(1,798,649)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

$

1,774,771

Janus

Henderson

Securitized

Income

ETF

Statement

of

Changes

in

Net

Assets

Janus

Detroit

Street

Trust

19

See

Notes

to

Financial

Statements.

Period

Ended

April

30,

2024

(1)

(Unaudited)

Operations:

Net

investment

income/(loss)

$

3,316,495

Net

realized

gain/(loss)

on

investments

256,925

Change

in

unrealized

net

appreciation/depreciation

(1,798,649)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

from

Operations

1,774,771

Dividends

and

Distributions

to

Shareholders:

—

Dividends

and

Distributions

(1,941,663)

Net

Decrease

from

Dividends

and

Distributions

to

Shareholders

(1,941,663)

Capital

Share

Transactions

245,147,875

Net

Increase/(Decrease)

in

Net

Assets

244,980,983

Net

Assets:

—

Beginning

of

Period  

—

End

of

Period

$

244,980,983

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

April

30,

2024.

Janus

Henderson

Securitized

Income

ETF

Financial

Highlights

20

April

30,

2024

See

Notes

to

Financial

Statements.

For

a

share

outstanding

during

the

period

ended

April

30,

2024

(unaudited)

2024

(1)

Net

Asset

Value,

Beginning

of

Period

$50.00

Income/(Loss)

from

Investment

Operations:

—

Net

investment

income/(loss)

(2)

1.57

Net

realized

and

unrealized

gain/(loss)

0.55

(4)

Total

from

Investment

Operations

2.12

Less

Dividends

and

Distributions:

—

Dividends

(from

net

investment

income)

(1.08)

Total

Dividends

and

Distributions

(1.08)

Net

Asset

Value,

End

of

Period

$51.04

Total

Return

*

4.26%

Net

assets,

End

of

Period

(in

thousands)

$244,981

Ratios

to

Average

Net

Assets

**

Ratio

of

Gross

Expenses

0.49%

Ratio

of

Net

Expenses

(After

Waivers

and

Expense

Offsets)

0.47%

Ratio

of

Net

Investment

Income/(Loss)

6.42%

Portfolio

Turnover

Rate

(3)

77%

*

Total

return

not

annualized

for

periods

of

less

than

one

full

year.

**

Annualized

for

periods

of

less

than

one

full

year.

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

April

30,

2024.

(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)

The

amount

shown

does

not

correlate

with

the

change

in

the

aggregate

gains

and

losses

in

the

Fund’s

securities

for

the

year

or

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund’s

shares

in

relation

to

fluctuating

market

values

for

the

Fund’s

securities.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

21

1.

Organization

and

Significant

Accounting

Policies

Janus

Henderson Securitized

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 eleven

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

current

income

with

a

focus

on

preservation

of

capital.

The

Fund

is

classified

as

nondiversified,

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 NYSE

Arca,

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

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

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

22

April

30,

2024

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures. Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

mutual

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

funds,

and

the

prospectuses

for

such

mutual

funds

explain

the

circumstances

under

which

they

use

fair

valuation

and

the

effects

of

using

fair

valuation.

The

value

of

the

securities

of

any

cash

management

pooled

investment

vehicles

that

operate

as

money

market

funds

held

by

the

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

funds.

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

There

have

been

no

significant

changes

in

valuation

techniques

used

in

valuing

any

such

positions

held

by

the

Fund

since

the

beginning

of

the

fiscal

year. 

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

April

30,

2024 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

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

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

23

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. 

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,

options,

and

swaps.

Each

derivative

instrument

that

was

held

by

the

Fund

during

the period

ended

April

30,

2024 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. 

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

24

April

30,

2024

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,

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

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

25

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.

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. 

3.

Other

Investments

and

Strategies 

Market Risk 

The

value

of

the

Fund’s

portfolio

may

decrease

if

the

value

of

one

or

more

issuers

in

the

Fund’s

portfolio

decreases.

Further,

regardless

of

how

well

individual

companies

or

securities

perform,

the

value

of

the

Fund’s

portfolio

could

also

decrease

if

there

are

deteriorating

economic

or

market

conditions,

including,

but

not

limited

to,

a

general

decline

in

prices

on

the

stock

markets,

a

general

decline

in

real

estate

markets,

a

decline

in

commodities

prices,

or

if

the

market

favors

different

types

of

securities

than

the

types

of

securities

in

which

the

Fund

invests.

If

the

value

of

the

Fund’s

portfolio

decreases,

the

Fund’s

NAV

will

also

decrease,

which

means

if

you

sell

your

shares

in

the

Fund

you

may

lose

money.

Market

risk

may

affect

a

single

issuer,

industry,

economic

sector,

or

the

market

as

a

whole.

The

increasing

interconnectivity

between

global

economies

and

financial

markets

increases

the

likelihood

that

events

or

conditions

in

one

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

Social,

political,

economic

and

other

conditions

and

events,

such

as

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

including

related

sanctions,

and

social

unrest,

could

reduce

consumer

demand

or

economic

output,

result

in

market

closures,

travel

restrictions

and/or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economies

and

financial

markets. 

COVID-19

Pandemic.

The

effects

of

COVID-19

have

contributed

to

increased

volatility

in

global

financial

markets

and

have

affected

and

may

continue

to

affect

certain

countries,

regions,

issuers,

industries

and

market

sectors

more

dramatically

than

others. Although

many

global

economies

have

reopened

and

measures

to

mitigate

transmission

are

in

place

the

duration

of

COVID-19

and

its

effects

remain

unclear.

These

conditions

and

events

could

have

a

significant

impact

on

the

Fund

and

its

investments,

the

Fund’s

ability

to

meet

redemption

requests,

and

the

processes

and

operations

of

the

Fund’s

service

providers,

including

the

Adviser.

Armed

Conflict.

Recent

such

examples

include

conflict,

loss

of

life,

and

disaster

connected

to

ongoing

armed

conflict

between

Russia

and

Ukraine

in

Europe

and

Hamas

and

Israel

in

the

Middle

East.

The

extent

and

duration

of

each

conflict,

resulting

sanctions

and

resulting

future

market

disruptions

in

each

region

are

impossible

to

predict,

but

could

be

significant

and

have

a

severe

adverse

effect,

including

significant

negative

impacts

on

the

U.S.

and

broader

global

economic

environment

and

the

markets

for

certain

securities

and

commodities.

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.

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. 

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

26

April

30,

2024

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

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.

Privately

Issued

Securities

Risk 

Privately-issued

securities

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. 

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

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

27

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. 

TBA

Commitments 

The

Fund

may

enter

into

“to

be

announced”

or

“TBA”

commitments.

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

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.

Cash

collateral

that

has

been

pledged

to

cover

the

obligations

of

a

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

Collateral

for

To

Be

Announced

Transactions. 

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.

The

Fund

may

be

exposed

to

counterparty

risk

through

participation

in

various

programs,

including,

but

not

limited

to,

lending

its

securities

to

third

parties,

cash

sweep

arrangements

whereby

the

Fund's

cash

balance

is

invested

in

one

or

more

types

of

cash

management

vehicles,

as

well

as

investments

in,

but

not

limited

to,

repurchase

agreements,

and

derivatives,

including

various

types

of

swaps,

futures

and

options.

The

Fund

intends

to

enter

into

financial

transactions

with

counterparties

that

the

Adviser believes

to

be

creditworthy

at

the

time

of

the

transaction.

There

is

always

the

risk

that

the

Adviser's analysis

of

a

counterparty's

creditworthiness

is

incorrect

or

may

change

due

to

market

conditions.

To

the

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

28

April

30,

2024

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. 

4.

Investment

Advisory

Agreements

and

Other

Transactions

with

Affiliates 

Under

its

unitary

fee

structure,

the

Fund

pays

the

Adviser a

management

fee

in

return

for

providing

certain

investment

advisory,

supervisory,

and

administrative

services

to

the

Fund,

including

the

costs

of

transfer

agency,

custody,

fund

administration,

legal,

audit,

and

other

services. The

Adviser's fee

structure

is

designed

to

pay

substantially

all

of

the

Fund’s

expenses.

However,

the

Fund

bears

other

expenses

which

are

not

covered

under

the

management

fee

which

may

vary

and

affect

the

total

level

of

expenses

paid

by

shareholders,

such

as

distribution

fees

(if

any),

brokerage

expenses

or

commissions,

interest,

dividends,

taxes,

litigation

expenses,

acquired

fund

fees

and

expenses

(if

any),

and

extraordinary

expenses.

The

Fund’s

unitary

management

fee

provides

for

reductions

in

the

fee

rate

as

the

Fund’s

assets

grow.

As

of

the

date

of

this

report,

the

Fund’s

management

fee

was

calculated

daily

and

paid

monthly

according

to

the

following

schedule: 

For

the period

ended

April

30,

2024,

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

February

28,

2025.

The

Adviser

may

not

recover

amounts

previously

waived

or

reimbursed

under

this

agreement.

During

the period

ended April

30,

2024,

the

Adviser

waived

$8,143 of

the

Fund’s

management

fee,

attributable

to

the

Fund’s

investment

in

the

Janus

Henderson

AAA

CLO

ETF

and

Janus

Henderson

B-BBB

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

for

the

sale

and

distribution

and/or

shareholder

servicing

of

the

shares

at

an

annual

rate

of

up

to

0.25%

of

average

daily

net

assets

of

the

Fund.

However,

the

Trustees

have

determined

not

to

authorize

payment

under

this

Plan

at

this

time.

Under

the

terms

of

the

Plan,

the

Trust

would

be

authorized

to

make

payments

to

the

Distributor

or

its

designee

for

remittance

to

retirement

plan

service

providers,

broker-dealers,

bank

trust

departments,

financial

advisors,

and

other

financial

intermediaries,

as

compensation

for

distribution

and/or

shareholder

services

performed

by

such

entities

for

their

customers

who

are

investors

in

the

Fund.

The

12b-1

fee

may

only

be

imposed

or

increased

when

the

Trustees

determine

that

it

is

in

the

best

interests

of

shareholders

to

do

so.

Because

these

fees

are

paid

out

of

the

Fund’s

assets

on

an

ongoing

basis,

to

the

extent

that

a

fee

is

authorized,

over

time

they

will

increase

the

cost

of

an

investment

in

the

Fund.

The

Plan

fee

may

cost

an

investor

more

than

other

types

of

sales

charges. 

Daily

Net

Assets

Fee

Rate

$0-$1

Billion

0.49%

Next

$2

Billion

0.46%

Over

$3

Billion

0.43%

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

Janus

Detroit

Street

Trust

29

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

April

30,

2024 can

be

found

in

a

table

located

in

the

Schedule

of

Investments.

As

of

April

30,

2024, the

Adviser

owned 600,000

share

or 12.5%

of

the

Fund.

5.

Federal

Income

Tax

Income

and

capital

gains

distributions

are

determined

in

accordance

with

income

tax

regulations

that

may

differ

from

US

GAAP.

These

differences

are

due

to

differing

treatments

for

items

such

as

net

short-term

gains,

deferral

of

wash

sale

losses,

foreign

currency

transactions,

passive

foreign

investment

companies,

net

investment

losses,

in-kind

transactions

and

capital

loss

carryovers.

The

Fund

has

elected

to

treat

gains

and

losses

on

forward

foreign

currency

contracts

as

capital

gains

and

losses,

if

applicable.

Other

foreign

currency

gains

and

losses

on

debt

instruments

are

treated

as

ordinary

income

for

federal

income

tax

purposes

pursuant

to

Section

988

of

the

Internal

Revenue

Code. 

The

aggregate

cost

of

investments

and

the

composition

of

unrealized

appreciation

and

depreciation

of

investment

securities

for

federal

income

tax

purposes

as

of April

30,

2024 are

noted

below.

The

primary

differences

between

book

and

tax

appreciation

or

depreciation

of

investments are

wash

sale

loss

deferrals

and

amortization

on

bonds.

6.

Capital

Share

Transactions 

what

is

Federal

Tax

Cost

Unrealized

Appreciation

Unrealized

(Depreciation)

Net

Tax

Appreciation/

(Depreciation)

$281,502,148

$781,436

$(1,370,346)

$(588,910)

Period

Ended

April

30,

2024

(1)

Shares

Amount

Shares

sold

4,800,000

$

245,147,875

Shares

repurchased

—

—

Net

Increase/(Decrease)

4,800,000

$

245,147,875

(1)

Period

from

November

8,

2023

(commencement

of

operations)

through

April

30,

2024.

Janus

Henderson

Securitized

Income

ETF

Notes

to

Financial

Statements

(unaudited)

30

April

30,

2024

7.

Purchases

and

Sales

of

Investment

Securities

For

the

period ended

April

30,

2024,

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 April

30,

2024

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

$331,913,530

$81,157,634

$—

$—

Janus

Henderson

Securitized

Income

ETF

Additional

Information

(unaudited)

Janus

Detroit

Street

Trust

31

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

1-800-525-1093

(toll

free);

(ii)

on

the

Fund’s

website

at

janushenderson.com/proxyvoting;

and

(iii)

on

the

SEC’s

website

at

http://www.sec.gov.

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;

and

(ii)

are

available

without

charge,

upon

request,

by

calling

a

Janus

Henderson

representative

at

1-800-668-0434

(toll

free).

Janus

Henderson

Securitized

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

32

April

30,

2024

The

Trustees

of

Janus

Detroit

Street

Trust

(the

“Trust”),

including

the

Trustees

who

are

not

“interested

persons”

(the

“Independent

Trustees”)

as

that

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

met

on

October

19,

2023

to

consider

the

proposed

investment

management

agreement

(the

“Investment

Management

Agreement”)

for

Janus

Henderson

Securitized

Income

ETF

(the

“New

Fund”).

In

the

course

of

their

consideration

of

the

Investment

Management

Agreement,

the

Independent

Trustees

met

in

executive

session

and

were

advised

by

their

independent

counsel.

In

this

regard,

the

Board,

including

the

Independent

Trustees,

evaluated

the

terms

of

the

Investment

Management

Agreement

and

reviewed

the

duties

and

responsibilities

of

the

Trustees

in

evaluating

and

approving

such

agreements.

In

considering

approval

of

the

Investment

Management

Agreement,

the

Board,

including

the

Independent

Trustees,

reviewed

the

materials

provided

to

it

relating

to

their

consideration

of

the

Investment

Management

Agreement

for

the

New

Fund

and

other

information

provided

by

counsel

and

Janus

Henderson

Investors

US

LLC,

the

proposed

investment

adviser

to

the

New

Fund

(the

“Adviser”),

including:

(i)

a

copy

of

the

form

of

Investment

Management

Agreement

with

respect

to

the

Adviser’s

management

of

the

assets

of

the

New

Fund;

(ii)

information

regarding

the

nature,

quality

and

extent

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser,

and

the

fees

to

be

charged

to

the

New

Fund

therefor;

(iii)

information

concerning

the

Adviser’s

financial

condition,

business,

operations,

portfolio

management

personnel

and

compliance

programs;

(iv)

information

describing

the

New

Fund’s

anticipated

advisory

fee

structure

and

operating

expenses;

(v)

a

copy

of

the

Adviser’s

current

Form

ADV;

and

(vi)

a

memorandum

from

counsel

on

the

responsibilities

of

trustees

in

considering

investment

advisory

arrangements

under

the

1940

Act.

The

Board

also

considered

presentations

made

by,

and

discussions

held

with,

representatives

of

the

Adviser.

The

Board

also

received

information

comparing

the

proposed

advisory

fee

and

expenses

of

the

New

Fund

to

those

of

other,

third-party

exchange-

traded

funds

(“ETFs”)

considered

to

be

comparable.

During

its

review

of

this

information,

the

Board

focused

on

and

analyzed

the

factors

that

it

deemed

relevant,

including:

the

nature,

extent

and

quality

of

the

services

to

be

provided

to

the

New

Fund

by

the

Adviser;

the

Adviser’s

personnel

and

operations;

the

New

Fund’s

proposed

expense

level;

the

anticipated

profitability

to

the

Adviser

under

the

Investment

Management

Agreement

at

certain

asset

levels;

“fall-out”

benefits

to

the

Adviser

and

its

affiliates

(i.e.,

the

ancillary

benefits

realized

by

the

Adviser

and

its

affiliates

from

the

Adviser’s

relationship

with

the

Trust);

the

effect

of

asset

growth

on

the

New

Fund’s

expenses;

and

potential

conflicts

of

interest.

The

Trustees

also

considered

benefits

that

accrue

to

the

Adviser

and

its

affiliates

from

their

relationships

with

the

New

Fund.

The

Trustees

also

considered

that,

other

than

the

services

provided

by

the

Adviser

and

its

affiliates

pursuant

to

agreements

with

the

New

Fund

and

the

fees

to

be

paid

by

the

New

Fund

therefor,

the

New

Fund

and

the

Adviser

may

potentially

benefit

from

their

relationship

with

each

other

in

other

ways.

The

Trustees

considered

that

the

success

of

the

New

Fund

could

attract

other

business

to

the

Adviser

or

other

Janus

Henderson

funds,

and

that

the

success

of

the

Adviser

could

enhance

the

Adviser’s

ability

to

serve

the

New

Fund.

The

Board,

including

the

Independent

Trustees,

considered

the

following

in

respect

of

the

Funds:

(a)

The

nature,

extent

and

quality

of

services

provided

by

the

Adviser;

personnel

and

operations

of

the

Adviser.

The

Board

reviewed

the

services

that

the

Adviser

would

provide

to

the

New

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided

by

the

Adviser,

the

Board

noted

the

responsibilities

that

the

Adviser

would

have

as

the

New

Fund’s

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

the

New

Fund’s

securities

portfolio;

providing

oversight

of

the

investment

performance

and

processes

and

compliance

with

the

New

Fund’s

investment

objectives,

policies

and

limitations;

the

implementation

of

the

investment

management

program

of

the

New

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

the

New

Fund;

determining

daily

baskets

of

securities

and

cash

components,

and

negotiating

custom

baskets

in

connection

with

creation

and

redemption

transactions

in

the

New

Fund’s

shares;

executing

portfolio

security

trades

Janus

Henderson

Securitized

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

Janus

Detroit

Street

Trust

33

for

purchases

and

redemptions

of

New

Fund

shares

conducted

on

a

cash

basis;

the

review

of

brokerage

matters;

the

oversight

of

general

portfolio

compliance

with

relevant

law;

and

the

implementation

of

Board

directives

as

they

relate

to

the

New

Fund.

The

Board

reviewed

the

Adviser’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

such

as

the

other

funds

in

the

Trust,

including

the

Adviser’s

personnel.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

the

New

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

Adviser’s

ability

to

render

such

services

based

on

the

Adviser’s

experience,

personnel,

operations

and

resources.

(b)

Comparison

of

services

to

be

rendered

and

fees

to

be

paid

under

other

investment

advisory

contracts,

and

the

cost

of

the

services

to

be

provided

and

profits

to

be

realized

by

the

Adviser

from

the

relationship

with

the

New

Fund;

“fall-out”

benefits.

The

Board

then

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

under

the

Investment

Management

Agreement,

with

fees

paid

under

contracts

of

other

investment

advisers

for

comparable

ETFs.

In

particular,

the

Board

compared

the

New

Fund’s

proposed

management

fee

and

projected

expense

ratio

to

other

investment

companies

anticipated

to

be

in

the

New

Fund’s

peer

group.

The

Board

noted

that

the

Adviser

was

recommending

a

unitary

fee

that

was

equal

to

the

median

contractual

management

fee

and

lower

than

the

average

contractual

management

fee

of

the

New

Fund’s

anticipated

peer

group,

and

in

addition

would

include

contractual

breakpoints

that

could

potentially

reduce

the

unitary

fee

further

depending

on

the

New

Fund’s

asset

growth.

The

Board

also

noted

that

the

projected

total

net

expense

ratio

of

the

New

Fund

was

higher

than

the

median

total

net

expense

ratio

and

lower

than

the

average

total

net

expense

ratio

of

the

anticipated

peer

group.

The

Board

further

noted

the

contractual

expense

limitation

agreement

with

respect

to

investments

by

the

New

Fund

in

affiliated

ETFs.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

the

Adviser

in

connection

with

its

serving

as

investment

adviser

to

the

New

Fund,

including

operational

costs.

After

comparing

the

New

Fund’s

proposed

fees

with

those

of

the

ETFs

in

the

New

Fund’s

anticipated

peer

group,

and

in

light

of

the

nature,

extent

and

quality

of

services

proposed

to

be

provided

by

the

Adviser

and

the

costs

expected

to

be

incurred

by

the

Adviser

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

the

Adviser

with

respect

to

the

New

Fund

was

fair

and

reasonable.

The

Board

also

considered

that

the

Adviser

may

experience

reputational

“fall-out”

benefits

based

on

the

success

of

the

New

Fund,

but

that

such

benefits

are

not

easily

quantifiable.

(c)

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Fund

grows

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

New

Fund

had

not

commenced

operations,

and

the

eventual

aggregate

amount

of

assets

was

uncertain,

the

Adviser

was

not

able

to

provide

the

Board

specific

information

concerning

the

extent

to

which

economies

of

scale

would

be

realized

as

the

New

Fund

grows

and

whether

the

management

fee

level

would

reflect

such

economies

of

scale,

if

any.

The

Board

recognized

the

uncertainty

in

launching

a

new

investment

product

and

estimating

future

asset

levels;

however,

the

Board

noted

that

the

fee

schedule

proposed

by

the

Adviser

for

the

New

Fund

contained

a

breakpoint

for

assets

above

$1

billion

and

again

at

$3

billion.

The

Board

also

noted

the

unitary

fee

structure,

pursuant

to

which

the

Adviser

pays,

with

certain

exceptions,

any

excess

costs

incurred

to

operate

the

New

Fund.

The

Board

acknowledged

the

unitary

fee

cap

effectively

puts

the

risk

of

higher

costs

at

lower

asset

levels

on

the

Adviser

rather

than

the

New

Fund.

Janus

Henderson

Securitized

Income

ETF

Board

Considerations

Regarding

Approval

of

Investment

Advisory

Agreements

(unaudited)

34

April

30,

2024

(d)

Investment

performance

of

the

Fund

and

the

Adviser.

Because

the

New

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

New

Fund.

Conclusion.

No

single

factor

was

determinative

to

the

decision

of

the

Board.

Based

on

the

foregoing

and

such

other

matters

as

were

deemed

relevant,

the

Board

concluded

that

the

proposed

management

fee

rate

and

projected

total

expense

ratio

are

reasonable

in

relation

to

the

services

to

be

provided

by

the

Adviser

to

the

New

Fund,

as

well

as

the

costs

to

be

incurred

and

benefits

to

be

gained

by

the

Adviser

in

providing

such

services.

The

Board

also

found

the

proposed

management

fee

to

be

reasonable

in

comparison

to

the

fees

charged

by

advisers

to

other

comparable

ETFs.

As

a

result,

the

Board

concluded

that

the

initial

approval

of

the

Investment

Management

Agreement

was

in

the

best

interests

of

the

New

Fund.

After

full

consideration

of

the

above

factors,

as

well

as

other

factors,

the

Trustees,

including

all

of

the

Independent

Trustees

voting

separately,

determined

to

approve

the

Investment

Management

Agreement

for

the

New

Fund.

Janus

Henderson

Securitized

Income

ETF

Liquidity

Risk

Management

Program

(unaudited)

Janus

Detroit

Street

Trust

35

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

requires

open-end

funds

(but

not

money

market

funds)

to

adopt

and

implement

a

written

liquidity

risk

management

program

(the

“LRMP”)

that

is

reasonably

designed

to

assess

and

manage

liquidity

risk,

which

is

the

risk

that

a

fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

Funds

have

adopted

and

implemented

a

LRMP,

which

incorporates

the

following

elements:

(i)

assessment,

management,

and

periodic

review

of

liquidity

risk;

(ii)

classification

of

portfolio

investments;

(iii)

the

establishment

and

monitoring

of

a

highly

liquid

investment

minimum

(“HLIM”),

as

applicable;

(iv)

a

15%

limitation

on

a

Fund’s

illiquid

investments;

(v)

provisions

concerning

redemptions

in-

kind;

and

(vi)

board

oversight.

In

light

of

the

fact

that

each

Fund

operates

as

an

exchange-traded

fund

(“ETF”),

the

LRMP

also

takes

into

account

considerations

unique

to

ETFs,

including

(i)

the

relationship

between

the

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including:

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants

(including

authorized

participants);

and

(ii)

the

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

the

ETF’s

portfolio.

The

LRMP

also

considers

whether

an

ETF

meets

redemptions

through

in-kind

transfers

of

securities,

positions,

and

assets

other

than

a

de

minimis

amount

of

cash.

The

Trustees

of

the

Funds

(the

“Trustees”)

have

designated

Janus

Henderson

Investors

US

LLC,

the

Funds’

investment

adviser

(the

“Adviser”),

as

the

Program

Administrator

for

the

LRMP

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

the

LRMP.

A

working

group

comprised

of

various

teams

within

the

Adviser’s

business

is

responsible

for

administering

the

LRMP

and

carrying

out

the

specific

responsibilities

of

different

aspects

of

the

LRMP

(the

“Liquidity

Risk

Working

Group”).

In

assessing

each

Fund’s

liquidity

risk,

the

Liquidity

Risk

Working

Group

periodically

considers,

as

relevant,

specified

liquidity

factors,

including:

(i)

the

investment

strategy

and

liquidity

of

a

Fund’s

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

(ii)

whether

a

Fund’s

investment

strategy

is

appropriate

for

an

open-end

fund;

(iii)

the

extent

to

which

a

Fund’s

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

any

issuer;

(iv)

a

Fund’s

use

of

borrowing

for

investment

purposes;

(v)

a

Fund’s

use

of

derivatives;

(vi)

short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

(vii)

holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

and

other

funding

sources.

The

Liquidity

Rule

requires

the

Trustees

to

review

at

least

annually

a

written

report

provided

by

the

Program

Administrator

that

addresses

the

operation

of

the

LRMP

and

assesses

its

adequacy

and

the

effectiveness

of

its

implementation,

including,

if

applicable,

the

operation

of

the

HLIM

and

any

material

changes

to

the

LRMP

(the

“Program

Administrator

Report”).

At

a

meeting

held

April

11,

2024,

the

Adviser

provided

to

the

Trustees

the

Program

Administrator

Report,

which

covered

the

operation

of

the

LRMP

from

January

1,

2023

through

December

31,

2023

(the

“Reporting

Period”).

The

Program

Administrator

Report

discussed

the

operation

and

effectiveness

of

the

LRMP

during

the

Reporting

Period.

Among

other

things,

the

Program

Administrator

Report

indicated

that

there

were

no

material

changes

to

the

LRMP

during

the

Reporting

Period.

Additionally,

the

findings

presented

by

the

Program

Administrator

indicated

that

the

LRMP

operated

adequately

during

the

Reporting

Period.

These

findings

included

that

each

Fund

was

able

to

meet

redemptions

during

the

normal

course

of

business

during

the

Reporting

Period.

The

Program

Administrator

Report

also

stated

that

each

Fund

did

not

exceed

the

15%

limit

on

illiquid

assets

during

the

Reporting

Period,

that

each

Fund

held

primarily

highly

liquid

assets,

and

was

considered

to

be

a

primarily

highly

liquid

fund

during

the

Reporting

Period.

Also

included

among

the

Program

Administrator

Report’s

findings

was

the

determination

that

each

Fund’s

investment

strategy

remains

appropriate

for

an

open-end

fund.

In

addition,

the

Adviser

expressed

its

belief

that

the

LRMP

is

reasonably

designed

and

adequate

to

assess

and

manage

each

Fund’s

liquidity

risk,

considering

each

Fund’s

particular

risks

and

circumstances,

and

includes

policies

and

procedures

reasonably

designed

to

implement

each

required

component

of

the

Liquidity

Rule.

Janus

Henderson

Securitized

Income

ETF

Liquidity

Risk

Management

Program

(unaudited)

36

April

30,

2024

There

can

be

no

assurance

that

the

LRMP

will

achieve

its

objectives

in

the

future.

Please

refer

to

your

Fund’s

prospectus

for

more

information

regarding

the

risks

to

which

an

investment

in

the

Fund

may

be

subject.

125-24-93098

04-24

This

report

is

submitted

for

the

general

information

of

shareholders

of

the

Fund.

It

is

not

an

offer

or

solicitation

for

the

Fund

and

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus.

Janus

Henderson

is

a

trademark

of

Janus

Henderson

Group

plc

or

one

of

its

subsidiaries.

©

Janus

Henderson

Group

plc.

Janus

Henderson

Investors

US

LLC

is

the

investment

adviser

and

ALPS

Distributors,

Inc.

is

the

distributor.

ALPS

is

not

affiliated

with

Janus

Henderson

or

any

of

its

subsidiaries.

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to semiannual reports.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

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

SIGNATURES

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

JANUS DETROIT STREET TRUST
By:	/s/ Nick Cherney
	Nick Cherney
	President and Chief Executive Officer (Principal Executive Officer)
Date: June 28, 2024

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: June 28, 2024

By:	/s/ Jesper Nergaard
	Jesper Nergaard
	Vice President, Chief Financial Officer, Treasurer and Principal Accounting Officer (Principal Financial Officer and Principal Accounting Officer)
Date: June 28, 2024